Company Press Release

VALLEY FORGE, PA, August 7, 2008 – Vanguard is reopening Vanguard® ExplorerTM Fund and Vanguard Health Care Fund to new shareholder accounts, effective immediately. In addition, the $25,000 annual investment limit for the Explorer Fund has been removed.

Vanguard closed the Explorer Fund and limited additional purchases in February 2006. The small-capitalization growth fund has $10.1 billion in assets. The $23.1 billion Vanguard Health Care Fund, which focuses on pharmaceutical, biotechnology, and other health-care-related stocks, was closed in March 2005.

“We believe that the funds can accommodate additional assets at this time, given their current size and cash flow levels,” said Vanguard Chairman and CEO Jack Brennan, who cautioned investors not to interpret the reopenings as a recommendation to buy small-cap or health care securities.

The Investor Shares of Explorer Fund requires a minimum initial investment of $3,000 to open a new general, IRA, or UGMA/UTMA account. The minimum initial investment for a new account of any type in the Investor Shares of Health Care Fund is $25,000.

Four Vanguard funds remain closed: Vanguard PRIMECAP Fund, Vanguard Capital Opportunity Fund, Vanguard Precious Metals and Mining Fund, and Vanguard International Explorer Fund.

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.

All asset figures are as of July 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. Prices of small-cap stocks often fluctuate more than those of large-company stocks. Funds that concentrate on a relatively narrow market sector face the risk of higher share-price volatility.

Vanguard Marketing Corporation, Distributor.