0000932471-13-002779.txt : 20130211 0000932471-13-002779.hdr.sgml : 20130211 20130211114655 ACCESSION NUMBER: 0000932471-13-002779 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130211 DATE AS OF CHANGE: 20130211 EFFECTIVENESS DATE: 20130211 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD CHESTER FUNDS CENTRAL INDEX KEY: 0000752177 IRS NUMBER: 232311358 FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 002-92948 FILM NUMBER: 13589900 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106691000 MAIL ADDRESS: STREET 1: P.O. BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD PRIMECAP FUND/ DATE OF NAME CHANGE: 20011121 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD/PRIMECAP FUND INC DATE OF NAME CHANGE: 19940608 FORMER COMPANY: FORMER CONFORMED NAME: PRIMECAP FUND INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD CHESTER FUNDS CENTRAL INDEX KEY: 0000752177 IRS NUMBER: 232311358 FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-04098 FILM NUMBER: 13589901 BUSINESS ADDRESS: STREET 1: PO BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 BUSINESS PHONE: 6106691000 MAIL ADDRESS: STREET 1: P.O. BOX 2600 STREET 2: V26 CITY: VALLEY FORGE STATE: PA ZIP: 19482 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD PRIMECAP FUND/ DATE OF NAME CHANGE: 20011121 FORMER COMPANY: FORMER CONFORMED NAME: VANGUARD/PRIMECAP FUND INC DATE OF NAME CHANGE: 19940608 FORMER COMPANY: FORMER CONFORMED NAME: PRIMECAP FUND INC DATE OF NAME CHANGE: 19920703 0000752177 S000002568 Vanguard PRIMECAP Fund C000007070 Investor Shares VPMCX C000007071 Admiral Shares VPMAX 0000752177 S000002569 Vanguard Target Retirement Income Fund C000007072 Investor Shares VTINX 0000752177 S000002571 Vanguard Target Retirement 2015 Fund C000007074 Investor Shares VTXVX 0000752177 S000002572 Vanguard Target Retirement 2025 Fund C000007075 Investor Shares VTTVX 0000752177 S000002573 Vanguard Target Retirement 2035 Fund C000007076 Investor Shares VTTHX 0000752177 S000002574 Vanguard Target Retirement 2045 Fund C000007077 Investor Shares VTIVX 0000752177 S000012758 Vanguard Target Retirement 2010 Fund C000034437 Investor Shares VTENX 0000752177 S000012759 Vanguard Target Retirement 2020 Fund C000034438 Investor Shares VTWNX 0000752177 S000012760 Vanguard Target Retirement 2030 Fund C000034439 Investor Shares VTHRX 0000752177 S000012761 Vanguard Target Retirement 2040 Fund C000034440 Investor Shares VFORX 0000752177 S000012762 Vanguard Target Retirement 2050 Fund C000034441 Investor Shares VFIFX 0000752177 S000029700 Vanguard Target Retirement 2055 Fund C000091317 Investor Shares VFFVX 0000752177 S000035453 Vanguard Target Retirement 2060 Fund C000108861 Investor Shares VTTSX 485BPOS 1 chesterfunds022013.htm CHESTER FUNDS 022013 chesterfunds022013.htm - Generated by SEC Publisher for SEC Filing
 
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
Form N-1A
 
REGISTRATION STATEMENT 2-92948 UNDER
THE SECURITIES ACT OF 1933
Pre-Effective Amendment No.
Post-Effective Amendment No. 56
and
 
REGISTRATION STATEMENT (NO. 811-4098) UNDER THE INVESTMENT COMPANY
ACT OF 1940
Amendment No. 57
 
 
 
VANGUARD CHESTER FUNDS
(Exact Name of Registrant as Specified in Declaration of Trust)
 
P.O. Box 2600, Valley Forge, PA 19482
(Address of Principal Executive Office)
 
Registrant’s Telephone Number (610) 669-1000
 
Heidi Stam, Esquire
P.O. Box 876
Valley Forge, PA 19482
 
It is proposed that this filing will become effective (check appropriate box)
[ ] immediately upon filing pursuant to paragraph (b)
[X] on February 11, 2013, pursuant to paragraph (b)
[ ] 60 days after filing pursuant to paragraph (a)(1)
[ ] on (date) pursuant to paragraph (a)(1)
[ ] 75 days after filing pursuant to paragraph (a)(2)
[ ] on (date) pursuant to paragraph (a)(2) of rule 485
If appropriate, check the following box:
[ ] This post-effective amendment designates a new effective date for a
previously filed post-effective amendment.

 

 

SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the
Registrant hereby certifies that it meets all requirements for effectiveness of this Registration Statement
pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Registration Statement
to be signed on its behalf by the undersigned, thereunto duly authorized, in the Town of Valley Forge and
the Commonwealth of Pennsylvania, on the 11th day of February, 2013.
  VANGUARD CHESTER FUNDS
  BY:___________/s/ F. William Mc Nabb III*
    F. William McNabb III
  Chairman and Chief Executive Officer
Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment to the
Registration Statement has been signed below by the following persons in the capacities and on the date
indicated:    
 
Signature Title Date
 
/s/ F. William McNabb III* Chief Executive Officer, February 11, 2013
  President, and Trustee  
F. William McNabb    
/s/ Emerson U. Fullwood* Trustee February 11, 2013
Emerson U. Fullwood    
/s/ Rajiv L. Gupta* Trustee February 11, 2013
Rajiv L. Gupta    
/s/ Amy Gutmann* Trustee February 11, 2013
Amy Gutmann    
/s/ JoAnn Heffernan Heisen* Trustee February 11, 2013
JoAnn Heffernan Heisen    
/s/ F. Joseph Loughrey* Trustee February 11, 2013
F. Joseph Loughrey    
/s/ Mark Loughridge* Trustee February 11, 2013
Mark Loughridge    
/s/ Scott C. Malpass* Trustee February 11, 2013
Scott C. Malpass    
/s/ André F. Perold* Trustee February 11, 2013
André F. Perold    
/s/ Alfred M. Rankin, Jr.* Trustee February 11, 2013
Alfred M. Rankin, Jr.    
/s/ Peter F. Volanakis* Trustee February 11, 2013
Peter F. Volanakis    
/s/ Thomas J. Higgins* Chief Financial Officer February 11, 2013
Thomas J. Higgins    
 
*By: /s/ Heidi Stam    
Heidi Stam, pursuant to a Power of Attorney filed on March 27, 2012, see File Number 2-11444, Incorporated
by Reference.    

 

C-1

 

INDEX TO EXHIBITS  
 
XBRL Instance Document Ex-101.INS
XBRL Taxonomy Extension Schema Document Ex-101.SCH
XBRL Taxonomy Extension Calculation Linkbase Document Ex-101.CAL
XBRL Taxonomy Extension Definition Linkbase Document. Ex-101.DEF
XBRL Taxonomy Extension Labels Linkbase Documen Ex-101.LAB
XBRL Taxonomy Extension Presentation Linkbase Document Ex-101.PRE

 

