Company Press Release

VALLEY FORGE, PA, July 25, 2008 � Vanguard today announced the appointment of new portfolio managers to the AllianceBernstein L.P. portions of the $4.8 billion Vanguard� U.S. Growth Fund (ticker: VWUSX) and the $314 million Growth Portfolio of the Vanguard Variable Insurance Fund.

AllianceBernstein Executive Vice President James G. Reilly, 47, and Senior Vice President P. Scott Wallace, 44, assumed portfolio management responsibilities for AllianceBernstein�s portion of the funds. The pair replace former manager and Senior Vice President Alan E. Levi, 59, who is transitioning toward retirement. AllianceBernstein, which has advised the funds since 2001, manages approximately two-thirds of the funds� assets. William Blair & Co. LLC, co-advisor to the funds since 2004, oversees nearly one-third of the assets.

�We thank Alan Levi for his service to the funds and look forward to the contributions of the new team. Jim Reilly and Scott Wallace are experienced, talented managers who are supported by the considerable resources at AllianceBernstein,� said Vanguard Chairman and CEO John J. Brennan. �The team has produced competitive long-term returns and the funds� shareholders should benefit from their stewardship.�

AllianceBernstein�s large-capitalization growth team employs a highly collaborative, bottom-up decision-making process in seeking to identify stocks with superior prospects for earnings growth. Typically, these companies are industry leaders with attractive business models and strong management teams. Vanguard expects the portfolios to remain fairly concentrated and their composition to continue to complement William Blair's quality-growth approach. Mr. Reilly joined AllianceBernstein in 1985. He has served on the firm's large-cap growth team since 1988, and was named the head of the team in 2003. He was appointed executive vice president in 1999. Mr. Wallace, who joined AllianceBernstein in 2001 as a senior vice president, has been in the investment management business since 1986. He has been a member of the large-cap growth team since arriving at the firm.

AllianceBernstein is a leading global investment management firm that offers high-quality research and diversified investment services to institutional clients, individuals and private clients in major markets around the world. AllianceBernstein employs more than 500 investment professionals with expertise in growth equities, value equities, fixed-income securities, blend strategies and alternative investments and, through its subsidiaries and joint ventures, operates in more than 20 countries. The firm has more than $717 billion in assets under management.

About Vanguard 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 $360 billion in employer-sponsored retirement plans. Vanguard offers more than 150 funds to U.S. investors and more than 50 additional funds in non-U.S. markets.