June 15, 2006

Vanguard Changes Advisor Assignment for Mid-Cap Growth Fund

Vanguard said (June 8, 2006) that Provident Investment Counsel will no longer serve as an advisor to its $757-million Vanguard Mid Cap Growth Fund (VMGRX).

Under a change in its multi-manager investment advisory agreement, the fund's assets have been reallocated equally between Chartwell Investment Partners, a current advisor to the fund, and a new advisor, William Blair & Co.

Provident Investment had managed 40% of the fund.

Ranked 3 Stars by Standard & Poor's, the Mid-Cap Growth Fund gained 19.3% for the one-year period through May 31, 2006, versus a 16.9% return for its small-cap growth peer group. Over the three-year period, the fund rose 16.0% (annualized), just under the 16.4% average of the peer group.

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