Vanguard® Investor Index Fund
Vanguard® Index Australian Shares Fund
Vanguard® High Yield Australian Shares Fund
Vanguard® Index International Shares Fund
Vanguard® Index Hedged International Shares Fund
Vanguard® Index Property Securities Fund
Vanguard® Index Diversified Bond Fund
Vanguard® Index Cash Plus Fund
Vanguard® LifeStrategy® Conservative Fund
Vanguard® LifeStrategy® Balanced Fund
Vanguard® LifeStrategy® Growth Fund
Vanguard® LifeStrategy® High Growth Fund

Ratings current at 30 June 2007.

These ratings are issued by Standard & Poor's Information Services (Australia) Pty Limited ABN 17 096 167 556 and represent their opinion. Ratings are provided for information purposes only and are not advice. All ratings and recommendations are subject to change without notice. They do not take into account your circumstances or needs so you should consider your circumstances and seek professional advice before making an investment decision. Standard & Poor's accepts no liability whatsoever in connection with these ratings, subject to law. Contact the relevant research house or their website for additional information, such as their Financial Services Guide. Standard & Poor's receive a fee from Vanguard to review Vanguard funds using comprehensive criteria.