497 1 f5547d1.htm CAPITAL VALUE TO WINDSOR FUND MERGER SUPPLEMENT PDFtoHTML Conversion Output
 

Vanguard Funds

Supplement Dated May 11, 2020, to the Combined Information Statement/Prospectus Dated May 6, 2020, for the Reorganization of Vanguard Capital Value Fund with and into Vanguard Windsor™ Fund

Combined Information Statement/Prospectus Text Changes

The "Average Annual Total Returns" table under the heading "Comparison of Investment Performance" in the Key Points About the Reorganization section is replaced with the following:

Average Annual Total Returns1 for Year Ended December 31, 20192

 

One Year

Five Years

Ten Years

Capital Value Fund

 

 

 

Investor Shares

32.95%

5.47%

9.59%

 

 

 

 

Windsor Fund

 

 

 

Investor Shares

30.38%

8.13%

11.59%

Admiral Shares

30.52%

8.24%

11.70%

 

 

 

 

Russell 1000 Value Index3

26.54%

8.29%

11.80%

Russell 3000 Value Index3

26.26%

8.20%

11.71%

1 Returns shown are before taxes and net of fees.

2 Keep in mind that the Funds' past performance does not indicate how they will perform in the future. Actual future performance may be higher or lower than the performance shown.

3 This reflects no deduction for fees, expenses, or taxes.

 

The table under the heading "Purchase, Redemption, and Exchange Information" in the Purchases, Redemptions, and Exchanges of Fund Shares; Other Shareholder Information section is replaced with the following:

Purchase,

Capital Value Fund

Windsor Fund

Windsor Fund

Redemption, and

Investor Shares

Investor Shares

Admiral Shares

Exchange Features

 

 

 

 

 

 

 

Minimum

 

 

 

initial purchase

$3,000

$3,000

$50,000

amount

 

 

 

 

 

 

 

Additional

 

 

 

investment

Generally $1

Generally $1

Generally $1

purchase amount

 

 

 

 

 

 

 

Purchases

Through Vanguard's

Through Vanguard's

Through Vanguard's

 

website, mobile

website, mobile

website, mobile

 

application, by

application, by

application, by

 

telephone, or by mail

telephone, or by mail

telephone, or by mail

 

 

 

 

Redemptions

Through Vanguard's

Through Vanguard's

Through Vanguard's

 

website, mobile

website, mobile

website, mobile

 

application, by

application, by

application, by

 

telephone, or by mail

telephone, or by mail

telephone, or by mail

 

 

 

 

Free exchange

Yes, through

Yes, through

Yes, through

privileges

Vanguard's website,

Vanguard's website,

Vanguard's website,

 

mobile application, by

mobile application, by

mobile application, by

 

telephone, or by mail

telephone, or by mail

telephone, or by mail

 

 

 

 

© 2020 The Vanguard Group, Inc. All rights reserved.

Vanguard Marketing Corporation, Distributor.

CVIWA 052020