 
 EX-101.INS 3 chester-20130128.xml INSTANCE Shareholder Fees (Fees paid directly from your investment) Shareholder Fees (Fees paid directly from your investment) Shareholder Fees (Fees paid directly from your investment) Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns for Periods Ended December 31, 2012 Average Annual Total Returns for Periods Ended December 31, 2012 Average Annual Total Returns for Periods Ended December 31, 2012 Annual Total Returns Fees and Expenses Investment Objective Primary Risks Risk/Return Primary Investment Strategies 0.06 2013-01-28 (reflects no deduction for fees or expenses) Annual Total Returns Fees and Expenses Investment Objective Primary Risks Risk/Return Primary Investment Strategies 0.06 2013-01-28 (reflects no deduction for fees or expenses) Annual Total Returns Fees and Expenses Investment Objective Primary Risks Risk/Return Primary Investment Strategies 0.06 2013-01-28 (reflects no deduction for fees, expenses, or taxes) <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund's Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at800-662-7447.</p> <p>Example</p> <p>The following example is intended to help you compare the cost of investing in the Fund's Investor Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invest $10,000 in the Fund's shares. This example assumes that the Shares provide a return of 5% a year and that total annual fund operating expenses remain as stated in the preceding table. The results apply whether or not you 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:</p> <p>The following table describes the fees and expenses you may pay if you buy and hold Investor Shares of the Fund.</p> <p>The Fund seeks to provide long-term capital appreciation.</p> <p>Portfolio Turnover</p> <p>The Fund pays transaction costs, such as commissions, 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 6%. </p> <p>An investment in the Fund could lose money over short or even long periods. </p> <p>An investment in the Fund could lose money over short or even long periods. You should expect the Fund's share price and total return to fluctuate within a wide range, like the fluctuations of the overall stock market. The Fund is subject to the following risks, which could affect the Fund's performance:</p><p>Stock market risk, which is the chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices.</p><p>Asset concentration risk, which is the chance that the Fund's performance may be adversely affected by the poor performance of relatively few stocks as compared with other mutual funds. The Fund tends to invest a high percentage of its assets in its top ten holdings.</p><p>Investment style risk, which is the chance that returns from large- and mid-capitalization growth stocks will trail returns from the overall stock market. Large- and mid-cap stocks each tend to go through cycles of doing better-or worse-than other segments of the stock market or the stock market in general. These periods have, in the past, lasted for as long as several years. Historically, mid-cap stocks have been more volatile in price than large-cap stocks. </p><p>Manager risk, which is the chance that poor security selection or focus on securities in a particular sector, category, or group of companies will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.Significant investments in the health care and information technology sectors subject the Fund to proportionately higher exposure to the risks of these sectors.</p><p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The Fund invests in stocks considered to have above-average earnings growth potential that is not reflected in their current market prices. The Fund's portfolio consists predominantly of large- and mid-capitalization stocks.</p> <p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund.</p> <p>800-662-7447</p> <p>vanguard.com/performance </p> <p>Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund's Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at800-662-7447.</p> <p>Example</p> <p>The following example is intended to help you compare the cost of investing in the Fund's Admiral Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invest $10,000 in the Fund's shares. This example assumes that the Shares provide a return of 5% a year and that total annual fund operating expenses remain as stated in the preceding table. The results apply whether or not you 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:</p> <p>The following table describes the fees and expenses you may pay if you buy and hold Admiral Shares of the Fund.</p> <p>The Fund seeks to provide long-term capital appreciation.</p> <p>Portfolio Turnover</p> <p>The Fund pays transaction costs, such as commissions, 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 6%. </p> <p>An investment in the Fund could lose money over short or even long periods. </p> <p>An investment in the Fund could lose money over short or even long periods. You should expect the Fund's share price and total return to fluctuate within a wide range, like the fluctuations of the overall stock market. The Fund is subject to the following risks, which could affect the Fund's performance:</p><p>Stock market risk, which is the chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices.</p><p>Asset concentration risk, which is the chance that the Fund's performance may be adversely affected by the poor performance of relatively few stocks as compared with other mutual funds. The Fund tends to invest a high percentage of its assets in its top ten holdings.</p><p>Investment style risk, which is the chance that returns from large- and mid-capitalization growth stocks will trail returns from the overall stock market. Large- and mid-cap stocks each tend to go through cycles of doing better-or worse-than other segments of the stock market or the stock market in general. These periods have, in the past, lasted for as long as several years. Historically, mid-cap stocks have been more volatile in price than large-cap stocks. </p><p>Manager risk, which is the chance that poor security selection or focus on securities in a particular sector, category, or group of companies will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.Significant investments in the health care and information technology sectors subject the Fund to proportionately higher exposure to the risks of these sectors.</p><p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The Fund invests in stocks considered to have above-average earnings growth potential that is not reflected in their current market prices. The Fund's portfolio consists predominantly of large- and mid-capitalization stocks.</p> <p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund.</p> <p>800-662-7447</p> <p>vanguard.com/performance </p> <p>Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund's Investor Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the share classes presented compare with those of a relevant market index, which has investment characteristics similar to those of the Fund. Keep in mind that the Fund's past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at800-662-7447.</p> <p>Examples</p> <p>The following examples are intended to help you compare the cost of investing in the Fund's Investor Shares or Admiral Shares with the cost of investing in other mutual funds. They illustrate the hypothetical expenses that you would incur over various periods if you invest $10,000 in the Fund's shares. These examples assume that the Shares provide a return of 5% a year and that total annual fund operating expenses remain as stated in the preceding table. The results apply whether or not you 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:</p> <p>The following table describes the fees and expenses you may pay if you buy and hold Investor Shares or Admiral Shares of the Fund.</p> <p>The Fund seeks to provide long-term capital appreciation.</p> <p>Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are shown only for the Investor Shares and may differ for each share class. After-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares will be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</p> <p>Portfolio Turnover</p> <p>The Fund pays transaction costs, such as commissions, 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 examples, reduce the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 6%. </p> <p>An investment in the Fund could lose money over short or even long periods. </p> <p>An investment in the Fund could lose money over short or even long periods. You should expect the Fund's share price and total return to fluctuate within a wide range, like the fluctuations of the overall stock market. The Fund is subject to the following risks, which could affect the Fund's performance:</p><p>Stock market risk, which is the chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices.</p><p>Asset concentration risk, which is the chance that the Fund's performance may be adversely affected by the poor performance of relatively few stocks as compared with other mutual funds. The Fund tends to invest a high percentage of its assets in its top ten holdings.</p><p>Investment style risk, which is the chance that returns from large- and mid-capitalization growth stocks will trail returns from the overall stock market. Large- and mid-cap stocks each tend to go through cycles of doing better-or worse-than other segments of the stock market or the stock market in general. These periods have, in the past, lasted for as long as several years. Historically, mid-cap stocks have been more volatile in price than large-cap stocks. </p><p>Manager risk, which is the chance that poor security selection or focus on securities in a particular sector, category, or group of companies will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.Significant investments in the health care and information technology sectors subject the Fund to proportionately higher exposure to the risks of these sectors.</p><p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The Fund invests in stocks considered to have above-average earnings growth potential that is not reflected in their current market prices. The Fund's portfolio consists predominantly of large- and mid-capitalization stocks.</p> <p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund.</p> <p>800-662-7447</p> <p>vanguard.com/performance </p> <p>Keep in mind that the Fund's past performance (before and after taxes) does not indicate how the Fund will perform in the future. </p> <p>When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption.</p> <p>After-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. </p> <p> Please note that after-tax returns are shown only for the Investor Shares and may differ for each share class. </p> <p>Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares will be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</p> <div style="display:none">~ http://vanguard/role/S000002568ShareholderFeesParticipant column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000002568Member ~ </div> <div style="display:none">~ http://vanguard/role/S000002568ShareholderFeesParticipant2 column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000002568Member ~ </div> <div style="display:none">~ http://vanguard/role/S000002568ShareholderFeesRetail column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000002568Member ~ </div> <div style="display:none">~ http://vanguard/role/S000002568PerformanceTableDataRetail column primary compact * row dei_LegalEntityAxis compact vanguard_S000002568Member row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * ~ </div> <div style="display:none">~ http://vanguard/role/S000002568PerformanceTableDataParticipant column primary compact * row dei_LegalEntityAxis compact vanguard_S000002568Member row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * ~ </div> <div style="display:none">~ http://vanguard/role/S000002568PerformanceTableDataParticipant2 column primary compact * row dei_LegalEntityAxis compact vanguard_S000002568Member row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * ~ </div> <div style="display:none">~ http://vanguard/role/S000002568OperatingExpensesRetail column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000002568Member ~ </div> <div style="display:none">~ http://vanguard/role/S000002568OperatingExpensesParticipant column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000002568Member ~ </div> <div style="display:none">~ http://vanguard/role/S000002568OperatingExpensesParticipant2 column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000002568Member ~ </div> <div style="display:none">~ http://vanguard/role/S000002568ExpenseExampleNoRedemptionRetail column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000002568Member ~ </div> <div style="display:none">~ http://vanguard/role/S000002568ExpenseExampleNoRedemptionParticipant column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000002568Member ~ </div> <div style="display:none">~ http://vanguard/role/S000002568ExpenseExampleNoRedemptionParticipant2 column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000002568Member ~ </div> Shareholder Fees (Fees paid directly from your investment) Shareholder Fees (Fees paid directly from your investment) Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns for Periods Ended December 31, 2012 Average Annual Total Returns for Periods Ended December 31, 2012 Annual Total Returns Fees and Expenses Investment Objective Primary Risks Risk/Return Primary Investment Strategies 0.12 2013-01-28 (reflect no deduction for fees or expenses) Annual Total Returns Fees and Expenses Investment Objective Primary Risks Risk/Return Primary Investment Strategies 0.12 2013-01-28 (reflect no deduction for fees, expenses, or taxes) <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns compare with those of relevant market indexes and a composite bond/stock index, which have investment characteristics similar to those of the Fund. Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.</p> <p>Example</p> <p>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 invest $10,000 in the Fund's shares. This example assumes that the Fund provides a return of 5% a year and that total annual fund operating expenses of the Fund and its underlying funds remain as stated in the preceding table. The results apply whether or not you 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:</p> <p>The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund.