-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VKnOMc0yW5l5xiCvnRi5C/7Aa+Wv+ZevMbEGgMRtyG5PP/2oN19dDUObcgFHfu8X JYaqhVKJ3sRTUoCTX9QdzA== 0000932471-06-001756.txt : 20061221 0000932471-06-001756.hdr.sgml : 20061221 20061221143051 ACCESSION NUMBER: 0000932471-06-001756 CONFORMED SUBMISSION TYPE: NSAR-B PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20061031 FILED AS OF DATE: 20061221 DATE AS OF CHANGE: 20061221 EFFECTIVENESS DATE: 20061221 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD WINDSOR FUNDS/ CENTRAL INDEX KEY: 0000107606 IRS NUMBER: 510082711 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: NSAR-B SEC ACT: 1940 Act SEC FILE NUMBER: 811-00834 FILM NUMBER: 061292725 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V37 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106696289 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V37 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD/WINDSOR FUNDS INC DATE OF NAME CHANGE: 19931203 FORMER COMPANY: FORMER CONFORMED NAME: WINDSOR FUNDS INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: WINDSOR FUNDS DATE OF NAME CHANGE: 19851031

0000107606 S000004417 Vanguard Windsor Fund

C000012178 Investor Shares VWNDX

C000012179 Admiral Shares VWNEX

0000107606 S000004418 Vanguard Windsor II Fund

C000012180 Investor Shares VWNFX

C000012181 Admiral Shares VWNAX

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EX-99.77B ACCT LTTR 3 b77pwcwindsor.txt PWC LETTER Report of Independent Registered Public Accounting Firm To the Shareholders and Trustees of Vanguard Windsor Fund Vanguard Windsor II Fund In planning and performing our audits of the financial statements of Vanguard Windsor Fund and Vanguard Windsor II Fund (comprising the Vanguard Windsor Funds, the ?Companies?) as of and for the year ended October 31, 2006, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Companies? internal control over financial reporting, including control activities for safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Companies? internal control over financial reporting. Accordingly, we express no such opinion. The management of the Companies is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company?s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Such internal control over financial reporting includes policies and procedures that provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company?s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. A control deficiency exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A significant deficiency is a control deficiency, or combination of control deficiencies, that adversely affects the company?s ability to initiate, authorize, record, process or report external financial data reliably in accordance with generally accepted accounting principles such that there is more than a remote likelihood that a misstatement of the company?s annual or interim financial statements that is more than inconsequential will not be prevented or detected. A material weakness is a control deficiency, or combination of control deficiencies, that results in more than a remote likelihood that a material misstatement of the annual or interim financial statements will not be prevented or detected. Our consideration of the Companies? internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control over financial reporting that might be significant deficiencies or material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Companies? internal control over financial reporting and its operation, including controls for safeguarding securities, that we consider to be material weaknesses as defined above as of October 31, 2006. This report is intended solely for the information and use of management and the Board of Directors of the Companies and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties. December 11, 2006 2 2 2 EX-99.77D POLICIES 4 d77103106.txt POLICY CHANGE [SHIP LOGO] THE VANGUARD GROUP/(R)/ VANGUARD(R) WINDSOR(TM) II FUND SUPPLEMENT TO THE PROSPECTUS DATED FEBRUARY 28, 2006 IMPORTANT CHANGE TO VANGUARD WINDSOR II FUND Standard & Poor's Corporation is planning to eliminate the Standard & Poor's 500/Barra Value Index, which is the performance benchmark used under the existing investment advisory agreement between the Fund and Barrow, Hanley, Mewhinney & Strauss, Inc. (Barrow, Hanley), one of the Fund's advisors. Accordingly, the Fund's board of