Vanguard Windsor II Fund
Supplement Dated September 21, 2018, to the Prospectus and Summary Prospectus Dated February 26, 2018
Important Change to Vanguard Windsor II Fund
Effective at the close of business on December 31, 2018, Sheldon J. Lieberman will retire from Hotchkis and Wiley Capital Management, LLC (Hotchkis and Wiley) and will no longer serve as a co-portfolio manager for Hotchkis and Wileys portion of the Windsor II Fund. Upon Mr. Liebermans retirement, Scott McBride will be added as a co-portfolio manager along with George H. Davis, who currently serves as a co-portfolio manager with Mr. Lieberman. The Funds investment objective, strategies, and policies will remain unchanged.
© 2018 The Vanguard Group, Inc. All rights reserved.
Vanguard Marketing Corporation, Distributor.
PS 73A 092018
Vanguard WindsorTM Funds
Supplement Dated September 21, 2018, to the Statement of Additional Information Dated February 26, 2018
Important Change to Vanguard Windsor II Fund
Effective at the close of business on December 31, 2018, Sheldon J. Lieberman will retire from Hotchkis and Wiley Capital Management, LLC (Hotchkis and Wiley) and will no longer serve as a co-portfolio manager for Hotchkis and Wileys portion of the Windsor II Fund. Upon Mr. Liebermans retirement, Scott McBride will be added as a co-portfolio manager along with George H. Davis, who currently serves as a co-portfolio manager with Mr. Lieberman. The Funds investment objective, strategies, and policies will remain unchanged.
© 2018 The Vanguard Group, Inc. All rights reserved.
Vanguard Marketing Corporation, Distributor.
SAI 22C 092018