Vanguard Admiral Funds
Supplement Dated March 20, 2024, to the Statement of Additional Information Dated December 22, 2023
Supplement Dated March 20, 2024, to the Statement of Additional Information Dated December 22, 2023
Important Changes to Vanguard S&P Small-Cap 600 Growth Index Fund
Effective immediately, Vanguard S&P Small-Cap 600 Growth Index Fund’s Institutional
Shares are permanently closed to all investors. All references to the Institutional Shares with respect to Vanguard
S&P Small-Cap 600 Growth Index Fund are hereby deleted in their entirety. In addition, Vanguard S&P Small-Cap 600
Growth ETF will now rely on Rule 6c-11 under the Investment Company Act of 1940.
Effective March 21, 2024, Vanguard S&P Small-Cap 600 Growth ETF will generally seek
to disclose complete portfolio holdings, including other investment positions, at the beginning of each business
day in accordance with Rule 6c-11.
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SAI 3340A 032024