Vanguard Mid-Cap Growth Fund Investor Shares 

This actively managed fund primarily directs its investments toward the shares of medium-sized U.S. companies. Its management team specifically seeks out businesses that they believe demonstrate stronger prospects for growth in both earnings and revenue than the typical mid-capitalization firm. This option may appeal to investors who wish to gain exposure to the American mid-cap equity market and are prepared to tolerate the inherent volatility that comes with stock investments. A transition in investment managers for the Vanguard Mid-Cap Growth Fund took place on November 17, 2025. This change could lead to capital gains distributions, which may be taxable if your shares are held in a standard (taxable) account. Vanguard provides regular monthly updates on estimated realized and unrealized gains within the "Distributions" section of the fund's official website. The expense ratio for this Mid-Cap Growth Fund is set to increase from 33 basis points to 39 basis points. However, a 5 basis point fee waiver will be applied, bringing the effective expense ratio to 34 basis points.