August 8, 2012
U.S. Securities & Exchange Commission
100 F Street, N.E.
Washington, DC 20549
Re: Vanguard Windsor Funds (the Trust); File No. 2-14366
Commissioners:
Pursuant to Rule 497(e) under the Securities Act of 1933, we hereby file exhibits containing
interactive data format risk/return summary information that reflects the risk/return summary
information in the supplement dated August 2, 2012, filed pursuant to Rule 497(e), for Vanguard
Windsor Fund, a series of the above mentioned Trust.
If you have any questions or comments concerning the foregoing, please contact me at
(610) 669-1955.
Sincerely,
Tara R. Buckley
Senior Counsel
The Vanguard Group, Inc.
Enclosures
cc: Brion Thompson, Esq.
Bo J. Howell, Esq.
U.S. Securities and Exchange Commission
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Participant | ||||||||||||||||||||||
Fees and Expenses | ||||||||||||||||||||||
The following table describes the fees and expenses you may pay if you buy and hold Investor Shares of the Fund. |
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Shareholder Fees (Fees paid directly from your investment) | ||||||||||||||||||||||
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Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) | ||||||||||||||||||||||
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Example |
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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 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: |
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Participant: | ||||||||||||||||||||||
Fees and Expenses | ||||||||||||||||||||||
The following table describes the fees and expenses you may pay if you buy and hold Admiral Shares of the Fund. |
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Shareholder Fees (Fees paid directly from your investment) | ||||||||||||||||||||||
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Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) | ||||||||||||||||||||||
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Example |
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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: |
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Retail | ||||||||||||||||||||||
Fees and Expenses | ||||||||||||||||||||||
The following table describes the fees and expenses you may pay if you buy and hold Investor Shares or Admiral Shares of the Fund. |
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Shareholder Fees (Fees paid directly from your investment) | ||||||||||||||||||||||
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Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) | ||||||||||||||||||||||
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Examples |
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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 invest $10,000 in the Fund's shares. These examples assume 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: |
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Shareholder Fees (Vanguard Windsor Fund, USD $)
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12 Months Ended |
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Oct. 31, 2011
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Vanguard Windsor Fund - Investor Shares
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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 |
Account Service Fee (for fund account balances below $10,000) | $ 20 |
Vanguard Windsor Fund - Admiral Shares
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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 |
Account Service Fee (for fund account balances below $10,000) | $ 20 |
Supplement (Vanguard Windsor Fund)
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12 Months Ended |
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Oct. 31, 2011
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Participant
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Supplement Text | |
Supplement Text: | [SHIP LOGO VANGUARD (R)] Vanguard Windsor(TM) Fund
Supplement to the Prospectuses and Summary Prospectus for Investor Shares for Participants Dated February 27, 2012 Restructuring of the Investment Advisory Team The board of trustees of Vanguard Windsor Fund has restructured the Fund's investment advisory team, removing AllianceBernstein L.P. (AllianceBernstein) as an investment advisor and reallocating the assets managed by AllianceBernstein to a new advisor to the Fund, Pzena Investment Management, LLC (Pzena). Wellington Management Company, LLP (Wellington Management), remains as an advisor to the Fund. Pzena and Wellington Management each independently selects and maintains a portfolio of common stocks for the Fund. In addition, as with other Vanguard funds that utilize a multimanager structure, The Vanguard Group, Inc. (Vanguard), will continue to invest a small percentage of the Fund's assets to facilitate cash flows to and from the Fund's advisors. Vanguard typically invests a portion of the Fund's assets in stock index futures and/or shares of exchange-traded funds. The Fund's board of trustees has designated the proportion of Fund assets to be managed by each advisor and may change these proportions at any time. The Fund's investment objective, primary investment strategies, and primary risks are not expected to change. Prospectus and Summary Prospectus Text Changes The text and tables under 'Fees and Expenses' are restated as follows: Fees and Expenses The following tables describe 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) Investor Shares 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) Investor Shares Management Expenses 0.38 % 12b-1 Distribution Fee None Other Expenses 0.03% Total Annual Fund Operating Expenses(1) 0.41 % 1The expense information shown in the table has been restated to reflect estimated amounts for the current fiscal year. Examples The following examples are 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 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 Investor Shares $42 $132 $230 $518 (c)2012 The Vanguard Group, Inc. All Rights reserved. PSI 22 082012 Vanguard Marketing Corporation, Distributor. |
