VanguardHealth Care Fund

Fact sheet | September 30, 2020

Vanguard Health Care Fund

Sector fund | AdmiralTM Shares

Vanguard?

Fund facts

Risk level Low

123

High 45

Total net assets

$40,370 MM

Investment objective Vanguard Health Care Fund seeks to provide long-term capital appreciation. Investment strategy The fund invests at least 80% of its assets in the stocks of companies principally engaged in the development, production, or distribution of products and services related to the health care industry. These companies include, among others, pharmaceutical firms, medical supply companies, and businesses that operate hospitals and other health care facilities. The fund also considers companies engaged in medical, diagnostic, biochemical, and other research and development activities. The fund's advisor strives for a balanced representation of the health care field, searching for the best values in the various subsectors of the industry. The fund may invest up to 50% of its assets in foreign stocks.

For the most up-to-date fund data, please scan the QR code below.

Expense ratio as of 05/29/20

0.27%

Ticker symbol VGHAX

Turnover rate as of 01/31/20

18.4%

Inception date

11/12/01

Fund number

0552

Benchmark Spliced Health Care Index

Growth of a $10,000 investment : January 31, 2010--December 31, 2019

$38,456 Fund as of 12/31/19

$32,042 Benchmark as of 12/31/19

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Annual returns

Annual returns

Fund Benchmark

2010 6.21 5.44

2011 11.51

8.89

2012 15.17 17.77

2013 43.27 35.76

2014 28.57 18.13

2015 12.71

6.33

2016 -8.94 -6.83

2017 19.66 20.14

2018 1.21 1.71

2019 22.98 22.67

Total returns

Periods ended September 30, 2020

Total returns

Quarter

Year to date One year Three years Five years

Ten years

Fund

4.12%

7.70%

25.84%

10.47%

9.68%

15.04%

Benchmark

4.65%

6.95%

21.62%

10.55%

9.80%

12.94%

The performance data shown represent past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so investors' shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at performance . Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Performance figures include the reinvestment of all dividends and any capital gains distributions. All returns are net of expenses.

Spliced Health Care Index: S&P 500 Index through December 31, 2001; S&P Health Care Index through May 31, 2010; MSCI All Country World Health Care Index thereafter.

F0552 092020

Fact sheet | September 30, 2020

Vanguard Health Care Fund

Sector fund | AdmiralTM Shares

Ten largest holdings*

1 UnitedHealth Group Inc.

2 Pfizer Inc.

3 AstraZeneca plc

4 Bristol-Myers Squibb Co.

5 Novartis AG

6 Eisai Co. Ltd.

7 Eli Lilly and Co. 8 Abbott Laboratories

9 Thermo Fisher Scientific Inc. 10 Regeneron Pharmaceuticals Inc.

Top 10 as % of total net assets

40.2%

* The holdings listed exclude any temporary cash investments and equity index products.

Sector Diversification

Pharmaceuticals

40.6%

Health Care Technology

1.6

Biotechnology

18.1

Health Care Services

0.5

Health Care Equipment

17.8

Health Care Supplies

0.5

Managed Health Care

11.6

Health Care Distributors

0.3

Life Sciences Tools &

5.8

Real Estate

0.1

Health Care Facilities

3.1

Sector categories are based on the Global Industry Classification Standard ("GICS"), except for the "Other" category (if applicable), which includes securities that have not been provided a GICS classification as of the effective reporting period.

Connect with Vanguard ? > Plain talk about risk An investment in the fund could lose money over short or even long periods. You should expect the fund's share price and total return to fluctuate within a wide range, like the fluctuations of the overall stock market. The fund's performance could be hurt by: Industry concentration risk: The chance that there will be overall problems affecting a particular industry. Because the fund normally invests at least 80% of its assets in one industry, the fund's performance largely depends--for better or for worse--on the overall condition of this industry. Stock market risk: The chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising stock prices and periods of falling stock prices. Manager risk: The chance that poor security selection will cause the fund to underperform relevant benchmarks or other funds with a similar investment objective. Country/Regional risk: The chance that world events--such as political upheaval, financial troubles, or natural disasters--will adversely affect the value of securities issued by companies in foreign countries or regions. Because the fund may invest a large portion of its assets in securities of companies located in any one country or region, its performance may be hurt disproportionately by the poor performance of its investments in that area. Country/Regional risk is especially high in emerging markets. Currency risk: The chance that the value of a foreign investment, measured in U.S. dollars, will decrease because of unfavorable changes in currency exchange rates. Note on frequent trading restrictions Frequent trading policies may apply to those funds offered as investment options within your plan. Please log on to for your employer plans or contact Participant Services at 800-523-1188 for additional information. For more information about Vanguard funds or to obtain a prospectus, see below for which situation is right for you. If you receive your retirement plan statement from Vanguard or log on to Vanguard's website to view your plan, visit or call 800-523-1188. If you receive your retirement plan statement from a service provider other than Vanguard or log on to a recordkeeper's website that is not Vanguard to view your plan, please call 855-402-2646. Visit to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information about a fund are contained in the prospectus; read and consider it carefully before investing. Financial advisor clients: For more information about Vanguard funds, contact your financial advisor to obtain a prospectus.

Investment Products: Not FDIC Insured ? No Bank Guarantee ? May Lose Value

? 2020 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor.

F0552 092020

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