</p> <p>The Fund seeks to provide capital appreciation and current income consistent with its current asset allocation.</p> <p>Portfolio Turnover</p> <p>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 12%. </p> <p>The Fund is subject to the risks associated with the stock and bond markets, any of which could cause an investor to lose money.</p> <p>The Fund is subject to the risks associated with the stock and bond markets, any of which could cause an investor to lose money. An investment in the Fund is not guaranteed. An investor may experience losses, including losses near, at, or after the target year. There is no guarantee that the Fund will provide adequate income at or after the target year. However, because bonds usually are less volatile than stocks, and because the Fund currently invests a significant portion of its assets in fixed income securities, the Fund's overall level of risk should be moderate.</p><p>With approximately 43% of its assets allocated to stocks, the Fund is proportionately subject to stock market risk, which is the chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. The Fund is also subject to the following risks associated with investments in foreign stocks: country/regional risk, which is the chance that world events-such as political upheaval, financial troubles, or natural disasters-will adversely affect the value of companies in any one country or region; and currency risk, which is the chance that the value of a foreign investment, measured in U.S. dollars, will decrease because of unfavorable changes in currency exchange rates. Country/regional risk and currency risk are especially high in emerging markets.</p><p>With approximately 57% of its assets allocated to bonds and money market instruments, the Fund is proportionately subject to bond risks: interest rate risk, which is the chance that bond prices overall will decline because of rising interest rates; income risk, which is the chance that the underlying fund's income will decline because of falling interest rates or declining inflation; credit risk, which is the chance that a bond issuer will fail to pay interest and principal in a timely manner, or that negative perceptions of the issuer's ability to make such payments will cause the price of that bond to decline, thus reducing the underlying fund's return; and call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. An underlying fund would then lose any price appreciation above the bond's call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the underlying fund's income. For mortgage-backed securities, this risk is known as prepayment risk.</p><p>The Fund is also subject to asset allocation risk, which is the chance that the selection of underlying funds, and the allocation of assets to them, will cause the Fund to underperform other funds with a similar investment objective.</p><p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the work force in or within a few years of 2010 (the target year). The Fund is designed for an investor who plans to withdraw the value of an account in the Fund gradually after the target year. The Fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase. Within seven years after 2010, the Fund's asset allocation should become similar to that of the Target Retirement Income Fund. As of September 30, 2011, the Fund's asset allocation among the underlying funds was as follows:</p><p>Vanguard Total Bond Market II Index Fund 41.8%</p><p>Vanguard Total Stock Market Index Fund 30.1%</p><p>Vanguard Inflation-Protected Securities Fund 13.3%</p><p>Vanguard Total International Stock Index Fund 13.2%</p><p>Vanguard Prime Money Market Fund 1.6%</p><p>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.</p><p>The Fund's indirect stock holdings consist substantially of large-capitalization U.S. stocks and, to a lesser extent, of mid- and small-cap U.S. stocks, as well as foreign stocks, including emerging markets. </p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term investment-grade, taxable U.S. government, U.S. agency, and corporate bonds; inflation-indexed bonds issued by the U.S. government; and mortgage-backed securities.</p> <p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund.</p> <p>, which have investment characteristics similar to those of the Fund.</p> <p>800-662-7447</p> <p>vanguard.com/performance </p> <p>Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns compare with those of relevant market indexes and a composite bond/stock index, which have investment characteristics similar to those of the Fund. Keep in mind that the Fund's past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.</p> <p>Example</p> <p>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 invest $10,000 in the Fund's shares. This example assumes that the Fund provides a return of 5% a year and that total annual fund operating expenses of the Fund and its underlying funds remain as stated in the preceding table. The results apply whether or not you 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:</p> <p>The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund.</p> <p>The Fund seeks to provide capital appreciation and current income consistent with its current asset allocation.</p> <p>Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares will be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</p> <p>Portfolio Turnover</p> <p>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 12%. </p> <p>The Fund is subject to the risks associated with the stock and bond markets, any of which could cause an investor to lose money.</p> <p>The Fund is subject to the risks associated with the stock and bond markets, any of which could cause an investor to lose money. An investment in the Fund is not guaranteed. An investor may experience losses, including losses near, at, or after the target year. There is no guarantee that the Fund will provide adequate income at or after the target year. However, because bonds usually are less volatile than stocks, and because the Fund currently invests a significant portion of its assets in fixed income securities, the Fund's overall level of risk should be moderate.</p><p>With approximately 43% of its assets allocated to stocks, the Fund is proportionately subject to stock market risk, which is the chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. The Fund is also subject to the following risks associated with investments in foreign stocks: country/regional risk, which is the chance that world events-such as political upheaval, financial troubles, or natural disasters-will adversely affect the value of companies in any one country or region; and currency risk, which is the chance that the value of a foreign investment, measured in U.S. dollars, will decrease because of unfavorable changes in currency exchange rates. Country/regional risk and currency risk are especially high in emerging markets.</p><p>With approximately 57% of its assets allocated to bonds and money market instruments, the Fund is proportionately subject to bond risks: interest rate risk, which is the chance that bond prices overall will decline because of rising interest rates; income risk, which is the chance that the underlying fund's income will decline because of falling interest rates or declining inflation; credit risk, which is the chance that a bond issuer will fail to pay interest and principal in a timely manner, or that negative perceptions of the issuer's ability to make such payments will cause the price of that bond to decline, thus reducing the underlying fund's return; and call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. An underlying fund would then lose any price appreciation above the bond's call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the underlying fund's income. For mortgage-backed securities, this risk is known as prepayment risk.</p><p>The Fund is also subject to asset allocation risk, which is the chance that the selection of underlying funds, and the allocation of assets to them, will cause the Fund to underperform other funds with a similar investment objective.</p><p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the work force in or within a few years of 2010 (the target year). The Fund is designed for an investor who plans to withdraw the value of an account in the Fund gradually after the target year. The Fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase. Within seven years after 2010, the Fund's asset allocation should become similar to that of the Target Retirement Income Fund. As of September 30, 2011, the Fund's asset allocation among the underlying funds was as follows:</p><p>Vanguard Total Bond Market II Index Fund 41.8%</p><p>Vanguard Total Stock Market Index Fund 30.1%</p><p>Vanguard Inflation-Protected Securities Fund 13.3%</p><p>Vanguard Total International Stock Index Fund 13.2%</p><p>Vanguard Prime Money Market Fund 1.6%</p><p>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.</p><p>The Fund's indirect stock holdings consist substantially of large-capitalization U.S. stocks and, to a lesser extent, of mid- and small-cap U.S. stocks, as well as foreign stocks, including emerging markets. </p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term investment-grade, taxable U.S. government, U.S. agency, and corporate bonds; inflation-indexed bonds issued by the U.S. government; and mortgage-backed securities.</p> <p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund.</p> <p>, which have investment characteristics similar to those of the Fund.</p> <p>800-662-7447</p> <p>vanguard.com/performance </p> <p>Keep in mind that the Fund's past performance (before and after taxes) does not indicate how the Fund will perform in the future. </p> <p>When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption.</p> <p>Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan.</p> <p>Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares will be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</p> <div style="display:none">~ http://vanguard/role/S000012758ShareholderFeesRetail column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000012758Member ~ </div> <div style="display:none">~ http://vanguard/role/S000012758ShareholderFeesParticipant column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000012758Member ~ </div> <div style="display:none">~ http://vanguard/role/S000012758PerformanceTableDataRetail column primary compact * row dei_LegalEntityAxis compact vanguard_S000012758Member row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * ~ </div> <div style="display:none">~ http://vanguard/role/S000012758PerformanceTableDataParticipant column primary compact * row dei_LegalEntityAxis compact vanguard_S000012758Member row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * ~ </div> <div style="display:none">~ http://vanguard/role/S000012758OperatingExpensesRetail column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000012758Member ~ </div> <div style="display:none">~ http://vanguard/role/S000012758OperatingExpensesParticipant column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000012758Member ~ </div> <div style="display:none">~ http://vanguard/role/S000012758ExpenseExampleNoRedemptionRetail column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000012758Member ~ </div> <div style="display:none">~ http://vanguard/role/S000012758ExpenseExampleNoRedemptionParticipant column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000012758Member ~ </div> Shareholder Fees (Fees paid directly from your investment) Shareholder Fees (Fees paid directly from your investment) Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns for Periods Ended December 31, 2012 Average Annual Total Returns for Periods Ended December 31, 2012 Annual Total Returns Fees and Expenses Investment Objective Primary Risks Risk/Return Primary Investment Strategies 0.13 2013-01-28 (reflect no deduction for fees or expenses) Annual Total Returns Fees and Expenses Investment Objective Primary Risks Risk/Return Primary Investment Strategies 0.13 2013-01-28 (reflect no deduction for fees, expenses, or taxes) <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns compare with those of relevant market indexes and a composite bond/stock index, which have investment characteristics similar to those of the Fund. Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.</p> <p>Example</p> <p>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 invest $10,000 in the Fund's shares. This example assumes that the Fund provides a return of 5% a year and that total annual fund operating expenses of the Fund and its underlying funds remain as stated in the preceding table. The results apply whether or not you 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:</p> <p>The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund.</p> <p>The Fund seeks to provide capital appreciation and current income consistent with its current asset allocation.</p> <p>Portfolio Turnover</p> <p>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 13%. </p> <p>The Fund is subject to the risks associated with the stock and bond markets, any of which could cause an investor to lose money.</p> <p>The Fund is subject to the risks associated with the stock and bond markets, any of which could cause an investor to lose money. An investment in the Fund is not guaranteed. An investor may experience losses, including losses near, at, or after the target year. There is no guarantee that the Fund will provide adequate income at or after the target year. Because stocks usually are more volatile than bonds, and because the Fund currently invests more of its assets in stocks, the Fund's overall level of risk should be higher than that of funds that invest the majority of their assets in bonds; however, the level of risk should be lower than that of funds investing entirely in stocks. </p><p>With approximately 55% of its assets allocated to stocks, the Fund is proportionately subject to stock market risk, which is the chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. The Fund is also subject to the following risks associated with investments in foreign stocks: country/regional risk, which is the chance that world events-such as political upheaval, financial troubles, or natural disasters-will adversely affect the value of companies in any one country or region; and currency risk, which is the chance that the value of a foreign investment, measured in U.S. dollars, will decrease because of unfavorable changes in currency exchange rates. Country/regional risk and currency risk are especially high in emerging markets.