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Seg Vanguard Funds W/Investment Strategy* SEG VANGUARD FUNDS W/INVESTMENT STRATEGY* Connect with Vanguard at: Vanguard.com 000021-Wellington Fund Investor Shares (VWELX) INVESTMENT STRATEGY The fund invests 60% to 70% of its assets in dividend-paying, and, to a lesser extent, non-dividend-paying common stocks of established medium-size and large companies. In choosing these companies, the advisor seeks those that appear to be undervalued but to have prospects for improvement. These stocks are commonly referred to as value stocks. The remaining 30% to 40% of fund assets are invested mainly in investment-grade corporate bonds, with some exposure to U.S. Treasury and government agency bonds, as well as mortgage-backed securities. PRODUCT SUMMARY - Founded in 1929, Wellington™ Fund is Vanguard’s oldest mutual fund and the nation’s oldest balanced fund. It offers exposure to stocks (about two-thirds of the portfolio) and bonds (one-third). Another key attribute is broad diversification—the fund invests in stocks and bonds across all economic sectors. This is important because one or two holdings should not have a sizeable impact on the fund. Investors with a long-term time horizon who want growth and are willing to accept stock market volatility may wish to consider this as a core holding in their portfolio. 1 000023-U.S. Growth Fund Investor Shares (VWUSX) INVESTMENT STRATEGY The fund invests mainly in large-capitalization stocks of U.S. companies considered to have above-average earnings growth potential and reasonable stock prices in comparison with expected earnings. The fund uses multiple investment advisors. PRODUCT SUMMARY - Vanguard’s oldest growth fund focuses on well-known blue-chip companies that tend to hold strong positions in their respective industries. The fund’s investment advisors believe these companies have the ability to deliver positive earnings growth and superior returns over the long term. The fund is typically invested in a diversified portfolio of primarily large-capitalization stocks. Investors with a long-term investment horizon who want exposure to large growth companies may wish to consider this fund. 000024-Explorer Fund Investor Shares (VEXPX) INVESTMENT STRATEGY The fund invests mainly in the stocks of small companies. These companies tend to be unseasoned but are considered by the fund’s advisors to have superior growth potential. Also, these companies often provide little or no dividend income. The fund uses multiple investment managers. PRODUCT SUMMARY - This fund seeks to identify small U.S. companies with growth potential. Because it focuses on smaller companies, the fund tends to be more unpredictable than stock funds that focus on larger companies. However, the fund’s use of multiple advisors with diverse strategies, and its broad exposure to more than 600 stocks, can help reduce—but not eliminate—risk that may come from investing in this often-volatile segment of the market. This fund may be considered complementary to a well-diversified, long-term portfolio. 2 000027-Wellesley Income Fund Investor Shares (VWINX) INVESTMENT STRATEGY The fund invests approximately 60% to 65% of its assets in investment-grade corporate, U.S. Treasury, and government agency bonds, as well as mortgage- backed securities. The remaining 35% to 40% of fund assets are invested in common stocks of companies that have a history of above-average dividends or expectations of increasing dividends. PRODUCT SUMMARY - This 40 year-old, income-oriented balanced fund offers exposure to stocks and investment-grade bonds. Balanced funds typically offer a higher allocation to stocks; however, this fund is unique in allocating about one-third to stocks and two-thirds to bonds. The fund’s stock holdings are focused on companies that have historically paid a larger-than-average dividend or that have expectations of increasing dividends. This focus may provide a higher quarterly income distribution than non-income focused balanced funds. Investors with a medium- or long-term time horizon who have a goal of steady income and who are willing to accept modest movement in share price may wish to consider this fund as a core holding in their portfolio. 000030-Prime Money Mkt Fund (VMMXX) INVESTMENT STRATEGY The fund invests in high-quality, short-term money market instruments, including certificates of deposit, banker’s acceptances, commercial paper, and other money market securities. To be considered high-quality, a security generally must be rated in one of the two highest credit-quality categories for short-term securities by at least two nationally recognized rating services (or by one, if only one rating service has rated the security). If unrated, the security must be determined by Vanguard to be of quality equivalent to those in the two highest credit-quality categories. The fund will invest more than 25% of its assets in securities issued by companies in the financial services industry. The fund will maintain a dollar-weighted average maturity of 90 days or less. PRODUCT SUMMARY - Vanguard Prime Money Market Fund seeks to provide current income and preserve shareholders’ principal investment by maintaining a share price of $1. As such it is considered one of the most conservative investment options offered by Vanguard. Although the fund invests in short-term, high-quality securities, the amount of income that a shareholder may receive will be largely dependent on the current interest-rate environment. Investors who have a short-term savings goal and seek a competitive yield may wish to consider this option. 3 000040-500 Index Fund Investor Shares (VFINX) INVESTMENT STRATEGY The fund employs a “passive management”—or indexing—investment approach designed to track the performance of the Standard & Poor’s 500 Index, a widely recognized benchmark of U.S. stock market performance that is dominated by the stocks of large U.S. companies. The fund attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index. PRODUCT SUMMARY - As the industry’s first index fund for individual investors, the 500 Index Fund is a low cost way to gain diversified exposure to the U.S. equity market. The fund invests in 500 of the largest U.S. companies, which span many different industries and account for about three-fourths of the U.S. stock market’s value. The key risk for the fund is the volatility that comes with its full exposure to the stock market. Because the 500 Index Fund is broadly diversified within the large-capitalization market, it may be considered a core equity holding in a portfolio. 000048-Small-Cap Index Fund Investor Shares (NAESX) INVESTMENT STRATEGY The fund employs a “passive management”—or indexing—investment approach designed to track the performance of the MSCI® US Small Cap 1750 Index, a broadly diversified index of stocks of smaller U.S. companies. The fund attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index. PRODUCT SUMMARY - This low-cost index fund provides broad exposure to the small- capitalization U.S. equity market. The fund seeks to track an index of small-sized companies. One of the fund’s primary risks is its focus on the small-cap arena, which is an often-volatile segment of the market. Investors looking to add a small-cap equity allocation to an already diversified portfolio may wish to consider this option. 4 000051-Energy Fund Investor Shares (VGENX) INVESTMENT STRATEGY The fund invests at least 80% of its assets in the common stocks of companies principally engaged in energy-related activities, such as production and transmission of energy or energy fuels, the making of component products for such activities, energy research, and energy conservation or pollution control. The fund may invest up to 100% of its assets in foreign stocks. The fund uses multiple investment advisors to manage its portfolio. PRODUCT SUMMARY - This actively managed fund offers investors low-cost exposure to U.S. and non-U.S. companies that are engaged in various aspects of the energy business. Unlike similar funds, which may invest in companies that explore for and distribute additional commodities, this fund focuses purely on energy, such as oil, natural gas, and coal. The fund is narrow in scope, investing solely within the energy sector. In addition, the fund may be invested up to 100% in foreign securities, which can be more volatile than domestic holdings. Returns may vary widely from year-to-year, so this fund may be considered complementary to an already diversified portfolio with a long-term time horizon. 000052-Health Care Fund Investor Shares (VGHCX) 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. PRODUCT SUMMARY - For more than 25 years, this actively managed fund has offered investors low- cost exposure to domestic and foreign companies involved in various aspects of the health care industry, such as pharmaceutical firms, medical supply companies, and research firms. The fund tends to be more geographically diverse and exhibit lower turnover than other health care funds.
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