trustees has approved the Morgan Stanley Capital International (MSCI) US Prime Market 750 Index, a similar index, as Barrow, Hanley's new performance benchmark, effective May 1, 2006. The Fund's investment objective, strategies, and policies remain unchanged. PROSPECTUS TEXT CHANGES The first paragraph on page 11 is replaced with the following: The Fund pays five of its investment advisors--Armstrong Shaw; Barrow, Hanley; Equinox; Hotchkis & Wiley; and Tukman--on a quarterly basis. For each advisor, the quarterly fee is based on certain annual percentage rates applied to average daily net assets managed by the advisor over the period. In addition, the quarterly fees paid to each advisor are increased or decreased based on the advisor's performance compared with that of a benchmark index. For these purposes, the cumulative total return of each advisor's portion of the Fund over a trailing 36-month period (60-month period in the case of Hotchkis & Wiley) is compared with that of the Morgan Stanley Capital International (MSCI) US Prime Market 750 Index (for Barrow, Hanley), the Russell 1000 Value Index (for Equinox), the MSCI US Investable Market 2500 Index (for Hotchkis & Wiley), and the Standard & Poor's 500 Index (for Tukman) over the same period. Vanguard provides advisory services to the Fund on an at-cost basis. Vanguard's performance is evaluated against the MSCI US Prime Market Value Index. (C)2006 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor. PSD73 052006 [SHIP LOGO VANGUARD /(R)/] VANGUARD/(R)/ WINDSOR/(TM)/ FUNDS SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION DATED FEBRUARY 28, 2006 IMPORTANT CHANGE TO VANGUARD WINDSOR II FUND Standard & Poor's Corporation is planning to eliminate the Standard & Poor's 500/Barra Value Index, which is the performance benchmark used under the existing investment advisory agreement between the Fund and Barrow, Hanley, Mewhinney & Strauss, Inc. (Barrow, Hanley), one of the Fund's advisors. Accordingly, the Fund's board of trustees has approved the Morgan Stanley Capital International (MSCI) US Prime Market 750 Index, a similar index, as Barrow, Hanley's new performance benchmark, effective May 1, 2006. The Fund's investment objective, strategies, and policies remain unchanged. STATEMENT OF ADDITIONAL INFORMATION TEXT CHANGES The last paragraph on page B-34 is replaced with the following: The Fund pays each unaffiliated advisor a basic advisory fee at the end of each of the Fund's fiscal quarters, calculated by applying a quarterly rate, based on certain annual percentage rates, to the average daily net assets of the advisor's Portfolio for the quarter. The basic fee will be increased or decreased by applying a performance fee adjustment based on the investment performance of the Portfolio relative to the investment performance of the Russell 1000 Value Index (for Armstrong Shaw and Equinox), the Standard & Poor's 500 Index (for Tukman), the MSCI US Prime Market 750 Index (for Barrow, Hanley), and the MSCI US Investable Market 2500 Index (for Hotchkis & Wiley) (each, the Index). The investment performance will be based on the cumulative return of the Portfolio over a trailing 36-month period (60-month period for Hotchkis & Wiley) ending with the applicable quarter, compared with the cumulative total return of the Index for the same period. Vanguard provides advisory services to a portion of the Fund on an at-cost basis. (C)2006 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor. 052006 EX-99.77Q1 OTHR EXHB 5 q771a103106.htm BHMS AMENDMENT

INVESTMENT ADVISORY AGREEMENT

THIS AGREEMENT is made as of this 1st day of May, 2006, between the Vanguard Windsor Funds, a Delaware business trust (the "Trust"), and Barrow, Hanley, Mewhinney & Strauss, INC., a Nevada corporation (the "Advisor”).

W I T N E S S E T H

WHEREAS the Trust is an open-end, diversified management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act");

WHEREAS, the Trust offers a series of shares known as Vanguard Windsor II Fund (the “Fund”);

WHEREAS, the Trust retains the Advisor to render investment advisory services to the Fund under an Investment Advisory Agreement, dated as of December 19, 2005 (the “Prior Agreement”);

WHEREAS, the Trust desires to amend and restate such Investment Advisory Agreement in certain respects, and the Advisor is willing to render investment advisory services to the Fund in accordance with such amendments.

