Vanguard Funds
Vanguard Funds
Supplement Dated February 17, 2023, to the Prospectuses and Summary Prospectuses Important Changes to the Funds Effective immediately, one or more portfolio managers have been added as a co-portfolio manager of each Fund listed in the table below (each, an "impacted Fund," and collectively, the "impacted Funds"). The portfolio managers replace William A. Coleman, who previously comanaged the impacted Funds. Accordingly, all references to Mr. Coleman in the impacted Funds' Prospectuses and Summary Prospectuses are hereby deleted in their entirety. The impacted Funds' investment objectives, strategies, and policies remain unchanged.
Prospectus and Summary Prospectus Text Changes
Vanguard Fund Vanguard Diversified Equity Fund Vanguard Energy Index Fund Vanguard ESG U.S. Stock ETF Vanguard Extended Market Index Fund Vanguard Financials Index Fund Vanguard FTSE Social Index Fund Vanguard LifeStrategy? Conservative Growth Fund
Vanguard LifeStrategy Growth Fund
Vanguard LifeStrategy Income Fund
Vanguard LifeStrategy Moderate Growth Fund
Vanguard Materials Index Fund Vanguard S&P Mid-Cap 400 Index Fund Vanguard S&P Mid-Cap 400 Growth Index Fund Vanguard S&P Mid-Cap 400 Value Index Fund Vanguard S&P Small-Cap 600 Index Fund Vanguard S&P Small-Cap 600 Growth Index Fund Vanguard S&P Small-Cap 600 Value Index Fund Vanguard Small-Cap Index Fund Vanguard Small-Cap Growth Index Fund Vanguard Small-Cap Value Index Fund
Portfolio Manager(s) Aur?lie Denis and Michael R. Roach Nick Birkett Nick Birkett Michelle Louie Kenny Narzikul Nick Birkett Roger A. Aliaga-Diaz, Aur?lie Denis, and Michael R. Roach Roger A. Aliaga-Diaz, Aur?lie Denis, and Michael R. Roach Roger A. Aliaga-Diaz, Aur?lie Denis, and Michael R. Roach Roger A. Aliaga-Diaz, Aur?lie Denis, and Michael R. Roach Kenny Narzikul Kenny Narzikul Kenny Narzikul Kenny Narzikul Kenny Narzikul Kenny Narzikul Kenny Narzikul Kenny Narzikul Nick Birkett Nick Birkett
Vanguard Fund Vanguard STAR? Fund Vanguard Target Retirement Income Fund Vanguard Target Retirement 2020 Fund Vanguard Target Retirement 2025 Fund Vanguard Target Retirement 2030 Fund Vanguard Target Retirement 2035 Fund Vanguard Target Retirement 2040 Fund Vanguard Target Retirement 2045 Fund Vanguard Target Retirement 2050 Fund Vanguard Target Retirement 2055 Fund Vanguard Target Retirement 2060 Fund Vanguard Target Retirement 2065 Fund Vanguard Target Retirement 2070 Fund
Portfolio Manager(s) Aur?lie Denis and Michael R. Roach Roger A. Aliaga-Diaz, Aur?lie Denis, and Michael R. Roach Roger A. Aliaga-Diaz, Aur?lie Denis, and Michael R. Roach Roger A. Aliaga-Diaz, Aur?lie Denis, and Michael R. Roach Roger A. Aliaga-Diaz, Aur?lie Denis, and Michael R. Roach Roger A. Aliaga-Diaz, Aur?lie Denis, and Michael R. Roach Roger A. Aliaga-Diaz, Aur?lie Denis, and Michael R. Roach Roger A. Aliaga-Diaz, Aur?lie Denis, and Michael R. Roach Roger A. Aliaga-Diaz, Aur?lie Denis, and Michael R. Roach Roger A. Aliaga-Diaz, Aur?lie Denis, and Michael R. Roach Roger A. Aliaga-Diaz, Aur?lie Denis, and Michael R. Roach Roger A. Aliaga-Diaz, Aur?lie Denis, and Michael R. Roach Roger A. Aliaga-Diaz, Aur?lie Denis, and Michael R. Roach
The above table lists each impacted Fund and the corresponding portfolio managers who replace Mr. Coleman.
