Vanguard hired Jennison Associates to sub-advise its Growth Equity Fund alongside Baillie Gifford Overseas. Jennison takes over the portion of the fund previously sub-advised by Turner Investment Partners.

"Vanguard funds have been well served by Jennison and Baillie Gifford, and we believe the combination of these two firms provide an excellent investment advisory solution to the Vanguard Growth Equity Fund," said Vanguard CEO Bill McNabb. "At the same time, we thank Bob Turner and his firm, Turner Investment Partners, for their service to the fund�s shareholders over the past eight years."

VALLEY FORGE, PA, January 16, 2009�The board of trustees of Vanguard Growth Equity Fund has named Jennison Associates LLC to the fund�s investment advisory team. Jennison, which replaces Turner Investment Partners, co-manages the $505 million growth fund along with current advisor Baillie Gifford Overseas Ltd. Each firm oversees approximately 50% of the fund's assets.

Jennison Associates and Baillie Gifford both serve as advisors to other Vanguard equity funds. Jennison joined the advisory team of the $6.0 billion Vanguard Morgan� Growth Fund in 2007 and manages approximately 15% of the fund. Baillie Gifford began serving in an advisory capacity for the $10.7 billion Vanguard International Growth Fund in 2003, now managing approximately 40% of the fund. The firm also began managing a relatively modest portion of the $3.6 billion Vanguard Global Equity Fund in 2008.

Founded in 1969, Jennison Associates is a wholly owned subsidiary of the Prudential Financial Inc. and manages a total of $62.2 billion in assets. Jennison�s investment process is based on in-depth fundamental research and bottom-up security selection. Kathleen A. McCarragher, managing director, serves as portfolio manager for the Jennison portion of the Growth Equity Fund. Ms. McCarragher and her team adhere to a disciplined approach, seeking large-capitalization companies with above-average growth in revenues, earnings, and cash flows that are trading at attractive valuations.

Baillie Gifford, based in Edinburgh, Scotland, is an independent investment management partnership that has been managing institutional funds since 1908. The firm oversees more than $83 billion in assets. Baillie Gifford�s U.S. investment team is led by Mick Brewis, partner, and follows an investment approach based on making long-term investments in well-managed companies that possess durable competitive advantages in their marketplace. Baillie Gifford uses a fundamental approach to identify quality growth companies, emphasizing the sustainability of earnings growth.

"Vanguard funds have been well served by Jennison and Baillie Gifford, and we believe the combination of these two firms provide an excellent investment advisory solution to the Vanguard Growth Equity Fund," said Vanguard Chief Executive Officer F. William McNabb III. "At the same time, we thank Bob Turner and his firm, Turner Investment Partners, for their service to the fund's shareholders over the past eight years."

Vanguard has successfully employed the multimanager approach since 1987. Today, 14 of the company�s 29 actively managed stock funds have two or more advisors. Vanguard maintains relationships with 27 distinguished external advisory firms from around the world.

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 more than $1 trillion in U.S. mutual fund assets, including nearly $500 billion in retirement assets. Vanguard offers more than 150 funds to U.S. investors and more than 50 additional funds in non-U.S. markets.

Edited by: Armie Margaret Lee

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