Vanguard Funds
Supplement Dated June 30, 2026, 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 Institutional Intermediate-Term Bond Fund
Brian Quigley
Daniel Shaykevich
David Van Ommeren
Vanguard Institutional Short-Term Bond Fund
Daniel Shaykevich
David Van Ommeren
Vanguard Intermediate-Term Investment-Grade Fund
Daniel Shaykevich
Vanguard Long-Term Investment-Grade Fund
Daniel Shaykevich
Vanguard Short-Term Investment-Grade Fund
Daniel Shaykevich
VVIF — Short-Term Investment-Grade Portfolio
Daniel Shaykevich
 
In addition, with respect to Vanguard Institutional Intermediate-Term Bond Fund, the following replaces similar language under the heading “Investment Advisor” in the More on the Funds section:
Peter Lee, CFA, Portfolio Manager at VCM. He has worked in investment management since 2006, has been with Vanguard since 2012, and has co-managed the Fund since April 2026. Education: B.S., Villanova University; M.B.A., University of Virginia Darden School of Business.
 
CFA® is a registered trademark owned by CFA Institute.
 
© 2026 The Vanguard Group, Inc. All rights reserved.
Vanguard Marketing Corporation, Distributor.
PS PMJ 062026

Vanguard Fixed Income Securities Funds

Vanguard Malvern Funds

Vanguard Variable Insurance Funds

Supplement Dated June 30, 2026, 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 Fixed Income Securities Funds

Vanguard Intermediate-Term

Daniel Shaykevich

 

Investment-Grade Fund

 

 

Vanguard Long-Term Investment-Grade

Daniel Shaykevich

 

Fund

 

 

Vanguard Short-Term Investment-Grade

Daniel Shaykevich

 

Fund

 

Vanguard Malvern Funds

Vanguard Institutional Intermediate-Term

Brian Quigley

 

Bond Fund

Daniel Shaykevich

 

 

David Van Ommeren

 

Vanguard Institutional Short-Term Bond Fund

Daniel Shaykevich

 

 

David Van Ommeren

Vanguard Variable Insurance Funds

Vanguard Variable Insurance Funds –

Daniel Shaykevich

 

Short-Term Investment-Grade Portfolio

 

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.

© 2026 The Vanguard Group, Inc. All rights reserved.

SAI PMJ 062026

Vanguard Marketing Corporation, Distributor.