Average Net Assets Annual Rates ------------------ ------------ First $50 million 0.500% Next $200 million 0.450% Next $250 million 0.375% Next $9.5 billion 0.250% Next $10 billion 0.200% Next $20 billion 0.175% Over $40 billion 0.150%Investment Advisory Agreement • October 12th, 2004 • Vanguard Chester Funds • Delaware
