Vanguard Funds
Supplement Dated February 18, 2025, to the Prospectuses and Summary Prospectuses
Effective today, one or more portfolio managers have been added as co-portfolio manager(s) of each Fund/Portfolio listed in the table below (each, an “impacted Fund,” and collectively, the “impacted Funds”). The impacted Funds’ investment objectives, strategies, and policies remain unchanged.
Prospectus and Summary Prospectus Text Changes
The following table lists each impacted Fund and the corresponding portfolio manager(s) added as co-portfolio manager(s):
|
Impacted Fund |
Portfolio Manager(s) |
|
Vanguard 500 Index Fund |
Aurélie Denis |
|
Vanguard Communication Services Index |
Aaron Choi and Chris Nieves |
|
Fund |
|
|
Vanguard Consumer Discretionary Index Fund |
Aaron Choi and Chris Nieves |
|
Vanguard Consumer Staples Index Fund |
Aaron Choi and Chris Nieves |
|
Vanguard Developed Markets Index Fund |
Nicole Brubaker |
|
Vanguard Dividend Appreciation Index Fund |
Kenny Narzikul and Jena Stenger |
|
Vanguard Emerging Markets Stock Index |
John Kraynak |
|
Fund |
|
|
Vanguard Energy Index Fund |
Aaron Choi and Chris Nieves |
|
Vanguard European Stock Index Fund |
John Kraynak |
|
Vanguard ESG U.S. Stock ETF |
Aaron Choi and Chris Nieves |
|
Vanguard Extended Market Index Fund |
Walter Nejman |
|
Vanguard Financials Index Fund |
Jena Stenger |
|
Vanguard FTSE All-World ex-US Small-Cap |
Nicole Brubaker |
|
Index Fund |
|
|
Vanguard FTSE Social Index Fund |
Aaron Choi and Chris Nieves |
|
Vanguard Global ex-U.S. Real Estate Index |
John Kraynak |
|
Fund |
|
|
Vanguard Growth Index Fund |
Aaron Choi and Jena Stenger |
|
Vanguard Health Care Index Fund |
Aaron Choi and Kenny Narzikul |
|
Vanguard High Dividend Yield Index Fund |
Chris Nieves and Jena Stenger |
|
Vanguard Industrials Index Fund |
Aaron Choi and Kenny Narzikul |
|
Vanguard Information Technology Index Fund |
Kenny Narzikul and Jena Stenger |
|
Vanguard Institutional Index Fund |
Aurélie Denis |
|
Vanguard Institutional Total Stock Market |
Nick Birkett |
|
Index Fund |
|
|
Vanguard International High Dividend Yield |
Scott E. Geiger |
|
Index Fund |
|
|
Vanguard Large-Cap Index Fund |
Chris Nieves and Jena Stenger |
|
Vanguard Materials Index Fund |
Jena Stenger |
|
Vanguard Mega Cap Index Fund |
Chris Nieves and Jena Stenger |
|
Vanguard Mega Cap Growth Index Fund |
Chris Nieves and Jena Stenger |
|
Vanguard Mega Cap Value Index Fund |
Chris Nieves and Jena Stenger |
|
Vanguard Mid-Cap Index Fund |
Kenny Narzikul |
|
Vanguard Mid-Cap Growth Index Fund |
Kenny Narzikul |
|
Vanguard Mid-Cap Value Index Fund |
Kenny Narzikul |
|
Vanguard Pacific Stock Index Fund |
Nicole Brubaker |
|
Vanguard Real Estate Index Fund |
Chris Nieves and Jena Stenger |
|
Vanguard Real Estate II Index Fund |
Chris Nieves and Jena Stenger |
|
Vanguard Russell 1000 Index Fund |
Chris Nieves and Jena Stenger |
|
Vanguard Russell 1000 Growth Index Fund |
Chris Nieves and Jena Stenger |
|
Vanguard Russell 1000 Value Index Fund |
Chris Nieves and Jena Stenger |
|
Vanguard Russell 2000 Index Fund |
Aaron Choi |
|
Vanguard Russell 2000 Growth Index Fund |
Aaron Choi |
|
Vanguard Russell 2000 Value Index Fund |
Aaron Choi |
|
Vanguard Russell 3000 Index Fund |
Aaron Choi and Kenny Narzikul |
|
Vanguard S&P 500 Growth Index Fund |
Chris Nieves |
|
Vanguard S&P 500 Value Index Fund |
Chris Nieves |
|
Vanguard S&P Mid-Cap 400 Index Fund |
Chris Nieves |
|
Vanguard S&P Mid-Cap 400 Growth Index |
Chris Nieves |
|
Fund |
|
|
Vanguard S&P Mid-Cap 400 Value Index Fund |
Chris Nieves |
|
Vanguard S&P Small-Cap 600 Index Fund |
Jena Stenger |
|
Vanguard S&P Small-Cap 600 Growth Index |
Jena Stenger |
|
Fund |
|
|
Vanguard S&P Small-Cap 600 Value Index |
Jena Stenger |
|
Fund |
|
|
Vanguard Small-Cap Index Fund |
Aaron Choi |
|
Vanguard Small-Cap Growth Index Fund |
Aaron Choi and Kenny Narzikul |
|
Vanguard Small-Cap Value Index Fund |
Aaron Choi and Kenny Narzikul |
|
Vanguard Tax-Managed Capital Appreciation |
Chris Nieves and Jena Stenger |
|
Fund |
|
|
Vanguard Tax-Managed Small-Cap Fund |
Chris Nieves |
|
Vanguard Total International Stock Index Fund |
Jeffrey D. Miller |
|
Vanguard Total Stock Market Index Fund |
Nick Birkett |
|
Vanguard Utilities Index Fund |
Chris Nieves and Jena Stenger |
|
Vanguard Value Index Fund |
Aaron Choi and Jena Stenger |
|
Vanguard Variable Insurance Funds (VVIF) |
Walter Nejman |
|
—Equity Index Portfolio |
|
|
VVIF — Mid-Cap Index Portfolio |
Kenny Narzikul |
|
VVIF — Real Estate Index Portfolio |
Chris Nieves and Jena Stenger |
|
VVIF — Total International Stock Market Index |
Michael R. Roach |
|
Portfolio |
|
|
VVIF — Total Stock Market Index Portfolio |
Michael R. Roach |
The following is added under the heading “Investment Advisor” in the Summary Prospectus and the summary section of the Prospectus for each impacted Fund, as appropriate:
Nick Birkett, CFA, Portfolio Manager at Vanguard. He has co-managed the Fund since February 2025.
