Company Press Release

VALLEY FORGE, PA, JUNE 23, 2008�New portfolio managers have been appointed to two Vanguard� value funds.

James N. Mordy, senior vice president and partner of Wellington Management Company, LLP, has assumed portfolio management responsibilities for Vanguard Windsor Fund. Wellington Management, which has advised the fund since its inception in 1958, oversees nearly two-thirds of the fund's $19.2 billion in net assets. Approximately one-third of the fund�s assets are managed by AllianceBernstein L.P., which has co-advised the fund since 1999.

Peter I. Higgins, CFA', senior vice president and partner of Wellington Management, is now serving as portfolio manager for the $490 million Vanguard Capital Value Fund. Wellington Management has served as the sole advisor to the fund since its introduction in 2001.

The Windsor and Capital Value Funds had been managed by David R. Fassnacht, CFA, senior vice president and partner of Wellington Management, since June 2004.

"Vanguard is confident in the experience, expertise, and resources offered by Wellington Management as the advisor for the Windsor and Capital Value Funds. At the same time, we believe the funds will benefit from new leadership by two accomplished managers from within the Wellington organization," said Vanguard Chairman and CEO Jack Brennan. "We are excited by the appointments of Jim Mordy and Peter Higgins, and we wish to thank Dave Fassnacht for his dedication and service to Vanguard clients."

Mr. Mordy, 49, received his B.A. degree in economics at Stanford University and his M.B.A. degree at the Wharton School of the University of Pennsylvania. He joined Wellington Management in 1985 and has served on the Windsor team for nearly 25 years, working alongside long-time managers John Neff and Charles Freeman, and, more recently, Mr. Fassnacht.

Windsor Fund's fundamental investment objective and policies will remain the same. The fund seeks long-term capital appreciation and income by investing predominantly in mid- and large-capitalization value stocks. The advisors employ fundamental research and strict valuation disciplines to identify undervalued and out-of-favor stocks.

"I have been associated with Windsor Fund for more than two decades and look forward to this opportunity," said Mr. Mordy. "Windsor has long adhered to a deep-value approach, and I intend for the fund to retain its contrarian nature."

Mr. Higgins, CFA, 47, received his B.S. and B.A. degrees at the University of Pennsylvania and his M.B.A. degree at the Wharton School of the University of Pennsylvania. He joined Wellington Management in 2005 and has more than 22 years of investment management experience.

The Capital Value Fund seeks long-term capital appreciation in a relatively concentrated portfolio of undervalued stocks across the capitalization spectrum, and it will continue to adhere to a total-return-focused, high-conviction, research-driven approach.

"We will continue to be opportunistic in identifying stocks with unrecognized capital appreciation potential that are available at a discount to fair value," said Mr. Higgins.

Wellington Management provides advisory services to 16 Vanguard mutual funds and annuity portfolios. Based in Boston, Massachusetts, the firm manages more than $500 billion and maintains offices in the United States, Beijing, Hong Kong, London, Singapore, Sydney and Tokyo.

About Vanguard

Vanguard, headquartered in Valley Forge, Pennsylvania, is one of the world's largest investment management companies and a leading provider of company-sponsored retirement plan services. Vanguard manages more than $1.3 trillion in U.S. mutual fund assets, including more than $390 billion in employer-sponsored retirement plans. Vanguard offers more than 150 funds to U.S. investors and more than 50 additional funds in non-U.S. markets.


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