VanguardWellington Fund
Prospectus Supplement Dated June 20, 2023
Important Changes to Vanguard's Frequent Trading Policy
The Board of Trustees of the Vanguard Funds have approved certain changes to the Vanguard Funds Frequent Trading Policy, applicable to trades having a trade date of June 21, 2023, or later, as follows:
Prospectus Text Changes In the Investing with Vanguard section, under the heading "Frequent-Trading Limitations," the following bullet points are added under "These frequent-trading limitations do not apply to the following": ? Certain transactions below dollar value or other thresholds specified by Vanguard. ? In-kind transactions to a shareholder's donor advised fund managed by Vanguard Charitable.
In the same section, the following text replaces corresponding similar text in its entirety under "For participants in employer-sponsored defined contribution plans,* the frequent-trading limitations do not apply to":
*The following Vanguard fund accounts are also subject to the frequent-trading limitations: SEP-IRAs, SIMPLE IRAs, certain individual 403(b)(7) Custodial Accounts, and Vanguard Individual 401(k) Plans.
? 2023 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor.
PS FTPA 062023
Vanguard WellingtonTM Fund Prospectus
March 29, 2023 Investor Shares & AdmiralTM Shares Vanguard Wellington Fund Investor Shares (VWELX) Vanguard Wellington Fund Admiral Shares (VWENX)
This prospectus contains financial data for the Fund through the fiscal year ended November 30, 2022. The Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.
Contents
Fund Summary
1 Investing With Vanguard
29
More on the Fund
7 Purchasing Shares
29
The Fund and Vanguard
20 Converting Shares
32
Investment Advisor
20 Redeeming Shares
34
Dividends, Capital Gains, and Taxes
22 Exchanging Shares
38
Share Price
25 Frequent-Trading Limitations
38
Financial Highlights
27 Other Rules You Should Know
41
Fund and Account Updates
45
Employer-Sponsored Plans
46
Contacting Vanguard
48
Additional Information
49
Glossary of Investment Terms
51
Fund Summary
Investment Objective The Fund seeks to provide long-term capital appreciation and moderate current income.
Fees and Expenses The following table describes the fees and expenses you may pay if you buy, hold, and sell Investor Shares or Admiral Shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.
Shareholder Fees (Fees paid directly from your investment)
Sales Charge (Load) Imposed on Purchases Purchase Fee Sales Charge (Load) Imposed on Reinvested Dividends Redemption Fee Account Service Fee Per Year (for certain fund account balances below $1,000,000)
Investor Shares None None None None
$20
Admiral Shares None None None None
$20
Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)
Management Fees 12b-1 Distribution Fee Other Expenses Total Annual Fund Operating Expenses
Investor Shares 0.24% None 0.01% 0.25%
Admiral Shares 0.16% None 0.01% 0.17%
1
Examples
The following examples are intended to help you compare the cost of investing in the Fund's Investor Shares or Admiral Shares with the cost of investing in other mutual funds. They illustrate the hypothetical expenses that you would incur over various periods if you were to invest $10,000 in the Fund's shares. These examples assume that the shares provide a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you were to redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Investor Shares Admiral Shares
1 Year $26 $17
3 Years $80 $55
5 Years $141 $96
10 Years $318 $217
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense examples, reduce the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 41% of the average value of its portfolio.
Principal Investment Strategies The Fund invests 60% to 70% of its assets in dividend-paying and, to a lesser extent, non-dividend-paying common stocks of established large companies. In choosing these stocks, the advisor seeks durable businesses that appear to be undervalued but have prospects for improvement. These stocks are commonly referred to as value stocks. The remaining 30% to 40% of the Fund's assets are invested mainly in fixed income securities that the advisor believes will generate a moderate level of current income. These securities include investment-grade corporate bonds, with some exposure to U.S. Treasury and government agency bonds, and mortgage-backed securities.
Principal Risks The Fund is subject to the risks associated with the stock and bond markets, any of which could cause an investor to lose money, and the level of risk may vary based on market conditions. However, because stock and bond prices can move in different directions or to different degrees, the Fund's bond holdings may
2
................
................
In order to avoid copyright disputes, this page is only a partial summary.
To fulfill the demand for quickly locating and searching documents.
It is intelligent file search solution for home and business.
Related searches
- lease fund west creek financial
- mutual fund investments for beginners
- vanguard 500 index fund performance
- mutual fund investment
- vanguard fund list
- vanguard 500 index fund investor shares vfinx
- vanguard s p 500 fund performance
- top retirement fund companies
- blackrock equity index fund class 1
- vanguard 500 index fund adm shares
- vanguard 500 index fund returns
- vanguard 500 index fund symbol