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 High Dividend Yield ETF
Summary Prospectus
February 28, 2025
Exchange-traded fund shares that are not individually redeemable and are
listed on NYSE Arca
Vanguard High Dividend Yield Index Fund ETF Shares (VYM)
The Fund’s statutory Prospectus and Statement of Additional
Information dated February 28, 2025, as may be amended or
supplemented, are incorporated into and made part of this Summary
Prospectus by reference.
Before you invest, you may want to review the Fund’s Prospectus,
which contains more information about the Fund and its risks. You can
find the Fund’s Prospectus and other information about the Fund
online at www.vanguard.com/prospectus and
https://personal.vanguard.com/us/literature/reports/ETFs. You can also
obtain this information at no cost by calling 866-499-8473 or by
sending an email request to online@vanguard.com.
The Securities and Exchange Commission (SEC) has not approved or disapproved these
securities or passed upon the adequacy of this prospectus. Any representation to the contrary
is a criminal offense.
Investment Objective
The Fund seeks to track the performance of a benchmark index that measures
the investment return of common stocks of companies that are characterized by
high dividend yield.
Fees and Expenses
The following tables describe the fees and expenses you may pay if you buy,
hold, and sell ETF Shares of the Fund. You may pay other fees, such as
brokerage commissions and other fees to financial intermediaries, which
are not reflected in the tables and example below.
Shareholder Fees
(Fees paid directly from your investment)
Transaction Fee on Purchases and Sales None*
Transaction Fee on Reinvested Dividends None*
Transaction Fee on Conversion to ETF Shares None*
* None through Vanguard (Broker fees vary)
Annual Fund Operating Expenses
(Expenses that you pay each year as a percentage of the value of your investment)
Management Fees 0.05%
12b-1 Distribution Fee None
Other Expenses 0.01%
Total Annual Fund Operating Expenses 0.06%
1
Example
The following example is intended to help you compare the cost of investing in
the Fund’s ETF Shares with the cost of investing in other funds. It illustrates the
hypothetical expenses that you would incur over various periods if you were to
invest $10,000 in the Fund’s shares. This example assumes that the shares
provide a return of 5% each year and that total annual fund operating expenses
remain as stated in the preceding table. You would incur these hypothetical
expenses whether or not you were to sell your shares at the end of the given
period. Although your actual costs may be higher or lower, based on these
assumptions your costs would be:
1 Year 3 Years 5 Years 10 Years
$6 $19 $34 $77
This example does not include the brokerage commissions that you may pay to
buy and sell ETF Shares of the Fund.
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells
securities (or “turns over” its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in more taxes when Fund shares
are held in a taxable account. These costs, which are not reflected in annual fund
operating expenses or in the previous expense example, reduce the Fund’s
performance. During the most recent fiscal year, the Fund’s portfolio turnover
rate was 13% of the average value of its portfolio.
Principal Investment Strategies
The Fund employs an indexing investment approach designed to track the
performance of the FTSE High Dividend Yield Index (the Index), which consists
of common stocks of companies that pay dividends that generally are higher than
average (excluding real estate investment trusts (REITs)). The Fund attempts to
replicate the target index by investing all, or substantially all, of its assets in the
stocks that make up the Index, holding each stock in approximately the same
proportion as its weighting in the Index.
2
Principal Risks
An investment in the Fund could lose money over short or long periods of time.
You should expect the Fund’s share price and total return to fluctuate within a
wide range. The Fund is subject to the following risks, which could affect the
Fund’s performance:
• Stock market risk, which is the chance that stock prices overall will decline.
Stock markets tend to move in cycles, with periods of rising prices and periods of
falling prices. The Fund’s target index tracks a subset of the U.S. stock market,
which could cause the Fund to perform differently from the overall stock market.
In addition, the Fund’s target index may, at times, become focused in stocks of a
particular market sector, which would subject the Fund to proportionately higher
exposure to the risks of that sector.
• Investment style risk, which is the chance that returns from
high-dividend-paying stocks will trail returns from the overall stock market.
Specific types of stocks tend to go through cycles of doing better—or
worse—than the stock market in general. These periods have, in the past, lasted
for as long as several years.
