Vanguard Wellington Fund

Vanguard WellingtonTM Fund

Supplement Dated March 29, 2021, to the Prospectus and Summary Prospectus Dated March 29, 2021

Important Change to Vanguard Wellington Fund

Effective at the close of business on June 30, 2021, Michael E. Stack will retire from Wellington Management Company LLP and will no longer serve as a portfolio manager for Vanguard Wellington Fund.

Loren L. Moran and Daniel J. Pozen, who currently serve as portfolio managers with Mr. Stack, will remain as portfolio managers of the Fund upon Mr. Stack's retirement. The Fund's investment objective, strategies, and policies will remain unchanged.

? 2021 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor.

PS 21G 032021

Vanguard WellingtonTM Fund

Supplement to the Prospectus and Summary Prospectus

Important Note Regarding Vanguard Wellington Fund Vanguard Wellington Fund will be closed to all prospective financial advisory, institutional, and intermediary clients (other than clients who invest through a Vanguard brokerage account). The Fund will remain closed until further notice and there is no specific time frame for when the Fund will reopen. During the Fund's closed period, all current shareholders may continue to purchase, exchange, or redeem shares of the Fund online, by telephone, or by mail. The Fund may modify these transaction policies at any time and without prior notice to shareholders. You may call Vanguard for more detailed information about the Fund's transaction policies. Participants in employer-sponsored plans may call Vanguard Participant Services at 800-523-1188. Investors in nonretirement accounts and IRAs may call Vanguard's Investor Information Department at 800-662-7447.

? 2019 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor.

PS 21 032019

Vanguard WellingtonTM Fund Prospectus

March 29, 2021 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, 2020. 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

28

More on the Fund

7 Purchasing Shares

28

The Fund and Vanguard

19 Converting Shares

31

Investment Advisor

19 Redeeming Shares

33

Dividends, Capital Gains, and Taxes

21 Exchanging Shares

37

Share Price

24 Frequent-Trading Limitations

37

Financial Highlights

26 Other Rules You Should Know

39

Fund and Account Updates

44

Employer-Sponsored Plans

45

Contacting Vanguard

47

Additional Information

47

Glossary of Investment Terms

49

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 $10,000)

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 0.23% None 0.01% 0.24%

Admiral Shares 0.15% None 0.01% 0.16%

1

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