https://www.sec.gov/Archives/edgar/data/826473/000168386321001104/f8199d1.htm497 1 f8199d1.htm EQUITY INCOME FUND
Vanguard Equity Income Fund
Supplement Dated February 26, 2021, to the Prospectus and Summary Prospectus Dated January 31, 2021
Important Changes to Vanguard Equity Income Fund
Effective immediately, Sharon Hill will be added as a co-portfolio manager of Vanguard's portion of Vanguard Equity Income Fund (the Fund). James P. Stetler will retire from Vanguard in July 2021 and will no longer serve as a co-portfolio manager for Vanguard's portion of the Fund. The Fund's investment objective, strategies, and policies remain unchanged.
Prospectus and Summary Prospectus Text Changes
The following is added under the heading "Investment Advisors" in the Fund Summary section:
Sharon Hill, Ph.D., Senior Portfolio Manager and head of the Alpha Equity Global and Income Investment team within Vanguard's Quantitative Equity Group. She has co-managed a portion of the Fund since February 2021.
Prospectus Text Changes
The following is added under the heading "Investment Advisors" in the More on the Fund section:
Sharon Hill, Ph.D., Senior Portfolio Manager and head of the Alpha Equity Global and Income Investment team within Vanguard's Quantitative Equity Group. She has been with Vanguard since August 2019, has worked in investment management since 2000, has managed investment portfolios since 2009, and has co-managed a portion of the Fund since February 2021. Education: B.S., City University of New York at Brooklyn College; M.S. and Ph.D., University
of Connecticut.
https://advisors.vanguard.com/pub/Pdf/p065.pdf
Comments
Binbin Guo had been listed as head of that group according to the M* people tab.
The only manager with skin in the game is Reckmeyer, from Wellington.