</p><p>With approximately 45% of its assets allocated to bonds, the Fund is proportionately subject to bond risks: interest rate risk, which is the chance that bond prices overall will decline because of rising interest rates; income risk, which is the chance that the underlying fund's income will decline because of falling interest rates; credit risk, which is the chance that a bond issuer will fail to pay interest and principal in a timely manner, or that negative perceptions of the issuer's ability to make such payments will cause the price of that bond to decline, thus reducing the underlying fund's return; and call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The underlying fund would then lose any price appreciation above the bond's call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the underlying fund's income. For mortgage-backed securities, this risk is known as prepayment risk.</p><p>The Fund is also subject to asset allocation risk, which is the chance that the selection of underlying funds, and the allocation of assets to them, will cause the Fund to underperform other funds with a similar investment objective.</p><p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the work force in or within a few years of 2015 (the target year). The Fund is designed for an investor who plans to withdraw the value of an account in the Fund gradually after the target year. The Fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase. Within seven years after 2015, the Fund's asset allocation should become similar to that of the Target Retirement Income Fund. As of September 30, 2011, the Fund's asset allocation among the underlying funds was as follows: </p><p>Vanguard Total Bond Market II Index Fund 40.3%</p><p>Vanguard Total Stock Market Index Fund 38.6%</p><p>Vanguard Total International Stock Index Fund 16.7%</p><p>Vanguard Inflation-Protected Securities Fund 4.4%</p><p>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.</p><p>The Fund's indirect stock holdings consist substantially of large-capitalization U.S. stocks and, to a lesser extent, of mid- and small-cap U.S. stocks, as well as foreign stocks, including emerging markets. </p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term investment-grade, taxable U.S. government, U.S. agency, and corporate bonds; inflation-indexed bonds issued by the U.S. government; and mortgage-backed securities.</p> <p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund.</p> <p>, which have investment characteristics similar to those of the Fund.</p> <p>800-662-7447</p> <p>vanguard.com/performance </p> <p>Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns compare with those of relevant market indexes and a composite bond/stock index, which have investment characteristics similar to those of the Fund. Keep in mind that the Fund's past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.</p> <p>Example</p> <p>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 invest $10,000 in the Fund's shares. This example assumes that the Fund provides a return of 5% a year and that total annual fund operating expenses of the Fund and its underlying funds remain as stated in the preceding table. The results apply whether or not you 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:</p> <p>The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund.</p> <p>The Fund seeks to provide capital appreciation and current income consistent with its current asset allocation.</p> <p>Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares will be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</p><p>Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares will be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</p><p>Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares will be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</p> <p>Portfolio Turnover</p> <p>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 13%. </p> <p>The Fund is subject to the risks associated with the stock and bond markets, any of which could cause an investor to lose money.</p> <p>The Fund is subject to the risks associated with the stock and bond markets, any of which could cause an investor to lose money. An investment in the Fund is not guaranteed. An investor may experience losses, including losses near, at, or after the target year. There is no guarantee that the Fund will provide adequate income at or after the target year. Because stocks usually are more volatile than bonds, and because the Fund currently invests more of its assets in stocks, the Fund's overall level of risk should be higher than that of funds that invest the majority of their assets in bonds; however, the level of risk should be lower than that of funds investing entirely in stocks. </p><p>With approximately 55% of its assets allocated to stocks, the Fund is proportionately subject to stock market risk, which is the chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. The Fund is also subject to the following risks associated with investments in foreign stocks: country/regional risk, which is the chance that world events-such as political upheaval, financial troubles, or natural disasters-will adversely affect the value of companies in any one country or region; and currency risk, which is the chance that the value of a foreign investment, measured in U.S. dollars, will decrease because of unfavorable changes in currency exchange rates. Country/regional risk and currency risk are especially high in emerging markets.</p><p>With approximately 45% of its assets allocated to bonds, the Fund is proportionately subject to bond risks: interest rate risk, which is the chance that bond prices overall will decline because of rising interest rates; income risk, which is the chance that the underlying fund's income will decline because of falling interest rates; credit risk, which is the chance that a bond issuer will fail to pay interest and principal in a timely manner, or that negative perceptions of the issuer's ability to make such payments will cause the price of that bond to decline, thus reducing the underlying fund's return; and call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The underlying fund would then lose any price appreciation above the bond's call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the underlying fund's income. For mortgage-backed securities, this risk is known as prepayment risk.</p><p>The Fund is also subject to asset allocation risk, which is the chance that the selection of underlying funds, and the allocation of assets to them, will cause the Fund to underperform other funds with a similar investment objective.</p><p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the work force in or within a few years of 2015 (the target year). The Fund is designed for an investor who plans to withdraw the value of an account in the Fund gradually after the target year. The Fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase. Within seven years after 2015, the Fund's asset allocation should become similar to that of the Target Retirement Income Fund. As of September 30, 2011, the Fund's asset allocation among the underlying funds was as follows: </p><p>Vanguard Total Bond Market II Index Fund 40.3%</p><p>Vanguard Total Stock Market Index Fund 38.6%</p><p>Vanguard Total International Stock Index Fund 16.7%</p><p>Vanguard Inflation-Protected Securities Fund 4.4%</p><p>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.</p><p>The Fund's indirect stock holdings consist substantially of large-capitalization U.S. stocks and, to a lesser extent, of mid- and small-cap U.S. stocks, as well as foreign stocks, including emerging markets. </p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term investment-grade, taxable U.S. government, U.S. agency, and corporate bonds; inflation-indexed bonds issued by the U.S. government; and mortgage-backed securities.</p> <p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund.</p> <p>, which have investment characteristics similar to those of the Fund.</p> <p>800-662-7447</p> <p>vanguard.com/performance </p> <p>Keep in mind that the Fund's past performance (before and after taxes) does not indicate how the Fund will perform in the future. </p> <p>When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption.</p> <p>Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan.</p> <p>Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares will be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</p> <div style="display:none">~ http://vanguard/role/S000002571ShareholderFeesRetail column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000002571Member ~ </div> <div style="display:none">~ http://vanguard/role/S000002571ShareholderFeesParticipant column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000002571Member ~ </div> <div style="display:none">~ http://vanguard/role/S000002571PerformanceTableDataRetail column primary compact * row dei_LegalEntityAxis compact vanguard_S000002571Member row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * ~ </div> <div style="display:none">~ http://vanguard/role/S000002571PerformanceTableDataParticipant column primary compact * row dei_LegalEntityAxis compact vanguard_S000002571Member row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * ~ </div> <div style="display:none">~ http://vanguard/role/S000002571OperatingExpensesRetail column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000002571Member ~ </div> <div style="display:none">~ http://vanguard/role/S000002571OperatingExpensesParticipant column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000002571Member ~ </div> <div style="display:none">~ http://vanguard/role/S000002571ExpenseExampleNoRedemptionRetail column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000002571Member ~ </div> <div style="display:none">~ http://vanguard/role/S000002571ExpenseExampleNoRedemptionParticipant column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000002571Member ~ </div> Shareholder Fees (Fees paid directly from your investment) Shareholder Fees (Fees paid directly from your investment) Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns for Periods Ended December 31, 2012 Average Annual Total Returns for Periods Ended December 31, 2012 Annual Total Returns Fees and Expenses Investment Objective Primary Risks Risk/Return Primary Investment Strategies 0.08 2013-01-28 (reflect no deduction for fees or expenses) Annual Total Returns Fees and Expenses Investment Objective Primary Risks Risk/Return Primary Investment Strategies 0.08 2013-01-28 (reflect no deduction for fees, expenses, or taxes) <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns compare with those of relevant market indexes and a composite bond/stock index, which have investment characteristics similar to those of the Fund. Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.</p> <p>Example</p> <p>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 invest $10,000 in the Fund's shares. This example assumes that the Fund provides a return of 5% a year and that total annual fund operating expenses of the Fund and its underlying funds remain as stated in the preceding table. The results apply whether or not you 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:</p> <p>The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund.</p> <p>The Fund seeks to provide capital appreciation and current income consistent with its current asset allocation.</p> <p>Portfolio Turnover</p> <p>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 8%. </p> <p>The Fund is subject to the risks associated with the stock and bond markets, any of which could cause an investor to lose money.</p> <p>The Fund is subject to the risks associated with the stock and bond markets, any of which could cause an investor to lose money. An investment in the Fund is not guaranteed. An investor may experience losses, including losses near, at, or after the target year. There is no guarantee that the Fund will provide adequate income at or after the target year. Because stocks usually are more volatile than bonds, and because the Fund currently invests more of its assets in stocks, the Fund's overall level of risk should be higher than that of funds that invest the majority of their assets in bonds; however, the level of risk should be lower than that of funds investing entirely in stocks. </p><p>With approximately 64% of its assets allocated to stocks, the Fund is proportionately subject to stock market risk, which is the chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. The Fund is also subject to the following risks associated with investments in foreign stocks: country/regional risk, which is the chance that world events-such as political upheaval, financial troubles, or natural disasters-will adversely affect the value of companies in any one country or region; and currency risk, which is the chance that the value of a foreign investment, measured in U.S. dollars, will decrease because of unfavorable changes in currency exchange rates. Country/regional risk and currency risk are especially high in emerging markets.</p><p>With approximately 36% of its assets allocated to bonds, the Fund is proportionately subject to bond risks: interest rate risk, which is the chance that bond prices overall will decline because of rising interest rates; income risk, which is the chance that the underlying fund's income will decline because of falling interest rates; credit risk, which is the chance that a bond issuer will fail to pay interest and principal in a timely manner, or that negative perceptions of the issuer's ability to make such payments will cause the price of that bond to decline, thus reducing the underlying fund's return; and call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The underlying fund would then lose any price appreciation above the bond's call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the underlying fund's income. For mortgage-backed securities, this risk is known as prepayment risk.</p><p>The Fund is also subject to asset allocation risk, which is the chance that the selection of underlying funds, and the allocation of assets to them, will cause the Fund to underperform other funds with a similar investment objective.