Vanguard funds’ proxy
Thank you for voting.
- About our proxy
- Summary of voting results
About the Vanguard funds’ proxy
Why did the funds conduct a shareholder meeting and proxy?
On November 27, 2024, shareholders of each U.S.-domiciled Vanguard fund were asked to elect trustees for the Vanguard funds. Trustees oversee the funds to make sure they effectively serve the interests of shareholders.
On February 26, 2025, the funds hosted a virtual Joint Special Meeting of Shareholders (the “Meeting”). The Vanguard funds hold shareholder meetings periodically when certain matters arise that require shareholder approval.
What is a proxy?
A proxy is the legal authority or means to permit shareholders’ votes to be registered without their presence at a shareholder meeting. Shareholders may vote their proxy online, by phone, or by mail. The Vanguard funds’ shareholders have the right to vote on certain matters concerning the fund or funds they own.
What is a Joint Special Meeting of Shareholders?
A Joint Special Meeting of Shareholders is a shareholder meeting of multiple funds held concurrently to obtain a shareholder vote on one or more proposals impacting the funds.
A shareholder who does not wish or is not able to attend the meeting to vote may instead vote through what is known as a “proxy vote.”
Which Vanguard funds were involved in the proxy?
The proxy involved all U.S.-domiciled Vanguard funds.
Commonly asked questions
Review our frequently asked questions about the funds' proxy and voting process.
Summary of voting results
The Vanguard Funds held a virtual Joint Special Meeting of Shareholders (the “Meeting”) on February 26, 2025.
Below are the preliminary voting results, which show that the proposal to elect the nominees as trustees to each Vanguard Fund has received enough votes to be approved by shareholders, with an overwhelming majority of the voted shares favoring each nominee as trustee. Please note that the votes from the ballots collected during the Meeting will be included in the final tally of the votes.
Proposal to elect trustees for each fund (trust level vote)
Shareholders of all 35 trusts voted for the proposal to elect the nominees as trustees, meaning that trustees have been elected for all funds.
When will the newly elected board of trustees become effective?
The newly elected board of trustees will become effective on February 26, 2025.
Of the 13 fund trustees elected, four are new to the fund boards: Salim Ramji, Vanguard chief executive officer; John Murphy, president and chief financial officer of The Coca-Cola Company; Rebecca Patterson, former chief investment strategist at Bridgewater Associates LP; and Barbara Venneman, former global head of Deloitte Digital.
Nine other trustees have served on the fund boards previously and were elected by the shareholders to remain on the boards: Mark Loughridge, who is the independent chair; Tara Bunch; Scott Malpass; Lubos Pastor; André Perold; Sarah Bloom Raskin; Grant Reid; David Thomas; and Peter Volanakis.
Mr. Ramji is an interested trustee.
Who could vote?
Any person who owned shares of a U.S.-domiciled Vanguard fund as of the record date of November 26, 2024, even if that person sold those shares after the record date, got to vote. This group of eligible voters included investors living outside the United States who were invested in a U.S.-domiciled Vanguard fund. However, there may be instances in which the authority to vote resided with a retirement plan sponsor, financial intermediary, or financial advisor.
When did voting take place?
Voting by proxy started after the record date of November 26, 2024. Shareholders could vote once they received their proxy materials after that date. Voting concluded at the Meeting on February 26, 2025.
The Proxy Statement
The Proxy Statement, issued in November 2024, informed shareholders about the proposal to be voted upon.
Notes:
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.
