DEFINITIVE ADDITIONAL MATERIALS

Schedule 14A Information

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934

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Vanguard Admiral Funds

Vanguard Bond Index Funds

Vanguard California Tax-Free Funds

Vanguard Charlotte Funds

Vanguard Chester Funds

Vanguard CMT Funds

Vanguard Explorer Fund

Vanguard Fenway Funds

Vanguard Fixed Income Securities Funds

Vanguard Horizon Funds

Vanguard Index Funds

Vanguard Institutional Index Funds

Vanguard International Equity Index Funds

Vanguard Malvern Funds

Vanguard Massachusetts Tax-Exempt Funds

Vanguard Money Market Reserves

Vanguard Montgomery Funds

Vanguard Municipal Bond Funds

Vanguard New Jersey Tax-Free Funds

Vanguard New York Tax-Free Funds

Vanguard Ohio Tax-Free Funds

Vanguard Pennsylvania Tax-Free Funds

Vanguard Quantitative Funds

Vanguard Scottsdale Funds

Vanguard Specialized Funds

Vanguard STAR Funds

Vanguard Tax-Managed Funds

Vanguard Trustees’ Equity Fund

Vanguard Valley Forge Funds

Vanguard Variable Insurance Funds

Vanguard Wellesley Income Fund

Vanguard Wellington Fund

Vanguard Whitehall Funds

Vanguard Windsor Funds

Vanguard World Fund

(Name of Registrant as Specified in its Declaration of Trust)

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FAS final reminder email

Subject: Action needed: Every vote matters

#FirstName#,

The February 26 proxy voting deadline approaches for all U.S.-domiciled funds. Shareholders of each U.S.-domiciled Vanguard fund as of the record date of November 26, 2024, are being asked to elect trustees for the Vanguard funds.

By encouraging your clients to vote now, you can help us avoid the extra time and costs of extending the proxy solicitation process.

If not enough votes are cast by the conclusion of the virtual Joint Special Meeting of Shareholders on February 26 (the “Meeting”), we may need to continue soliciting shareholder votes until we reach the required level of participation. The costs for this extension would be borne by the funds and thus the funds’ shareholders.

Voting concludes at the Meeting.

If you have additional questions, please don’t hesitate to contact us. #VGI_Name#

#VGI_Title#

Phone: #VGI_Phone#, Ext. #VGI_EXT#

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For more information about Vanguard funds, visit advisors.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.

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

FOR FINANCIAL ADVISOR USE ONLY. NOT FOR PUBLIC DISTRIBUTION.