</p><p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the work force in or within a few years of 2020 (the target year). The Fund is designed for an investor who plans to withdraw the value of an account in the Fund gradually after the target year. The Fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase. Within seven years after 2020, the Fund's asset allocation should become similar to that of the Target Retirement Income Fund. As of September 30, 2010, the Fund's asset allocation among the underlying funds was as follows:</p><p>Vanguard Total Stock Market Index Fund 44.5%</p><p>Vanguard Total Bond Market II Index Fund 36.3%</p><p>Vanguard Total International Stock Index Fund 19.2%</p><p>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.</p><p>The Fund's indirect stock holdings consist substantially of large-capitalization U.S. stocks and, to a lesser extent, of mid- and small-cap U.S. stocks, as well as foreign stocks, including emerging markets. </p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term investment-grade, taxable U.S. government, U.S. agency, and corporate bonds, as well as mortgage-backed securities.</p> <p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund.</p> <p>, which have investment characteristics similar to those of the Fund.</p> <p>800-662-7447</p> <p>vanguard.com/performance </p> <p>Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns compare with those of relevant market indexes and a composite bond/stock index, which have investment characteristics similar to those of the Fund. Keep in mind that the Fund's past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.</p> <p>Example</p> <p>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 invest $10,000 in the Fund's shares. This example assumes that the Fund provides a return of 5% a year and that total annual fund operating expenses of the Fund and its underlying funds remain as stated in the preceding table. The results apply whether or not you 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:</p> <p>The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund.</p> <p>The Fund seeks to provide capital appreciation and current income consistent with its current asset allocation.</p> <p>Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares will be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</p> <p>Portfolio Turnover</p> <p>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 8%. </p> <p>The Fund is subject to the risks associated with the stock and bond markets, any of which could cause an investor to lose money.</p> <p>The Fund is subject to the risks associated with the stock and bond markets, any of which could cause an investor to lose money. An investment in the Fund is not guaranteed. An investor may experience losses, including losses near, at, or after the target year. There is no guarantee that the Fund will provide adequate income at or after the target year. Because stocks usually are more volatile than bonds, and because the Fund currently invests more of its assets in stocks, the Fund's overall level of risk should be higher than that of funds that invest the majority of their assets in bonds; however, the level of risk should be lower than that of funds investing entirely in stocks. </p><p>With approximately 64% of its assets allocated to stocks, the Fund is proportionately subject to stock market risk, which is the chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. The Fund is also subject to the following risks associated with investments in foreign stocks: country/regional risk, which is the chance that world events-such as political upheaval, financial troubles, or natural disasters-will adversely affect the value of companies in any one country or region; and currency risk, which is the chance that the value of a foreign investment, measured in U.S. dollars, will decrease because of unfavorable changes in currency exchange rates. Country/regional risk and currency risk are especially high in emerging markets.</p><p>With approximately 36% of its assets allocated to bonds, the Fund is proportionately subject to bond risks: interest rate risk, which is the chance that bond prices overall will decline because of rising interest rates; income risk, which is the chance that the underlying fund's income will decline because of falling interest rates; credit risk, which is the chance that a bond issuer will fail to pay interest and principal in a timely manner, or that negative perceptions of the issuer's ability to make such payments will cause the price of that bond to decline, thus reducing the underlying fund's return; and call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The underlying fund would then lose any price appreciation above the bond's call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the underlying fund's income. For mortgage-backed securities, this risk is known as prepayment risk.</p><p>The Fund is also subject to asset allocation risk, which is the chance that the selection of underlying funds, and the allocation of assets to them, will cause the Fund to underperform other funds with a similar investment objective.</p><p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the work force in or within a few years of 2020 (the target year). The Fund is designed for an investor who plans to withdraw the value of an account in the Fund gradually after the target year. The Fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase. Within seven years after 2020, the Fund's asset allocation should become similar to that of the Target Retirement Income Fund. As of September 30, 2011, the Fund's asset allocation among the underlying funds was as follows:</p><p>Vanguard Total Stock Market Index Fund 44.5%</p><p>Vanguard Total Bond Market II Index Fund 36.3%</p><p>Vanguard Total International Stock Index Fund 19.2%</p><p>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.</p><p>The Fund's indirect stock holdings consist substantially of large-capitalization U.S. stocks and, to a lesser extent, of mid- and small-cap U.S. stocks, as well as foreign stocks, including emerging markets. </p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term investment-grade, taxable U.S. government, U.S. agency, and corporate bonds, as well as mortgage-backed securities.</p> <p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund.</p> <p>, which have investment characteristics similar to those of the Fund.</p> <p>800-662-7447</p> <p>vanguard.com/performance </p> <p>Keep in mind that the Fund's past performance (before and after taxes) does not indicate how the Fund will perform in the future. </p> <p>When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption.</p> <p>Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan.</p> <p>Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares will be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</p> <div style="display:none">~ http://vanguard/role/S000012759ShareholderFeesRetail column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000012759Member ~ </div> <div style="display:none">~ http://vanguard/role/S000012759ShareholderFeesParticipant column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000012759Member ~ </div> <div style="display:none">~ http://vanguard/role/S000012759PerformanceTableDataRetail column primary compact * row dei_LegalEntityAxis compact vanguard_S000012759Member row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * ~ </div> <div style="display:none">~ http://vanguard/role/S000012759PerformanceTableDataParticipant column primary compact * row dei_LegalEntityAxis compact vanguard_S000012759Member row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * ~ </div> <div style="display:none">~ http://vanguard/role/S000012759OperatingExpensesRetail column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000012759Member ~ </div> <div style="display:none">~ http://vanguard/role/S000012759OperatingExpensesParticipant column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000012759Member ~ </div> <div style="display:none">~ http://vanguard/role/S000012759ExpenseExampleNoRedemptionRetail column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000012759Member ~ </div> <div style="display:none">~ http://vanguard/role/S000012759ExpenseExampleNoRedemptionParticipant column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000012759Member ~ </div> Shareholder Fees (Fees paid directly from your investment) Shareholder Fees (Fees paid directly from your investment) Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns for Periods Ended December 31, 2012 Average Annual Total Returns for Periods Ended December 31, 2012 Annual Total Returns Fees and Expenses Investment Objective Primary Risks Risk/Return Primary Investment Strategies 0.09 2013-01-28 (reflect no deduction for fees or expenses) Annual Total Returns Fees and Expenses Investment Objective Primary Risks Risk/Return Primary Investment Strategies 0.09 2013-01-28 (reflect no deduction for fees, expenses, or taxes) <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns compare with those of relevant market indexes and a composite bond/stock index, which have investment characteristics similar to those of the Fund. Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.</p> <p>Example</p> <p>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 invest $10,000 in the Fund's shares. This example assumes that the Fund provides a return of 5% a year and that total annual fund operating expenses of the Fund and its underlying funds remain as stated in the preceding table. The results apply whether or not you 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:</p> <p>The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund.</p> <p>The Fund seeks to provide capital appreciation and current income consistent with its current asset allocation.</p> <p>Portfolio Turnover</p> <p>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 9%. </p> <p>The Fund is subject to the risks associated with the stock and bond markets, any of which could cause an investor to lose money.</p> <p>The Fund is subject to the risks associated with the stock and bond markets, any of which could cause an investor to lose money. An investment in the Fund is not guaranteed. An investor may experience losses, including losses near, at, or after the target year. There is no guarantee that the Fund will provide adequate income at or after the target year. Because stocks usually are more volatile than bonds, and because the Fund currently invests more of its assets in stocks, the Fund's overall level of risk should be higher than that of funds that invest the majority of their assets in bonds; however, the level of risk should be lower than that of funds investing entirely in stocks. </p><p>With approximately 71% of its assets allocated to stocks, the Fund is proportionately subject to stock market risk, which is the chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. The Fund is also subject to the following risks associated with investments in foreign stocks: country/regional risk, which is the chance that world events-such as political upheaval, financial troubles, or natural disasters-will adversely affect the value of companies in any one country or region; and currency risk, which is the chance that the value of a foreign investment, measured in U.S. dollars, will decrease because of unfavorable changes in currency exchange rates. Country/regional risk and currency risk are especially high in emerging markets.</p><p>With approximately 29% of its assets allocated to bonds, the Fund is proportionately subject to bond risks: interest rate risk, which is the chance that bond prices overall will decline because of rising interest rates; income risk, which is the chance that the underlying fund's income will decline because of falling interest rates; credit risk, which is the chance that a bond issuer will fail to pay interest and principal in a timely manner, or that negative perceptions of the issuer's ability to make such payments will cause the price of that bond to decline, thus reducing the underlying fund's return; and call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The underlying fund would then lose any price appreciation above the bond's call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the underlying fund's income. For mortgage-backed securities, this risk is known as prepayment risk.</p><p>The Fund is also subject to asset allocation risk, which is the chance that the selection of underlying funds, and the allocation of assets to them, will cause the Fund to underperform other funds with a similar investment objective.</p><p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the work force in or within a few years of 2025 (the target year). The Fund is designed for an investor who plans to withdraw the value of an account in the Fund gradually after the target year. The Fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase. Within seven years after 2025, the Fund's asset allocation should become similar to that of the Target Retirement Income Fund. As of September 30, 2011, the Fund's asset allocation among the underlying funds was as follows:</p><p>Vanguard Total Stock Market Index Fund 49.8%</p><p>Vanguard Total Bond Market II Index Fund 28.6%</p><p>Vanguard Total International Stock Index Fund 21.6%</p><p>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.</p><p>The Fund's indirect stock holdings consist substantially of large-capitalization U.S. stocks and, to a lesser extent, of mid- and small-cap U.S. stocks, as well as foreign stocks, including emerging markets.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term investment-grade, taxable U.S. government, U.S. agency, and corporate bonds, as well as mortgage-backed securities.</p> <p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The Fund has not been in operation long enough to report a full calendar-year return.</p> <p>800-662-7447</p> <p>vanguard.com/performance </p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns compare with those of relevant market indexes and a composite bond/stock index, which have investment characteristics similar to those of the Fund. Keep in mind that the Fund's past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.</p> <p>Example</p> <p>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 invest $10,000 in the Fund's shares. This example assumes that the Fund provides a return of 5% a year and that total annual fund operating expenses of the Fund and its underlying funds remain as stated in the preceding table. The results apply whether or not you 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:</p> <p>The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund.</p> <p>The Fund seeks to provide capital appreciation and current income consistent with its current asset allocation.