Vanguard Wellington Fund

Semiannual Report | May 31, 2021

Vanguard WellingtonTM Fund

Contents

About Your Fund's Expenses. . . . . . . . . . . . . . . . . . . . . . . . . 1 Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Trustees Approve Advisory Arrangement . . . . . . . . . . . .45 Liquidity Risk Management. . . . . . . . . . . . . . . . . . . . . . . . . .47

About Your Fund's Expenses

As a shareholder of the fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund's gross income, directly reduce the investment return of the fund.

A fund`s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

The accompanying table illustrates your fund's costs in two ways:

? Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The "Ending Account Value" shown is derived from the fund's actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.

To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your fund under the heading "Expenses Paid During Period."

? Based on hypothetical 5% yearly return. This section is intended to help you compare your fund`s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case--because the return used is not the fund's actual return--the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund's costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

Note that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a "sales load."

The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.

You can find more information about the fund's expenses, including annual expense ratios, in the Financial Statements section of this report. For additional information on operating expenses and other shareholder costs, please refer to your fund's current prospectus.

1

Six Months Ended May 31, 2021

Beginning Account Value

11/30/2020

Ending Account Value

5/31/2021

Expenses Paid During

Period

Based on Actual Fund Return

Wellington Fund

Investor Shares

$1,000.00

$1,111.20

$1.26

AdmiralTM Shares

1,000.00

1,111.60

0.84

Based on Hypothetical 5% Yearly Return

Wellington Fund

Investor Shares

$1,000.00

$1,023.74

$1.21

Admiral Shares

1,000.00

1,024.13

0.81

The calculations are based on expenses incurred in the most recent six-month period. The fund's annualized six-month expense ratios for that period are 0.24% for Investor Shares and 0.16% for Admiral Shares. The dollar amounts shown as "Expenses Paid" are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period (182/365).

2

Wellington Fund

Fund Allocation

As of May 31, 2021

Asset-Backed/Commercial Mortgage-Backed

Securities

1.0%

Common Stocks

67.9

Corporate Bonds

20.2

Sovereign Bonds

0.9

Taxable Municipal Bonds

1.5

U.S. Government and Agency Obligations

8.5

The table reflects the fund's investments, except for short-term investments and derivatives. The agency and mortgage-backed securities may include issues from government-sponsored enterprises; such issues are generally not backed by the full faith and credit of the U.S. government.

3

Wellington Fund

Financial Statements (unaudited)

Schedule of Investments

As of May 31, 2021

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at .

Common Stocks (66.1%)

Communication Services (8.7%) * Alphabet Inc. Class A * Facebook Inc. Class A Comcast Corp. Class A

Consumer Discretionary (7.1%) McDonald's Corp. Home Depot Inc.

* Inc. TJX Cos. Inc. Dollar General Corp.

* Alibaba Group Holding Ltd. ADR

Consumer Staples (4.4%) Procter & Gamble Co. Sysco Corp. Nestle SA (Registered) Coca-Cola Co. Diageo plc

Energy (1.6%) TOTAL SE Royal Dutch Shell plc Class A

Financials (11.9%) Charles Schwab Corp. JPMorgan Chase & Co. Bank of America Corp. BlackRock Inc. American Express Co. Progressive Corp. Blackstone Group Inc. Morgan Stanley Prudential plc S&P Global Inc. Goldman Sachs Group Inc.

Health Care (10.0%) UnitedHealth Group Inc.

4

Shares

Market Value? ($000)

2,477,606 9,394,260 26,048,272

10,761,534 5,527,339 506,350

23,314,978 3,174,355 1,591,371

12,747,024 18,188,682

7,853,534 14,179,440 5,852,916

30,787,880 24,192,588

39,333,916 16,443,285 39,642,827

1,594,721 8,159,183 12,743,499 10,399,383 6,931,239 29,548,345 1,536,152

249,756

4,056,706

5,839,346 3,088,175 1,493,608

10,421,129

2,517,015 1,762,724 1,632,001 1,574,694

644,267 340,490

8,471,191

1,718,936 1,473,283

970,055 783,981 282,248

5,228,503

1,435,970 466,816

1,902,786

2,904,810 2,700,645 1,680,459 1,398,634 1,306,530 1,262,626

963,711 630,396 628,712 582,924

92,914

14,152,361

1,671,038

Wellington Fund

Pfizer Inc. HCA Healthcare Inc. Becton Dickinson & Co. Novartis AG (Registered) Anthem Inc. 1 AstraZeneca plc ADR Humana Inc. Abbott Laboratories Danaher Corp. Baxter International Inc.

Industrials (6.6%)

Raytheon Technologies Corp.

Union Pacific Corp.

Deere & Co.

Trane Technologies plc

Northrop Grumman Corp.

Fortive Corp.

Lockheed Martin Corp.

Johnson Controls International plc

Vinci SA

Schneider Electric SE

*

Airbus SE

Illinois Tool Works Inc.

InformationTechnology (12.9%) Microsoft Corp. Apple Inc. Texas Instruments Inc. Taiwan Semiconductor Manufacturing Co. Ltd. ADR Global Payments Inc. Accenture plc Class A Lam Research Corp. KLA Corp. Cisco Systems Inc. Fidelity National Information Services Inc.

* Inc.

Real Estate (0.9%) American Tower Corp. VICI Properties Inc.

Utilities (2.0%) Exelon Corp. Duke Energy Corp.

