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Vanguard Capital Value Fund reorganization is complete

edited July 27 in The Bullpen


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.
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