497 1 f42371d1.htm SAI ALL 072025 SAI ALL 072025
 
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).
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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.
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© 2025 The Vanguard Group, Inc. All rights reserved.
Vanguard Marketing Corporation, Distributor.
SAI ALL 072025