Nicole Brubaker, Portfolio Manager at Vanguard. She has co-managed the Fund since February 2025.
Aaron Choi, CFA, Portfolio Manager at Vanguard. He has co-managed the Fund since February 2025.
Aurélie Denis, CFA, Portfolio Manager at Vanguard. She has co-managed the Fund since February 2025.
Scott E. Geiger, CFA, Portfolio Manager at Vanguard. He has co-managed the Fund since February 2025.
John Kraynak, CFA, Portfolio Manager at Vanguard. He has co-managed the Fund since February 2025.
Jeffrey D. Miller, Portfolio Manager at Vanguard. He has co-managed the Fund since February 2025.
Kenny Narzikul, CFA, Portfolio Manager at Vanguard. He has co-managed the Fund/Portfolio since February 2025.
Chris Nieves, CFA, Portfolio Manager at Vanguard. He has co-managed the Fund/Portfolio since February 2025.
Walter Nejman, Portfolio Manager at Vanguard. He has co-managed the Fund/Portfolio since February 2025.
Michael R. Roach, CFA, Portfolio Manager at Vanguard. He has co-managed the Portfolio since February 2025.
Jena Stenger, Portfolio Manager at Vanguard. She has co-managed the Fund/Portfolio since February 2025.
Prospectus Text Changes
The following is added under the heading “Investment Advisor” in the More on the Fund(s) or More on the Portfolio section for each impacted Fund,
as appropriate:
Nick Birkett, CFA, Portfolio Manager at Vanguard. He has worked in investment management since 2005, has been with Vanguard since 2017, and has co-managed the Fund since February 2025. Education: B.S., University of Bath.
Nicole Brubaker, Portfolio Manager at Vanguard. She has been with Vanguard since 2014, has worked in investment management since 2018, and has co-managed the Fund since February 2025. Education: B.S.,
Millersville University.
Aaron Choi, CFA, Portfolio Manager at Vanguard. He has been with Vanguard since 2011, has worked in investment management since 2015, and has co-managed the Fund since February 2025. Education: B.S., Pennsylvania State University.
Aurélie Denis, CFA, Portfolio Manager at Vanguard. She has been with Vanguard since 2016, has worked in investment management since 2017, has managed investment portfolios since 2023, and has co-managed the Fund since February 2025. Education: B.S., Pennsylvania State University.
Scott E. Geiger, CFA, Portfolio Manager at Vanguard. He has been with Vanguard since 2006, has worked in investment management since 2008, has managed investment portfolios since 2013, and has co-managed the Fund since February 2025. Education: B.S., Millersville University.
John Kraynak, CFA, Portfolio Manager at Vanguard. He has been with Vanguard since 2010, has worked in investment management since 2018, and has co-managed the Fund since February 2025. Education: B.S., Millersville University; M.B.A., Drexel University.
Jeffrey D. Miller, Portfolio Manager at Vanguard. He has been with Vanguard since 1999, has managed investment portfolios since 2010, and has co-managed the Fund since February 2025. Education: B.A., Pennsylvania State University; M.B.A., Drexel University.
Kenny Narzikul, CFA, Portfolio Manager at Vanguard. He has been with Vanguard since 2012, has worked in investment management since 2016, has managed investment portfolios since 2023, and has co-managed the Fund/Portfolio since February 2025. Education: B.B.A., James
Madison University.
Chris Nieves, CFA, Portfolio Manager at Vanguard. He has worked in investment management since 2013, has been with Vanguard since 2017, and has co-managed the Fund/Portfolio since February 2025. Education: B.A., Cornell University; MEng., Cornell University.
Walter Nejman, Portfolio Manager at Vanguard. He has been with Vanguard since 2005, has worked in investment management since 2008, and has co-managed the Fund/Portfolio since February 2025. Education: B.A., Arcadia University; M.B.A., Villanova University.
Michael R. Roach, CFA, Portfolio Manager at Vanguard. He has been with Vanguard since 1998, has worked in investment management since 2000, had previously managed investment portfolios from 2009–2019, and has co-managed the Portfolio since February 2025. Education: B.S., Bloomsburg University; M.S., Drexel University.
Jena Stenger, Portfolio Manager at Vanguard. She has worked in investment management since 2013, has been with Vanguard since 2015, and has co-managed the Fund/Portfolio since February 2025. Education: B.S., Villanova University; M.B.A., University of Chicago Booth School of Business.
