July 27, 2005

Vanguard International Growth Fund Manager to Retire

Vanguard Group said on Tuesday that Richard Foulkes will retire as lead portfolio manager of the $9.8-billion Vanguard International Growth Fund (VWIGX) at the end of October.

Foulkes, the vice chairman of Schroder Investment Management North America Inc. who has run the fund since its inception in 1981, will be succeeded by Schroder stock pickers Virginie Maisonneuve and Matthew Dobbs.

Maisonneuve is the head of Schroder's Europe, Australasia, Far East equity team. Dobbs has run another Vanguard offering, the Vanguard International Explorer Fund (VINEX), since 2000.

On International Growth, Maisonneuve will be responsible for overall portfolio management and will cover European companies. Dobbs will be responsible for picking stocks among companies in the Pacific and in emerging markets. He has worked closely with Foulkes on companies in those regions since 1999, Vanguard said.

Schroder, a subsidiary of London-based Schroders PLC, manages 75% of International Growth's assets. The remainder is overseen by Baillie Gifford Overseas Ltd. Vanguard said it does not expect to change the allocations.

Vanguard International Growth invests in growing foreign companies, emphasizing blue chips that are part of the Morgan Stanley Capital International Europe, Australasia, Far East Index.

This year through June, Vanguard International Growth lost 1.6%, while the average international equity fund was off 1.2%. For the five years ended last month, the portfolio fell 1.4%, on average, versus a loss of 1.6% loss for its peers. Vanguard International Growth is ranked 3 Stars by Standard & Poor's.

Contact Bob Keane with questions or comments at: bkeane@investmentadvisor.com.

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