• Index-related risks. The Fund is subject to risks associated with index
investing, which include passive management risk, tracking error risk, and index
provider risk. Passive management risk is the chance that the Fund’s use of an
indexing strategy will negatively impact the Fund’s performance. Because the
Fund seeks to track the performance of its target index regardless of how that
index is performing, the Fund’s performance may be lower than it would be if the
Fund were actively managed. Tracking error risk is the chance that the Fund’s
performance will deviate from the performance of its target index. Tracking error
risk may be heightened during times of increased market volatility or under other
unusual market conditions. Index provider risk is the chance that the Fund will be
negatively impacted by changes or errors made by the index provider. Any gains,
losses, or costs associated with or resulting from an error made by the index
provider will generally be borne by the Fund and, as a result, the
Fund’s shareholders.
• Index replicating risk, which is the chance that the Fund may be prevented
from holding one or more securities in the same proportion as in its target index.
Because ETF Shares are traded on an exchange, they are subject to
additional risks:
• The Fund’s ETF Shares are listed for trading on NYSE Arca and are bought
and sold on the secondary market at market prices. Although it is expected that
the market price of an ETF Share typically will approximate its net asset value
(NAV), there may be times when the market price and the NAV differ significantly.
Thus, you may pay more or less than NAV when you buy ETF Shares on the
3
secondary market, and you may receive more or less than NAV when you sell
those shares.
• Although the Fund’s ETF Shares are listed for trading on NYSE Arca, it is
possible that an active trading market may not be maintained.
• Trading of the Fund’s ETF Shares may be halted by the activation of individual
or marketwide trading halts (which halt trading for a specific period of time when
the price of a particular security or overall market prices decline by a specified
percentage). Trading of the Fund’s ETF Shares may also be halted if (1) the
shares are delisted from NYSE Arca without first being listed on another
exchange or (2) NYSE Arca officials determine that such action is appropriate in
the interest of a fair and orderly market or for the protection of investors.
An investment in the Fund is not a deposit of a bank and is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other
government agency.
Annual Total Returns
The following bar chart and table are intended to help you understand the risks of
investing in the Fund. The bar chart shows how the performance of the Fund’s
ETF Shares (based on NAV) has varied from one calendar year to another over
the periods shown. The table shows how the average annual total returns of the
ETF Shares compare with those of the Fund’s target index and another
comparative index, which have investment characteristics similar to those of the
Fund. Keep in mind that the Fund’s past performance (before and after taxes)
does not indicate how the Fund will perform in the future. Updated performance
information is available on our website at vanguard.com/performance.
4
Annual Total Returns — Vanguard High Dividend Yield Index Fund ETF Shares
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
40%
30% 24.20 26.14
16.87 16.42 17.60
20%
10% 6.53
0.33 1.14
0%
–0.42
-10% –5.87
-20%
During the periods shown in the bar chart, the highest and lowest returns for a
calendar quarter were:
Total Return Quarter
Highest 15.14% December 31, 2022
Lowest -23.96% March 31, 2020
Average Annual Total Returns for Periods Ended December 31, 2024
1 Year 5 Years 10 Years
Vanguard High Dividend Yield Index Fund ETF Shares
Based on NAV
Return Before Taxes 17.60% 9.74% 9.77%
Return After Taxes on Distributions 16.81 8.93 8.96
Return After Taxes on Distributions and Sale of Fund Shares 10.94 7.56 7.80
Based on Market Price
Return Before Taxes 17.56 9.75 9.77
FTSE High Dividend Yield Index
(reflects no deduction for fees, expenses, or taxes) 17.65% 9.79% 9.83%
Dow Jones U.S. Total Stock Market Float Adjusted Index
(reflects no deduction for fees, expenses, or taxes) 23.88 13.78 12.48
Actual after-tax returns depend on your tax situation and may differ from those
shown in the preceding table. When after-tax returns are calculated, it is
assumed that the shareholder was in the highest individual federal marginal
income tax bracket at the time of each distribution of income or capital gains or
upon redemption. State and local income taxes are not reflected in the
calculations. Please note that after-tax returns are not relevant for a shareholder
who holds fund shares in a tax-deferred account, such as an individual
retirement account or a 401(k) plan. Also, figures captioned Return After Taxes
on Distributions and Sale of Fund Shares may be higher than other figures for
the same period if a capital loss occurs upon redemption and results in an
assumed tax deduction for the shareholder.
