The Vanguard Group recently made the following announcement (a pdf of the press release is also attached). For more information, please contact Michael Smith (610.503.5897) or Amy Chain (610.669.2149).

PHILLIP A. SAPOVITS NAMED PRINCIPAL OF THE VANGUARD GROUP

VALLEY FORGE, PA, February 10, 2005 -Phillip A Sapovits has been named Principal of The Vanguard Group. Mr. Sapovits joined Vanguard’s Fixed Income Group in 1997 as a financial administrator. Prior to coming to Vanguard, he worked at the Naval Air Warfare Center in Warminster, PA as a systems engineer. Currently a senior manager within the Risk Management and Strategy Analysis Group, primarily focusing on Fixed Income, Mr. Sapovits oversees the risk management and performance attribution processes, as well as the design, development, and integration of specialized systems. Mr. Sapovits earned a BSBA degree in marketing and management in 1988 from Kutztown University, a BS degree in electrical engineering in 1991 from Widener University, and an MS degree in environmental engineering in 1994 from Villanova University. Mr. Sapovits is an active member of the Gwynedd Square Presbyterian Church. He resides in Landsdale, PA. The Vanguard Group, headquartered in Valley Forge, Pennsylvania, is the nation’s second-largest mutual fund firm and a leading provider of company-sponsored retirement plan services. Vanguard manages more than $800 billion in U.S. mutual fund assets, including more than $245 billion in employer-sponsored retirement plans. Vanguard offers 129 funds to U.S. investors and more than 40 additional funds in foreign markets.

Note to Editor: Individual photos of Vanguard’s newly elected Principals are available.

# # #