VALLEY FORGE, Pa.--(BUSINESS WIRE)--

Vanguard announced today that Edward P. Owens, CFA, portfolio manager of Vanguard Health Care Fund, plans to retire on December 31, 2012.

Mr. Owens, a senior vice president and partner of Wellington Management Company LLP, has managed the Health Care Fund since its inception in 1984 and is Vanguards longest-tenured external portfolio manager. The fund is the largest fund in the global health/biotech category with $22.4 billion in assets and the second largest sector fund in the mutual fund industry behind the $27.3 billion Vanguard REIT Index Fund (source:Lipper Inc.).

Associate portfolio manager Jean M. Hynes, CFA, will assume managerial responsibility of the fund upon Mr. Owens retirement. Ms. Hynes, senior vice president and partner at Wellington Management, joined the firm in 1991 and has served on the Health Care Fund management team for nearly 20 years. She was named associate portfolio manager in 2008.

Eds long-term track record of excellent returns puts him in very select company in the investment management business. We are indebted to him for his decades of distinguished service to our clients, said Vanguard CEO Bill McNabb. Eds long-time colleague, Jean Hynes, is a well-qualified successor and speaks to the deep and talented team of investment professionals at the Wellington organization.

The performance of the funds Investor Shares is compared with its peer group average, benchmark, and the U.S. stock market in the accompanying table (Source:Vanguard and Lipper Inc.).

Average Annual Total Returns

(As of June 30, 2012)

Vanguard Health Care Fund*

Lipper Global Health/Biotech Funds Avg.

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Long-Time Manager of Vanguard Health Care Fund to Retire at Year End