CFA® is a registered trademark owned by CFA Institute.
|
© 2025 The Vanguard Group, Inc. All rights reserved. |
PS PMB 022025 |
|
Vanguard Marketing Corporation, Distributor. |
Vanguard Admiral Funds (the “Trust”)
Supplement Dated February 18, 2025, to the Statement of Additional Information Dated December 20, 2024
Effective today, a portfolio manager has been added as co-portfolio manager of each Fund listed in the table below (each, an “impacted Fund,” and collectively, the “impacted Funds”). The table lists each impacted Fund and the corresponding portfolio manager added as co-portfolio manager.
The impacted Funds’ investment objectives, strategies, and policies remain unchanged.
Impacted Fund |
|
|
|
Portfolio Manager |
Vanguard S&P 500 |
Growth Index Fund |
Chris Nieves |
||
Vanguard S&P 500 |
Value Index Fund |
Chris Nieves |
||
Vanguard S&P Mid-Cap 400 |
Index Fund |
Chris Nieves |
||
Vanguard S&P Mid-Cap 400 |
Growth Index Fund |
Chris Nieves |
||
Vanguard S&P Mid-Cap 400 |
Value Index Fund |
Chris Nieves |
||
Vanguard S&P Small-Cap 600 |
Index Fund |
Jena Stenger |
||
Vanguard S&P Small-Cap 600 |
Growth Index Fund |
Jena Stenger |
||
Vanguard S&P Small-Cap 600 |
Value Index Fund |
Jena Stenger |
||
The Statement of Additional Information, as supplemented, provides information about the portfolio managers of all funds within the Trust, including the impacted Funds, as of August 31, 2024. The table and text below provide updated information as of December 31, 2024, relating only to Mr. Nieves and Ms. Stenger.
Other Accounts Managed
|
|
|
|
|
Total assets in |
|
|
|
|
No. of accounts with |
accounts with |
|
|
No. of |
|
performance-based |
performance-based |
Portfolio Manager |
|
accounts |
Total assets |
fees |
fees |
Chris Nieves |
Registered investment companies |
0 |
$0 |
0 |
$0 |
|
Other pooled investment vehicles |
0 |
$0 |
0 |
$0 |
|
Other accounts |
0 |
$0 |
0 |
$0 |
Jena Stenger |
Registered investment companies |
0 |
$0 |
0 |
$0 |
|
Other pooled investment vehicles |
0 |
$0 |
0 |
$0 |
|
Other accounts |
0 |
$0 |
0 |
$0 |
|
|
|
|
|
|
Ownership of Securities
As of December 31, 2024, Mr. Nieves and Ms. Stenger did not own any shares of the impacted Funds they now co-manage.
© 2025 The Vanguard Group, Inc. All rights reserved. |
SAI 3340A 022025 |
Vanguard Marketing Corporation, Distributor. |
Vanguard World Fund (the “Trust”)
Supplement Dated February 18, 2025, to the Statement of Additional Information
Effective today, one or more portfolio managers has been added as co-portfolio manager(s) of each Fund listed in the table below (each, an “impacted Fund,” and collectively, the “impacted Funds”). The table lists each impacted Fund and the corresponding portfolio manager(s) added as co-portfolio manager(s).
The impacted Funds’ investment objectives, strategies, and policies remain unchanged.
Impacted Fund |
Portfolio Manager(s) |
Vanguard Communication Services Index Fund |
Aaron Choi and Chris Nieves |
Vanguard Consumer Discretionary Index Fund |
Aaron Choi and Chris Nieves |
Vanguard Consumer Staples Index Fund |
Aaron Choi and Chris Nieves |
Vanguard Energy Index Fund |
Aaron Choi and Chris Nieves |
Vanguard ESG U.S. Stock ETF |
Aaron Choi and Chris Nieves |
Vanguard Financials Index Fund |
Jena Stenger |
Vanguard FTSE Social Index Fund |
Aaron Choi and Chris Nieves |
Vanguard Health Care Index Fund |
Aaron Choi and Kenny Narzikul |
Vanguard Industrials Index Fund |
Aaron Choi and Kenny Narzikul |
Vanguard Information Technology Index Fund |
Kenny Narzikul and Jena Stenger |
Vanguard Materials Index Fund |
Jena Stenger |
Vanguard Mega Cap Index Fund |
Chris Nieves and Jena Stenger |
Vanguard Mega Cap Growth Index Fund |
Chris Nieves and Jena Stenger |
Vanguard Mega Cap Value Index Fund |
Chris Nieves and Jena Stenger |
Vanguard Utilities Index Fund |
Chris Nieves and Jena Stenger |
The Statement of Additional Information, as supplemented, provides information about the portfolio managers of all funds within the Trust, including the impacted Funds, as of September 30, 2024 (for Vanguard Mega Cap Growth Index Fund) or August 31, 2024 (for all other funds within the Trust). The table and text below provide updated information as of December 31, 2024, relating only to the portfolio manager(s) that have been added to the impacted Funds.
