W. Michael Reckmeyer, III, has been named to the portfolio teams of Vanguard's Wellesley Income Fund and Vanguard Equity Income Fund. Reckmeyer, 48, will take over full management of the funds in June 2008 when current portfolio manager John R. Ryan, a partner and senior vice president at Wellington Management, will move to Wellington's London office.

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The Vanguard Group announced today that W. Michael Reckmeyer, III, CFA, vice president, Wellington Management Company, LLP, has been named to the portfolio management teams of Vanguard® Wellesley® Income Fund and Vanguard Equity Income Fund.

Mr. Reckmeyer, 48, will serve with John R. Ryan, CFA, senior vice president and partner at Wellington Management, who has managed the stock portion of the $13.1 billion Wellesley Income Fund since 1986, and co-managed the $5.5 billion Equity Income Fund since 2000 and the $626 million Vanguard Variable Annuity-Equity Income Portfolio since 2003.

Mr. Reckmeyer will assume lead responsibility for these three funds in June 2008, at which time Mr. Ryan, 58, will relocate to Wellington Management’s London office where he will help develop the firm’s portfolio management and research functions, as well as continue to manage a global investment strategy.

“Shareholders of Wellesley Income Fund and the Equity Income funds have been well served by Jack Ryan, an experienced investor who dedicated more than two decades to managing assets with both prudence and outstanding results,” said Vanguard CEO John J. Brennan. “We’re grateful to Jack and to Wellington Management, which maintains a deep bench of capable, experienced managers who are ready to step up to lead management responsibilities.”

Mr. Reckmeyer has worked with Mr. Ryan since joining Wellington Management in 1994 and has more than 20 years of experience in the investment management field. Mr. Reckmeyer earned B.S. and M.B.A. degrees from the University of Wisconsin. He began serving with the portfolio management team of the Vanguard Variable Annuity– Equity Income Portfolio earlier this year.

Wellington Management provides advisory services to 16 Vanguard mutual funds and annuity portfolios. The firm manages more than $550 billion and maintains offices in the United States, Hong Kong, Sydney, London, Singapore, and Tokyo.

Earl E. McEvoy, senior vice president and partner at Wellington Management, will continue to manage the bond portion of Wellesley Income Fund. James Stetler, principal, Vanguard Quantitative Equity Group, will continue to serve as co-advisor for the Equity Income funds.

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 Vanguard asset figures are as of July 31, 2007, unless otherwise noted.

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

Investments are subject to risk. Bonds are subject to interest rate, credit, and inflation risk.

Vanguard Marketing Corporation, Distributor.  

Edited by: Erin Kello


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