# EDGAR Filing Document

**Accession Number:** 0000105563
**File Stem:** 0001683863-23-001664
**Filing Date:** 2023-2
**Character Count:** 9440
**Document Hash:** bfa7f4d6ba84817f7a11c34e3d44c772
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001683863-23-001664.hdr.sgml**: 20250311

**ACCESSION NUMBER**: 0001683863-23-001664

**CONFORMED SUBMISSION TYPE**: CORRESP

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VANGUARD WELLINGTON FUND
- **CENTRAL INDEX KEY:** 0000105563

**ORGANIZATION NAME:**
- **IRS NUMBER:** 510071687
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** CORRESP

**BUSINESS ADDRESS:**
- **STREET 1:** PO BOX 2600
- **STREET 2:** V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482
- **BUSINESS PHONE:** 6106691000

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 2600
- **STREET 2:** V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD/WELLINGTON FUND INC
- **DATE OF NAME CHANGE:** 19940608

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WELLINGTON FUND INC
- **DATE OF NAME CHANGE:** 19920703

![](gegh9i67fyb5yz717goj1.jpg)

P.O. Box 2600

Valley Forge, PA 19482

February 28, 2023

Lisa N. Larkin, Esq.

U.S. Securities and Exchange Commission**via electronic filing** 100 F Street, N.E.

Washington, DC 20549

**RE: Vanguard Wellington Fund (the "Trust")**

**File No. 2-11444**

**Post-Effective Amendment No. 120**

Dear Ms. Larkin,

This letter responds to your comments provided on February 7, 2023, to the above-referenced post-effective amendment. The comments apply to Vanguard Short-Term Tax-Exempt Bond ETF (the "Fund"), a new series of the Trust.

---

| | |
|:---|:---|
| **<u>Comment 1:</u>** | **<u>Prospectus</u>** |
| Comment: | As the Fund uses the term "short-term" in its name, the Staff generally takes the position |
|  | that it should have a dollar weighted average maturity of less than three years. Please add |
|  | disclosure clarifying that the Fund will have a dollar-weighted average maturity of less |
|  | than three years. |
| Response: | The adopting release for Rule 35d-1 states that the purpose of the rule is to prevent |
|  | investment companies from adopting names that could mislead investors about a fund's |
|  | investments and risks. In the adopting release and subsequent FAQ, the SEC provided |
|  | guidance that the dollar-weighted average maturity for a short-term bond fund should not |
|  | exceed 3 years. The text of the rule, however, does not require a 3-year average maturity |
|  | for short-term funds. We believe that under any reasonable interpretation of the adopting |
|  | release and Rule 35d-1, a dollar-weighted average maturity range up to 4 years qualifies as |
|  | short-term. |
|  | The Fund will seek to maintain a dollar-weighted average maturity consistent with that of |
|  | its target index. As of November 30, 2022, the target index had a dollar-weighted average |
|  | maturity of 3.06 years and, over the past ten years, the dollar-weighted average maturity of |
|  | the target index has not exceeded 3.5 years. |
|  | For these reasons, we believe the expected dollar-weighted average maturity of the index |
|  | and, therefore the expected dollar-weighted average maturity of the Fund, qualifies as |
|  | "short-term." And we believe that the name of the Fund is not misleading. |
|  | The disclosure has been revised accordingly. |

---

---

| | |
|:---|:---|
| **<u>Comment 2:</u>**  | **<u>Prospectus</u>** |
| Comment: | The Principal Investment Strategy section includes disclosure that states "Each bond... |
|  | generally must be a constituent of a deal where the original offering amount was at least |
|  | $100 million; and generally have a minimum par amount of $25 million. In addition, to be |
|  | included in the Index, each bond must have a minimum term to maturity or call date greater |
|  | than one calendar month." For purposes of plain English disclosure, please revise this |
|  | language. |
| Response: | The disclosure has been revised accordingly. |