The following replaces William A. Coleman under the heading "Investment Advisor" in the Fund Summary section for each impacted Fund, as appropriate:
Roger A. Aliaga-Diaz, Ph.D., Portfolio Manager, Investment Strategy Group, at Vanguard. He has co-managed the Fund since February 2023.
Nick Birkett,CFA, Portfolio Manager at Vanguard. He has co-managed the Fund since February 2023.
Aur?lie Denis,CFA, Portfolio Manager at Vanguard. She has co-managed the Fund since February 2023.
Michelle Louie,CFA, Portfolio Manager at Vanguard. She has co-managed the Fund since February 2023.
Kenny Narzikul, CFA, Portfolio Manager at Vanguard. He has co-managed the Fund since February 2023.
Michael R. Roach, Portfolio Manager at Vanguard. He has co-managed the Fund since February 2023.
Prospectus Text Changes
The following replaces William A. Coleman under the heading "Investment Advisor" in the More on the Fund(s) section for each impacted Fund, as appropriate:
Roger A. Aliaga-Diaz, Ph.D., Portfolio Manager, Investment Strategy Group, at Vanguard. He has been with Vanguard since 2007, has worked in investment management since 2010, has managed investment portfolios since 2023, and has co-managed the Fund since February 2023. Education: B.A., Universidad Nacional de C?rdoba, Argentina; Ph.D., North Carolina State University.
Nick Birkett, CFA, Portfolio Manager at Vanguard. He worked in investment banking from 2005 to 2016, has been with Vanguard since 2017, and has co-managed the Fund since February 2023. Prior to joining Vanguard, he was at JP Morgan for 11 years, where he last held the position of Executive Director, Head of European Program Trading Risk. Education: B.S., University of Bath.
Aur?lie Denis, CFA, Portfolio Manager at Vanguard. She has been with Vanguard since 2016, has worked in investment management since 2017, has managed investment portfolios since 2023, and has co-managed the Fund since February 2023. Education: B.S., Pennsylvania State University.
Michelle Louie,CFA, Portfolio Manager at Vanguard. She has been with Vanguard since 2010, has worked in investment management since 2011, has managed investment portfolios since 2016, and has co-managed the Fund since February 2023. Education: B.S., The American University; M.B.A., Georgia Institute of Technology.
Kenny Narzikul, CFA, Portfolio Manager at Vanguard. He has been with Vanguard since 2012, has worked in investment management since 2016, has managed investment portfolios since 2023, and has co-managed the Fund since February 2023. Education: B.B.A., James Madison University.
Michael R. Roach, Portfolio Manager at Vanguard. He has been with Vanguard since 1998, has worked in investment management since 2000, had previously managed investment portfolios from 2009-2019, and has co-managed the Fund since February 2023. Education: B.S., Bloomsburg University of Pennsylvania; M.S., Drexel University.
Prospectus Text Changes for Vanguard Target Retirement Funds and Vanguard LifeStrategy Funds
The following is added as the second sentence of the first paragraph under the heading "Investment Advisor" in the More on the Funds section:
Vanguard's Investment Strategy Group establishes and reviews the asset allocation targets of the Funds and determines whether any changes are required to best enable each Fund to achieve its investment objective. The Equity Index Group implements the asset allocation targets and performs other portfolio management functions for the Funds.
? 2023 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor.
