Vanguard Funds

Vanguard Funds

Supplement Dated December 28, 2023, to the Statement of Additional Information

The boards of trustees of the Vanguard funds (the "Boards") have elected Lubos Pastor as trustee of the Boards effective January 1, 2024. Statement of Additional Information Text Changes In the Management of the Fund(s) section under Officers and Trustees, Mr. Pastor is added to the table as follows:

Name, Year of Birth

Position(s) Held With Funds

Independent Trustees Lubos Pastor (1974) Trustee

Vanguard Funds' Trustee/ Officer Since

Principal Occupation(s) During the Past Five Years, Outside Directorships, and Other Experience

Number of Vanguard Funds Overseen by

Trustee/Officer

January 2024

Charles P. McQuaid Distinguished Service

208

Professor of Finance (2023-present) at the

University of Chicago Booth School of

Business; Charles P. McQuaid Professor

of Finance at the University of Chicago

Booth School of Business (2009-2023).

Vice President at European Finance

Association. Member of the board of the

Fama-Miller Center for Research in

Finance. Research Associate at the

National Bureau of Economic Research,

and Research Fellow at the Centre for

Economic Policy and Research. Member

of Center for Research in Security Prices

(CRSP) Index Advisory Council and

Advisory Board.

? 2023 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor.

SAI ALL3 122023

Vanguard Funds

Supplement Dated December 20, 2023, to the Statement of Additional Information Important Changes to Vanguard Funds' Board of Trustees

The board of trustees of the Vanguard funds (the "boards") have elected Lubos Pastor as a trustee of the board, effective January 1, 2024.

? 2023 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor.

SAI ALL2 122023

Vanguard Institutional Index Funds

Supplement Dated August 4, 2023, to the Statement of Additional Information Dated April 28, 2023

Important Changes to Vanguard Institutional Index Fund

Effective immediately, Nicholas Birkett has been added as a co-portfolio manager of Vanguard Institutional Index Fund (the Fund).

Donald M. Butler will retire from Vanguard at year end and effective December 21, 2023, he will be removed as a co-portfolio manager of the Fund.

The Fund's investment objective, strategies, and policies remain unchanged.

Statement of Additional Information Text Changes

In the Investment Advisory and Other Services section, the following text and table is added under the subheading "1. Other Accounts Managed" beginning on page B-36:

Portfolio Manager

No. of accounts

Total assets

No. of accounts with performance-based

fees

Total assets in accounts with performance-based

fees

Nicholas Birkett1

Registered investment companies2 Other pooled investment vehicles Other accounts

22

$1.52T

4

$ 10B

0

$0

0

$0

0

$0

0

$0

1 Mr. Birkett began co-managing Vanguard Institutional Index Fund on August 4, 2023. Information in the table is provided as of June 30, 2023. 2 Includes Vanguard Institutional Index Fund, which held assets of $254 billion as of June 30, 2023.

Within the same section, the following text is added under the subheading "4. Ownership of Securities" on page B-38:

As of June 30, 2023, Mr. Birkett did not own any shares of Vanguard Institutional Index Fund.

? 2023 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor.

SAI 094A 082023

Vanguard Funds

Supplement Dated July 20, 2023, to the Statement of Additional Information

The boards of trustees of the Vanguard funds (the "Boards") have elected Grant Reid as a trustee of the Boards, effective July 20, 2023. Statement of Additional Information Text Changes In the Management of the Fund(s) section under "Officers and Trustees," Mr. Reid is added to the table as follows:

Name, Year of Birth Independent Trustees Grant Reid (1959)

Position(s) Held With Funds

Trustee

Vanguard Funds' Trustee/ Officer Since

Principal Occupation(s) During the Past Five Years, Outside Directorships, and Other Experience

Number of Vanguard Funds

Overseen by Trustee/Officer

July 2023

Chief executive officer and president (2014?2022) and

205

member of the board of directors (2015?2022) of Mars,

Incorporated (multinational manufacturer). Member of

the board of directors of Marriott International, Inc.

Chair of Agribusiness Task Force, Sustainable Markets

Initiative.

? 2023 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor.

SAI ALL 072023

PART B

?

VANGUARD INSTITUTIONAL INDEX FUNDS

STATEMENT OF ADDITIONAL INFORMATION

April 28, 2023

This Statement of Additional Information is not a prospectus but should be read in conjunction with a Fund's current prospectus (dated April 28, 2023). To obtain, without charge, a prospectus or the most recent Annual Report to Shareholders, which contains the Fund's financial statements as hereby incorporated by reference, please contact The Vanguard Group, Inc. (Vanguard).

Phone: Institutional Investor Information Department at 888-809-8102 Online:

TABLE OF CONTENTS

Description of the Trust ................................................................................................................................................................................. B-1 Fundamental Policies .................................................................................................................................................................................... B-4 Investment Strategies, Risks, and Nonfundamental Policies.................................................................................................................... B-5 Share Price ..................................................................................................................................................................................................... B-21 Purchase and Redemption of Shares .......................................................................................................................................................... B-21 Management of the Funds ........................................................................................................................................................................... B-23 Investment Advisory and Other Services.................................................................................................................................................... B-36 Portfolio Transactions .................................................................................................................................................................................... B-39 Proxy Voting................................................................................................................................................................................................... B-40 Financial Statements .................................................................................................................................................................................... B-41 Appendix A..................................................................................................................................................................................................... B-41

DESCRIPTION OF THE TRUST

Vanguard Institutional Index Funds (the Trust) currently offers the following funds and share classes (identified by ticker symbol):

Vanguard Fund2 Vanguard Institutional Index Fund Vanguard Institutional Total Stock Market Index Fund

1 Individually, a class; collectively, the classes. 2 Individually, a Fund; collectively, the Funds.

Share Classes1 Institutional

Institutional

Plus

VINIX

VIIIX

VITNX

VITPX

B-1

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