Vanguard Funds
Supplement Dated June 5, 2024, to the Prospectuses and Summary Prospectuses
Important Changes to the Funds
Effective immediately, Awais Khan will no longer serve as portfolio manager of each Fund listed in the table below (each, an “impacted Fund,” and collectively, the “impacted Funds”).
Accordingly, all references to Awais Khan in the impacted Funds’ Prospectuses and Summary Prospectuses are hereby deleted in their entirety.
The impacted Funds’ investment objectives, strategies, and policies remain unchanged.
Prospectus and Summary Prospectus Text Changes
The following table lists the impacted Funds and the corresponding portfolio manager(s) who will continue to manage each impacted Fund:
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Vanguard Fund
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Portfolio Manager(s)
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Vanguard S&P Mid-Cap 400 Index Fund
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Kenny Narzikul
|
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Vanguard S&P Mid-Cap 400 Growth Index Fund
|
Kenny Narzikul
|
|
Vanguard S&P Mid-Cap 400 Value Index Fund
|
Kenny Narzikul
|
|
Vanguard Mid-Cap Index Fund
|
Aaron Choi and Aurélie Denis
|
|
Vanguard Mid-Cap Growth Index Fund
|
Aaron Choi and Aurélie Denis
|
|
Vanguard Mid-Cap Value Index Fund
|
Aaron Choi and Aurélie Denis
|
|
Vanguard Communication Services Index Fund
|
Walter Nejman
|
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Vanguard Consumer Discretionary Index Fund
|
Nick Birkett
|
|
Vanguard Consumer Staples Index Fund
|
Nick Birkett
|
|
Vanguard Energy Index Fund
|
Nick Birkett
|
|
Vanguard Utilities Index Fund
|
Walter Nejman
|
|
Vanguard Tax-Managed Capital Appreciation Fund
|
Walter Nejman
|
Vanguard Marketing Corporation, Distributor.PS PMA 062024
Vanguard Admiral Funds®
Vanguard Index Funds
Vanguard World Fund
Vanguard Tax-Managed Funds ®
Vanguard Variable Insurance Funds
Supplement Dated June 5, 2024, to the Statement of Additional Information
Important Changes to Vanguard Admiral Funds
Effective immediately, Awais Khan will no longer serve as portfolio manager of Vanguard
S&P Mid-Cap Index Fund, Vanguard S&P Mid-Cap 400 Growth Index Fund, and Vanguard S&P Mid-Cap 400 Value Index
Fund (the Funds).
Kenny Narzikul will continue to manage the Funds.
Each Fund’s investment objective, strategies, and policies remain unchanged.
Important Changes to Vanguard Index Funds
Effective immediately, Awais Khan will no longer serve as portfolio manager of Vanguard
Mid-Cap Index Fund, Vanguard Mid-Cap Growth Index Fund, and Vanguard Mid-Cap Value Index Fund (the Funds).
Aaron Choi and Aurélie Denis will continue to co-manage the Funds.
Each Fund’s investment objective, strategies, and policies remain unchanged.
Important Changes to Vanguard World Fund
Effective immediately, Awais Khan will no longer serve as portfolio manager of Vanguard
Communication Services Index Fund, Vanguard Consumer Discretionary Index Fund, Vanguard Consumer Staples
Index Fund, Vanguard Energy Index Fund, and Vanguard Utilities Index Fund (the Funds).
Nick Birkett will continue to manage Vanguard Consumer Discretionary Index Fund, Vanguard
Consumer Staples Index Fund, and Vanguard Energy Index Fund.
Walter Nejman will continue to manage Vanguard Communication Services Index Fund and
Vanguard Utilities Index Fund.
Each Fund’s investment objective, strategies, and policies remain unchanged.
Important Changes to Vanguard Tax-Managed Funds
Effective immediately, Awais Khan will no longer serve as portfolio manager of Vanguard
Tax-Managed Capital Appreciation Fund (the Fund).
Walter Nejman will continue to manage the Fund.
The Fund’s investment objective, strategies, and policies remain unchanged.
Important Changes to Vanguard Variable Insurance Funds
Effective immediately, Awais Khan will no longer serve as portfolio manager of Vanguard
Variable Insurance Funds—Mid-Cap Index Portfolio (the Portfolio).
Aaron Choi will continue to manage the Portfolio.
The Portfolio’s investment objective, strategies, and policies remain unchanged.
Statement of Additional Information Text Changes
All references to Awais Khan in the Statement of Additional Information are hereby deleted in their entirety.
All references to Awais Khan in the Statement of Additional Information are hereby deleted in their entirety.
© 2024 The Vanguard Group, Inc. All rights reserved.
Vanguard Marketing Corporation, Distributor.
SAI PMA 062024