NOW THEREFORE, in consideration of the mutual promises and undertakings set forth in this “Agreement,” the Trust and the Advisor hereby agree as follows:

1. Appointment of Advisor. The Trust hereby employs the Advisor as investment advisor, on the terms and conditions set forth herein, for the portion of the assets of the Fund that the Trust’s Board of Trustees (the “Board of Trustees”) determines in its sole discretion to assign to the Advisor from time to time (referred to in this Agreement as the “BHMS Portfolio”). As of the date of this Agreement, the BHMS Portfolio will consist of the portion of the assets of the Fund that the Board of Trustees has determined to assign to the Advisor, as communicated to the Advisor on behalf of the Board of Trustees by The Vanguard Group, Inc. (“Vanguard”), including cash that may be directed to The Vanguard Group, Inc. for cash management purposes. The Board of Trustees may, from time to time, make additions to, and withdrawals from, the assets of the Fund assigned to the Advisor. The Advisor accepts such employment and agrees to render the services herein set forth, for the compensation herein provided.

2. Duties of Advisor. The Trust employs the Advisor to manage the investment and reinvestment of the assets of the BHMS Portfolio; to continuously review, supervise, and administer an investment program for the BHMS Portfolio; to determine in its discretion the securities to be purchased or sold and the portion of such assets to be held uninvested; to provide the Fund with all records concerning the activities of the Advisor that the Fund is required to maintain; and to render regular reports to the Trust’s officers and Board of Trustees concerning the discharge of the foregoing responsibilities. The Advisor will discharge the foregoing responsibilities subject to the supervision and oversight of the Trust’s officers and the Board of Trustees, and in compliance with the objectives, policies and limitations set forth in the Fund’s prospectus and Statement of Additional Information, any additional operating policies or procedures that the Fund communicates to the Advisor in writing, and applicable laws and regulations. The Advisor agrees to provide, at its own expense, the office space, furnishings and equipment, and personnel required by it to perform the services on the terms and for the compensation provided herein.

3. Securities Transactions. The Advisor is authorized to select the brokers or dealers that will execute purchases and sales of securities for the BHMS Portfolio, and is directed to use its best efforts to obtain best execution for such transactions. In selecting brokers or dealers to execute trades for the BHMS Portfolio, the Advisor will comply with all applicable statutes, rules, interpretations by the Securities and Exchange Commission or its staff, other applicable law, and the written policies established by the Fund’s Board of Trustees and communicated to the Advisor in writing.

4. Compensation of Advisor. For services to be provided by the Advisor pursuant to this Agreement, the Fund will pay to the Advisor, and the Advisor agrees to accept as full compensation therefore, an investment advisory fee at the rate specified in Schedule A to this Agreement. The fee will be calculated based on annual percentage rates applied to the average daily net assets of the BHMS Portfolio (“Base Fee”) and will be paid to the Advisor quarterly. Further, the investment advisory fee will be increased or decreased by applying a performance adjustment (“Performance Adjustment”), as specified in Schedule A.

Notwithstanding the foregoing, for services rendered pursuant to this Agreement, the Fund shall pay to the Advisor, for the 12 fiscal quarters within which this Agreement is in effect, a Performance Fee Adjustment calculated as described in Schedule B.

5. Reports. The Fund and the Advisor agree to furnish to each other current prospectuses, proxy statements, reports to shareholders, certified copies of their financial statements, and such other information with regard to their affairs as each may reasonably request.

6. Compliance with Applicable Law and Board Requirements. The Advisor agrees to comply with all Applicable Law and all policies, procedures or reporting requirements that the Board of Trustees of the Trust reasonably adopts and communicates to the Advisor in writing, including, without limitation, any such policies, procedures or reporting requirements relating to soft dollar or directed brokerage arrangements. “Applicable Law” means (i) the “federal securities laws” as defined in Rule 38a-1(e)(1) under the 1940 Act, as amended from time to time, as they relate to the services provided by the Advisor to the Trust pursuant to this Agreement, and (ii) any and all other laws, rules, and regulations, whether foreign or domestic, in each case applicable at any time and from time to time to the investment management operations of the Advisor.

