The two funds are the Provident Investment Counsel Mid Cap Fund A, a $31 million mid-cap domestic growth fund managed by Provident Investment Counsel (PIC) and the Schroder International Smaller Companies Fund a $26 million international stock fund managed by Schroeder Investment Management North America Inc.
Vanguard Mid-Cap Growth Fund will seek to provide long-term capital appreciation by investing at least 80% of its assets in mid-cap stocks. The Vanguard International Explorer Fund will seek long-term capital appreciation by investing primarily in small-cap international stocks.
If the Securities and Exchange Commission approves Vanguard’s plan to take over the funds, they will be renamed the Vanguard Mid-Cap Growth Fund and the Vanguard International Explorer Fund.
The new funds will bring Vanguard’s roster of actively managed stock offerings to 23.
In conjunction with Vanguard’s filing, shareholders of the reorganized funds will be mailed proxy statements detailing the terms of the reorganizations in May.
Additionally shareholder meetings are scheduled for June. If approved, Vanguard expects the tax-free reorganizations to be completed in July.
PIC and Schroeder will remain as investment advisers for the new funds.
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