---

---

| | |
|:---|:---|
| **<u>Comment 3:</u>**  | **<u>Prospectus</u>** |
| Comment: | The Fund's Principal Investment Strategy states that "Under normal circumstances, at least |
|  | 80% of the Fund's assets will be invested in securities whose income will be exempt from |
|  | federal income taxes and the federal AMT." Please confirm that, for the purposes of the |
|  | Fund's 80% policy, the term "securities" includes bonds. |
| Response: | We confirm that for purposes of the Fund's 80% policy, the term "securities" includes |
|  | bonds. |
| **<u>Comment 4:</u>** | **<u>Prospectus</u>** |
| Comment: | Please confirm that the Fund's stated 80% policy includes "net assets plus borrowing." |
| Response: | We confirm that the Fund's stated 80% policy includes "net assets plus borrowing." |
| **<u>Comment 5:</u>** | **<u>Prospectus</u>** |
| Comment: | The SEC generally takes the position that a short-term bond fund should have a dollar- |
|  | weighted average maturity of less than 3 years. Please add disclosure clarifying that the |
|  | Fund's target index will have a dollar-weighted average maturity of less than three years. |
| Response: | The adopting release for Rule 35d-1 states that the purpose of the rule is to prevent |
|  | investment companies from adopting names that could mislead investors about a fund's |
|  | investments and risks. In the adopting release and subsequent FAQ, the SEC provided |
|  | guidance that the dollar-weighted average maturity for a short-term bond fund should not |
|  | exceed 3 years. The text of the rule, however, does not require a 3-year average maturity |
|  | for short-term funds. We believe that under any reasonable interpretation of the adopting |
|  | release and Rule 35d-1, a dollar-weighted average maturity range up to 4 years qualifies as |
|  | short-term. |
|  | As of November 30, 2022, the target index had a dollar-weighted average maturity of 3.06 |
|  | years and, over the past ten years, the dollar-weighted average maturity of the target index |
|  | has not exceeded 3.5 years. |
|  | For the reasons discussed here and in the response to Comment 1, we believe that the |
|  | expected dollar-weighted average maturity of the index qualifies as "short-term." |
|  | The disclosure has been revised accordingly. |
| **<u>Comment 6:</u>** | **<u>Prospectus</u>** |
| Comment: | To the extent not already disclosed, please add disclosure to the Fund's prospectus |
|  | regarding (a) the index component selection criteria, explaining how index components are |
|  | included or excluded, (b) the index rebalance and reconstitution process, including the |
|  | frequency thereof, (c) the index weighting methodology, and (d) the number of index |
|  | components. |
| Response: | The disclosure has been revised accordingly. |

---

---

| | |
|:---|:---|
| **<u>Comment 7:</u>**  | **<u>Prospectus</u>** |
| Comment: | Please consider adding "concentration risk" and "passive investment risk" to the Fund's |
|  | prospectus or explain why they are not necessary. |
| Response: | While the Fund is permitted to concentrate to the extent necessary to approximate the |
|  | composition of its target index, this is not currently considered to be part of the Fund's |
|  | principal investment strategies or principal risks. |
|  | We believe that the explanation in the section called "Investing in Index Funds" about the |
|  | investment strategy of indexing provides investors with relevant information about index |
|  | investing and passive investment strategies generally. For example, this section clearly |
|  | states that an index fund generally does not perform exactly like its target index and that |
|  | since market indexes do not have operating expenses and transaction costs, they will |
|  | usually have a slight performance advantage over funds that track them. We also note that |
|  | the Glossary of Investment Terms contains definitions of "Indexing." |
| **<u>Comment 8:</u>** | **<u>Statement of Additional Information</u>** |
| Comment: | Please revise the Fund's fundamental policies to align with the Fund's stated strategy of |
|  | investing at least 80% of its assets in securities whose income will be exempt from federal |
|  | income taxes and the federal AMT. |
| Response: | The disclosure has been revised accordingly. |
| **<u>Comment 9:</u>** | **<u>Statement of Additional Information</u>** |
| Comment: | Please note that the Fund should look through a private activity municipal debt security |
|  | whose principal and interest payments are derived principally from the assets and revenues |
|  | of a non-governmental entity in order to determine the industry to which the investments |
|  | should be allocated when determining the Fund's compliance with its concentration |
|  | policies. |
| Response: | We confirm that the Fund will look through a private activity municipal debt security |
|  | whose principal and interest payments are derived principally from the assets and revenues |
|  | of a non-governmental entity in order to determine the industry to which the investments |
|  | should be allocated when determining the Fund's compliance with its concentration policies. |

---

Please contact me at anthony_coletta@vanguard.com with any questions or comments regarding the above response.

Sincerely,

/s/ Anthony Coletta

Anthony Coletta

Assistant General Counsel

The Vanguard Group, Inc.