Company Press Release

Vanguard Fund Manager Graham French Relinquishes Portfolio Management Responsibilities

November 19, 2013 08:52 AM Eastern Standard Time

VALLEY FORGE, Pa.--Vanguard announced today that Graham E. French, portfolio manager of the $2.4 billion Vanguard Precious Metals and Mining Fund, is stepping down from day-to-day fund management responsibilities at M&G Investment Management Limited, effective immediately.

"On behalf of Vanguard, I'd like to thank Graham for nearly 25 years of dedication to our clients,” said Vanguard CEO Bill McNabb. “In addition to serving as a portfolio manager, Graham was instrumental in building the M&G investment team, and we believe that the fund will continue to benefit from the firm’s long-term approach and deep expertise in the precious metals and mining industries.”

Mr. French has managed the Precious Metals and Mining Fund since 1996; before that he had spent five years as assistant manager. Mr. French, who joined M&G in 1989, will remain in a consultative role with the fund for the next six months. Co-manager Randeep Somel, CFA, will assume sole portfolio management responsibilities. Mr. Somel joined M&G in 2005, and has worked side-by-side with Mr. French for the past five years. M&G expects to name a co-manager in the near future.

Founded in 1931, M&G is based in London, England, and manages more than $300 billion in assets. The firm has served as investment advisor to the Precious Metals and Mining Fund since its inception in 1984, and also oversees portions of the $22 billion Vanguard International Growth Fund, $222.5 million Vanguard Emerging Markets Select Fund, and $2.2 billion International Portfolio of Vanguard Variable Insurance Fund.

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 nearly $2.4 trillion in U.S. mutual fund assets, including more than $300 billion in ETF assets. The firm offers more than 160 funds to U.S. investors and more than 100 additional funds in non-U.S. markets. For more information, visit vanguard.com.

All asset figures are as of October 31, 2013, unless otherwise noted.

For more information on Vanguard funds, visit vanguard.com or call 800-662-7447 to obtain a prospectus. Investment objectives, risks, charges, expenses, and other important information are contained in the prospectus; read and consider it carefully before investing.

All investments are subject to risk, including the possible loss of the money you invest.

Vanguard Marketing Corporation, Distributor.