497 1 f37270d1.htm SAI ALL3 122023 SAI ALL3 122023
 
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
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
Independent Trustees
Lubos Pastor (1974)
Trustee
January 2024
Charles P. McQuaid Distinguished Service
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.
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Vanguard Marketing Corporation, Distributor.
SAI ALL3 122023