Vanguard® Equity Income Fund - Admiral™ Shares

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Vanguard? Equity Income Fund - AdmiralTM Shares

Release Date

..............................................................................................................................................................................................................................................................................................0.6..-.3..0..-.2.1..................................

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 06-30-21

Low

Investment

Moderate

High

Category

Portfolio Analysis

Composition as of 03-31-21

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

% Assets

94.3 5.2 0.0 0.5 0.0

Top 10 Holdings as of 03-31-21

% Assets

Johnson & Johnson

4.12

JPMorgan Chase & Co

3.69

Bank of America Corp

2.90

Cisco Systems Inc

2.77

.P..r.o..c..t.e..r...&...G..a..m....b..le....C..o................................................................2....7..7.

Comcast Corp Class A

2.32

Pfizer Inc

1.85

Eli Lilly and Co

1.82

MetLife Inc

1.82

The Home Depot Inc

1.78

Risk Measures as of 06-30-21

3 Yr Std Dev

3 Yr Beta

Port Avg Rel S&P 500

17.60

0.95

0.90

.

Rel Cat

0.87

0.87

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

Important Information Morningstar Investment Profiles must be accompanied by Morningstar Disclosure and Glossary.

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%

. . 0.01% 08-13-01 48,610.2 35.00 Vanguard

Morningstar Style BoxTM as of 03-31-21

% Mkt Cap

Large Mid Small

G...i.a..n..t.........................................4..1.....5..4.

Large

44.50

Medium

12.59

S...m...a..l.l..........................................1.....3..7.

Value Blend Growth

Micro

0.00

Morningstar Equity Sectors as of 03-31-21

% Fund

h ........C...y.c..l.i.c..a..l............................................................................3..0....3..9.

r Basic Materials

2.77

t Consumer Cyclical

5.36

y Financial Services

21.21

u Real Estate

1.05

j ........S...e..n..s..it..i.v.e...........................................................................3..1....0..2.

i Communication Services

5.11

o Energy

5.56

p Industrials

11.30

a Technology

9.05

k ........D...e..f.e..n..s..i.v..e.........................................................................3..8....5..9.

s Consumer Defensive

14.57

d Healthcare

16.45

f Utilities

7.57

Waiver Data

Type

.

.

Exp. Date

%

.

.

Portfolio Manager(s)

W. Michael Reckmeyer, CFA. Since 2007.

Binbin Guo. Since 2016.

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

Advisor

Vanguard Group Inc

Subadvisor

.

?2021 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 .

?

13.7926-221 (07/21) CN1028811_1221

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