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DISTRIBUTIONS ANNOUNCED FROM THE VANGUARD GROUP OF INVESTMENT COMPANIES

DISTRIBUTIONS ANNOUNCED FROM THE VANGUARD GROUP OF INVESTMENT COMPANIES
 VALLEY FORGE, Pa., Dec. 10 /PRNewswire/ -- The board of directors of the following members of The Vanguard Group of Investment Companies has declared the following distributions:
 Wellington Fund -- a quarterly distribution from ordinary net income in the amount of $.36 per share, and an annual distribution from realized capital gains in the amount of $.23 ($.09 short term and $.14 long term) payable on Jan. 3, 1992, to shareholders of record on Dec. 10, 1991.
 Wellesley Income Fund -- a quarterly distribution from ordinary net income in the amount of $.43 per share payable on Jan. 3, 1992, to shareholders of record on Dec. 10, 1991.
 Windsor Fund -- a semi-annual distribution from ordinary net income in the amount of $.27 per share and an annual distribution from realized capital gains inthe amount of $.84 ($.19 short term and $.65 long term), payable on Dec. 17, 1991, to shareholders of record on Dec. 10, 1991.
 Windsor II -- a semi-annual distribution from ordinary net income in the amount of $.41 per share and an annual distribution from realized capital gains in the amount of $.44 ($.03 short term and $.41 long term), payable on Dec. 17, 1991, to shareholders of record on Dec. 10, 1991.
 Vanguard Equity Income Fund -- a quarterly distribution from ordinary net income in the amount of $.23 per share and an annual distribution from realized capital gains in the amount of $.10 long term, payable on Dec. 17, 1991, to shareholders of record on Dec. 10, 1991.
 Vanguard Preferred Stock Fund -- a quarterly distribution from ordinary net income in the amount of $.20 per share, payable on Dec. 17, 1991, to shareholders of record on Dec. 10, 1991.
 Vanguard Convertible Securities Fund -- a quarterly distribution from ordinary net income in the amount of $.14 per share, payable on Jan. 3, 1992, to shareholders of record on Dec. 10, 1991.
 -0- 12/10/91
 /CONTACT: Richard F. Hyland, treasurer of The Vanguard Group, 215-669-6141/ CO: The Vanguard Group of Investment Companies ST: Pennsylvania IN: FIN SU: DIV


KA -- PH035 -- 1215 12/10/91 16:57 EST
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Date:Dec 10, 1991
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