Vanguard Funds
Supplement to the Statement of Additional Information
The boards of trustees of the Vanguard funds have elected Mortimer J. Buckley as President and Chief Executive Officer, effective January 1, 2018.
Additionally, at a special meeting held on November 15, 2017, shareholders of the Vanguard funds elected Mortimer J. Buckley, Deanna Mulligan, and Sarah Bloom Raskin as trustees, effective January 1, 2018. Ms. Raskin will serve as a member of the boards audit committee.
Rajiv L. Gupta retired from the funds boards of trustees effective December 31, 2017.
Statement of Additional Information Text Changes
In the Management of the Fund(s) section under Officers and Trustees, the following replaces similar text in the paragraph about the boards audit committee:
The audit committee of the board, which is composed of JoAnn Heffernan Heisen, F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis, each of whom is an independent trustee, oversees management of financial risks and controls.
The biographical table under Officers and Trustees is replaced as follows: | ||||
Principal Occupation(s) | Number of | |||
Vanguard | and Outside Directorships | Vanguard Funds | ||
Position(s) | Funds Trustee/ | During the Past Five Years | Overseen by | |
Name, Year of Birth | Held With Funds | Officer Since | and Other Experience | Trustee/Officer |
Interested Trustees1 | ||||
F. William McNabb III | Chairman of the | July 2009 | Mr. McNabb has served as Chairman of the Board of | 201 |
(1957) | Board | Vanguard and of each of the investment companies | ||
served by Vanguard since January 2010; Trustee of | ||||
each of the investment companies served by Vanguard | ||||
since 2009; and Director of Vanguard since 2008. Mr. | ||||
McNabb served as Chief Executive Officer and | ||||
President of Vanguard and of each of the investment | ||||
companies served by Vanguard (20082017) and as a | ||||
Managing Director of Vanguard (19952008). Mr. | ||||
McNabb also serves as a Director of Vanguard | ||||
Marketing Corporation. | ||||
Mortimer J. Buckley | Chief Executive | January 2018 | Mr. Buckley has served as Chief Executive Officer of | 201 |
(1969) | Officer and | Vanguard since January 2018; Chief Executive Officer, | ||
President | President, and Trustee of each of the investment | |||
companies served by Vanguard since January 2018; | ||||
and President and Director of Vanguard since 2017. | ||||
Previous positions held by Mr. Buckley at Vanguard | ||||
include Chief Investment Officer (20132017), Head of | ||||
the Retail Investor Group (20062012), and Chief | ||||
Information Officer (20012006). Mr. Buckley also | ||||
served as Chairman of the Board of the Childrens | ||||
Hospital of Philadelphia (20112017). | ||||
1 Mr. McNabb and Mr. Buckley are considered interested persons, as defined in the 1940 Act, because they are officers of the Trust. | ||||
Independent Trustees | ||||
Emerson U. Fullwood | Trustee | January 2008 | Mr. Fullwood is the former Executive Chief Staff and | 201 |
(1948) | Marketing Officer for North America and Corporate | |||
Vice President (retired 2008) of Xerox Corporation | ||||
(document management products and services). | ||||
Previous positions held at Xerox by Mr. Fullwood include | ||||
President of the Worldwide Channels Group, President | ||||
of Latin America, Executive Chief Staff Officer of | ||||
Developing Markets, and President of Worldwide | ||||
Customer Services. Mr. Fullwood is the Executive in | ||||
Residence and 20092010 Distinguished Minett | ||||
Professor at the Rochester Institute of Technology. | ||||
Mr. Fullwood serves as Lead Director of SPX FLOW, Inc. | ||||
(multi-industry manufacturing); as a Director of the | ||||
University of Rochester Medical Center, Monroe | ||||
Community College Foundation, the United Way of | ||||
Rochester, North Carolina A&T University, and Roberts | ||||
Wesleyan College; and as a Trustee of the University of | ||||