</p> <p>Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares will be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</p> <p>Portfolio Turnover</p> <p>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 9%. </p> <p>The Fund is subject to the risks associated with the stock and bond markets, any of which could cause an investor to lose money.</p> <p>The Fund is subject to the risks associated with the stock and bond markets, any of which could cause an investor to lose money. An investment in the Fund is not guaranteed. An investor may experience losses, including losses near, at, or after the target year. There is no guarantee that the Fund will provide adequate income at or after the target year. Because stocks usually are more volatile than bonds, and because the Fund currently invests more of its assets in stocks, the Fund's overall level of risk should be higher than that of funds that invest the majority of their assets in bonds; however, the level of risk should be lower than that of funds investing entirely in stocks. </p><p>With approximately 71% of its assets allocated to stocks, the Fund is proportionately subject to stock market risk, which is the chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. The Fund is also subject to the following risks associated with investments in foreign stocks: country/regional risk, which is the chance that world events-such as political upheaval, financial troubles, or natural disasters-will adversely affect the value of companies in any one country or region; and currency risk, which is the chance that the value of a foreign investment, measured in U.S. dollars, will decrease because of unfavorable changes in currency exchange rates. Country/regional risk and currency risk are especially high in emerging markets.</p><p>With approximately 29% of its assets allocated to bonds, the Fund is proportionately subject to bond risks: interest rate risk, which is the chance that bond prices overall will decline because of rising interest rates; income risk, which is the chance that the underlying fund's income will decline because of falling interest rates; credit risk, which is the chance that a bond issuer will fail to pay interest and principal in a timely manner, or that negative perceptions of the issuer's ability to make such payments will cause the price of that bond to decline, thus reducing the underlying fund's return; and call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The underlying fund would then lose any price appreciation above the bond's call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the underlying fund's income. For mortgage-backed securities, this risk is known as prepayment risk.</p><p>The Fund is also subject to asset allocation risk, which is the chance that the selection of underlying funds, and the allocation of assets to them, will cause the Fund to underperform other funds with a similar investment objective.</p><p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the work force in or within a few years of 2025 (the target year). The Fund is designed for an investor who plans to withdraw the value of an account in the Fund gradually after the target year. The Fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase. Within seven years after 2025, the Fund's asset allocation should become similar to that of the Target Retirement Income Fund. As of September 30, 2011, the Fund's asset allocation among the underlying funds was as follows:</p><p>Vanguard Total Stock Market Index Fund 49.8%</p><p>Vanguard Total Bond Market II Index Fund 28.6%</p><p>Vanguard Total International Stock Index Fund 21.6%</p><p>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.</p><p>The Fund's indirect stock holdings consist substantially of large-capitalization U.S. stocks and, to a lesser extent, of mid- and small-cap U.S. stocks, as well as foreign stocks, including emerging markets.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term investment-grade, taxable U.S. government, U.S. agency, and corporate bonds, as well as mortgage-backed securities.</p> <p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund.</p> <p>, which have investment characteristics similar to those of the Fund.</p> <p>800-662-7447</p> <p>vanguard.com/performance </p> <p>Keep in mind that the Fund's past performance (before and after taxes) does not indicate how the Fund will perform in the future. </p> <p>When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption.</p> <p>Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan.</p> <p>Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares will be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</p> <div style="display:none">~ http://vanguard/role/S000002572ShareholderFeesRetail column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000002572Member ~ </div> <div style="display:none">~ http://vanguard/role/S000002572ShareholderFeesParticipant column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000002572Member ~ </div> <div style="display:none">~ http://vanguard/role/S000002572PerformanceTableDataRetail column primary compact * row dei_LegalEntityAxis compact vanguard_S000002572Member row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * ~ </div> <div style="display:none">~ http://vanguard/role/S000002572PerformanceTableDataParticipant column primary compact * row dei_LegalEntityAxis compact vanguard_S000002572Member row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * ~ </div> <div style="display:none">~ http://vanguard/role/S000002572OperatingExpensesRetail column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000002572Member ~ </div> <div style="display:none">~ http://vanguard/role/S000002572OperatingExpensesParticipant column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000002572Member ~ </div> <div style="display:none">~ http://vanguard/role/S000002572ExpenseExampleNoRedemptionRetail column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000002572Member ~ </div> <div style="display:none">~ http://vanguard/role/S000002572ExpenseExampleNoRedemptionParticipant column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000002572Member ~ </div> Shareholder Fees (Fees paid directly from your investment) Shareholder Fees (Fees paid directly from your investment) Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns for Periods Ended December 31, 2012 Average Annual Total Returns for Periods Ended December 31, 2012 Annual Total Returns Fees and Expenses Investment Objective Primary Risks Risk/Return Primary Investment Strategies 0.04 2013-01-28 (reflect no deduction for fees or expenses) Annual Total Returns Fees and Expenses Investment Objective Primary Risks Risk/Return Primary Investment Strategies 0.04 2013-01-28 (reflect no deduction for fees, expenses, or taxes) <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns compare with those of relevant market indexes and a composite bond/stock index, which have investment characteristics similar to those of the Fund. Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.</p> <p>Example</p> <p>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 invest $10,000 in the Fund's shares. This example assumes that the Fund provides a return of 5% a year and that total annual fund operating expenses of the Fund and its underlying funds remain as stated in the preceding table. The results apply whether or not you 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:</p> <p>The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund.</p> <p>The Fund seeks to provide capital appreciation and current income consistent with its current asset allocation.</p> <p>Portfolio Turnover</p> <p>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 4%. </p> <p>The Fund is subject to the risks associated with the stock and bond markets, any of which could cause an investor to lose money.</p> <p>The Fund is subject to the risks associated with the stock and bond markets, any of which could cause an investor to lose money. An investment in the Fund is not guaranteed. An investor may experience losses, including losses near, at, or after the target year. There is no guarantee that the Fund will provide adequate income at or after the target year. Because stocks usually are more volatile than bonds, and because the Fund currently invests more of its assets in stocks, the Fund's overall level of risk should be higher than that of funds that invest the majority of their assets in bonds; however, the level of risk should be lower than that of funds investing entirely in stocks. </p><p>With approximately 79% of its assets allocated to stocks, the Fund is proportionately subject to stock market risk, which is the chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. The Fund is also subject to the following risks associated with investments in foreign stocks: country/regional risk, which is the chance that world events-such as political upheaval, financial troubles, or natural disasters-will adversely affect the value of companies in any one country or region; and currency risk, which is the chance that the value of a foreign investment, measured in U.S. dollars, will decrease because of unfavorable changes in currency exchange rates. Country/regional risk and currency risk are especially high in emerging markets.</p><p>With approximately 21% of its assets allocated to bonds, the Fund is proportionately subject to bond risks: interest rate risk, which is the chance that bond prices overall will decline because of rising interest rates; income risk, which is the chance that the underlying fund's income will decline because of falling interest rates; credit risk, which is the chance that a bond issuer will fail to pay interest and principal in a timely manner, or that negative perceptions of the issuer's ability to make such payments will cause the price of that bond to decline, thus reducing the underlying fund's return; and call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The underlying fund would then lose any price appreciation above the bond's call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the underlying fund's income. For mortgage-backed securities, this risk is known as prepayment risk.</p><p>The Fund is also subject to asset allocation risk, which is the chance that the selection of underlying funds, and the allocation of assets to them, will cause the Fund to underperform other funds with a similar investment objective.</p><p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the work force in or within a few years of 2030 (the target year). The Fund is designed for an investor who plans to withdraw the value of an account in the Fund gradually after the target year. The Fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase. Within seven years after 2030, the Fund's asset allocation should become similar to that of the Target Retirement Income Fund. As of September 30, 2011, the Fund's asset allocation among the underlying funds was as follows: </p><p>Vanguard Total Stock Market Index Fund 55.1%</p><p>Vanguard Total International Stock Index Fund 23.6%</p><p>Vanguard Total Bond Market II Index Fund 21.3%</p><p>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.</p><p>The Fund's indirect stock holdings consist substantially of large-capitalization U.S. stocks and, to a lesser extent, of mid- and small-cap U.S. stocks, as well as foreign stocks, including emerging markets. </p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term investment-grade, taxable U.S. government, U.S. agency, and corporate bonds, as well as mortgage-backed securities.</p> <p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund.</p> <p>, which have investment characteristics similar to those of the Fund.</p> <p>800-662-7447</p> <p>vanguard.com/performance </p> <p>Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns compare with those of relevant market indexes and a composite bond/stock index, which have investment characteristics similar to those of the Fund. Keep in mind that the Fund's past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.</p> <p>Example</p> <p>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 invest $10,000 in the Fund's shares. This example assumes that the Fund provides a return of 5% a year and that total annual fund operating expenses of the Fund and its underlying funds remain as stated in the preceding table. The results apply whether or not you 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:</p> <p>The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund.</p> <p>The Fund seeks to provide capital appreciation and current income consistent with its current asset allocation.</p> <p>Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares will be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</p> <p>Portfolio Turnover</p> <p>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 4%. </p> <p>The Fund is subject to the risks associated with the stock and bond markets, any of which could cause an investor to lose money.</p> <p>The Fund is subject to the risks associated with the stock and bond markets, any of which could cause an investor to lose money. An investment in the Fund is not guaranteed. An investor may experience losses, including losses near, at, or after the target year. There is no guarantee that the Fund will provide adequate income at or after the target year. Because stocks usually are more volatile than bonds, and because the Fund currently invests more of its assets in stocks, the Fund's overall level of risk should be higher than that of funds that invest the majority of their assets in bonds; however, the level of risk should be lower than that of funds investing entirely in stocks. </p><p>With approximately 79% of its assets allocated to stocks, the Fund is proportionately subject to stock market risk, which is the chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. The Fund is also subject to the following risks associated with investments in foreign stocks: country/regional risk, which is the chance that world events-such as political upheaval, financial troubles, or natural disasters-will adversely affect the value of companies in any one country or region; and currency risk, which is the chance that the value of a foreign investment, measured in U.S. dollars, will decrease because of unfavorable changes in currency exchange rates. Country/regional risk and currency risk are especially high in emerging markets.