Other Accounts Managed
|
|
|
|
|
|
Total assets in |
|
|
|
|
|
No. of accounts with |
accounts with |
|
|
No. of |
|
|
performance-based |
performance-based |
Portfolio Manager |
|
accounts |
Total assets |
fees |
fees |
|
Aaron Choi |
Registered investment companies |
6 |
$ |
1.6T |
0 |
$0 |
|
Other pooled investment vehicles |
0 |
$ |
0 |
0 |
$0 |
|
Other accounts |
0 |
$ |
0 |
0 |
$0 |
Chris Nieves |
Registered investment companies |
0 |
$ |
0 |
0 |
$0 |
|
Other pooled investment vehicles |
0 |
$ |
0 |
0 |
$0 |
|
Other accounts |
0 |
$ |
0 |
0 |
$0 |
Kenny Narzikul |
Registered investment companies |
15 |
$229.9B |
0 |
$0 |
|
|
Other pooled investment vehicles |
2 |
$ |
2.8B |
0 |
$0 |
|
Other accounts |
0 |
$ |
0 |
0 |
$0 |
|
|
|
|
|
|
Total assets in |
|
|
|
|
|
No. of accounts with |
accounts with |
|
|
No. of |
|
|
performance-based |
performance-based |
Portfolio Manager |
|
accounts |
Total assets |
fees |
fees |
|
Jena Stenger |
Registered investment companies |
0 |
$ |
0 |
0 |
$0 |
|
Other pooled investment vehicles |
0 |
$ |
0 |
0 |
$0 |
|
Other accounts |
0 |
$ |
0 |
0 |
$0 |
Ownership of Securities
As of December 31, 2024, Mr. Choi, Mr. Nieves, Mr. Narzikul, and Ms. Stenger did not own any shares of the impacted Fund(s) they now co-manage.
© 2025 The Vanguard Group, Inc. All rights reserved. |
SAI 023A 022025 |
Vanguard Marketing Corporation, Distributor. |
Vanguard Scottsdale Funds (the “Trust”)
Supplement Dated February 18, 2025, to the Statement of Additional Information Dated December 20, 2024
Effective today, one or more portfolio managers has been added as co-portfolio manager(s) of each Fund listed in the table below (each, an “impacted Fund,” and collectively, the “impacted Funds”). The table lists each impacted Fund and the corresponding portfolio manager(s) added as co-portfolio manager(s).
The impacted Funds’ investment objectives, strategies, and policies remain unchanged.
Impacted Fund |
|
Portfolio Manager(s) |
Vanguard Russell 1000 Index Fund |
Chris Nieves and Jena Stenger |
|
Vanguard Russell 1000 Growth Index Fund |
Chris Nieves and Jena Stenger |
|
Vanguard Russell 1000 Value Index Fund |
Chris Nieves and Jena Stenger |
|
Vanguard Russell 2000 Index Fund |
Aaron Choi |
|
Vanguard Russell 2000 |
Growth Index Fund |
Aaron Choi |
Vanguard Russell 2000 |
Value Index Fund |
Aaron Choi |
Vanguard Russell 3000 |
Index Fund |
Aaron Choi and Kenny Narzikul |
The Statement of Additional Information, as supplemented, provides information about the portfolio managers of all funds within the Trust, including the impacted Funds, as of August 31, 2024. The table and text below provide updated information as of December 31, 2024, relating only to the portfolio manager(s) that have been added to the impacted Funds.
Other Accounts Managed
|
|
|
|
|
|
Total assets in |
|
|
|
|
|
No. of accounts with |
accounts with |
|
|
No. of |
|
|
performance-based |
performance-based |
Portfolio Manager |
|
accounts |
Total assets |
fees |
fees |
|
Aaron Choi |
Registered investment companies |
6 |
$ |
1.6T |
0 |
$0 |
|
Other pooled investment vehicles |
0 |
$ |
0 |
0 |
$0 |
|
Other accounts |
0 |
$ |
0 |
0 |
$0 |
Kenny Narzikul |
Registered investment companies |
15 |
$229.9B |
0 |
$0 |
|
|
Other pooled investment vehicles |
2 |
$ |
2.8B |
0 |
$0 |
|
Other accounts |
0 |
$ |
0 |
0 |
$0 |
Chris Nieves |
Registered investment companies |
0 |
$ |
0 |
0 |
$0 |
|
Other pooled investment vehicles |
0 |
$ |
0 |
0 |
$0 |
|
Other accounts |
0 |
$ |
0 |
0 |
$0 |
Jena Stenger |
Registered investment companies |
0 |
$ |
0 |
0 |
$0 |
|
Other pooled investment vehicles |
0 |
$ |
0 |
0 |
$0 |
|
Other accounts |
0 |
$ |
0 |
0 |
$0 |
|
|
|
|
|
|
|
Ownership of Securities
As of December 31, 2024, Mr. Choi, Mr. Narzikul, Mr. Nieves, and Ms. Stenger did not own any shares of the impacted Fund(s) they now co-manage.
© 2025 The Vanguard Group, Inc. All rights reserved. |
SAI 1690A 022025 |
Vanguard Marketing Corporation, Distributor. |
Vanguard International Equity Index Funds (the “Trust”)
Supplement Dated February 18, 2025, to the Statement of Additional Information Dated February 27, 2024
Effective today, a portfolio manager has been added as co-portfolio manager of each Fund listed in the table below (each, an “impacted Fund,” and collectively, the “impacted Funds”). The table lists each impacted Fund and the corresponding portfolio manager added as co-portfolio manager.
The impacted Funds’ investment objectives, strategies, and policies remain unchanged.
Impacted Fund |
Portfolio Manager |
Vanguard Emerging Markets Stock Index Fund |
John Kraynak |
Vanguard European Stock Index Fund |
John Kraynak |
Vanguard FTSE All-World ex-US Small-Cap Index Fund |
Nicole Brubaker |
Vanguard Global ex-U.S. Real Estate Index Fund |
John Kraynak |
Vanguard Pacific Stock Index Fund |
Nicole Brubaker |
The Statement of Additional Information, as supplemented, provides information about the portfolio managers of all funds within the Trust, including the impacted Funds, as of October 31, 2023. The table and text below provide updated information as of December 31, 2024, relating only to Ms. Brubaker and Mr. Kraynak.
