Vanguard Funds
Supplement Dated June 18, 2025, to the Prospectuses and Summary Prospectuses
Effective today, one or more portfolio managers no longer serve as co-portfolio manager(s) of each Fund listed in the table below (each, an “impacted Fund,” and collectively, the “impacted Funds”).
Accordingly, all references to the removed portfolio manager(s) listed in the table below 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 each impacted Fund and the corresponding portfolio manager(s) removed as co-portfolio manager(s):
Impacted Fund |
Removed Portfolio Manager(s) |
Vanguard 500 Index Fund |
Aaron Choi |
Vanguard Balanced Index Fund |
Gerard O’Reilly |
Vanguard Communication Services Index |
Walter Nejman |
Fund |
|
Vanguard Consumer Discretionary Index Fund |
Nick Birkett |
Vanguard Consumer Staples Index Fund |
Nick Birkett |
Vanguard Dividend Appreciation Index Fund |
Walter Nejman |
Vanguard Energy Index Fund |
Nick Birkett |
Vanguard ESG U.S. Stock ETF |
Nick Birkett |
Vanguard Financials Index Fund |
Michelle Louie |
Vanguard FTSE Social Index Fund |
Nick Birkett |
Vanguard Global Minimum Volatility Fund |
John Ameriks |
Vanguard Growth Index Fund |
Walter Nejman |
Vanguard Health Care Index Fund |
Michelle Louie and Walter Nejman |
Vanguard High Dividend Yield Index Fund |
Nick Birkett |
Impacted Fund |
Removed Portfolio Manager(s) |
Vanguard Industrials Index Fund |
Michelle Louie and Walter Nejman |
Vanguard Information Technology Index Fund |
Nick Birkett and Walter Nejman |
Vanguard Institutional Total Stock Market |
Gerard O’Reilly |
Index Fund |
|
Vanguard International High Dividend Yield |
Aaron Choi |
Index Fund |
|
Vanguard Large-Cap Index Fund |
Michelle Louie and Walter Nejman |
Vanguard Materials Index Fund |
Michelle Louie |
Vanguard Mega Cap Index Fund |
Michelle Louie |
Vanguard Mega Cap Growth Index Fund |
Michelle Louie |
Vanguard Mega Cap Value Index Fund |
Michelle Louie |
Vanguard Mid-Cap Index Fund |
Aurélie Denis |
Vanguard Mid-Cap Growth Index Fund |
Aurélie Denis |
Vanguard Mid-Cap Value Index Fund |
Aurélie Denis |
Vanguard Real Estate Index Fund |
Walter Nejman |
Vanguard Real Estate II Index Fund |
Walter Nejman |
Vanguard Russell 1000 Index Fund |
Nick Birkett and Aurélie Denis |
Vanguard Russell 1000 Growth Index Fund |
Nick Birkett and Aurélie Denis |
Vanguard Russell 1000 Value Index Fund |
Nick Birkett and Aurélie Denis |
Vanguard Russell 2000 Index Fund |
Nick Birkett |
Vanguard Russell 2000 Growth Index Fund |
Nick Birkett |
Vanguard Russell 2000 Value Index Fund |
Nick Birkett |
Vanguard Russell 3000 Index Fund |
Nick Birkett and Walter Nejman |
Vanguard S&P 500 Growth Index Fund |
Michelle Louie |
Vanguard S&P 500 Value Index Fund |
Michelle Louie |
Vanguard S&P Small-Cap 600 Index Fund |
Nick Birkett |
Vanguard S&P Small-Cap 600 Growth Index |
Nick Birkett |
Fund |
|
Vanguard S&P Small-Cap 600 Value Index |
Nick Birkett |
Fund |
|
Vanguard Small-Cap Growth Index Fund |
Nick Birkett |
Impacted Fund |
Removed Portfolio Manager(s) |
Vanguard Small-Cap Value Index Fund |
Nick Birkett |
Vanguard Tax-Managed Capital Appreciation |
Walter Nejman |
Fund |
|
Vanguard Tax-Managed Small-Cap Fund |
Walter Nejman |
Vanguard Total Stock Market Index Fund |
Gerard O’Reilly |
Vanguard U.S. Minimum Volatility ETF |
John Ameriks |
Vanguard U.S. Momentum Factor ETF |
John Ameriks |
Vanguard U.S. Multifactor ETF |
John Ameriks |
Vanguard U.S. Multifactor Fund |
John Ameriks |
Vanguard U.S. Quality Factor ETF |
John Ameriks |
Vanguard U.S. Value Factor ETF |
John Ameriks |
Vanguard Utilities Index Fund |
Walter Nejman |
Vanguard Value Index Fund |
Walter Nejman |
Vanguard Variable Insurance Funds — Real |
Walter Nejman |
Estate Index Portfolio |
|
©2025 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor.
PS PMC 062025
Vanguard Admiral Funds®
Vanguard Fixed Income Securities Funds
Vanguard Index Funds
Vanguard Institutional Index Funds
Vanguard Scottsdale Funds
Vanguard Specialized Funds
Vanguard Tax-Managed Funds®
Vanguard Valley Forge Funds
Vanguard Variable Insurance Funds
Vanguard WellingtonTM Fund
Vanguard Whitehall Funds
Vanguard World Fund
Supplement Dated June 18, 2025, to the Statements of Additional Information
Effective today, one or more portfolio managers no longer serve as co-portfolio manager(s) of each Fund listed in the table below (each, an “impacted Fund,” and collectively, the “impacted Funds”). The impacted Funds’ investment objectives, strategies, and policies remain unchanged.
