VALLEY FORGE, PA (December 19, 2022)—Vanguard today announced plans to modify the investment advisory arrangement of the $3.1 billion Vanguard Mid-Cap Growth Fund. RS Investments will no longer serve as an advisor to the fund, and the firm’s portion of the fund (approximately 20% of fund assets) will be transitioned to Frontier Capital Management Co., LLC, an existing manager on the fund. Following this change, Frontier will manage approximately 60% and Wellington Management Company LLP will continue to manage approximately 40% of the fund.

As part of its oversight responsibilities, Vanguard evaluates investment advisors on such factors as the investment team, overall firm quality, philosophy, and process, as well as long-term performance results. After careful consideration, Vanguard concluded that changes to the advisory structure would best serve the shareholders of the fund. The investment objectives, philosophies, characteristics, and primary investment strategy of the fund will remain the same, and the expense ratio is not expected to change as a result of the advisor change.

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About Vanguard
Founded in 1975, Vanguard is one of the world's leading investment management companies. The firm offers investments, advice, and retirement services to individual investors, institutions, and financial professionals. Vanguard operates under a unique, investor-owned structure where Vanguard fund shareholders own the funds, which in turn own Vanguard. As such, Vanguard adheres to a simple purpose: To take a stand for all investors, to treat them fairly, and to give them the best chance for investment success. For more information, visit vanguard.com.

All figures as of November 30, 2022, unless stated otherwise.

For more information about Vanguard funds, visit vanguard.com to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information are contained in the prospectus; read and consider it carefully before investing.

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