Vanguard Adds Advisors to Two Equity Funds.

VALLEY FORGE, Pa. -- Vanguard has modified the investment advisory responsibilities for two equity mutual funds, as follows:

* Lazard Asset Management has joined the advisory team of the $48.6 billion Vanguard[R] Windsor[TM] II Fund to oversee a majority of the fund's assets formerly managed by Equinox Capital Management and Tukman Capital Management. The two firms managed approximately 20% of the fund's assets.

* Jennison Associates has been added to the advisory team of the $7.5 billion Vanguard Morgan[TM] Growth Fund to initially manage a relatively modest portion of the fund's current assets, along with a share of future cash flows.

"We wish to thank Equinox and Tukman for their many years of service to Windsor II Fund shareholders," said Vanguard CEO John J. Brennan. "At the same time, we welcome Lazard and Jennison to the management teams of their respective funds. We believe that the Windsor II and Morgan Growth funds will be well-served over the long-term by the addition of these two solid, experienced investment organizations."

Lazard Asset Management is an indirect subsidiary of Lazard Ltd. (NYSE:LAZ) and, together with affiliated asset management companies in the Lazard Group, manages more than $90 billion (as of September 30, 2006). In managing its portion of the value-oriented Windsor II Fund, Lazard employs a relative value approach that seeks to acquire holdings combining attractive valuation and high financial productivity. The portfolio management team includes Andrew Lacey, deputy chairman of Lazard, and Christopher Blake, managing director.

Jennison Associates is a wholly owned subsidiary of the Prudential Financial Inc. and manages nearly $75 billion (as of September 30, 2006). Jennison executes a research-driven approach that relies on in-depth company knowledge to find companies with above-average growth in revenues, earnings, and cash flows that are trading at attractive valuations relative to expectations. Kathleen A. McCarragher, managing director, serves as portfolio manager.

Twelve of Vanguard's 28 actively managed stock funds are multimanaged. Vanguard has relationships with 25 external advisory firms from around the world that manage approximately $335 billion.

Lazard joins four advisors in the management of Windsor II Fund: Barrow, Hanley, Mehwinney & Strauss Inc.; Hotchkis & Wiley Capital Management, LLC; Armstrong Shaw Associates Inc.; and Vanguard Quantitative Equity Group.

Jennison joins three advisors overseeing Morgan Growth Fund: Wellington Management Company, LLP; Franklin Portfolio Associates, LLC, and Vanguard Quantitative Equity Group.

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 approximately $1.1 trillion in U.S. fund assets, including more than $275 billion in employer-sponsored retirement plans. Vanguard offers more than 130 funds to U.S. investors and more than 40 additional funds in foreign markets.

Mutual funds are subject to risk. Diversification does not ensure a profit or protect against a loss in a declining market.

For more information on Vanguard funds, visit www.vanguard.com, or call 800-662-7447, to obtain a prospectus. Investment objectives, risks, charges, expenses, and other important information are contained in these documents; read and consider them carefully before investing.

All Vanguard asset figures are as of December 31, 2006, unless otherwise noted.

Vanguard, Morgan and Windsor are trademarks of The Vanguard Group, Inc.

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