February 7, 2005

Vanguard Names New Bond Fund Managers

Feb. 1, 2005 -- Vanguard Group said Monday that Christopher Alwine, who helped manage three of its funds, has been appointed to oversee credit research for its municipal bond funds.

Bond fund manager Gregory Davis has replaced Alwine on the teams that run Vanguard Short Term Bond Index (VBISX), and Vanguard Balanced Index/Inv (VBINX). Davis previously managed Vanguard bond index funds that are sold to investors overseas.

Kenneth Volpert, the head of Vanguard's bond index group, succeeded Alwine on the team that runs Vanguard Long Term Bond Index (VBLTX).

The investment strategies of Alwine's former funds remains unchanged, Vanguard said.

Contact Bob Keane with questions or comments at: bkeane@investmentadvisor.com.

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