Investment Objective
The Portfolio seeks to provide an above-average level of current income and reasonable long-term capital appreciation.
Investment Strategy
The Portfolio invests substantially all its assets in Vanguard Equity Income Fund. The Fund invests mainly in common stocks of mid-size and large companies whose stocks typically pay above-average 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, the Fund will invest at least 80% of its assets in equity securities. The Fund uses multiple investment advisors. Each advisor independently selects and maintains a portfolio of common stocks for the Fund.
Investment Risks
Asset Concentration Risk, Investment Style Risk, Manager Risk, and Stock Market Risk. These risks are discussed under Vanguard Investment Risks, per the disclosure booklet.