Total Common Stocks (Cost $43,113,807)

5

Shares 39,565,524

6,502,341 5,380,560 13,001,876 2,687,343 16,403,053 1,942,654 6,890,683 2,459,918 7,340,325

12,288,875 4,323,731 2,447,027 4,717,526 2,368,844 8,543,718 1,567,069 7,750,956 3,826,958 2,454,417 2,859,130 1,240,536

21,139,244 18,984,532

8,924,850 14,132,416 6,360,787

2,201,185 913,681

1,605,364 9,441,744 3,258,758 2,026,586

3,018,196 8,225,068

26,076,974 11,614,498

Market Value? ($000)

1,532,373 1,396,638 1,301,504 1,148,595 1,070,154

931,201 850,300 803,798 630,083 602,787

11,938,471

1,090,146 971,672 883,621 879,347 866,689 619,590 598,934 515,749 435,022 390,644 375,650 287,507

7,914,571

5,278,046 2,365,663 1,694,115 1,658,580 1,232,148

621,086 593,756 508,724 499,468 485,490 482,530

15,419,606

771,028 256,047

1,027,075

1,176,593 1,164,005

2,340,598

78,816,291

Wellington Fund

Coupon

U.S. Government and Agency Obligations (8.2%)

U.S. Government Securities (7.8%) United States Treasury Note/Bond United States Treasury Note/Bond United States Treasury Note/Bond United States Treasury Note/Bond United States Treasury Note/Bond United States Treasury Note/Bond United States Treasury Note/Bond United States Treasury Note/Bond United States Treasury Note/Bond United States Treasury Note/Bond United States Treasury Note/Bond United States Treasury Note/Bond United States Treasury Note/Bond United States Treasury Note/Bond United States Treasury Note/Bond United States Treasury Note/Bond United States Treasury Note/Bond United States Treasury Note/Bond United States Treasury Note/Bond United States Treasury Note/Bond United States Treasury Note/Bond United States Treasury Note/Bond United States Treasury Note/Bond United States Treasury Note/Bond United States Treasury Note/Bond United States Treasury Note/Bond United States Treasury Note/Bond United States Treasury Note/Bond United States Treasury Note/Bond United States Treasury Note/Bond United States Treasury Note/Bond United States Treasury Note/Bond

2 United States Treasury Note/Bond United States Treasury Note/Bond

3 United States Treasury Note/Bond United States Treasury Note/Bond United States Treasury Note/Bond United States Treasury Note/Bond United States Treasury Note/Bond United States Treasury Note/Bond

0.125% 0.125% 0.125% 0.125% 2.500% 0.125% 0.125% 2.625% 2.750% 0.125% 0.125% 0.250% 1.750% 2.000% 1.125% 0.250% 0.250% 2.000% 0.250% 0.375% 0.375% 0.750% 0.750% 1.625% 2.000% 2.250% 0.625% 0.875% 1.125% 1.625% 1.125% 1.875% 2.250% 2.875% 2.000% 1.250% 1.375% 1.625% 1.875% 2.375%

Maturity Date

Face Amount

($000)

10/31/22 11/30/22 2/28/23 3/31/23 3/31/23 4/30/23 5/15/23 6/30/23 7/31/23 1/15/24 2/15/24 3/15/24 6/30/24 2/15/25 2/28/25 5/31/25 7/31/25 8/15/25 8/31/25 11/30/25 1/31/26 3/31/26 4/30/26 5/15/26 11/15/26 11/15/27 5/15/30 11/15/30 2/15/31 5/15/31 8/15/40 2/15/41 5/15/41 5/15/49 2/15/50 5/15/50 8/15/50 11/15/50 2/15/51 5/15/51

205,000 180,000 194,000 528,000

89,000 513,000 164,470 119,090 104,000 116,810 117,355 157,000 336,990 341,260 198,905 820,000 245,975

61,860 125,010 208,000 1,115,320 107,000 89,000

78,110 30,000 383,050 278,950 192,925 327,350 41,500 206,405 613,155 99,000

395 35,881 75,565 83,270 298,010 398,170 200,000

Conventional Mortgage-Backed Securities (0.0%)

4,5 Fannie Mae Pool

1.770%

4,5 Fannie Mae Pool

3.070%

4,5 Freddie Mac Gold Pool

3.000%

4 Ginnie Mae I Pool

7.000%

4,5 UMBS Pool

2.500%

4,5 UMBS Pool

3.000%

4,5 UMBS Pool

3.500%

1/1/36 2/1/25 5/1/22?9/1/22 11/15/31?11/15/33 9/1/27?4/1/38 8/1/42?11/1/46 11/1/45?6/1/46

20,805 11,700

3 1,277 40,590

371 101

Nonconventional Mortgage-Backed Securities (0.4%)

4,5 Fannie Mae REMICS

1.500% 8/25/41?11/25/42

18,190

6

Market Value? ($000)

205,064 180,056 194,000 527,918

92,852 512,920 164,419 125,231 109,817 116,481 117,025 157,024 351,786 360,349 203,536 810,006 242,439

65,475 123,037 205,140 1,097,022 106,900

88,861 81,271 31,730 409,564 257,724 181,138 313,438 41,584 171,348 580,677 99,758

444 33,655 58,646 66,772 254,985 362,397 204,125

9,306,614

20,439 12,624

3 1,455 42,357

392 108

77,378

18,367

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