VALLEY FORGE, PA (July 21, 2023)—Vanguard today filed registration statements with the Securities and Exchange Commission for five equity index funds. As previously announced, the purpose of the filings is to facilitate the movement of five existing equity index funds from one Delaware Statutory Trust to different, existing trusts. The movement among trusts will be executed by merging the existing funds with the five newly registered equity index funds. This will enable the realization of administrative efficiencies by spreading filing and reporting requirements of the funds across different legal entities.

The five funds moving among trusts include Vanguard Total Stock Market Index Fund, Vanguard 500 Index Fund, Vanguard Extended Market Index Fund, Vanguard Small-Cap Index Fund, and Vanguard Mid-Cap Index Fund. Vanguard expects that the moves among trusts will have limited impact on shareholders. They will not affect each fund’s name, investment objective, index, investment strategy, risks, policies, share classes, ticker symbols, portfolio management team, performance history, or expense ratios. The moves will have no effect on the value of a shareholder’s investment, and no money movement will occur.

Vanguard’s U.S.-domiciled funds are organized into more than 30 legally distinct Delaware Statutory Trusts (also known as registrants). Vanguard occasionally adds, removes, or makes updates to its trusts to gain administrative efficiencies and streamline fund reporting. 

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About Vanguard

Founded in 1975, Vanguard is one of the world's leading investment management companies. The firm offers investments, advice, and retirement services to individual investors, institutions, and financial professionals. Vanguard operates under a unique, investor-owned structure where Vanguard fund shareholders own the funds, which in turn own Vanguard. As such, Vanguard adheres to a simple purpose: To take a stand for all investors, to treat them fairly, and to give them the best chance for investment success. For more information, visit vanguard.com.

For more information about Vanguard funds, visit vanguard.com to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information are contained in the prospectus; read and consider it carefully before investing.

Vanguard ETF Shares are not redeemable with the issuing Fund other than in very large aggregations worth millions of dollars. Instead, investors must buy and sell Vanguard ETF Shares in the secondary market and hold those shares in a brokerage account. In doing so, the investor may incur brokerage commissions and may pay more than net asset value when buying and receive less than net asset value when selling.

All investing is subject to risk, including the possible loss of the money you invest.

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