Vanguard Windsor^™ Fund

Summary Prospectus 

February 27, 2012

Admiral™ Shares for Participants

Vanguard Windsor Fund Admiral Shares (VWNEX)

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

February 27, 2012, 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 income.

Fees and Expenses
The following table describes the fees and expenses you may pay if you buy and hold
Admiral 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	0.27%
12b-1 Distribution Fee	None
Other Expenses	0.02%
Total Annual Fund Operating Expenses	0.29%

Example

The following example is intended to help you compare the cost of investing in the
Fund’s Admiral 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 total annual fund 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
$30	$93	$163	$368

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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 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 example, reduce the Fund’s performance. During
the most recent fiscal year, the Fund’s portfolio turnover rate was 49%.

Primary Investment Strategies
The Fund invests mainly in large- and mid-capitalization companies whose stocks are
considered by an advisor to be undervalued. Undervalued stocks are generally those
that are out of favor with investors and that the advisor feels are trading at prices that
are below average in relation to measures such as earnings and book value. The Fund
uses multiple investment advisors.

Primary Risks
An investment in the Fund could lose money over short or even long periods. You should
expect the Fund’s share price and total return to fluctuate within a wide range, like the
fluctuations of the overall stock market. The Fund’s performance could be hurt by:

• Stock market risk, which is the chance that stock prices overall will decline. Stock
markets tend to move in cycles, with periods of rising prices and periods of falling prices.

• Investment style risk, which is the chance that returns from large- and mid-
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.

• 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
Admiral 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, which has investment characteristics similar to those of the
Fund. Keep in mind that the Fund’s past performance does not indicate how the Fund

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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 Windsor Fund Admiral Shares

During the periods shown in the bar chart, the highest return for a calendar quarter was 19.01% (quarter ended September 30, 2009), and the lowest return for a quarter was –20.54% (quarter ended December 31, 2008).

Average Annual Total Returns for Periods Ended December 31, 2011
	1 Year	5 Years	10 Years
Vanguard Windsor Fund Admiral Shares	–3.95%	–3.19%	2.60%
Russell 1000 Value Index
(reflects no deduction for fees or expenses)	0.39%	–2.64%	3.89%

Investment Advisors
AllianceBernstein L.P.

Wellington Management Company, LLP

Portfolio Managers

Joseph G. Paul, Chief Investment Officer of North American Value Equities and of US
Large-Cap Value Equities at AllianceBernstein. He has co-managed a portion of the
Fund since 2009.

Gregory L. Powell, Portfolio Manager and Director of Research of US Large-Cap Value
Equities at AllianceBernstein. He has co-managed a portion of the Fund since 2010.

James N. Mordy, Senior Vice President and Equity Portfolio Manager of Wellington
Management. He has managed a portion of the Fund since 2008.

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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 advisors do not pay financial intermediaries for sales of
Fund shares.

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Vanguard Windsor Fund Admiral Shares—Fund Number 5022

© 2012 The Vanguard Group, Inc. All rights reserved.

Vanguard Marketing Corporation, Distributor.

SPI 5022 022012