Manager of Popular Vanguard Fund To Step Down

May 31, 2002 ( The Vanguard Group has announced that Ernst von Metzsch, portfolio manager of the Vanguard Wellington fund, among others, will retire at the end of this year.

Upon his departure, two new managers will take over von Metzch’s duties. Edward P. Bousa will take over the Wellington Fund and the Balanced Portfolio. Karl E. Bandtel, will assume responsibilities for the Energy Fund.

Wellington, a balanced fund made up of about 60% stocks and 40% bonds, is a popular investment option with employer retirement plans.

Von Metzsch also manages the Vanguard Energy Fund and the Balanced Portfolio of the Vanguard Variable Annuity.

Currently, he is a senior vice president and a partner with Wellington Management Company, which advises the three funds.

He has served as portfolio manager of Wellington Fund since 1995, the Energy Fund since 1984 and the Balanced Portfolio since 1995.