PS PMA 022023
Vanguard Target Retirement Funds Prospectus
January 31, 2023
Investor Shares Vanguard Target Retirement Income Fund Investor Shares (VTINX) Vanguard Target Retirement 2020 Fund Investor Shares (VTWNX) Vanguard Target Retirement 2025 Fund Investor Shares (VTTVX) Vanguard Target Retirement 2030 Fund Investor Shares (VTHRX) Vanguard Target Retirement 2035 Fund Investor Shares (VTTHX) Vanguard Target Retirement 2040 Fund Investor Shares (VFORX) Vanguard Target Retirement 2045 Fund Investor Shares (VTIVX) Vanguard Target Retirement 2050 Fund Investor Shares (VFIFX) Vanguard Target Retirement 2055 Fund Investor Shares (VFFVX) Vanguard Target Retirement 2060 Fund Investor Shares (VTTSX) Vanguard Target Retirement 2065 Fund Investor Shares (VLXVX) Vanguard Target Retirement 2070 Fund Investor Shares (VSVNX)
This prospectus contains financial data for the Funds through the fiscal year ended September 30, 2022. The Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.
Contents
Fund Summaries
More on the Funds
75
Vanguard Target Retirement Income Fund
1 The Funds and Vanguard
87
Vanguard Target Retirement 2020 Fund
7 Investment Advisor
88
Vanguard Target Retirement 2025 Fund
13 Dividends, Capital Gains, and Taxes
89
Vanguard Target Retirement 2030 Fund
19 Share Price
92
Vanguard Target Retirement 2035 Fund
25 Financial Highlights
93
Vanguard Target Retirement 2040 Fund
31 Investing With Vanguard
105
Vanguard Target Retirement 2045 Fund
37 Purchasing Shares
105
Vanguard Target Retirement 2050 Fund
43 Redeeming Shares
108
Vanguard Target Retirement 2055 Fund
49 Exchanging Shares
112
Vanguard Target Retirement 2060 Fund
55 Frequent-Trading Limitations
112
Vanguard Target Retirement 2065 Fund
61 Other Rules You Should Know
115
Vanguard Target Retirement 2070 Fund
68 Fund and Account Updates
119
Investing in Vanguard Target Retirement Funds 73 Employer-Sponsored Plans
120
Contacting Vanguard
121
Additional Information
122
Glossary of Investment Terms
125
Vanguard Target Retirement Income Fund
Investment Objective The Fund seeks to provide current income and some capital appreciation.
Fees and Expenses The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.
Shareholder Fees (Fees paid directly from your investment)
Sales Charge (Load) Imposed on Purchases Purchase Fee Sales Charge (Load) Imposed on Reinvested Dividends Redemption Fee Account Service Fee Per Year (for certain fund account balances below $1,000,000)
None None None None
$20
Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment)
Management Fees 12b-1 Distribution Fee Other Expenses Acquired Fund Fees and Expenses1 Total Annual Fund Operating Expenses
0.00% None 0.00% 0.08% 0.08%
1 The Acquired Fund Fees and Expenses in this table have been restated to reflect current investments in the underlying funds following the reorganization of Vanguard Institutional Target Retirement Income Fund into the Fund on February 11, 2022, and therefore, will not correlate to the Acquired Fund Fees and Expenses shown in the Financial Highlights table.
1
Example
The following example is intended to help you compare the cost of investing in the Fund (based on the fees and expenses of the acquired funds) with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you were to invest $10,000 in the Fund's shares. This example assumes that the Fund provides a return of 5% each year and that total annual fund operating expenses (of the Fund and its underlying funds) remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you were to redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
1 Year $8
3 Years $26
5 Years $45
10 Years $103
Portfolio Turnover
The Fund may pay transaction costs, such as purchase fees, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 19% of the average value of its portfolio.
Principal Investment Strategies
The Fund invests in a mix of Vanguard mutual funds (underlying funds) according to an asset allocation strategy designed for investors currently in retirement. As of September 30, 2022, the Fund's allocation among the underlying asset classes was as follows:
? U.S. fixed income securities ? Inflation-indexed securities ? U.S. stocks ? Foreign fixed income securities ? Foreign stocks
37.5% 17.3% 17.1% 16.5% 11.6%
At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.
The Fund's indirect fixed income holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations
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