Vanguard Tax-Exempt Bond Index Fund

Supplement to the Prospectus and Summary Prospectus Dated February 27, 2024

As approved by the Fund’s Board of Trustees, Vanguard Tax-Exempt Bond Index Fund (the Fund) has reduced its expense ratio. Effective February 3, 2025, the Annual Fund Operating Expenses table and the hypothetical expenses example for the Fund are hereby deleted and replaced with the following:

Prospectus and Summary Prospectus Text Changes for Vanguard Tax-Exempt Bond Index Fund

Annual Fund Operating Expenses
(Expenses that you pay each year as a percentage of the value of your investment) 

Management Fees	0.06 %
12b-1 Distribution Fee	None
Other Expenses	0.01 %
Total Annual Fund Operating Expenses1	0.07 %

1

The expense information shown in the table has been restated to reflect current fees.

Example

The following example is intended to help you compare the cost of investing in the Fund’s Admiral Shares with the cost of investing in other mutual 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 redeem your investment 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
$7	$23	$40	$90

  © 2025 The Vanguard Group, Inc. All rights reserved.

Vanguard Marketing Corporation, Distributor.PS 1491A 022025

 

 

Vanguard Tax-Exempt Bond ETF

Supplement to the Prospectus and Summary Prospectus Dated February 27, 2024

As approved by the Fund’s Board of Trustees, Vanguard Tax-Exempt Bond ETF (the Fund) has reduced its expense ratio. Effective February 3, 2025, the Annual Fund Operating Expenses table and the hypothetical expenses example for the Fund are hereby deleted and replaced with the following:

Prospectus and Summary Prospectus Text Changes for Vanguard Tax-Exempt Bond ETF

Annual Fund Operating Expenses
(Expenses that you pay each year as a percentage of the value of your investment) 

Management Fees	0.02 %
12b-1 Distribution Fee	None
Other Expenses	0.01 %
Total Annual Fund Operating Expenses1	0.03 %

1

The expense information shown in the table has been restated to reflect current fees.

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
$3	$10	$17	$39

This example does not include the brokerage commissions that you may pay to buy and sell ETF Shares of the Fund.

  © 2025 The Vanguard Group, Inc. All rights reserved.

Vanguard Marketing Corporation, Distributor.PS 4391A 022025

 

 

Vanguard Municipal Money Market Fund

Supplement to the Prospectus and Summary Prospectus Dated February 27, 2024

As approved by the Fund’s Board of Trustees, Vanguard Municipal Money Market Fund (the Fund) has reduced its expense ratio. Effective February 3, 2025, the Annual Fund Operating Expenses table and the hypothetical expenses example for the Fund are hereby deleted and replaced with the following:

Prospectus and Summary Prospectus Text Changes for Vanguard Municipal Money Market Fund

Annual Fund Operating Expenses
(Expenses that you pay each year as a percentage of the value of your investment) 

Management Fees	0.10 %
12b-1 Distribution Fee	None
Other Expenses	0.01 %
Total Annual Fund Operating Expenses1	0.11 %

1

The expense information shown in the table has been restated to reflect current fees.

Example

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual 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 Fund provides 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 redeem your investment 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
$11	$35	$62	$141

  © 2025 The Vanguard Group, Inc. All rights reserved.

Vanguard Marketing Corporation, Distributor.PS 045A 022025