5
Investment Advisor
The Vanguard Group, Inc. (Vanguard)
Portfolio Managers
Nick Birkett, CFA, Portfolio Manager at Vanguard. He has co-managed the Fund
since 2023.
Chris Nieves, CFA, Portfolio Manager at Vanguard. He has co-managed the
Fund since February 2025.
Gerard C. O’Reilly, Portfolio Manager and Principal of Vanguard. He has
co-managed the Fund since 2016.
Jena Stenger, Portfolio Manager at Vanguard. She has co-managed the Fund
since February 2025.
Purchase and Sale of Fund Shares
ETF Shares may only be bought and sold in the secondary market through a
brokerage firm. The price you pay or receive for ETF Shares will be the
prevailing market price, which may be more (premium) or less (discount) than the
NAV of the shares. The brokerage firm may charge you a commission to execute
the transaction. Unless imposed by your brokerage firm, there is no minimum
dollar amount you must invest and no minimum number of shares you must buy.
ETF Shares of the Fund cannot be directly purchased from or redeemed with the
Fund, except by certain authorized broker-dealers. These broker-dealers may
purchase and redeem ETF Shares only in large blocks (Creation Units), typically
in exchange for baskets of securities.
An investor may incur costs attributable to the difference between the highest
price a buyer is willing to pay to purchase ETF Shares (bid) and the lowest price
a seller is willing to accept for ETF Shares (ask) when buying or selling shares in
the secondary market (bid-ask spread). Recent information, including information
on the Fund’s NAV, market price, premiums and discounts, and bid-ask spreads,
is available online at vanguard.com.
Tax Information
The Fund’s distributions may be taxable as ordinary income or capital gains. If
you are investing through a tax-advantaged account, such as an IRA or an
employer-sponsored retirement or savings plan, special tax rules apply. You
should consult your own tax advisor with respect to any particular U.S. or
non-U.S. tax consequences of your investment in the Fund.
Payments to Financial Intermediaries
The Fund and its investment advisor do not pay financial intermediaries for sales
of Fund shares.
CFA® is a registered trademark owned by CFA Institute.
London Stock Exchange Group companies include FTSE International Limited (“FTSE”), Frank
Russell Company (“Russell”), MTS Next Limited (“MTS”), and FTSE TMX Global Debt Capital
Markets Inc. (“FTSE TMX”). All rights reserved. “FTSE®”, “Russell®”, “MTS®“, “FTSE TMX®” and
“FTSE Russell” and other service marks and trademarks related to the FTSE or Russell indexes
are trademarks of the London Stock Exchange Group companies and are used by FTSE, MTS,
FTSE TMX and Russell under license. All information is provided for information purposes only.
Every effort is made to ensure that all information given in this publication is accurate, but no
responsibility or liability can be accepted by the London Stock Exchange Group companies nor
its licensors for any errors or for any loss from use of this publication. Neither the London Stock
Exchange Group companies nor any of their licensors make any claim, prediction, warranty or
representation whatsoever, expressly or impliedly, either as to the results to be obtained from
the use of the Indices or the fitness or suitability of the Indices for any particular purpose to
which they might be put. The London Stock Exchange Group companies do not provide
investment advice and nothing in this document should be taken as constituting financial or
investment advice. The London Stock Exchange Group companies make no representation
regarding the advisability of investing in any asset. A decision to invest in any such asset should
not be made in reliance on any information herein. Indexes cannot be invested in directly.
Inclusion of an asset in an index is not a recommendation to buy, sell or hold that asset. The
general information contained in this publication should not be acted upon without obtaining
specific legal, tax, and investment advice from a licensed professional. No part of this
information may be reproduced, stored in a retrieval system or transmitted in any form or by any
means, electronic, mechanical, photocopying, recording or otherwise, without prior written
permission of the London Stock Exchange Group companies. Distribution of the London Stock
Exchange Group companies’ index values and the use of their indexes to create financial
products require a license with FTSE, FTSE TMX, MTS and/or Russell and/or its licensors.
Vanguard High Dividend Yield Index Fund ETF Shares—Fund Number 923
To request additional information about the Fund, please visit vanguard.com or contact us at 866-499-8473.
© 2025 The Vanguard Group, Inc. All rights reserved.
Vanguard Marketing Corporation, Distributor.
SP 923 022025
