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 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 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