7. Status of Advisor. The services of the Advisor to the Fund are not to be deemed exclusive, and the Advisor will be free to render similar services to others so long as its services to the Fund are not impaired thereby. The Advisor will be deemed to be an independent contractor and will, unless otherwise expressly provided or authorized, have no authority to act for or represent the Fund in any way or otherwise be deemed an agent of the Fund or the Trust.

8. Liability of Advisor. No provision of this Agreement will be deemed to protect the Advisor against any liability to the Fund or its shareholders to which it might otherwise be subject by reason of any willful misfeasance, bad faith or gross negligence in the performance of its duties or the reckless disregard of its obligations under this Agreement.

9. Limitations on Consultations. The Advisor is prohibited from consulting with other advisors of the Fund, except Vanguard, concerning transactions for the Fund in securities or other assets.

10. Duration; Termination; Notices; Amendment. This Agreement will become effective on the date hereof and shall continue in effect for successive twelve-month periods, only so long as this Agreement is approved at least annually by votes of the Trust’s Board of Trustees who are not parties to such Agreement or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval. In addition, the question of continuance of the Agreement may be presented to the shareholders of the Fund; in such event, such continuance will be effected only if approved by the affirmative vote of a majority of the outstanding voting securities of the Fund.

Notwithstanding the foregoing, however, (i) this Agreement may at any time be terminated without payment of any penalty either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Fund, on thirty days’ written notice to the Advisor, (ii) this Agreement will automatically terminate in the event of its assignment, and (iii) this Agreement may be terminated by the Advisor on ninety days’ written notice to the Fund. Any notice under this Agreement will be given in writing, addressed and delivered, or mailed postpaid, to the other party as follows:

If to the Fund, at:

Vanguard Windsor II Fund

P.O. Box 2600

Valley Forge, PA 19482

Attention: Joseph P. Brennan

Telephone: 610-503-2042

Facsimile: 610-503-5855

If to the Advisor, at:

Barrow, Hanley, Mewhinney & Strauss, Inc.

JPMorgan Chase Tower

2200 Ross Avenue, 31st Floor

Dallas, TX 75201

Attn: James P. Barrow

Phone: 214-665-1900

Fax: 214-953-7543

This Agreement may be amended by mutual consent, but the consent of the Trust must be approved (i) by a majority of those members of the Board of Trustees who are not parties to this Agreement or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such amendment, and (ii) to the extent required by the 1940 Act, by a vote of a majority of the outstanding voting securities of the Fund of the Trust.

As used in this Section 10, the terms “assignment,” “interested persons,” and “vote of a majority of the outstanding voting securities” will have the respective meanings set forth in Section 2(a)(4), Section 2(a)(19) and Section 2(a)(42) of the 1940 Act.

11. Severability. If any provision of this Agreement will be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement will not be affected thereby.

12. Confidentiality. The Advisor shall keep confidential any and all information obtained in connection with the services rendered hereunder and relating directly or indirectly to the Fund, the Trust, or Vanguard and shall not disclose any such information to any person other than the Trust, the Board of Trustees of the Trust, Vanguard, and any director, officer, or employee of the Trust or Vanguard, except (i) with the prior written consent of the Trust, (ii) as required by law, regulation, court order or the rules or regulations of any self-regulatory organization, governmental body or official having jurisdiction over the Advisor, or (iii) for information that is publicly available other than due to disclosure by the Advisor or its affiliates or becomes known to the Advisor from a source other than the Trust, the Board of Trustees of the Trust, or Vanguard.

13. Proxy Policy. The Advisor acknowledges that Vanguard will vote the shares of all securities that are held by the Fund unless other mutually acceptable arrangements are made with the Advisor with respect to the BHMS Portfolio.

14. Governing Law. All questions concerning the validity, meaning, and effect of this Agreement shall be determined in accordance with the laws (without giving effect to the conflict-of-law principles thereof) of the State of Delaware applicable to contracts made and to be performed in that state.

IN WITNESS WHEREOF, the parties hereto have caused this Amended and Restated Investment Advisory Agreement to be executed as of the date first set forth herein.


