Supplement Dated January 16, 2020, to
the Statement of Additional Information Dated May 30, 2019
Important Change to Vanguard Energy
Fund
Effective immediately, G. Thomas
Levering replaces Gregory J. LeBlanc as the portfolio manager for the Wellington Management Company LLP (Wellington Management) portion of Vanguard Energy Fund. The Fund’s investment objective, strategies, and
policies remain unchanged.
Statement of Additional Information
Text Changes
In the Investment Advisory and Other Services section, the following replaces Gregory J. LeBlanc in the “Other Accounts Managed” sub-section on page B-44 for Wellington
Management:
1. Other Accounts Managed
G. Thomas Levering manages a
portion of Vanguard Energy Fund; as of October 31, 2019, the Fund held assets of $6.7 billion. As of October 31, 2019, Mr. Levering also managed 15 other registered investment companies with total assets of $906
million (advisory fees not based on account performance), 43 other pooled investment vehicles with total assets of $2.3 billion (advisory fees based on account performance for 15 of these accounts with total assets of
$1.3 billion), and 61 other accounts with total assets of $1.8 billion (advisory fees based on account performance for 14 of these accounts with total assets of $401 million).
Within the same section, the
following replaces the “Material Conflicts of Interest” sub-section beginning on page B-44:
2. Material Conflicts of
Interest
Individual investment
professionals at Wellington Management manage multiple accounts for multiple clients. These accounts may include mutual funds, separate accounts (assets managed on behalf of institutions, such as pension funds,
insurance companies, foundations, or separately managed account programs sponsored by financial intermediaries), bank common trust accounts, and hedge funds. Each Wellington Management Portfolio’s or
Fund’s manager (or managers) listed in the relevant prospectus who is primarily responsible for the day-to-day management of the Wellington Management Portfolio or Fund (Portfolio Manager) generally manages
accounts in several different investment styles. These accounts may have investment objectives, strategies, time horizons, tax considerations, and risk profiles that differ from those of the Fund. A Portfolio Manager
makes investment decisions for each account, including the relevant Wellington Management Portfolio or Fund, based on the investment objectives, policies, practices, benchmarks, cash flows, tax, and other relevant
investment considerations applicable to that account. Consequently, a Portfolio Manager may purchase or sell securities, including IPOs, for one account and not another account, and the performance of securities
purchased for one account may vary from the performance of securities purchased for other accounts. Alternatively, these accounts may be managed in a similar fashion to the relevant Wellington Management Portfolio or
Fund and thus the accounts may have similar, and in some cases nearly identical, objectives, strategies, and/or holdings to those of the relevant Wellington Management Portfolio or Fund.
A Portfolio Manager or other
investment professionals at Wellington Management may place transactions on behalf of other accounts that are directly or indirectly contrary to investment decisions made on behalf of the relevant Wellington
Management Portfolio or Fund, or make investment decisions that are similar to those made for the relevant Wellington Management Portfolio or Fund, both of which have the potential to adversely impact the relevant
Wellington Management Portfolio or Fund depending on market conditions. For example, an investment professional may purchase a security in one account while appropriately selling that same security in another account.
Similarly, a Portfolio Manager may purchase the same security for the relevant Wellington Management Portfolio or Fund and one or more other accounts at or about the same time. In those instances the other accounts
will have access to their respective