Other Accounts Managed
|
|
|
|
|
Total assets in |
|
|
|
|
No. of accounts with |
accounts with |
|
|
No. of |
|
performance-based |
performance-based |
Portfolio Manager |
|
accounts |
Total assets |
fees |
fees |
Nicole Brubaker |
Registered investment companies |
0 |
$0 |
0 |
$0 |
|
Other pooled investment vehicles |
0 |
$0 |
0 |
$0 |
|
Other accounts |
0 |
$0 |
0 |
$0 |
John Kraynak |
Registered investment companies |
0 |
$0 |
0 |
$0 |
|
Other pooled investment vehicles |
0 |
$0 |
0 |
$0 |
|
Other accounts |
0 |
$0 |
0 |
$0 |
|
|
|
|
|
|
Ownership of Securities
As of December 31, 2024, Mr. Kraynak owned shares of Vanguard Emerging Markets Stock Index Fund in the $1-$10,000 range. He did not own shares of the other impacted Funds he now co-manages. Also as of December 31, 2024, Ms. Brubaker did not own any shares of the impacted Funds she now co-manages.
© 2025 The Vanguard Group, Inc. All rights reserved. |
SAI 072B 022025 |
Vanguard Marketing Corporation, Distributor. |
Vanguard Whitehall Funds (the “Trust”)
Supplement Dated February 18, 2025, to the Statement of Additional Information Dated February 27, 2024
Effective today, one or more portfolio managers has been added as co-portfolio manager(s) of each Fund listed in the table below (each, an “impacted Fund,” and collectively, the “impacted Funds”). The table lists each impacted Fund and the corresponding portfolio manager(s) added as co-portfolio manager(s).
The impacted Funds’ investment objectives, strategies, and policies remain unchanged.
Impacted Fund |
Portfolio Manager(s) |
Vanguard High Dividend Yield Index Fund |
Chris Nieves and Jena Stenger |
Vanguard International High Dividend Yield Index Fund |
Scott E. Geiger |
The Statement of Additional Information, as supplemented, provides information about the portfolio managers of all funds within the Trust, including the impacted Funds, as of October 31, 2023. The table and text below provide updated information as of December 31, 2024, relating only to the portfolio manager(s) that have been added to the impacted Funds.
Other Accounts Managed
|
|
|
|
|
|
Total assets in |
|
|
|
|
|
No. of accounts with |
accounts with |
|
|
No. of |
|
|
performance-based |
performance-based |
Portfolio Manager |
|
accounts |
Total assets |
fees |
fees |
|
Scott E. Geiger |
Registered investment companies |
5 |
$91.2B |
0 |
$0 |
|
|
Other pooled investment vehicles |
0 |
$ |
0 |
0 |
$0 |
|
Other accounts |
0 |
$ |
0 |
0 |
$0 |
Chris Nieves |
Registered investment companies |
0 |
$ |
0 |
0 |
$0 |
|
Other pooled investment vehicles |
0 |
$ |
0 |
0 |
$0 |
|
Other accounts |
0 |
$ |
0 |
0 |
$0 |
Jena Stenger |
Registered investment companies |
0 |
$ |
0 |
0 |
$0 |
|
Other pooled investment vehicles |
0 |
$ |
0 |
0 |
$0 |
|
Other accounts |
0 |
$ |
0 |
0 |
$0 |
|
|
|
|
|
|
|
Ownership of Securities
As of December 31, 2024, Mr. Geiger, Mr. Nieves, and Ms. Stenger did not own any shares of the impacted Fund(s) they now co-manage.
© 2025 The Vanguard Group, Inc. All rights reserved. |
SAI 934B 022025 |
Vanguard Marketing Corporation, Distributor. |
Vanguard Variable Insurance Funds (the “Trust”)
Supplement Dated February 18, 2025, to the Statement of Additional Information Dated April 26, 2024
Effective today, one or more portfolio managers has been added as co-portfolio manager(s) of each Portfolio listed in the table below (each, an “impacted Portfolio,” and collectively, the “impacted Portfolios”). The table lists each impacted Portfolio and the corresponding portfolio manager(s) added as co-portfolio manager(s).
The impacted Portfolios’ investment objectives, strategies, and policies remain unchanged.
Impacted Portfolio |
Portfolio Manager(s) |
Vanguard Variable Insurance Funds (VVIF)—Equity Index |
Walter Nejman |
Portfolio |
|
VVIF—Mid-Cap Index Portfolio |
Kenny Narzikul |
VVIF—Real Estate Index Portfolio |
Chris Nieves and Jena Stenger |
VVIF—Total International Stock Market Index Portfolio |
Michael R. Roach |
VVIF—Total Stock Market Index Portfolio |
Michael R. Roach |
The Statement of Additional Information, as supplemented, provides information about the portfolio managers of all portfolios within the Trust, including the impacted Portfolios, as of December 31, 2023. The table and text below provide updated information as of December 31, 2024, relating only to the portfolio manager(s) that have been added to the impacted Portfolios.