</p><p>With approximately 21% of its assets allocated to bonds, the Fund is proportionately subject to bond risks: interest rate risk, which is the chance that bond prices overall will decline because of rising interest rates; income risk, which is the chance that the underlying fund's income will decline because of falling interest rates; credit risk, which is the chance that a bond issuer will fail to pay interest and principal in a timely manner, or that negative perceptions of the issuer's ability to make such payments will cause the price of that bond to decline, thus reducing the underlying fund's return; and call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The underlying fund would then lose any price appreciation above the bond's call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the underlying fund's income. For mortgage-backed securities, this risk is known as prepayment risk.</p><p>The Fund is also subject to asset allocation risk, which is the chance that the selection of underlying funds, and the allocation of assets to them, will cause the Fund to underperform other funds with a similar investment objective.</p><p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the work force in or within a few years of 2030 (the target year). The Fund is designed for an investor who plans to withdraw the value of an account in the Fund gradually after the target year. The Fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase. Within seven years after 2030, the Fund's asset allocation should become similar to that of the Target Retirement Income Fund. As of September 30, 2011, the Fund's asset allocation among the underlying funds was as follows: </p><p>Vanguard Total Stock Market Index Fund 55.1%</p><p>Vanguard Total International Stock Index Fund 23.6%</p><p>Vanguard Total Bond Market II Index Fund 21.3%</p><p>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.</p><p>The Fund's indirect stock holdings consist substantially of large-capitalization U.S. stocks and, to a lesser extent, of mid- and small-cap U.S. stocks, as well as foreign stocks, including emerging markets. </p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term investment-grade, taxable U.S. government, U.S. agency, and corporate bonds, as well as mortgage-backed securities.</p> <p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund.</p> <p>, which have investment characteristics similar to those of the Fund.</p> <p>800-662-7447</p> <p>vanguard.com/performance </p> <p>Keep in mind that the Fund's past performance (before and after taxes) does not indicate how the Fund will perform in the future. </p> <p>When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption.</p> <p>Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan.</p> <p>Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares will be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</p> <div style="display:none">~ http://vanguard/role/S000012760ShareholderFeesRetail column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000012760Member ~ </div> <div style="display:none">~ http://vanguard/role/S000012760ShareholderFeesParticipant column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000012760Member ~ </div> <div style="display:none">~ http://vanguard/role/S000012760PerformanceTableDataRetail column primary compact * row dei_LegalEntityAxis compact vanguard_S000012760Member row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * ~ </div> <div style="display:none">~ http://vanguard/role/S000012760PerformanceTableDataParticipant column primary compact * row dei_LegalEntityAxis compact vanguard_S000012760Member row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * ~ </div> <div style="display:none">~ http://vanguard/role/S000012760OperatingExpensesRetail column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000012760Member ~ </div> <div style="display:none">~ http://vanguard/role/S000012760OperatingExpensesParticipant column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000012760Member ~ </div> <div style="display:none">~ http://vanguard/role/S000012760ExpenseExampleNoRedemptionRetail column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000012760Member ~ </div> <div style="display:none">~ http://vanguard/role/S000012760ExpenseExampleNoRedemptionParticipant column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000012760Member ~ </div> Shareholder Fees (Fees paid directly from your investment) Shareholder Fees (Fees paid directly from your investment) Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns for Periods Ended December 31, 2012 Average Annual Total Returns for Periods Ended December 31, 2012 Annual Total Returns Fees and Expenses Investment Objective Primary Risks Risk/Return Primary Investment Strategies 0.06 2013-01-28 (reflect no deduction for fees or expenses) Annual Total Returns Fees and Expenses Investment Objective Primary Risks Risk/Return Primary Investment Strategies 0.06 2013-01-28 (reflect no deduction for fees, expenses, or taxes) <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns compare with those of relevant market indexes and a composite bond/stock index, which have investment characteristics similar to those of the Fund. Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.</p> <p>Example</p> <p>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 invest $10,000 in the Fund's shares. This example assumes that the Fund provides a return of 5% a year and that total annual fund operating expenses of the Fund and its underlying funds remain as stated in the preceding table. The results apply whether or not you 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:</p> <p>The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund.</p> <p>The Fund seeks to provide capital appreciation and current income consistent with its current asset allocation.</p> <p>Portfolio Turnover</p> <p>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 6%. </p> <p>The Fund is subject to the risks associated with the stock and bond markets, any of which could cause an investor to lose money.</p> <p>The Fund is subject to the risks associated with the stock and bond markets, any of which could cause an investor to lose money. An investment in the Fund is not guaranteed. An investor may experience losses, including losses near, at, or after the target year. There is no guarantee that the Fund will provide adequate income at or after the target year. Because stocks usually are more volatile than bonds, and because the Fund currently invests more of its assets in stocks, the Fund's overall level of risk should be higher than that of funds that invest the majority of their assets in bonds; however, the level of risk should be lower than that of funds investing entirely in stocks. </p><p>With approximately 86% of its assets allocated to stocks, the Fund is proportionately subject to stock market risk, which is the chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. The Fund is also subject to the following risks associated with investments in foreign stocks: country/regional risk, which is the chance that world events-such as political upheaval, financial troubles, or natural disasters-will adversely affect the value of companies in any one country or region; and currency risk, which is the chance that the value of a foreign investment, measured in U.S. dollars, will decrease because of unfavorable changes in currency exchange rates. Country/regional risk and currency risk are especially high in emerging markets.</p><p>With approximately 14% of its assets allocated to bonds, the Fund is proportionately subject to bond risks: interest rate risk, which is the chance that bond prices overall will decline because of rising interest rates; income risk, which is the chance that the underlying fund's income will decline because of falling interest rates; credit risk, which is the chance that a bond issuer will fail to pay interest and principal in a timely manner, or that negative perceptions of the issuer's ability to make such payments will cause the price of that bond to decline, thus reducing the underlying fund's return; and call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The underlying fund would then lose any price appreciation above the bond's call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the underlying fund's income. For mortgage-backed securities, this risk is known as prepayment risk.</p><p>The Fund is also subject to asset allocation risk, which is the chance that the selection of underlying funds, and the allocation of assets to them, will cause the Fund to underperform other funds with a similar investment objective.</p><p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the work force in or within a few years of 2035 (the target year). The Fund is designed for an investor who plans to withdraw the value of an account in the Fund gradually after the target year. The Fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase. Within seven years after 2035, the Fund's asset allocation should become similar to that of the Target Retirement Income Fund. As of September 30, 2011, the Fund's asset allocation among the underlying funds was as follows: </p><p>Vanguard Total Stock Market Index Fund 60.3%</p><p>Vanguard Total International Stock Index Fund 26.0%</p><p>Vanguard Total Bond Market II Index Fund 13.7%</p><p>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.</p><p>The Fund's indirect stock holdings consist substantially of large-capitalization U.S. stocks and, to a lesser extent, of mid- and small-cap U.S. stocks, as well as foreign stocks, including emerging markets. </p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term investment-grade, taxable U.S. government, U.S. agency, and corporate bonds, as well as mortgage-backed securities.</p> <p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund.</p> <p>, which have investment characteristics similar to those of the Fund.</p> <p>800-662-7447</p> <p>vanguard.com/performance </p> <p>Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns compare with those of relevant market indexes and a composite bond/stock index, which have investment characteristics similar to those of the Fund. Keep in mind that the Fund's past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.</p> <p>Example</p> <p>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 invest $10,000 in the Fund's shares. This example assumes that the Fund provides a return of 5% a year and that total annual fund operating expenses of the Fund and its underlying funds remain as stated in the preceding table. The results apply whether or not you 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:</p> <p>The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund.</p> <p>The Fund seeks to provide capital appreciation and current income consistent with its current asset allocation.</p> <p>Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares will be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</p><p>Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares will be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</p> <p>Portfolio Turnover</p> <p>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 6%. </p> <p>The Fund is subject to the risks associated with the stock and bond markets, any of which could cause an investor to lose money.</p> <p>The Fund is subject to the risks associated with the stock and bond markets, any of which could cause an investor to lose money. An investment in the Fund is not guaranteed. An investor may experience losses, including losses near, at, or after the target year. There is no guarantee that the Fund will provide adequate income at or after the target year. Because stocks usually are more volatile than bonds, and because the Fund currently invests more of its assets in stocks, the Fund's overall level of risk should be higher than that of funds that invest the majority of their assets in bonds; however, the level of risk should be lower than that of funds investing entirely in stocks. </p><p>With approximately 86% of its assets allocated to stocks, the Fund is proportionately subject to stock market risk, which is the chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. The Fund is also subject to the following risks associated with investments in foreign stocks: country/regional risk, which is the chance that world events-such as political upheaval, financial troubles, or natural disasters-will adversely affect the value of companies in any one country or region; and currency risk, which is the chance that the value of a foreign investment, measured in U.S. dollars, will decrease because of unfavorable changes in currency exchange rates. Country/regional risk and currency risk are especially high in emerging markets.</p><p>With approximately 14% of its assets allocated to bonds, the Fund is proportionately subject to bond risks: interest rate risk, which is the chance that bond prices overall will decline because of rising interest rates; income risk, which is the chance that the underlying fund's income will decline because of falling interest rates; credit risk, which is the chance that a bond issuer will fail to pay interest and principal in a timely manner, or that negative perceptions of the issuer's ability to make such payments will cause the price of that bond to decline, thus reducing the underlying fund's return; and call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The underlying fund would then lose any price appreciation above the bond's call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the underlying fund's income. For mortgage-backed securities, this risk is known as prepayment risk.</p><p>The Fund is also subject to asset allocation risk, which is the chance that the selection of underlying funds, and the allocation of assets to them, will cause the Fund to underperform other funds with a similar investment objective.</p><p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the work force in or within a few years of 2035 (the target year). The Fund is designed for an investor who plans to withdraw the value of an account in the Fund gradually after the target year. The Fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase. Within seven years after 2035, the Fund's asset allocation should become similar to that of the Target Retirement Income Fund. As of September 30, 2011, the Fund's asset allocation among the underlying funds was as follows: </p><p>Vanguard Total Stock Market Index Fund 60.3%</p><p>Vanguard Total International Stock Index Fund 26.0%</p><p>Vanguard Total Bond Market II Index Fund 13.7%</p><p>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.