Vanguard Wellington^™ Fund

Summary Prospectus 

March 25, 2011

Investor Shares for Participants

Vanguard Wellington Fund Investor Shares (VWELX)

The Fund’s statutory Prospectus and Statement of Additional Information dated

March 25, 2011, are incorporated into and made part of this Summary

Prospectus by reference.

Before you invest, you may want to review the Fund’s Prospectus, which

contains more information about the Fund and its risks. You can find

the Fund’s Prospectus and other information about the Fund online at

www.vanguard.com/prospectus. You can also get this information at no

cost by calling 800-523-1188 or by sending an e-mail request to

online@vanguard.com.

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.

Investment Objective
The Fund seeks to provide long-term capital appreciation and reasonable current income.

Fees and Expenses
The following table describes the fees and expenses you may pay if you buy and hold
Investor Shares of the Fund.

Shareholder Fees
(Fees paid directly from your investment)
Sales Charge (Load) Imposed on Purchases	None
Purchase Fee	None
Sales Charge (Load) Imposed on Reinvested Dividends	None
Redemption Fee	None

Annual Fund Operating Expenses
(Expenses that you pay each year as a percentage of the value of your investment)
Management Expenses	0.28%
12b-1 Distribution Fee	None
Other Expenses	0.02%
Total Annual Fund Operating Expenses	0.30%

Example

The following example is intended to help you compare the cost of investing in the
Fund’s Investor Shares with the cost of investing in other mutual funds. It illustrates
the hypothetical expenses that you would incur over various periods if you invest
$10,000 in the Fund’s shares. This example assumes that the Shares provide a return
of 5% a year and that operating expenses remain as stated in the preceding table. The
results apply whether or not you 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:

1 Year	3 Years	5 Years	10 Years
$31	$97	$169	$381

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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 higher 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 example, reduce the Fund’s performance. During
the most recent fiscal year, the Fund’s portfolio turnover rate was 35%.

Primary 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, medium-size and large
companies. In choosing these companies, the advisor seeks those 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
reasonable 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.

Primary 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. However, because stock and bond prices
can move in different directions or to different degrees, the Fund’s bond holdings may
counteract some of the volatility experienced by the Fund’s stock holdings.

• With approximately 60% to 70% of its assets allocated to stocks, the Fund is
proportionately subject to stock risks: stock market risk, which is the chance that stock
prices overall will decline; and investment style risk, which is the chance that returns
from mid- and large-capitalization value stocks will trail returns from the overall stock
market. Historically, mid-cap stocks have been more volatile in price than the large-cap
stocks that dominate the overall market, and they often perform quite differently.

• With approximately 30% to 40% of its assets allocated to bonds, the Fund is
proportionately subject to bond risks: interest rate risk, which is the chance that bond
prices overall will decline because of rising interest rates; income risk, which is the
chance that the Fund’s income will decline because of falling interest rates; credit risk,
which is the chance that a bond issuer will fail to pay interest and principal in a timely
manner, or that negative perceptions of the issuer’s ability to make such payments
will cause the price of that bond to decline; and call risk, which is the chance that
during periods of falling interest rates, issuers of callable bonds may call (redeem)
securities with higher coupons or interest rates before their maturity dates. The Fund
would then lose any price appreciation above the bond’s call price and would be

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forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a
decline in the Fund’s income. For mortgage-backed securities, this risk is known as
prepayment risk.

• The Fund is also subject to manager risk, which is the chance that poor security
selection or focus on securities in a particular sector, category, or group of companies
will cause the Fund to underperform relevant benchmarks or other funds with a similar
investment objective.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed
by the Federal Deposit Insurance Corporation or any other government agency.

Annual Total Returns
The following bar chart and table are intended to help you understand the risks of
investing in the Fund. The bar chart shows how the performance of the Fund‘s
Investor Shares has varied from one calendar year to another over the periods shown.
The table shows how the average annual total returns compare with those of a
relevant market index and a composite stock/bond index, which have investment
characteristics similar to those of the Fund. Keep in mind that the Fund’s past
performance does not indicate how the Fund will perform in the future. Updated
performance information is available on our website at vanguard.com/performance or
by calling Vanguard toll-free at 800-662-7447.

Annual Total Returns — Vanguard Wellington Fund Investor Shares

During the periods shown in the bar chart, the highest return for a calendar quarter
was 13.12% (quarter ended June 30, 2009), and the lowest return for a quarter was
–11.04% (quarter ended September 30, 2002).

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Average Annual Total Returns for Periods Ended December 31, 2010
	1 Year	5 Years	10 Years
Vanguard Wellington Fund Investor Shares	10.94%	5.58%	6.20%
Comparative Indexes
(reflect no deduction for fees or expenses)
Standard & Poor’s 500 Index	15.06%	2.29%	1.41%
Wellington Composite Index	12.97	3.74	3.39

Investment Advisor
Wellington Management Company, LLP

Portfolio Managers

Edward P. Bousa, CFA, Senior Vice President and Equity Portfolio Manager of
Wellington Management. He has managed the stock portion of the Fund since 2002.

John C. Keogh, Senior Vice President and Fixed Income Portfolio Manager of
Wellington Management. He has managed the bond portion of the Fund since 2006.

Tax Information
The Fund’s distributions will be reinvested in additional Fund shares and accumulate on
a tax-deferred basis if you are investing through an employer-sponsored retirement or
savings plan. You will not owe taxes on these distributions until you begin withdrawals
from the plan. You should consult your plan administrator, your plan’s Summary Plan
Description, or your tax advisor about the tax consequences of plan withdrawals.

Payments to Financial Intermediaries
The Fund and its investment advisor do not pay financial intermediaries for sales of
Fund shares.

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Vanguard Wellington Fund Investor Shares—Fund Number 21
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