497 1 f6516d1.htm CAPITAL VALUE MERGER SUPPLEMENT
Vanguard Malvern Funds
Supplement Dated July 27, 2020, to the Statement of Additional Information Dated January 31, 2020
Reorganization of Vanguard Capital Value Fund into Vanguard Windsor™ Fund
Effective as of the close of business on July 24, 2020, the reorganization of Vanguard Capital Value Fund, a series of Vanguard Malvern Funds, with and into Vanguard Windsor Fund, a series of Vanguard Windsor Funds, is complete. Any references to Vanguard Capital Value Fund in this Statement of Additional Information are hereby deleted.