Vanguard Announces Transition Plan For Management Of Windsor II Fund

VALLEY FORGE, Pa., Oct. 1, 2015 /PRNewswire/ -- Vanguard announced today that James P. Barrow will pass the portfolio management responsibilities for the $45.7 billion Vanguard Windsor II Fund and the $1.1 billion Diversified Value Portfolio of the Vanguard Variable Insurance Fund (VVIF) to Jeff G. Fahrenbruch and David W. Ganucheau, effective January 1, 2016. Mr. Fahrenbruch and Mr. Ganucheau have served on the portfolio management team of the Windsor II Fund and VVIF-Diversified Value Portfolio since 2013.

Mr. Barrow, who is a founding partner and executive director of Barrow, Hanley, Mewhinney & Strauss, LLC, has managed the Windsor II Fund since its inception in 1985 and is one of Vanguard's longest tenured portfolio managers. Mr. Barrow will remain actively involved in the firm's investment activities and will continue to serve as a portfolio manager of the $9.5 billion Vanguard Selected Value Fund. Barrow, Hanley manages approximately 60% of both funds.

 "Jim Barrow embodies what Vanguard values in a portfolio manager -- a clear approach executed with conviction, discipline, and patience, along with a commitment to delivering results to investors over the long term," said Vanguard Chairman Bill McNabb. "Jim is a brilliant investor and is a true partner in every sense of the word. I wish to thank him for his stewardship of our clients' assets and for playing an integral part in the success of Windsor II over three decades."

A full version of this press release is available at https://pressroom.vanguard.com.

About Vanguard

Vanguard is one of the world's largest investment management companies. As of August 31, 2015, Vanguard managed more than $3.2 trillion in global assets. The firm, headquartered in Valley Forge, Pennsylvania, offers 300 funds to its more than 20 million investors worldwide. For more information, visit vanguard.com.

For more information about Vanguard funds, visit www.vanguard.com, or call 800-662-7447, to obtain a 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.

All investing is subject to risk, including possible loss of principal.

All asset figures are as of August 31, 2015, unless otherwise noted.

Vanguard Marketing Corporation, Distributor.

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