A portfolio manager for three multi-bilion AUM Vanguard funds has announced his retirement. Earl E. McEvoy, co-manager of the $13.3 billion Vanguard Wellesley Income Fund and $8.8 billion Vanguard High-Yield Corporate Fund and $5.7 billion Vanguard Long-Term Investment-Grade Fund, will retire on June 30, 2008, said Vanguard officials.

McEvoy, who is 59 years old, is a senior vice president and partner of Wellington Management Company, a subadvisor for the funds.

John C. Keogh , Michael L. Hong and Lucius T. (L.T.) Hill III -- all from Wellington -- will take over for McEvoy on the funds.

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Company Press Release

VANGUARD FUND MANAGER EARL MCEVOY TO RETIRE

VALLEY FORGE, PA, February 14, 2008 – Vanguard announced today that Earl E. McEvoy, co-manager of the $13.3 billion Vanguard® Wellesley® Income Fund and lead manager of the $8.8 billion Vanguard High-Yield Corporate Fund and $5.7 billion Vanguard Long-Term Investment-Grade Fund, will retire on June 30, 2008. Mr. McEvoy is a senior vice president and partner of Wellington Management Company, LLP, which provides investment advisory services to the funds.

“For more than 25 years, Vanguard shareholders have benefited from Earl’s disciplined approach to fixed-income investing,” said Vanguard Chairman and CEO John J. Brennan. “We thank him for his dedication and service. We will miss Earl’s wise counsel and guidance, but we have great confidence in the experienced professionals who will oversee these funds going forward.”

Mr. McEvoy, 59, joined Wellington Management in 1978 and has advised the fixed-income portion of Wellesley Income Fund since 1982, the High-Yield Corporate Fund since 1984, and the Long-Term Investment-Grade Fund since 1994. He also serves as portfolio manager for the $251 million High-Yield Portfolio of the Vanguard Variable Insurance Fund (VVIF).

Three senior Wellington portfolio managers will succeed Mr. McEvoy in his role on Vanguard funds, effective June 30.

John C. Keogh, senior vice president, partner and fixed-income portfolio manager for Wellington Management, will manage the bond portion of Wellesley Income Fund. Mr. Keogh, 51, manages investment-grade fixed-income portfolios. Mr. Keogh joined Wellington Management in 1979 and has 29 years of experience in the investment management industry. He also manages the bond portion of Vanguard Wellington™ Fund.

Michael L. Hong, CFA, vice president, fixed-income credit analyst and portfolio manager of Wellington Management, will manage the Vanguard High-Yield Corporate Fund and the VVIF-High-Yield Portfolio. Mr. Hong, 35, who leads the firm’s high-yield credit research team, has been with Wellington Management for 10 years.

Lucius T. (L.T.) Hill III, senior vice president, partner, and fixed-income portfolio manager for Wellington Management, will manage Vanguard Long-Term Investment-Grade Fund. Mr. Hill, 49, manages a variety of corporate bond portfolios. He joined Wellington in 1993 and has 25 years of fixed-income management experience.

Wellesley Income Fund is a balanced fund that invests approximately 60% to 65% of its assets in investment-grade corporate, U.S. Treasury, and government agency bonds, as well as mortgage-backed securities. The remaining 35% to 40% of fund assets are invested in common stocks of companies that have a history of above-average dividends or expectations of increasing dividends.

Vanguard High-Yield Corporate Fund and the VVIF-High-Yield Portfolio invest mainly in a diversified group of high-yielding, higher-risk corporate bonds with medium- and lower-range credit-quality ratings.

Vanguard Long-Term Investment-Grade Fund invests in a variety of high-quality and, to a lesser extent, medium-quality fixed-income securities, at least 80% of which are intermediate and long-term investment-grade securities.

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 nearly $1.25 trillion in U.S. mutual fund assets, including more than $350 billion in employer-sponsored retirement plans. Vanguard offers more than 150 funds to U.S. investors and more than 50 additional funds in foreign markets.



All asset figures are as of January 31, 2008, unless otherwise noted.

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.

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

Vanguard Marketing Corporation, Distributor. 

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