0000932471-16-013599.txt : 20160525 0000932471-16-013599.hdr.sgml : 20160525 20160525085146 ACCESSION NUMBER: 0000932471-16-013599 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20160525 DATE AS OF CHANGE: 20160525 EFFECTIVENESS DATE: 20160525 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD SPECIALIZED FUNDS CENTRAL INDEX KEY: 0000734383 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-88116 FILM NUMBER: 161673513 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106691000 MAIL ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD SPECIALIZED FUNDS/ DATE OF NAME CHANGE: 20011121 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD SPECIALIZED PORTFOLIOS INC DATE OF NAME CHANGE: 19920703 0000734383 S000002921 Vanguard Energy Fund C000008005 Investor Shares VGENX C000008006 Admiral Shares VGELX 497 1 merged497e052016.htm VANGUARD ENERGY FUND AND SPECIALIZED SAI SUPPLEMENTS merged497e052016.htm - Generated by SEC Publisher for SEC Filing

Vanguard Energy Fund

Supplement to the Prospectus and Summary Prospectus Dated May 25, 2016

Important Change to Vanguard Energy Fund

Effective June 2016, Karl E. Bandtel will retire from Wellington Management Company LLP (Wellington Management) and will no longer serve as a portfolio manager for the portion of Vanguard Energy Fund managed by Wellington Management.

Gregory J. LeBlanc, who currently serves as a portfolio manager with Mr. Bandtel, will remain as the sole portfolio manager of the Wellington Management portion of the Fund upon Mr. Bandtel’s retirement. The Fund’s investment objective, strategies, and policies will remain unchanged.

© 2016 The Vanguard Group, Inc. All rights reserved.
Vanguard Marketing Corporation, Distributor.

PS 51A 052016


Vanguard Specialized Funds

Supplement to the Statement of Additional Information Dated May 25, 2016

Important Change to Vanguard Energy Fund

Effective June 2016, Karl E. Bandtel will retire from Wellington Management Company LLP (Wellington Management) and will no longer serve as a portfolio manager for the portion of Vanguard Energy Fund managed by Wellington Management.

Gregory J. LeBlanc, who currently serves as a portfolio manager with Mr. Bandtel, will remain as the sole portfolio manager of the Wellington Management portion of the Fund upon Mr. Bandtel’s retirement. The Fund’s investment objective, strategies, and policies will remain unchanged.

© 2016 The Vanguard Group, Inc. All rights reserved.
Vanguard Marketing Corporation, Distributor.

SAI 51E 052016

 GRAPHIC 3 ps51a_052016x1x1.jpg begin 644 ps51a_052016x1x1.jpg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end GRAPHIC 4 sai51e052016x1x1.jpg begin 644 sai51e052016x1x1.jpg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