AXA Rosenberg Joins Advisory Teams of Two Vanguard Funds.

VALLEY FORGE, Pa. -- The Vanguard Group today announced that AXA Rosenberg Investment Management LLC has been added to the advisory teams of the $12.8 billion Vanguard[R] Explorer[TM] Fund and the $1.6 billion Vanguard U.S. Value Fund.

"We regularly review our funds' advisor line-ups, evaluate talented investment advisory firms, and look for opportunities to partner with skilled money managers from around the world. AXA Rosenberg is a top-flight firm that we believe will be a good fit for both the Explorer and U.S. Value funds," said Vanguard Chairman and CEO John J. Brennan.

Over the past two years, Vanguard has moved to expand its relationships with leading investment advisory firms, engaging Lazard Asset Management, Jennison Associates, Donald Smith & Co., and Armstrong Shaw Associates Inc. to manage portions of Vanguard equity funds. In aggregate, 26 external advisors today oversee more than $350 billion, which is nearly one-third of Vanguard's total U.S. fund assets.

AXA Rosenberg will employ an investment philosophy grounded in fundamental analysis using a two-part quantitative model: a valuation model and an earnings forecast model. The valuation model compares the current stock price to its fair value, calculated using an independent asset appraisal, while the earnings forecast model uses a mix of fundamental indicators and market data to identify companies that are likely to have superior, year-ahead earnings. The two models are combined to develop an individual score for each company, which is then fed into a risk model that maximizes expected return while minimizing common factor differences with the benchmark. Round-trip trading costs are considered before an investment decision is made.

William E. Ricks, Ph.D., will serve as portfolio manager for AXA Rosenberg's portions of Vanguard Explorer and Vanguard U.S. Value Funds. Dr. Ricks, the firm's Americas Chief Executive and Chief Investment Officer, has worked in investment management with AXA Rosenberg since 1989.

Vanguard Explorer Fund seeks long-term capital appreciation using a multi-manager approach that provides exposure to a broad universe of small-company growth stocks. AXA Rosenberg will manage approximately 10% of the fund and will complement the fund's six existing advisors: Granahan Investment Management, Inc.; Grantham, Mayo, Van Otterloo & Co. LLC; Kalmar Investment Advisers; Wellington Management Company, LLP; Chartwell Investment Partners; and Vanguard Quantitative Equity Group. The fund has been closed to new investors since February 2006, and additional purchases by current shareholders are capped at $25,000 annually per fund account.

Vanguard U.S. Value Fund seeks long-term capital appreciation and income by investing in stocks of large- and medium-sized companies. AXA Rosenberg will oversee approximately 50% of the assets of the fund, which has been managed since its inception in 2000 by Grantham, Mayo, Van Otterloo & Co. LLC.

AXA Rosenberg, an AXA Investment Managers Company, was founded in 1985 by Drs. Barr Rosenberg and Kenneth Reid. Headquartered in Orinda, California, the firm has offices in Greenwich, Connecticut; Toronto; London; Tokyo; Singapore; Hong Kong; and Sydney. AXA Rosenberg currently manages $120 billion in assets, with $20 billion in U.S.-only products.

The Vanguard Group, headquartered in Valley Forge, Pennsylvania, is the nation's second-largest mutual fund firm and a leading provider of company-sponsored retirement plan services. Vanguard manages more than $1.2 trillion in U.S. mutual fund assets, including more than $325 billion in employer-sponsored retirement plans. Vanguard offers more than 140 funds to U.S. investors and more than 40 additional funds in foreign markets.

All asset figures are as of May 31, 2007, unless otherwise noted.

All investments are subject to risk. Prices of mid- and small-cap stocks often fluctuate more than those of large-company stocks. Diversification does not ensure a profit or protect against a loss in a declining market.

For more information, visit www.vanguard.com, or call 800-662-7447 to obtain a fund prospectus. Investment objectives, risks, charges, expenses, and other important information about a fund are contained in the prospectus; read and consider it carefully before investing.

Vanguard Marketing Corporation, Distributor.