June 3, 2003 — Alliance Cap Mgmt Holding L.P. (AC) has appointed John Phillips Jr. to help run its portion of the Vanguard Windsor/Inv (VWNDX).

Phillips, who joins Alliance’s Marilyn Fedak, replaces Steven Pisarkiewicz, who left the company’s value-oriented Sanford C. Bernstein & Co. unit last month to become head of the BNY Asset Management, the investment arm of Bank of New York (BK).

Alliance is responsible for 25%-33% of the assets of the approximately $15 billion fund. The rest are managed by Charles Freeman and David Fassnacht of Wellington Capital Management. Vanguard, which uses outside managers to oversee many of its funds, retained Bernstein four years ago.

Phillips has worked in investment management since 1972, and has been with Bernstein and its predecessor since 1994, according to papers filed with the Securities and Exchange Commission Monday. The filing added that the fund’s investment “strategies, and policies remain unchanged.” Additional information about Phillips was not immediately available.

This year through April the portfolio rose 6.2%, versus 3% for the average large-cap value fund, and 4.8% for the Standard & Poor’s 500-stock index. For the three years ended in April, Vanguard Windsor eked out an average annualized gain of 0.2%, versus a loss of 5.3% for its peers, and 13% for the index.