Participant:
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Supplement Text | |
Supplement Text: | [SHIP LOGO VANGUARD (R)] Vanguard Windsor(TM) Fund
Supplement to the Prospectuses and Summary Prospectus for Admiral (TM) Shares for Participants Dated February 27, 2012 Restructuring of the Investment Advisory Team The board of trustees of Vanguard Windsor Fund has restructured the Fund's investment advisory team, removing AllianceBernstein L.P. (AllianceBernstein) as an investment advisor and reallocating the assets managed by AllianceBernstein to a new advisor to the Fund, Pzena Investment Management, LLC (Pzena). Wellington Management Company, LLP (Wellington Management), remains as an advisor to the Fund. Pzena and Wellington Management each independently selects and maintains a portfolio of common stocks for the Fund. In addition, as with other Vanguard funds that utilize a multimanager structure, The Vanguard Group, Inc. (Vanguard), will continue to invest a small percentage of the Fund's assets to facilitate cash flows to and from the Fund's advisors. Vanguard typically invests a portion of the Fund's assets in stock index futures and/or shares of exchange-traded funds. The Fund's board of trustees has designated the proportion of Fund assets to be managed by each advisor and may change these proportions at any time. The Fund's investment objective, primary investment strategies, and primary risks are not expected to change. Prospectus and Summary Prospectus Text Changes The Text and tables under 'Fees and Expenses' are restated as follows: Fees and Expenses The following tables describe 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) Admiral Shares 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) Admiral Shares Management Expenses 0.29% 12b-1 Distribution Fee None Other Expenses 0.02% Total Annual Fund Operating Expenses(1) 0.31% 1The expense information shown in the table has been restated to reflect estimated amounts for the current fiscal year. Examples The following examples are 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 Admiral Shares 32 100 174 393 (c)2012 The Vanguard Group, Inc. All Rights reserved. PSI 5022 082012 Vanguard Marketing Corporation, Distributor. |
Retail
|
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Supplement Text | |
Supplement Text: | [SHIP LOGO VANGUARD (R)] Vanguard Windsor(TM) Fund
Supplement to the Prospectuses and Summary Prospectus for Investor and Admiral (TM) Shares Dated February 27, 2012 Restructuring of the Investment Advisory Team The board of trustees of Vanguard Windsor Fund has restructured the Fund's investment advisory team, removing AllianceBernstein L.P. (AllianceBernstein) as an investment advisor and reallocating the assets managed by AllianceBernstein to a new advisor to the Fund, Pzena Investment Management, LLC (Pzena). Wellington Management Company, LLP (Wellington Management), remains as an advisor to the Fund. Pzena and Wellington Management each independently selects and maintains a portfolio of common stocks for the Fund. In addition, as with other Vanguard funds that utilize a multimanager structure, The Vanguard Group, Inc. (Vanguard), will continue to invest a small percentage of the Fund's assets to facilitate cash flows to and from the Fund's advisors. Vanguard typically invests a portion of the FUnd's assets in stock index futures and/or shares of exchange-traded funds. The Fund's board of trustees has designated the proportion of Fund assets to be managed by each advisor and may change these proportions at any time. The Fund's investment objective, primary investment strategies, and primary risks are not expected to change. Prospectus and Summary Prospectus Text Changes The text and tables under 'Fees and Expenses' are restated as follows: Fees and Expenses The following tables describe the fees and expenses you may pay if you buy and hold Investor Shares or Admiral Shares of the Fund. Shareholder Fees (Fees paid directly from your investment) Investor Shares Admiral Shares Sales Charge (Load) Imposed on Purchases None None Purchase Fee None None Sales Charge (Load) Imposed on Reinvested Dividends None None Redemption Fee None None Account Service Fee (for fund account balances below $10,000) $20/year $20/year Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Investor Shares Admiral Shares Management Expenses 0.38 % 0.29% 12b-1 Distribution Fee None None Other Expenses 0.03% 0.02% Total Annual Fund Operating Expenses(1) 0.41 % 0.31% 1The expense information shown in the table has been restated to reflect estimated amounts for the current fiscal year. 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 invest $10,000 in the Fund's shares. These examples assume 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 Investor Shares $42 $132 $230 $518 Admiral Shares 32 100 174 393 (c)2012 The Vanguard Group, Inc. All Rights reserved. PS 22 082012 Vanguard Marketing Corporation, Distributor. |
Annual Fund Operating Expenses (Vanguard Windsor Fund)
|
12 Months Ended | |||
---|---|---|---|---|
Oct. 31, 2011
|
||||
Vanguard Windsor Fund - Investor Shares
|
||||
Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) | ||||
Management Expenses | 0.38% | |||
12b-1 Distribution Fee | none | |||
Other Expenses | 0.03% | |||
Total Annual Fund Operating Expenses | 0.41% | [1] | ||
Vanguard Windsor Fund - Admiral Shares
|
||||
Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) | ||||
Management Expenses | 0.29% | |||
12b-1 Distribution Fee | none | |||
Other Expenses | 0.02% | |||
Total Annual Fund Operating Expenses | 0.31% | |||
|
Expense Example, No Redemption (Vanguard Windsor Fund, USD $)
|
12 Months Ended |
---|---|
Oct. 31, 2011
|
|
Vanguard Windsor Fund - Investor Shares
|
|
Expense Example, No Redemption: | |
1 YEAR | $ 42 |
3 YEAR | 132 |
5 YEAR | 230 |
10 YEAR | 518 |
Vanguard Windsor Fund - Admiral Shares
|
|
Expense Example, No Redemption: | |
1 YEAR | 32 |
3 YEAR | 100 |
5 YEAR | 174 |
10 YEAR | $ 393 |