Other Accounts Managed
|
|
|
|
|
|
Total assets in |
|
|
|
|
|
No. of accounts with |
accounts with |
|
|
No. of |
|
|
performance-based |
performance-based |
Portfolio Manager |
|
accounts |
Total assets |
fees |
fees |
|
Kenny Narzikul |
Registered investment companies |
15 |
$229.9B |
0 |
$0 |
|
|
Other pooled investment vehicles |
2 |
$ |
2.8B |
0 |
$0 |
|
Other accounts |
0 |
$ |
0 |
0 |
$0 |
Walter Nejman |
Registered investment companies |
40 |
$ |
3.5T |
0 |
$0 |
|
Other pooled investment vehicles |
12 |
$783.0B |
0 |
$0 |
|
|
Other accounts |
0 |
$ |
0 |
0 |
$0 |
Chris Nieves |
Registered investment companies |
0 |
$ |
0 |
0 |
$0 |
|
Other pooled investment vehicles |
0 |
$ |
0 |
0 |
$0 |
|
Other accounts |
0 |
$ |
0 |
0 |
$0 |
Michael R. Roach |
Registered investment companies |
22 |
$847.7B |
0 |
$0 |
|
|
Other pooled investment vehicles |
12 |
$783.0B |
0 |
$0 |
|
|
Other accounts |
0 |
$ |
0 |
0 |
$0 |
Jena Stenger |
Registered investment companies |
0 |
$ |
0 |
0 |
$0 |
|
Other pooled investment vehicles |
0 |
$ |
0 |
0 |
$0 |
|
Other accounts |
0 |
$ |
0 |
0 |
$0 |
Ownership of Securities
As of December 31, 2024, Mr. Narzikul, Mr. Nejman, Mr. Nieves, Mr. Roach, and Ms. Stenger did not own any shares of the impacted Portfolio(s) they now co-manage.
© 2025 The Vanguard Group, Inc. All rights reserved. |
SAI 064C 022025 |
Vanguard Marketing Corporation, Distributor. |
Vanguard Institutional Index Funds (the “Trust”)
Supplement Dated February 18, 2025, to the Statement of Additional Information Dated April 26, 2024
Effective today, a portfolio manager has been added as co-portfolio manager of each Fund listed in the table below (each, an “impacted Fund,” and collectively, the “impacted Funds”). The table lists each impacted Fund and the corresponding portfolio manager added as co-portfolio manager.
The impacted Funds’ investment objectives, strategies, and policies remain unchanged.
Impacted Fund |
Portfolio Manager |
Vanguard Institutional Index Fund |
Aurélie Denis |
Vanguard Institutional Total Stock Market Index Fund |
Nick Birkett |
The Statement of Additional Information, as supplemented, provides information about the portfolio managers of all funds within the Trust, including the impacted Funds, as of December 31, 2023. The table and text below provide updated information as of December 31, 2024, relating only to Mr. Birkett and Ms. Denis.
Other Accounts Managed
|
|
|
|
|
|
Total assets in |
|
|
|
|
|
No. of accounts with |
accounts with |
|
|
No. of |
|
|
performance-based |
performance-based |
Portfolio Manager |
|
accounts |
Total assets |
fees |
fees |
|
Nick Birkett |
Registered investment companies |
22 |
$ |
2.2T |
0 |
$0 |
|
Other pooled investment vehicles |
4 |
$ |
13.1B |
0 |
$0 |
|
Other accounts |
0 |
$ |
0 |
0 |
$0 |
Aurélie Denis |
Registered investment companies |
31 |
$ |
1.2T |
0 |
$0 |
|
Other pooled investment vehicles |
14 |
$793.2B |
0 |
$0 |
|
|
Other accounts |
0 |
$ |
0 |
0 |
$0 |
|
|
|
|
|
|
|
Ownership of Securities
As of December 31, 2024, Mr. Birkett and Ms. Denis did not own any shares of the impacted Fund(s) they now co-manage.
© 2025 The Vanguard Group, Inc. All rights reserved. |
SAI 094C 022025 |
Vanguard Marketing Corporation, Distributor. |
Vanguard Index Funds (the “Trust”)
Supplement Dated February 18, 2025, to the Statement of Additional Information Dated April 26, 2024
Effective today, one or more portfolio managers has been added as co-portfolio manager(s) of each Fund listed in the table below (each, an “impacted Fund,” and collectively, the “impacted Funds”). The table lists each impacted Fund and the corresponding portfolio manager(s) added as co-portfolio manager(s).
The impacted Funds’ investment objectives, strategies, and policies remain unchanged.
Impacted Fund |
Portfolio Manager(s) |
Vanguard 500 Index Fund |
Aurélie Denis |
Vanguard Extended Market Index Fund |
Walter Nejman |
Vanguard Growth Index Fund |
Aaron Choi and Jena Stenger |
Vanguard Large-Cap Index Fund |
Chris Nieves and Jena Stenger |
Vanguard Mid-Cap Index Fund |
Kenny Narzikul |
Vanguard Mid-Cap Growth Index Fund |
Kenny Narzikul |
Vanguard Mid-Cap Value Index Fund |
Kenny Narzikul |
Vanguard Small-Cap Index Fund |
Aaron Choi |
Vanguard Small-Cap Growth Index Fund |
Aaron Choi and Kenny Narzikul |
Vanguard Small-Cap Value Index Fund |
Aaron Choi and Kenny Narzikul |
Vanguard Total Stock Market Index Fund |
Nick Birkett |
Vanguard Value Index Fund |
Aaron Choi and Jena Stenger |
The Statement of Additional Information, as supplemented, provides information about the portfolio managers of all funds within the Trust, including the impacted Funds, as of December 31, 2023. The table and text below provide updated information as of December 31, 2024, relating only to the portfolio manager(s) that have been added to the impacted Funds.
