Company Press Release

GEMMA WRIGHT-CASPARIUS JOINS THE VANGUARD GROUP

VALLEY FORGE, PA, August 19, 2011—Vanguard announced today that Gemma Wright-Casparius has joined the investment management firm's Fixed Income Group as a principal and senior portfolio manager.

Ms. Wright-Casparius reports to Kenneth E. Volpert, principal and head of Vanguard's Taxable Bond Group, and replaces him as co-manager of the $36.8 billion Vanguard Inflation-Protected Securities Fund. Vanguard principal John Hollyer will continue as co-manager of the fund.

Prior to Vanguard, Ms. Wright-Casparius, who has more than 30 years of experience in the bond markets, served as a fixed income portfolio manager and Deputy Head of Global Macro Research & Strategy for a subsidiary of the Government of Singapore sovereign wealth fund. In her role as a portfolio manager, she was responsible for an actively managed global inflation-linked bond portfolio. Her previous experience also includes working as Director, Fixed Income Research at Barclays Capital, where she developed the firm's U.S. inflation-linked securities strategy and served as the firm’s liaison with the Board of Governors and the Federal Reserve System on the inflation-linked bond market.

"We are pleased to welcome an investment professional with Gemma's talent and experience. She adds significantly to the depth and expertise of our fixed income team," said Vanguard Chief Investment Officer Gus Sauter.

Ms. Wright-Casparius obtained a B.B.A. degree in Economics and Finance and an M.B.A. degree from Bernard M. Baruch College of The City University of New York.

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 $1.7 trillion in U.S. mutual fund assets. Vanguard offers more than 170 funds to U.S. investors and more than 60 additional funds in non-U.S. markets.

All Vanguard asset figures are as of July 31, 2011, unless otherwise noted.