Rochester. |
Principal Occupation(s) | Number of | |||
Vanguard | and Outside Directorships | Vanguard Funds | ||
Position(s) | Funds Trustee/ | During the Past Five Years | Overseen by | |
Name, Year of Birth | Held With Funds | Officer Since | and Other Experience | Trustee/Officer |
Amy Gutmann | Trustee | June 2006 | Dr. Gutmann has served as the President of the | 201 |
(1949) | University of Pennsylvania since 2004. She is the | |||
Christopher H. Browne Distinguished Professor of | ||||
Political Science, School of Arts and Sciences, and | ||||
Professor of Communication, Annenberg School for | ||||
Communication, with secondary faculty appointments | ||||
in the Department of Philosophy, School of Arts and | ||||
Sciences, and at the Graduate School of Education, | ||||
University of Pennsylvania. Dr. Gutmann also serves | ||||
as a Trustee of the National Constitution Center. | ||||
JoAnn Heffernan Heisen | Trustee | July 1998 | Ms. Heisen is the former Corporate Vice President | 201 |
(1950) | of Johnson & Johnson (pharmaceuticals/medical | |||
devices/consumer products) and a former member of | ||||
the Executive Committee (19972008). During her | ||||
tenure at Johnson & Johnson, Ms. Heisen held | ||||
multiple roles, including: Chief Global Diversity Officer | ||||
(retired 2008), Vice President and Chief Information | ||||
Officer (19972006), Controller (19951997), Treasurer | ||||
(19911995), and Assistant Treasurer (19891991). Ms. | ||||
Heisen serves as a Director of Skytop Lodge | ||||
Corporation (hotels) and the Robert Wood Johnson | ||||
Foundation and as a member of the Advisory Board of | ||||
the Institute for Womens Leadership at Rutgers | ||||
University. | ||||
F. Joseph Loughrey | Trustee | October 2009 | Mr. Loughrey is the former President and Chief | 201 |
(1949) | Operating Officer (retired 2009) and Vice Chairman of | |||
the Board (20082009) of Cummins Inc. (industrial | ||||
machinery). Mr. Loughrey serves as Chairman of the | ||||
Board of Hillenbrand, Inc. (specialized consumer | ||||
services), Oxfam America, and the Lumina Foundation | ||||
for Education; as a Director of the V Foundation for | ||||
Cancer Research; and as a member of the Advisory | ||||
Council for the College of Arts and Letters and Chair of | ||||
the Advisory Board to the Kellogg Institute for | ||||
International Studies, both at the University of Notre | ||||
Dame. | ||||
Mark Loughridge | Trustee | March 2012 | Mr. Loughridge is the former Senior Vice President and | 201 |
(1953) | Chief Financial Officer (retired 2013) at IBM | |||
(information technology services). Mr. Loughridge also | ||||
served as a fiduciary member of IBMs Retirement Plan | ||||
Committee (20042013). Previous positions held by Mr. | ||||
Loughridge at IBM include Senior Vice President and | ||||
General Manager of Global Financing (20022004), | ||||
Vice President and Controller (19982002), and a | ||||
variety of management roles. Mr. Loughridge serves as | ||||
a member of the Council on Chicago Booth. |
Principal Occupation(s) | Number of | |||
Vanguard | and Outside Directorships | Vanguard Funds | ||
Position(s) | Funds Trustee/ | During the Past Five Years | Overseen by | |
Name, Year of Birth | Held With Funds | Officer Since | and Other Experience | Trustee/Officer |
Scott C. Malpass | Trustee | March 2012 | Mr. Malpass has served as Chief Investment Officer | 201 |
(1962) | since 1989 and Vice President since 1996 at the | |||
University of Notre Dame. Mr. Malpass serves as an | ||||
Assistant Professor of Finance at the Mendoza College | ||||
of Business at the University of Notre Dame and is a | ||||
member of the Notre Dame 403(b) Investment | ||||
Committee. Mr. Malpass also serves as Chairman of | ||||
the Board of TIFF Advisory Services, Inc., and on the | ||||
board of Catholic Investment Services, Inc. | ||||
(investment advisors); as a member of the board of | ||||
