Vanguard Funds
Supplement Dated September 30, 2025, to the Statement of Additional Information
Leadership Announcements
Effective August 31, 2025, Tonya T. Robinson resigned from her roles with each of Vanguard and the Vanguard Funds. Effective September 30, 2025, Natalie Lamarque became Chief Legal Officer and Managing Director of Vanguard. Also effective September 30, 2025, Ms. Lamarque was elected Secretary of each of the Vanguard funds.
Statement of Additional Information Text Changes
All references to Tonya T. Robinson are hereby deleted in their entirety.
In the Management of the Fund(s) section under Officers and Trustees, the following biographical information is added:
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Principal Occupation(s) |
Number of |
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Position(s) |
Vanguard |
During the Past Five Years, |
Vanguard Funds |
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Held With |
Funds’ Trustee/ |
Outside Directorships, |
Overseen by |
Name, Year of Birth |
Funds |
Officer Since |
and Other Experience |
Trustee/Officer |
Natalie Lamarque |
Secretary |
September 2025 |
Chief Legal Officer of Vanguard (September |
224 |
(1976) |
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2025-present). Secretary (September 2025-present) of |
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Vanguard and each of the investment companies served |
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by Vanguard. Managing director (September |
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2025-present) of Vanguard. General Counsel and |
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Secretary (2022-2025) at Principal Financial Group. |
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General Counsel (2020-2022) and Deputy General |
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Counsel (2019-2020) at New York Life Insurance |
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Company. Member of the board of visitors for Duke |
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University School of Law. Member of the board of |
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trustees for City Year New York. Member of the advisory |
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board for New York University School of Law, Program |
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on Corporate Compliance and Enforcement. |
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© 2025 The Vanguard Group, Inc. All rights reserved. |
SAI ALL3 092025 |
Vanguard Marketing Corporation, Distributor. |