VALLEY FORGE, PA (February 26, 2025)—Vanguard fund shareholders elected the Boards of Trustees for all U.S.-domiciled funds according to the preliminary voting results announced at today’s shareholder meeting, with an overwhelming majority of the voted shares favoring each nominee as trustee.

The newly elected Board of Trustees for each U.S. domiciled Vanguard fund is comprised of 13 members. Tara Bunch, Mark Loughridge, Scott Malpass, Lubos Pastor, André Perold, Sarah Bloom Raskin, Grant Reid, David Thomas, and Peter Volanakis, who previously served as trustees, were all elected by shareholders. Additionally, Vanguard’s Chief Executive Officer Salim Ramji, along with John Murphy, Rebecca Patterson, and Barbara Venneman, were elected as new trustees.

“We’re pleased that we’ve concluded voting for all funds and that we have such an accomplished group of trustees,” said Tonya Robinson, Vanguard General Counsel and Secretary of the Vanguard funds. “With the proxy campaign concluded, we’ve strengthened our ability to give our clients the best chance for investment success, which is always our ultimate goal.”

Trustee Retirements

With today’s election of the Boards of Trustees for Vanguard’s U.S.-domiciled funds, Vanguard also announces that Emerson Fullwood and Joseph Loughrey have retired from their service on the Boards of Trustees and Vanguard’s Board of Directors (the Boards). Mr. Fullwood joined the Boards in 2008 and sat on the Investment, Nominating and Independent Governance Committees. Mr. Loughrey joined the Boards in 2009 and served on the Audit, Investment and Compensation Committees.

“Emerson and Joe provided nearly two decades of distinguished service to Vanguard fund shareholders,” said Mark Loughridge, Independent Chair of the Board of Trustees. “The Boards, and Vanguard investors, have benefitted greatly from their leadership and unwavering focus on the best interests of our clients.”

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About Vanguard

Founded in 1975, Vanguard is one of the world's leading investment management companies. The firm offers investments, advice, and retirement services to tens of millions of individual investors around the globe—directly, through workplace plans, and through financial intermediaries. Vanguard operates under a unique, investor-owned structure where Vanguard fund shareholders own the funds, which in turn own Vanguard. As such, Vanguard adheres to a simple purpose: To take a stand for all investors, to treat them fairly, and to give them the best chance for investment success. For more information, visit vanguard.com

For more information about Vanguard funds, visit vanguard.com to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information are contained in the prospectus; read and consider it carefully before investing.

All investing is subject to risk, including the possible loss of the money you invest.

Vanguard Marketing Corporation, Distributor of the Vanguard Funds.