Vanguard Funds
Supplement Dated March 24, 2025, to the Prospectus
This supplement updates the prospectus for each Vanguard fund listed below:
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Vanguard 0-3 Month Treasury Bill ETF
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Vanguard Mortgage-Backed Securities ETF
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Vanguard Communication Services ETF
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Vanguard Russell 1000 Growth ETF
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Vanguard Consumer Discretionary ETF
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Vanguard Russell 1000 ETF
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Vanguard Consumer Staples ETF
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Vanguard Russell 1000 Value ETF
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Vanguard Core Bond ETF
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Vanguard Russell 2000 Growth ETF
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Vanguard Core-Plus Bond ETF
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Vanguard Russell 2000 ETF
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Vanguard Core Tax-Exempt Bond ETF
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Vanguard Russell 2000 Value ETF
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Vanguard Energy ETF
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Vanguard Russell 3000 ETF
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Vanguard ESG International Stock ETF
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Vanguard S&P 500 Growth ETF
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Vanguard ESG U.S. Stock ETF
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Vanguard S&P 500 Value ETF
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Vanguard ESG U.S. Corporate Bond ETF
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Vanguard S&P Mid-Cap 400 Growth ETF
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Vanguard Extended Duration Treasury ETF
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Vanguard S&P Mid-Cap 400 ETF
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Vanguard Financials ETF
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Vanguard S&P Mid-Cap 400 Value ETF
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Vanguard Health Care ETF
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Vanguard S&P Small-Cap 600 Growth ETF
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Vanguard Industrials ETF
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Vanguard S&P Small-Cap 600 ETF
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Vanguard Information Technology ETF
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Vanguard S&P Small-Cap 600 Value ETF
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Vanguard Intermediate-Term Corporate Bond
ETF
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Vanguard Short Duration Tax-Exempt Bond
ETF
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Vanguard Intermediate-Term Treasury ETF
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Vanguard Short-Term Corporate Bond ETF
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Vanguard Long-Term Corporate Bond ETF
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Vanguard Short-Term Inflation-Protected
Securities ETF
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Vanguard Long-Term Treasury ETF
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Vanguard Short-Term Treasury ETF
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Vanguard Materials ETF
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Vanguard Total World Bond ETF
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Vanguard Mega Cap Growth ETF
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Vanguard Ultra-Short Treasury ETF
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Vanguard Mega Cap ETF
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Vanguard Utilities ETF
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Vanguard Mega Cap Value ETF
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In the More on Fund(s) and ETF Shares section under the heading “Redemption Requests” the following text under the subheading “Potential redemption activity impacts” is replaced as follows:
Potential redemption activity impacts. Vanguard funds can be negatively impacted by certain large redemptions. These redemptions could occur due to a single shareholder or multiple shareholders deciding to sell a large quantity of shares of a fund or a share class of the fund. Large redemptions can occur for many reasons, either as a result of actions taken by Vanguard or its affiliates, or
as a result of events unrelated to actions taken by Vanguard or its affiliates. Actions taken by Vanguard could include, but are not limited to, changes to a fund’s advisor(s), changes to a fund’s portfolio manager(s), changes to the composition of a fund’s portfolio, and/or other product changes or launches that,
for example, result in shareholders redeeming shares of one fund to purchase shares of another fund or investment vehicle. For a fund of funds, actions taken by Vanguard could include a withdrawal from an underlying fund or a change in the allocation to underlying funds. Events unrelated to actions taken by Vanguard
could include shareholders selling out of a fund in response to market movements or regulatory changes.
A large redemption could adversely affect a fund’s liquidity and net asset value (NAV). For example, a large redemption could require a fund’s manager to sell portfolio holdings at unplanned or inopportune times. The manager’s sale of these holdings, which is a taxable event, could require the fund to distribute any
corresponding capital gains or other taxable income to the fund’s remaining shareholders; see Dividends, Capital Gains, and Taxes for additional information. The increased trading activity could also increase underlying costs for the fund due to commissions paid by the fund.
Vanguard Marketing Corporation, Distributor.PS EQE 032025