Vanguard Funds
Supplement Dated July 2, 2025, to the Statement of Additional Information
Leadership Announcements
The boards of trustees of the Vanguard funds (the “Boards” of the “Funds”) have elected
John Bendl as Finance Director of each of the Funds, effective July 1, 2025. Michael Rollings has resigned
from his roles with each of the Funds, effective June 30, 2025.
Also effective July 1, 2025, the Boards have elected Matt Piro as Manager Oversight
Officer of each of the Funds.
Statement of Additional Information Text Changes
All references to Michael Rollings are hereby deleted in their entirety.
In the Management of the Fund(s) section under Officers and Trustees, the following biographical information is added:
|
Name, Year of Birth
|
Position(s)
Held With
Funds
|
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
|
|
John Bendl
(1970)
|
Finance Director
|
July 2025
|
Finance director (July 2025–present) of each of the
investment companies served by Vanguard. Managing
director (July 2025–present) of Vanguard. Chief financial
officer (July 2025–present) of Vanguard. Senior Vice
President and Director (July 2025–present) of Vanguard
Marketing Corporation. Head of Financial Planning and
Analysis and Enterprise Strategic Services (2024–2025)
of Vanguard. Divisional chief financial officer of
Vanguard’s International division (2021–2024). Chief
financial officer (2019–2021) of each of the investment
companies served by Vanguard. Chief accounting officer,
treasurer, and controller (2017–2019) of Vanguard.
Partner (2003–2016) at KPMG (audit, tax, and advisory
services).
|
222
|
|
Matt Piro
(1980)
|
Manager
Oversight Officer
|
July 2025
|
Principal of Vanguard. Manager oversight officer (July
2025–present) of each of the investment companies
served by Vanguard. Global head of Oversight &
Manager Search (2022–present) of Vanguard. Global
head of ESG product (2017–2021) of Vanguard. Head of
product – Europe (2017–2021) of Vanguard. Senior
investment director of Oversight & Manager Search
(2012–2017) of Vanguard.
|
222
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Vanguard Marketing Corporation, Distributor.
SAI ALL 072025