Barrow, Hanley, Mewhinney &		Vanguard Windsor Funds
Strauss, Inc.

Signature	Date	Signature	Date



Print Name		Print Name

EX-99.77Q1 OTHR EXHB 6 q771d103106.txt EQUINOX AMENDMENT VANGUARD WINDSOR II FUND INVESTMENT ADVISORY AGREEMENT ADDENDUM EFFECTIVE MAY 1, 2006 This Addendum amends Section 1.1 of Schedule A of the Investment Advisory Agreement dated December 19, 2005 between Vanguard Windsor Funds (the "Trust") and Equinox Capital Management, LLC ("Equinox," or the "Advisor") for the management of a portion of Vanguard Windsor II Fund (the "Fund"), a series of the Trust, as follows: A. AMENDMENT 1.1. CALCULATION OF THE BASE FEE. The Base Fee for each fiscal quarter of the Fund is calculated by multiplying an Annual Percentage Rate (shown below) to the average daily net assets of the Equinox Portfolio during such fiscal quarter, and dividing the result by four. The Fund's fiscal quarter ends are the months ending January, April, July, and October. In the event of termination of this Agreement, the fee provided in this Section for the period beginning on the first day of the then-current fiscal quarter and ending on the last business day on which this Agreement is in effect (the "Short Quarter") shall be calculated by applying the foregoing annual percentage rates to the average daily net assets of the Equinox Portfolio during the Short Quarter, dividing the result by four, and multiplying that figure by a ratio equal to the number of days in the Short Quarter divided by the total number of days in the full quarter. B. MISCELLANEOUS Except as specifically amended hereby, all of the terms and conditions of the Investment Advisory Agreement are unaffected and shall continue to be in full force and effect and shall be binding upon the parties in accordance with its terms. EQUINOX CAPITAL MANAGEMENT, LLC VANGUARD WINDSOR FUNDS Wendy D. Lee 6/8/06 John J. Brennan 6/5/06 - ----------------------- ---------- ---------------------- ---------- Signature Date Signature Date WENDY D. LEE JOHN J. BRENNAN - ----------------------- ---------------------- EX-99.77Q1 OTHR EXHB 7 q771e103106.txt TUKMAN AMENDMENT VANGUARD WINDSOR II FUND INVESTMENT ADVISORY AGREEMENT ADDENDUM EFFECTIVE MAY 1, 2006 This Addendum amends the first paragraph of section 4 of the Investment Advisory Agreement dated November 1, 1991 between Vanguard Windsor Funds (the "Trust") and Tukman Capital Management, Inc. ("Tukman," or the "Advisor") for the management of a portion of Vanguard Windsor II Fund (the "Fund"), a series of the Trust, as follows: A. AMENDMENT 4. COMPENSATION OF ADVISOR. For the services to be rendered by Tukman as provided in this Agreement, Windsor II shall pay to Tukman at the end of the Fund's fiscal quarters, a basic fee calculated by applying a quarterly rate, based on the following annual percentage rates, to the average daily net assets of the Tukman Portfolio for the quarter: In the event of termination of this Agreement, the fee provided in this Section for the period beginning on the first day of the then-current fiscal quarter and ending on the last business day on which this Agreement is in effect (the "Short Quarter") shall be calculated by applying the foregoing annual percentage rates to the average daily net assets of the Tukman Portfolio during the Short Quarter, dividing the result by four, and multiplying that figure by a ratio equal to the number of days in the Short Quarter divided by the total number of days in the full quarter. B. MISCELLANEOUS Except as specifically amended hereby, all of the terms and conditions of the Investment Advisory Agreement are unaffected and shall continue to be in full force and effect and shall be binding upon the parties in accordance with its terms. TUKMAN CAPITAL MANAGEMENT, INC. VANGUARD WINDSOR FUNDS Daniel Grossman 6/9/06 John J. Brennan 6/5/06 - -------------------------- -------- --------------------- ------- Signature Date Signature Date DANIEL GROSSMAN JOHN J. BRENNAN - -------------------------- --------------------- Print