advisors for Spruceview Capital Partners; and as a | ||||
member of the Board of Superintendence of the | ||||
Institute for the Works of Religion. | ||||
Deanna Mulligan | Trustee | January 2018 | Ms. Mulligan has served as President since 2010 and | 201 |
(1963) | Chief Executive Officer since 2011 at The Guardian Life | |||
Insurance Company of America.2 Previous positions | ||||
held by Ms. Mulligan at The Guardian Life Insurance | ||||
Company of America include Chief Operating Officer | ||||
(20102011) and Executive Vice President of Individual | ||||
Life and Disability (20082010). Ms. Mulligan serves as | ||||
a Member of the Board of The Guardian Life Insurance | ||||
Company of America, the American Council of Life | ||||
Insurers, the Partnership for New York City (business | ||||
leadership), and the Committee Encouraging | ||||
Corporate Philanthropy. She also serves as a Trustee of | ||||
the Economic Club of New York and the Bruce | ||||
Museum (arts and science) and as a member of the | ||||
Advisory Council for the Stanford Graduate School of | ||||
Business. | ||||
André F. Perold | Trustee | December 2004 | Dr. Perold is the George Gund Professor of Finance | 201 |
(1952) | and Banking, Emeritus at the Harvard Business School | |||
(retired 2011). Dr. Perold serves as Chief Investment | ||||
Officer and Co-Managing Partner of HighVista | ||||
Strategies LLC (private investment firm). Dr. Perold | ||||
also serves as an Overseer of the Museum of Fine | ||||
Arts Boston. | ||||
Sarah Bloom Raskin | Trustee | January 2018 | Ms. Raskin served as Deputy Secretary of the United | 201 |
(1961) | States Department of the Treasury (20142017), | |||
Governor of the Federal Reserve Board (20102014), | ||||
and Commissioner of Financial Regulation of the State | ||||
of Maryland (20072010). Ms. Raskin also served as a | ||||
member of the Neighborhood Reinvestment | ||||
Corporation Board (20122014). Ms. Raskin serves as a | ||||
Director of i(x) Investments, LLC. |
Principal Occupation(s) | Number of | |||
Vanguard | and Outside Directorships | Vanguard Funds | ||
Position(s) | Funds Trustee/ | During the Past Five Years | Overseen by | |
Name, Year of Birth | Held With Funds | Officer Since | and Other Experience | Trustee/Officer |
Peter F. Volanakis | Trustee | July 2009 | Mr. Volanakis is the retired President and Chief | 201 |
(1955) | Operating Officer (retired 2010) of Corning | |||
Incorporated (communications equipment) and a | ||||
former Director of Corning Incorporated (20002010) | ||||
and of Dow Corning (20012010). Mr. Volanakis served | ||||
as a Director of SPX Corporation (multi-industry | ||||
manufacturing) in 2012 and as an Overseer of the | ||||
Amos Tuck School of Business Administration at | ||||
Dartmouth College (20012013). Mr. Volanakis serves | ||||
as Chairman of the Board of Trustees of Colby-Sawyer | ||||
College and is a Member of the Board of Hypertherm | ||||
Inc. (industrial cutting systems, software, and | ||||
consumables). |
2 Guardian Life provides group insurance and administrative services for employee benefits such as group life, dental, vision, and disability coverage to two advisors, each of which manages one or more of the Vanguard funds. Amounts paid by these advisors to Guardian Life for such insurance and services were less than 0.006% of Guardian Lifes premium revenues in each of 2015 and 2016. Park Avenue Securities (PAS) is an indirect, wholly-owned subsidiary of Guardian Life and a dually registered broker-dealer and investment advisor. From time to time, PAS receives payments related to the sale of certain non-Vanguard mutual funds advised by firms that also advise certain Vanguard funds. In 2016, these payments amounted to less than 0.15% of PAS revenues and PAS earnings comprised less than 1% of Guardian Lifes pre-tax earnings. Deanna Mulligan is not an officer or director of PAS.
