March 14, 2003

Vanguard Ending Custody Services for Advisers

March 10, 2003 -- The Vanguard Group said last week it will no longer provide custody services to registered investment advisers later this year.

Instead, the company has developed a program where by advisers can move custodial accounts from Vanguard to TD Waterhouse Institutional Services.

In addition, Vanguard said it will begin providing enhanced investment support to registered investment advisers going forward, brining them more comprehensive information and support tools, as well as customized educational materials.

Vanguard said it recently conducted a broad, strategic evaluation of the registered investment adviser market to determine how to deliver the highest value, which led to its decision to discontinue its custody operations and to focus on these investment-related needs.

Advisers who which to transfer their assets to Waterhouse may call Vanguard at 1-800-984-5792.

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