Vanguard Funds
Supplement Dated February 11, 2026, to the Statement of Additional Information
Leadership Announcements
As approved by the boards of trustees of the Vanguard funds (the “Boards”), effective
January 12, 2026, John Galloway resigned as, and Glenn Booraem and Carolyn Cross each were appointed as, Investment
Stewardship Officer of the Vanguard funds.
In addition, the Boards have appointed David Hunt and Kenneth Jacobs as trustees of
the Boards effective February 24, 2026.
Statement of Additional Information Text Changes
All references to John Galloway 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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Name, Year of Birth
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Position(s)
Held With
Funds
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Vanguard
Funds’ Trustee/
Officer Since
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Principal Occupation(s)
During the Past Five Years,
Outside Directorships,
and Other Experience
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Number of
Vanguard Funds
Overseen by
Trustee/Officer
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Interested Trustee
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David Hunt2
(1961)
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Trustee
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February 2026
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Chairman (January–July 2025) and president and chief
executive officer (2011–2025) of PGIM, Inc. (investment
firm). Managing director (2008–present) of Pointe Mecox
Capital, LLC (investment firm). Member of the board of
Sportime Holdings (recreation management company).
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228
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Kenneth Jacobs3
(1958)
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Trustee
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February 2026
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Senior chairman of the board (2025–present), executive
chairman (2023–2024), and chairman and chief
executive officer (2009–2023) of Lazard, Inc. (financial
advisory and asset management firm). Vice chair of the
board of the University of Chicago, vice chair of the
board of The Brookings Institution (nonpartisan public
policy research), and member of the board of the
Partnership for New York City (organization of New York
City businesses).
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228
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2 Mr. Hunt is considered an “interested person” (as defined in the 1940 Act) of each
series offered by Vanguard World Fund because of the
roles he previously held with Jennison Associates LLC (Jennison) and its related entities,
PGIM, Inc. and Prudential Financial, Inc. (Prudential)
and his ownership of Prudential securities. Jennison provides investment advisory
services for a portion of Vanguard U.S. Growth Fund, a
series of Vanguard World Fund. For Vanguard Trusts other than Vanguard World Fund,
Mr. Hunt is considered an independent trustee as
defined in the 1940 Act.
3 Mr. Jacobs is considered an “interested person” (as defined in the 1940 Act) of
the Vanguard funds given his relationship with Lazard, Inc.
(Lazard) and the professional services provided to Vanguard by Lazard-affiliated entities.
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Executive Officers
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Glenn Booraem
(1967)
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Investment
Stewardship
Officer
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January 2026
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Principal of Vanguard. Investment stewardship officer of
each of the investment companies served by Vanguard
(2026–present). Head of Investment Stewardship
Research & Policy (2024–2026) at Vanguard. Investment
stewardship officer (2017–2020), treasurer (2015–2017),
and controller (2010–2015) of each of the investment
companies served by Vanguard.
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228
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