Vanguard Funds File Proxy Statement to Seek Shareholder Election of Trustees

VALLEY FORGE, PA (November 22, 2024)-Vanguard's U.S.-domiciled funds today filed a proxy statement with the U.S. Securities and Exchange Commission (SEC) to seek a shareholder vote for the election of the Funds' Boards of Trustees. The Boards oversee the management of the funds for the benefit of their shareholders.

"Electing a strong slate of trustees for the funds is integral to the performance and management of our funds, and, most importantly, the long-term investment success of our investors," said Mark Loughridge, Independent Chair of the funds' Boards of Trustees. "The proposed trustees bring deep business and investment acumen, diverse professional experiences, and unique individual skillsets to oversee the Vanguard funds and deliver value for our shareholders."

Shareholders of the Vanguard funds will be invited to vote on the election of the funds' Boards of Trustees ahead of and during a virtual shareholder meeting on February 26, 2025 (the Meeting). Proxy materials will be distributed beginning on or about November 27, 2024. Shareholders are encouraged to vote early online and over the phone, though they will also be able to cast their votes through the mail or during the virtual Meeting. The proposal on which the funds' shareholders will vote is summarized further below.

In addition to the proxy statement, Vanguard has also announced the appointment of Rebecca Patterson and Barbara Venneman to its Board of Directors effective February 26, 2025. They are also nominees to serve as trustees for the funds.

Ms. Patterson is a globally recognized investor and macroeconomic researcher who has more than 25 years of experience studying how politics and policy intersect with economic trends to drive financial markets. Most recently, she served as Chief Investment Strategist at Bridgewater Associates LP, where she helped shape the firm's agenda for researching and building systematic strategies across various geographies and asset classes. Previously, Ms. Patterson served as chief investment officer at Bessemer Trust.

Ms. Venneman is the recently retired Global Head of Deloitte Digital and has decades of digital transformation experience helping organizations develop new product and service strategies and deliver personalized customer experiences across all service channels. She was a member of the Deloitte Global Consulting Executive Committee and worked with both large and emerging technology companies to accelerate market innovation and adoption using leading technologies such as Digital, AI/Generative AI, Cloud, and Cybersecurity.

"Rebecca and Barbara's collective experience across investment management, corporate leadership, and digital transformation will bring valuable insights to Vanguard's board and our more than 50 million investors," said Salim Ramji, Chief Executive Officer (CEO) at Vanguard.

Summary of the Proposal

The Board of each U.S.-domiciled Vanguard fund is asking the fund's shareholders to elect a Board of Trustees. The primary responsibility of the Board of each fund is to oversee the management of the fund for the benefit of its shareholders. In exercising their oversight responsibilities, each fund's Board focuses on matters it determines to be important to fund shareholders, which includes the management, performance, and risk management of the fund, as well as the approval of arrangements with material service providers. The nominees for the funds' Boards of Trustees have the appropriate experiences, skills, and attributes to serve the funds and their shareholders.

The 13 nominees for the funds' Boards of Trustees include Vanguard's CEO Salim Ramji, current independent trustees Tara Bunch, Mark Loughridge, Scott C. Malpass, Lubos Pastor, André Perold, Sarah Bloom Raskin, Grant Reid, David Thomas, and Peter Volanakis, and lastly, new independent trustees John Murphy, Rebecca Patterson, and Barbara Venneman.

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About Vanguard

Founded in 1975, Vanguard is one of the world's leading investment management companies. The firm offers investments, advice, and retirement services to tens of millions of individual investors around the globe-directly, through workplace plans, and through financial intermediaries. Vanguard operates under a unique, investor-owned structure where Vanguard fund shareholders own the funds, which in turn own Vanguard. As such, Vanguard adheres to a simple purpose: To take a stand for all investors, to treat them fairly, and to give them the best chance for investment success. For more information, visit vanguard.com

For more information about Vanguard funds, visit vanguard.com to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information are contained in the prospectus; read and consider it carefully before investing.

All investing is subject to risk, including the possible loss of the money you invest.

Vanguard Marketing Corporation, Distributor.