PDF Vanguard® Equity Income Fund - Admiral™ Shares

Vanguard? Equity Income Fund - AdmiralTM Shares

Release Date

..............................................................................................................................................................................................................................................................................................1.2..-.3..1..-.2.3..................................

Category

Large Value

Investment Objective & Strategy

From the investment's prospectus

The investment seeks to provide an above-average level of current income and reasonable long-term capital appreciation.

The fund invests mainly in common stocks of mid-size and large companies whose stocks typically pay aboveaverage levels of dividend income and are, in the opinion of the purchasing advisor, undervalued relative to similar stocks. In addition, the advisors generally look for companies that they believe are committed to paying dividends consistently. Under normal circumstances, it will invest at least 80% of its assets in equity securities. The fund uses multiple investment advisors.

Volatility and Risk

Volatility as of 12-31-23

Investment

Low

Moderate

High

Category

Portfolio Analysis

Composition as of 09-30-23

U.S. Stocks Non-U.S. Stocks Bonds Cash Other

% Assets

88.0 9.7 0.0 2.3 0.0

Top 10 Holdings as of 09-30-23

% Assets

JPMorgan Chase & Co

3.64

ConocoPhillips

2.73

Merck & Co Inc

2.57

Pfizer Inc

2.37

J...o..h..n..s..o..n...&...J..o..h..n..s..o..n..................................................................2....3..3.

EOG Resources Inc

2.28

Cisco Systems Inc

2.12

Procter & Gamble Co

1.98

Broadcom Inc

1.88

The Home Depot Inc

1.87

Risk Measures as of 12-31-23

3 Yr Std Dev

3 Yr Beta

Port Avg Rel S&P 500

15.54

0.89

0.77

.

Rel Cat

0.92

0.92

Principal Risks Loss of Money, Not FDIC Insured, Market/Market Volatility, Equity Securities, Management

Important Information Please refer to the Morningstar Disclosure and Glossary document contained in your plan's eligibility package for additional information. You may always access the most current version of the Disclosure and Glossary at fundonepagerscolor/DisclosureGlossary.pdf

Funds or their affiliates may pay compensation to Voya? affiliates offering a fund. Such compensation may be paid out of distribution, service and/or 12b-1 fees that are deducted from the fund's assets, and/or may be paid directly by the fund's affiliates. Any fees deducted from fund assets are discussed in the fund's prospectus and disclosed in the fund fact sheet. Because these fees are paid on an on-going basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. If offered through a retirement program, additional fees and expenses may be charged under that program. NOT A DEPOSIT. NOT FDIC INSURED. NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY. NOT GUARANTEED BY THE INSTITUTION. MAY GO DOWN IN VALUE.

Operations Gross Prosp Exp Ratio Net Prosp Exp Ratio Management Fee 12b-1 Fee Other Fee Miscellaneous Fee(s) Fund Inception Date Total Fund Assets ($mil) Annual Turnover Ratio % Fund Family Name

Notes

0.19% of fund assets 0.19% of fund assets 0.18%

. 0.00% 0.01% 08-13-01 54,179.0 48.00 Vanguard

Morningstar Style BoxTM as of 09-30-23

% Mkt Cap

Large Mid Small

G...i.a..n..t.........................................3..0.....5..3.

Large

40.19

Medium

26.86

S...m...a..l.l..........................................2.....4..0.

Value Blend Growth

Micro

0.02

Morningstar Equity Sectors as of 09-30-23

% Fund

h ........C..y..c..l.i.c.a..l.............................................................................3..1....0..6.

r Basic Materials

4.10

t Consumer Cyclical

5.40

y Financial Services

19.33

u Real Estate

2.23

j ........S..e..n..s..i.t.i.v..e...........................................................................3..3....0..1.

i Communication Services

1.01

o Energy

11.67

p Industrials

10.68

a Technology

9.65

k ........D..e..f.e..n...s.i.v..e..........................................................................3..5....9..4.

s Consumer Defensive

13.63

d Healthcare

14.61

f Utilities

7.70

Waiver Data

Type

.

.

Exp. Date

%

.

.

Portfolio Manager(s)

Sharon Hill. Since 2021.

Matthew Hand. Since 2021.

................................................................................................

Advisor

Wellington Management

Company LLP

Subadvisor

.

?2024 Morningstar, Inc., Morningstar Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at .

?

13.7926-423 (01/24) CN3265965_1225

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