Name Print Name EX-99.77Q1 OTHR EXHB 8 q771b103106.txt ARMSTRONG AMENDMENT VANGUARD WINDSOR II FUND INVESTMENT ADVISORY AGREEMENT ADDENDUM EFFECTIVE MAY 1, 2006 This Addendum amends Section 1.1 of Schedule A of the Investment Advisory Agreement dated January 1, 2006 between Vanguard Windsor Funds (the "Trust") and Armstrong Shaw Associates Inc. ("ASA," or the "Advisor") for the management of a portion of Vanguard Windsor II Fund (the "Fund"), a series of the Trust, as follows: A. AMENDMENT 1.1. CALCULATION OF THE BASE FEE. The Base Fee for each fiscal quarter of the Fund is calculated by multiplying an Annual Percentage Rate (shown below) to the average daily net assets of the ASA Portfolio during such fiscal quarter, and dividing the result by four. The Fund's fiscal quarter ends are the months ending January, April, July, and October. In the event of termination of this Agreement, the fee provided in this Section for the period beginning on the first day of the then-current fiscal quarter and ending on the last business day on which this Agreement is in effect (the "Short Quarter") shall be calculated by applying the foregoing annual percentage rates to the average daily net assets of the ASA Portfolio during the Short Quarter, dividing the result by four, and multiplying that figure by a ratio equal to the number of days in the Short Quarter divided by the total number of days in the full quarter. B. MISCELLANEOUS Except as specifically amended hereby, all of the terms and conditions of the Investment Advisory Agreement are unaffected and shall continue to be in full force and effect and shall be binding upon the parties in accordance with its terms. ARMSTRONG SHAW ASSOCIATES INC. VANGUARD WINDSOR FUNDS Monica C. Grady 6/8/06 John J. Brennan 6/5/06 - ------------------------------ ------------ ---------------------- ------ Signature Date Signature Date MONICA C. GRADY JOHN J. BRENNAN - ------------------------------ ---------------------- Print Name Print Name EX-99.77Q1 OTHR EXHB 9 q771c103106.txt H&W AMENDMENT VANGUARD WINDSOR II FUND INVESTMENT ADVISORY AGREEMENT ADDENDUM EFFECTIVE MAY 1, 2006 This Addendum amends Section 13.1 of Schedule A of the Investment Advisory Agreement dated December 1, 2003 between Vanguard Windsor Funds (the "Trust") and Hotchkis and Wiley Capital Management, LLC ("H&W," or the "Advisor") for the management of a portion of Vanguard Windsor II Fund (the "Fund"), a series of the Trust, as follows: A. AMENDMENT 1.1. CALCULATION OF THE BASE FEE. The Base Fee for each fiscal quarter of the Fund is calculated by multiplying an Annual Percentage Rate (shown below) to the average daily net assets of the H&W Portfolio during such fiscal quarter, and dividing the result by four. The Fund's fiscal quarter ends are the months ending January, April, July, and October. In the event of termination of this Agreement, the fee provided in this Section for the period beginning on the first day of the then-current fiscal quarter and ending on the last business day on which this Agreement is in effect (the "Short Quarter") shall be calculated by applying the foregoing annual percentage rates to the average daily net assets of the H&W Portfolio during the Short Quarter, dividing the result by four, and multiplying that figure by a ratio equal to the number of days in the Short Quarter divided by the total number of days in the full quarter. B. MISCELLANEOUS Except as specifically amended hereby, all of the terms and conditions of the Investment Advisory Agreement are unaffected and shall continue to be in full force and effect and shall be binding upon the parties in accordance with its terms. HOTCHKIS AND WILEY CAPITAL VANGUARD WINDSOR FUNDS MANAGEMENT, LLC Nancy D. Celick 6/8/06 John J. Brennan 6/7/06 - ----------------------------- --------- ---------------------- ---------- Signature Date Signature Date NANCY D. CELICK JOHN J. BRENNAN - ----------------------------- ---------------------- -----END PRIVACY-ENHANCED MESSAGE-----