Vanguard Strategic Equity Fund

Vanguard Strategic Small-Cap Equity Fund

Vanguard Growth and Income Fund

Vanguard Equity Income Fund

Vanguard Energy Fund

Vanguard Variable Insurance Fund Equity Income

Portfolio

Vanguard Variable Insurance Fund Small Company

Growth Portfolio

Supplement to the Prospectus and Summary Prospectus

Prospectus and Summary Prospectus Text Changes

All references to Michael R. Roach are removed from the prospectus and summary prospectus. James P. Stetler and Binbin Guo, who served as co-managers with Mr. Roach, remain as joint portfolio managers of the Vanguard portion of the Fund.

© 2017 The Vanguard Group, Inc. All rights reserved.
Vanguard Marketing Corporation, Distributor.

PS 114 052017

Vanguard Fenway Funds

Supplement to the Statement of Additional Information Dated January 26, 2017

Important Change to Vanguard Equity Income Fund

In the Investment Advisory Services section, all references to Michael R. Roach are removed. James P. Stetler and Binbin Guo, who served as co-managers with Mr. Roach, remain as joint portfolio managers of the Vanguard portion of the Fund.

© 2017 The Vanguard Group, Inc. All rights reserved.
Vanguard Marketing Corporation, Distributor.

SAI 65A 052017