Executive Officers | ||||
Glenn Booraem | Investment | February 2001 | Mr. Booraem, a Principal of Vanguard, has served as | 201 |
(1967) | Stewardship | Investment Stewardship Officer of each of the | ||
Officer | investment companies served by Vanguard since | |||
February 2017. Mr. Booraem served as Treasurer | ||||
(20152017), Controller (20102015), and Assistant | ||||
Controller (20012010) of each of the investment | ||||
companies served by Vanguard. | ||||
Christine M. Buchanan | Treasurer | November 2017 | Ms. Buchanan, a Principal of Vanguard, has served as | 201 |
(1970) | Treasurer of each of the investment companies served | |||
by Vanguard since November 2017. Ms. Buchanan | ||||
served as a Partner at KPMG LLP (20052017). She also | ||||
serves as Global Head of Fund Administration at | ||||
Vanguard. | ||||
Thomas J. Higgins | Chief Financial | July 1998 | Mr. Higgins, a Principal of Vanguard, has served as Chief | 201 |
(1957) | Officer | Financial Officer of each of the investment companies | ||
served by Vanguard since 2008. Mr. Higgins served as | ||||
Treasurer of each of the investment companies served | ||||
by Vanguard (19982008). | ||||
Peter Mahoney | Controller | May 2015 | Mr. Mahoney, a Principal of Vanguard, has served as | 201 |
(1974) | Controller of each of the investment companies served | |||
by Vanguard since May 2015. Mr. Mahoney served as | ||||
head of International Fund Services at Vanguard (2008 | ||||
2014). |
Principal Occupation(s) | Number of | |||
Vanguard | and Outside Directorships | Vanguard Funds | ||
Position(s) | Funds’ Trustee/ | During the Past Five Years | Overseen by | |
Name, Year of Birth | Held With Funds | Officer Since | and Other Experience | Trustee/Officer |
Anne E. Robinson | Secretary | September 2016 | Ms. Robinson has served as General Counsel of | 201 |
(1970) | Vanguard since September 2016; Secretary of | |||
Vanguard and of each of the investment companies | ||||
served by Vanguard since September 2016; Director | ||||
and Senior Vice President of Vanguard Marketing | ||||
Corporation since September 2016; and a Managing | ||||
Director of Vanguard since August 2016. Ms. Robinson | ||||
served as Managing Director and General Counsel of | ||||
Global Cards and Consumer Services at Citigroup | ||||
(2014–2016). She also served as counsel at American | ||||
Express (2003–2014). | ||||
Michael Rollings | Finance Director | February 2017 | Mr. Rollings, a Managing Director of Vanguard since | 201 |
(1963) | June 2016, has served as Finance Director of each of | |||
the investment companies served by Vanguard since | ||||
November 2017 and as a Director of Vanguard | ||||
Marketing Corporation since June 2016. Mr. Rollings | ||||
served as Treasurer of each of the investment | ||||
companies served by Vanguard from February 2017 to | ||||
November 2017. He served as the Executive Vice | ||||
President and Chief Financial Officer of MassMutual | ||||
Financial Group (2006–2016). |
Following the biographical table under Officer and Trustees, the sentence that lists the members of the board’s audit committee is revised as follows:
The following independent trustees serve as members of the committee: Ms. Heisen, Mr. Loughrey, Mr. Loughridge, Ms. Raskin, and Mr. Volanakis.
The following replaces similar text in the Management of the Fund(s) section under Trustee Compensation:
“Interested” Trustees. Mr. McNabb and Mr. Buckley serve as trustees, but are not paid in this capacity. They are, however, paid in their roles as officers of Vanguard.
Any other references to Mr. McNabb’s role as President and Chief Executive Officer (of Vanguard and/or of each of the investment companies served by Vanguard) are hereby deleted.
© 2018 The Vanguard Group, Inc. All rights reserved.
Vanguard Marketing Corporation, Distributor.
SAI ALL 012018