Other Accounts Managed
|
|
|
|
|
|
Total assets in |
|
|
|
|
|
No. of accounts with |
accounts with |
|
|
No. of |
|
|
performance-based |
performance-based |
Portfolio Manager |
|
accounts |
Total assets |
fees |
fees |
|
Nick Birkett |
Registered investment companies |
22 |
$ |
2.2T |
0 |
$0 |
|
Other pooled investment vehicles |
4 |
$ |
13.1B |
0 |
$0 |
|
Other accounts |
0 |
$ |
0 |
0 |
$0 |
Aaron Choi |
Registered investment companies |
6 |
$ |
1.6T |
0 |
$0 |
|
Other pooled investment vehicles |
0 |
$ |
0 |
0 |
$0 |
|
Other accounts |
0 |
$ |
0 |
0 |
$0 |
Aurélie Denis |
Registered investment companies |
31 |
$ |
1.2T |
0 |
$0 |
|
Other pooled investment vehicles |
14 |
$793.2B |
0 |
$0 |
|
|
Other accounts |
0 |
$ |
0 |
0 |
$0 |
Kenny Narzikul |
Registered investment companies |
15 |
$229.9B |
0 |
$0 |
|
|
Other pooled investment vehicles |
2 |
$ |
2.8B |
0 |
$0 |
|
|
|
|
|
|
Total assets in |
|
|
|
|
|
No. of accounts with |
accounts with |
|
|
No. of |
|
|
performance-based |
performance-based |
Portfolio Manager |
|
accounts |
Total assets |
fees |
fees |
|
|
Other accounts |
0 |
$ |
0 |
0 |
$0 |
Walter Nejman |
Registered investment companies |
40 |
$ |
3.5T |
0 |
$0 |
|
Other pooled investment vehicles |
12 |
$ |
783B |
0 |
$0 |
|
Other accounts |
0 |
$ |
0 |
0 |
$0 |
Chris Nieves |
Registered investment companies |
0 |
$ |
0 |
0 |
$0 |
|
Other pooled investment vehicles |
0 |
$ |
0 |
0 |
$0 |
|
Other accounts |
0 |
$ |
0 |
0 |
$0 |
Jena Stenger |
Registered investment companies |
0 |
$ |
0 |
0 |
$0 |
|
Other pooled investment vehicles |
0 |
$ |
0 |
0 |
$0 |
|
Other accounts |
0 |
$ |
0 |
0 |
$0 |
|
|
|
|
|
|
|
Ownership of Securities
As of December 31, 2024, Mr. Narzikul owned shares of Vanguard Small-Cap Value Index Fund in the $1-$10,000 range. He did not own any shares of the other impacted Funds he now co-manages. Also as of December 31, 2024, Mr. Birkett, Mr. Choi, Ms. Denis, Mr. Nejman, Mr. Nieves, and Ms. Stenger did not own any shares of the impacted Fund(s) they now co-manage.
© 2025 The Vanguard Group, Inc. All rights reserved. |
SAI 040B 022025 |
Vanguard Marketing Corporation, Distributor. |
Vanguard Tax-Managed Funds® (the “Trust”)
Supplement Dated February 18, 2025, to the Statement of Additional Information Dated April 26, 2024
Effective today, one or more portfolio managers has been added as co-portfolio manager(s) of each Fund listed in the table below (each, an “impacted Fund,” and collectively, the “impacted Funds”). The table lists each impacted Fund and the corresponding portfolio manager(s) added as co-portfolio manager(s).
The impacted Funds’ investment objectives, strategies, and policies remain unchanged.
Impacted Fund |
Portfolio Manager(s) |
Vanguard Developed Markets Index Fund |
Nicole Brubaker |
Vanguard Tax-Managed Capital Appreciation Fund |
Chris Nieves and Jena Stenger |
Vanguard Tax-Managed Small-Cap Fund |
Chris Nieves |
The Statement of Additional Information, as supplemented, provides information about the portfolio managers of all funds within the Trust, including the impacted Funds, as of December 31, 2023. The table and text below provide updated information as of December 31, 2024, relating only to the portfolio manager(s) that have been added to the impacted Funds.
Other Accounts Managed
|
|
|
|
|
Total assets in |
|
|
|
|
No. of accounts with |
accounts with |
|
|
No. of |
|
performance-based |
performance-based |
Portfolio Manager |
|
accounts |
Total assets |
fees |
fees |
Nicole Brubaker |
Registered investment companies |
0 |
$0 |
0 |
$0 |
|
Other pooled investment vehicles |
0 |
$0 |
0 |
$0 |
|
Other accounts |
0 |
$0 |
0 |
$0 |
Chris Nieves |
Registered investment companies |
0 |
$0 |
0 |
$0 |
|
Other pooled investment vehicles |
0 |
$0 |
0 |
$0 |
|
Other accounts |
0 |
$0 |
0 |
$0 |
Jenna Stenger |
Registered investment companies |
0 |
$0 |
0 |
$0 |
|
Other pooled investment vehicles |
0 |
$0 |
0 |
$0 |
|
Other accounts |
0 |
$0 |
0 |
$0 |
|
|
|
|
|
|
Ownership of Securities
As of December 31, 2024, Ms. Brubaker, Mr. Nieves, and Ms. Stenger did not own shares of the impacted Fund(s) they now co-manage.