Vanguard Registrant |
Impacted Fund |
Removed Portfolio Manager(s) |
Vanguard Admiral Funds |
Vanguard S&P 500 Growth Index |
Michelle Louie |
|
Fund |
|
|
Vanguard S&P 500 Value Index Fund |
Michelle Louie |
|
Vanguard S&P Small-Cap 600 Index |
Nick Birkett |
|
Fund |
|
|
Vanguard S&P Small-Cap 600 |
Nick Birkett |
|
Growth Index Fund |
|
|
Vanguard S&P Small-Cap 600 Value |
Nick Birkett |
|
Index Fund |
|
Vanguard Fixed Income Securities Funds |
Vanguard Real Estate II Index Fund |
Walter Nejman |
Vanguard Registrant |
Impacted Fund |
Removed Portfolio Manager(s) |
Vanguard Index Funds |
Vanguard 500 Index Fund |
Aaron Choi |
|
Vanguard Growth Index Fund |
Walter Nejman |
|
Vanguard Large-Cap Index Fund |
Michelle Louie and Walter Nejman |
|
Vanguard Mid-Cap Index Fund |
Aurélie Denis |
|
Vanguard Mid-Cap Growth Index |
Aurélie Denis |
|
Fund |
|
|
Vanguard Mid-Cap Value Index Fund |
Aurélie Denis |
|
Vanguard Small-Cap Growth Index |
Nick Birkett |
|
Fund |
|
|
Vanguard Small-Cap Value Index |
Nick Birkett |
|
Fund |
|
|
Vanguard Total Stock Market Index |
Gerard O’Reilly |
|
Fund |
|
|
Vanguard Value Index Fund |
Walter Nejman |
Vanguard Institutional Index Funds |
Vanguard Institutional Total Stock |
Gerard O’Reilly |
|
Market Index Fund |
|
Vanguard Scottsdale Funds |
Vanguard Russell 1000 Index Fund |
Nick Birkett and Aurélie Denis |
|
Vanguard Russell 1000 Growth Index |
Nick Birkett and Aurélie Denis |
|
Fund |
|
|
Vanguard Russell 1000 Value Index |
Nick Birkett and Aurélie Denis |
|
Fund |
|
|
Vanguard Russell 2000 Index Fund |
Nick Birkett |
|
Vanguard Russell 2000 Growth Index |
Nick Birkett |
|
Fund |
|
|
Vanguard Russell 2000 Value Index |
Nick Birkett |
|
Fund |
|
|
Vanguard Russell 3000 Index Fund |
Nick Birkett and Walter Nejman |
Vanguard Specialized Funds |
Vanguard Dividend Appreciation |
Walter Nejman |
|
Index Fund |
|
|
Vanguard Real Estate Index Fund |
Walter Nejman |
Vanguard Tax-Managed Funds |
Vanguard Tax-Managed Capital |
Walter Nejman |
|
Appreciation Fund |
|
|
Vanguard Tax-Managed Small-Cap |
Walter Nejman |
|
Fund |
|
Vanguard Valley Forge Funds |
Vanguard Balanced Index Fund |
Gerard O’Reilly |
Vanguard Variable Insurance Funds |
Vanguard Variable Insurance Funds |
Walter Nejman |
|
— Real Estate Index Portfolio |
|
Vanguard Wellington Fund |
Vanguard U.S. Minimum Volatility |
John Ameriks |
|
ETF |
|
|
Vanguard U.S. Momentum Factor |
John Ameriks |
|
ETF |
|
|
Vanguard U.S. Multifactor ETF |
John Ameriks |
|
Vanguard U.S. Multifactor Fund |
John Ameriks |
|
Vanguard U.S. Quality Factor ETF |
John Ameriks |
|
Vanguard U.S. Value Factor ETF |
John Ameriks |
Vanguard Registrant |
Impacted Fund |
Removed Portfolio Manager(s) |
Vanguard Whitehall Funds |
Vanguard Global Minimum Volatility |
John Ameriks |
|
Fund |
|
|
Vanguard High Dividend Yield Index |
Nick Birkett |
|
Fund |
|
|
Vanguard International High Dividend |
Aaron Choi |
|
Yield Index Fund |
|
Vanguard World Fund |
Vanguard Communication Services |
Walter Nejman |
|
Index Fund |
|
|
Vanguard Consumer Discretionary |
Nick Birkett |
|
Index Fund |
|
|
Vanguard Consumer Staples Index |
Nick Birkett |
|
Fund |
|
|
Vanguard Energy Index Fund |
Nick Birkett |
|
Vanguard ESG U.S. Stock ETF |
Nick Birkett |
|
Vanguard Financials Index Fund |
Michelle Louie |
|
Vanguard FTSE Social Index Fund |
Nick Birkett |
|
Vanguard Health Care Index Fund |
Michelle Louie and Walter Nejman |
|
Vanguard Industrials Index Fund |
Michelle Louie and Walter Nejman |
|
Vanguard Information Technology |
Nick Birkett and Walter Nejman |
|
Index Fund |
|
|
Vanguard Materials Index Fund |
Michelle Louie |
|
Vanguard Mega Cap Index Fund |
Michelle Louie |
|
Vanguard Mega Cap Growth Index |
Michelle Louie |
|
Fund |
|
|
Vanguard Mega Cap Value Index |
Michelle Louie |
|
Fund |
|
|
Vanguard Utilities Index Fund |
Walter Nejman |
Statement of Additional Information Text Changes
All references to the removed portfolio manager(s) listed in the above table in the impacted Funds’ Statements of Additional Information are hereby deleted in their entirety.
©2025 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor.
SAI PMC 062025