© 2025 The Vanguard Group, Inc. All rights reserved. |
SAI 103A 022025 |
Vanguard Marketing Corporation, Distributor. |
Vanguard STAR® Funds (the “Trust”)
Supplement Dated February 18, 2025, to the Statement of Additional Information Dated February 27, 2024
Effective today, Jeffrey D. Miller has been added as co-portfolio manager of Vanguard Total International Stock Index Fund (the “Fund”). The Fund’s investment objective, strategies, and policies remain unchanged.
The Statement of Additional Information, as supplemented, provides information about the portfolio managers of all funds within the Trust, including the Fund, as of October 31, 2023. The table and text below provide updated information as of December 31, 2024, relating only to Mr. Miller.
Other Accounts Managed
|
|
|
|
|
|
Total assets in |
|
|
|
|
|
No. of accounts with |
accounts with |
|
|
No. of |
|
|
performance-based |
performance-based |
Portfolio Manager |
|
accounts |
Total assets |
fees |
fees |
|
Jeffrey D. Miller |
Registered investment companies |
4 |
$184.7B |
0 |
$0 |
|
|
Other pooled investment vehicles |
0 |
$ |
0 |
0 |
$0 |
|
Other accounts |
0 |
$ |
0 |
0 |
$0 |
|
|
|
|
|
|
|
Ownership of Securities
As of December 31, 2024, Mr. Miller owned shares of the Fund in the $1-$10,000 range.
© 2025 The Vanguard Group, Inc. All rights reserved. |
SAI 056A 022025 |
Vanguard Marketing Corporation, Distributor. |
Vanguard Specialized Funds (the “Trust”)
Supplement Dated February 18, 2025, to the Statement of Additional Information Dated May 24, 2024
Effective today, portfolio managers have been added as co-portfolio managers of each Fund listed in the table below (each, an “impacted Fund,” and collectively, the “impacted Funds”). The table lists each impacted Fund and the corresponding portfolio managers added as co-portfolio managers.
The impacted Funds’ investment objectives, strategies, and policies remain unchanged.
Impacted Fund |
Portfolio Managers |
Vanguard Dividend Appreciation Index Fund |
Kenny Narzikul and Jena Stenger |
Vanguard Real Estate Index Fund |
Chris Nieves and Jena Stenger |
The Statement of Additional Information, as supplemented, provides information about the portfolio managers of all funds within the Trust, including the impacted Funds, as of January 31, 2024. The table and text below provide updated information as of December 31, 2024, relating only to the portfolio managers that have been added to the impacted Funds.
Other Accounts Managed
|
|
|
|
|
|
Total assets in |
|
|
|
|
|
No. of accounts with |
accounts with |
|
|
No. of |
|
|
performance-based |
performance-based |
Portfolio Manager |
|
accounts |
Total assets |
fees |
fees |
|
Kenny Narzikul |
Registered investment companies |
15 |
$229.9B |
0 |
$0 |
|
|
Other pooled investment vehicles |
2 |
$ |
2.8B |
0 |
$0 |
|
Other accounts |
0 |
$ |
0 |
0 |
$0 |
Chris Nieves |
Registered investment companies |
0 |
$ |
0 |
0 |
$0 |
|
Other pooled investment vehicles |
0 |
$ |
0 |
0 |
$0 |
|
Other accounts |
0 |
$ |
0 |
0 |
$0 |
Jena Stenger |
Registered investment companies |
0 |
$ |
0 |
0 |
$0 |
|
Other pooled investment vehicles |
0 |
$ |
0 |
0 |
$0 |
|
Other accounts |
0 |
$ |
0 |
0 |
$0 |
|
|
|
|
|
|
|
Ownership of Securities
As of December 31, 2024, Mr. Narzikul owned shares of Vanguard Dividend Appreciation Index Fund in the $1-$10,000 range. Also as of December 31, 2024, Mr. Nieves and Ms. Stenger did not own any shares of the impacted Fund(s) they now co-manage.
© 2025 The Vanguard Group, Inc. All rights reserved. |
SAI 051C 022025 |
Vanguard Marketing Corporation, Distributor. |
Vanguard Fixed Income Securities Funds (the “Trust”)
Supplement Dated February 18, 2025, to the Statement of Additional Information Dated May 24, 2024
Effective today, Chris Nieves and Jena Stenger have been added as co-portfolio managers of Vanguard Real Estate II Index Fund (the “Fund”). The Fund’s investment objective, strategies, and policies remain unchanged.
The Statement of Additional Information, as supplemented, provides information about the portfolio managers of all funds within the Trust, including the Fund, as of January 31, 2024. The table and text below provide updated information as of December 31, 2024, relating only to Mr. Nieves and Ms. Stenger.
Other Accounts Managed
|
|
|
|
|
Total assets in |
|
|
|
|
No. of accounts with |
accounts with |
|
|
No. of |
|
performance-based |
performance-based |
Portfolio Manager |
|
accounts |
Total assets |
fees |
fees |
Chris Nieves |
Registered investment companies |
0 |
$0 |
0 |
$0 |
|
Other pooled investment vehicles |
0 |
$0 |
0 |
$0 |
|
Other accounts |
0 |
$0 |
0 |
$0 |
Jena Stenger |
Registered investment companies |
0 |
$0 |
0 |
$0 |
|
Other pooled investment vehicles |
0 |
$0 |
0 |
$0 |
|
Other accounts |
0 |
$0 |
0 |
$0 |
|
|
|
|
|
|
Ownership of Securities
As of December 31, 2024, Mr. Nieves and Ms. Stenger did not own any shares of the Fund.
© 2025 The Vanguard Group, Inc. All rights reserved. |
SAI 028A 022025 |
Vanguard Marketing Corporation, Distributor. |