</p><p>The Fund's indirect stock holdings consist substantially of large-capitalization U.S. stocks and, to a lesser extent, of mid- and small-cap U.S. stocks, as well as foreign stocks, including emerging markets. </p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term investment-grade, taxable U.S. government, U.S. agency, and corporate bonds, as well as mortgage-backed securities.</p> <p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund.</p> <p>, which have investment characteristics similar to those of the Fund.</p> <p>800-662-7447</p> <p>vanguard.com/performance </p> <p>Keep in mind that the Fund's past performance (before and after taxes) does not indicate how the Fund will perform in the future. </p> <p>When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption.</p> <p>Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan.</p> <p>Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares will be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</p> <div style="display:none">~ http://vanguard/role/S000002573ShareholderFeesRetail column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000002573Member ~ </div> <div style="display:none">~ http://vanguard/role/S000002573ShareholderFeesParticipant column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000002573Member ~ </div> <div style="display:none">~ http://vanguard/role/S000002573PerformanceTableDataRetail column primary compact * row dei_LegalEntityAxis compact vanguard_S000002573Member row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * ~ </div> <div style="display:none">~ http://vanguard/role/S000002573PerformanceTableDataParticipant column primary compact * row dei_LegalEntityAxis compact vanguard_S000002573Member row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * ~ </div> <div style="display:none">~ http://vanguard/role/S000002573OperatingExpensesRetail column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000002573Member ~ </div> <div style="display:none">~ http://vanguard/role/S000002573OperatingExpensesParticipant column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000002573Member ~ </div> <div style="display:none">~ http://vanguard/role/S000002573ExpenseExampleNoRedemptionRetail column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000002573Member ~ </div> <div style="display:none">~ http://vanguard/role/S000002573ExpenseExampleNoRedemptionParticipant column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000002573Member ~ </div> Shareholder Fees (Fees paid directly from your investment) Shareholder Fees (Fees paid directly from your investment) Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns for Periods Ended December 31, 2012 Average Annual Total Returns for Periods Ended December 31, 2012 Annual Total Returns Fees and Expenses Investment Objective Primary Risks Risk/Return Primary Investment Strategies 0.03 2013-01-28 (reflect no deduction for fees or expenses) Annual Total Returns Fees and Expenses Investment Objective Primary Risks Risk/Return Primary Investment Strategies 0.03 2013-01-28 (reflect no deduction for fees, expenses, or taxes) <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns compare with those of relevant market indexes and a composite bond/stock index, which have investment characteristics similar to those of the Fund. Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.</p> <p>Example</p> <p>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 invest $10,000 in the Fund's shares. This example assumes that the Fund provides a return of 5% a year and that total annual fund operating expenses of the Fund and its underlying funds remain as stated in the preceding table. The results apply whether or not you 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:</p> <p>The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund.</p> <p>The Fund seeks to provide capital appreciation and current income consistent with its current asset allocation.</p> <p>Portfolio Turnover</p> <p>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 3%. </p> <p>The Fund is subject to the risks associated with the stock and bond markets, any of which could cause an investor to lose money.</p> <p>The Fund is subject to the risks associated with the stock and bond markets, any of which could cause an investor to lose money. An investment in the Fund is not guaranteed. An investor may experience losses, including losses near, at, or after the target year. There is no guarantee that the Fund will provide adequate income at or after the target year. Because stocks usually are more volatile than bonds, and because the Fund currently invests more of its assets in stocks, the Fund's overall level of risk should be higher than that of funds that invest the majority of their assets in bonds; however, the level of risk should be lower than that of funds investing entirely in stocks. </p><p>With approximately 90% of its assets allocated to stocks, the Fund is proportionately subject to stock market risk, which is the chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. The Fund is also subject to the following risks associated with investments in foreign stocks: country/regional risk, which is the chance that world events-such as political upheaval, financial troubles, or natural disasters-will adversely affect the value of companies in any one country or region; and currency risk, which is the chance that the value of a foreign investment, measured in U.S. dollars, will decrease because of unfavorable changes in currency exchange rates. Country/regional risk and currency risk are especially high in emerging markets.</p><p>With approximately 10% of its assets allocated to bonds, the Fund is proportionately subject to bond risks: interest rate risk, which is the chance that bond prices overall will decline because of rising interest rates; income risk, which is the chance that the underlying fund's income will decline because of falling interest rates; credit risk, which is the chance that a bond issuer will fail to pay interest and principal in a timely manner, or that negative perceptions of the issuer's ability to make such payments will cause the price of that bond to decline, thus reducing the underlying fund's return; and call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The underlying fund would then lose any price appreciation above the bond's call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the underlying fund's income. For mortgage-backed securities, this risk is known as prepayment risk.</p><p>The Fund is also subject to asset allocation risk, which is the chance that the selection of underlying funds, and the allocation of assets to them, will cause the Fund to underperform other funds with a similar investment objective.</p><p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the work force in or within a few years of 2040 (the target year). The Fund is designed for an investor who plans to withdraw the value of an account in the Fund gradually after the target year. The Fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase. Within seven years after 2040, the Fund's asset allocation should become similar to that of the Target Retirement Income Fund. As of September 30, 2011, the Fund's asset allocation among the underlying funds was as follows: </p><p>Vanguard Total Stock Market Index Fund 62.7%</p><p>Vanguard Total International Stock Index Fund 27.2%</p><p>Vanguard Total Bond Market II Index Fund 10.1%</p><p>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.</p><p>The Fund's indirect stock holdings consist substantially of large-capitalization U.S. stocks and, to a lesser extent, of mid- and small-cap U.S. stocks, as well as foreign stocks, including emerging markets. </p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term investment-grade, taxable U.S. government, U.S. agency, and corporate bonds, as well as mortgage-backed securities.</p> <p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund.</p> <p>, which have investment characteristics similar to those of the Fund.</p> <p>800-662-7447</p> <p>vanguard.com/performance </p> <p>Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns compare with those of relevant market indexes and a composite bond/stock index, which have investment characteristics similar to those of the Fund. Keep in mind that the Fund's past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.</p> <p>Example</p> <p>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 invest $10,000 in the Fund's shares. This example assumes that the Fund provides a return of 5% a year and that total annual fund operating expenses of the Fund and its underlying funds remain as stated in the preceding table. The results apply whether or not you 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:</p> <p>The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund.</p> <p>The Fund seeks to provide capital appreciation and current income consistent with its current asset allocation.</p> <p>Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares will be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</p> <p>Portfolio Turnover</p> <p>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 3%. </p> <p>The Fund is subject to the risks associated with the stock and bond markets, any of which could cause an investor to lose money.</p> <p>The Fund is subject to the risks associated with the stock and bond markets, any of which could cause an investor to lose money. An investment in the Fund is not guaranteed. An investor may experience losses, including losses near, at, or after the target year. There is no guarantee that the Fund will provide adequate income at or after the target year. Because stocks usually are more volatile than bonds, and because the Fund currently invests more of its assets in stocks, the Fund's overall level of risk should be higher than that of funds that invest the majority of their assets in bonds; however, the level of risk should be lower than that of funds investing entirely in stocks. </p><p>With approximately 90% of its assets allocated to stocks, the Fund is proportionately subject to stock market risk, which is the chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. The Fund is also subject to the following risks associated with investments in foreign stocks: country/regional risk, which is the chance that world events-such as political upheaval, financial troubles, or natural disasters-will adversely affect the value of companies in any one country or region; and currency risk, which is the chance that the value of a foreign investment, measured in U.S. dollars, will decrease because of unfavorable changes in currency exchange rates. Country/regional risk and currency risk are especially high in emerging markets.</p><p>With approximately 10% of its assets allocated to bonds, the Fund is proportionately subject to bond risks: interest rate risk, which is the chance that bond prices overall will decline because of rising interest rates; income risk, which is the chance that the underlying fund's income will decline because of falling interest rates; credit risk, which is the chance that a bond issuer will fail to pay interest and principal in a timely manner, or that negative perceptions of the issuer's ability to make such payments will cause the price of that bond to decline, thus reducing the underlying fund's return; and call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The underlying fund would then lose any price appreciation above the bond's call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the underlying fund's income. For mortgage-backed securities, this risk is known as prepayment risk.</p><p>The Fund is also subject to asset allocation risk, which is the chance that the selection of underlying funds, and the allocation of assets to them, will cause the Fund to underperform other funds with a similar investment objective.</p><p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the work force in or within a few years of 2040 (the target year). The Fund is designed for an investor who plans to withdraw the value of an account in the Fund gradually after the target year. The Fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase. Within seven years after 2040, the Fund's asset allocation should become similar to that of the Target Retirement Income Fund. As of September 30, 2011, the Fund's asset allocation among the underlying funds was as follows: </p><p>Vanguard Total Stock Market Index Fund 62.7%</p><p>Vanguard Total International Stock Index Fund 27.2%</p><p>Vanguard Total Bond Market II Index Fund 10.1%</p><p>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.</p><p>The Fund's indirect stock holdings consist substantially of large-capitalization U.S. stocks and, to a lesser extent, of mid- and small-cap U.S. stocks, as well as foreign stocks, including emerging markets. </p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term investment-grade, taxable U.S. government, U.S. agency, and corporate bonds, as well as mortgage-backed securities.</p> <p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund.</p> <p>, which have investment characteristics similar to those of the Fund.</p> <p>800-662-7447</p> <p>vanguard.com/performance </p> <p>Keep in mind that the Fund's past performance (before and after taxes) does not indicate how the Fund will perform in the future. </p> <p>When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption.</p> <p>Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan.</p> <p>Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares will be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</p> <div style="display:none">~ http://vanguard/role/S000012761ShareholderFeesRetail column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000012761Member ~ </div> <div style="display:none">~ http://vanguard/role/S000012761ShareholderFeesParticipant column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000012761Member ~ </div> <div style="display:none">~ http://vanguard/role/S000012761PerformanceTableDataRetail column primary compact * row dei_LegalEntityAxis compact vanguard_S000012761Member row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * ~ </div> <div style="display:none">~ http://vanguard/role/S000012761PerformanceTableDataParticipant column primary compact * row dei_LegalEntityAxis compact vanguard_S000012761Member row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * ~ </div> <div style="display:none">~ http://vanguard/role/S000012761OperatingExpensesRetail column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000012761Member ~ </div> <div style="display:none">~ http://vanguard/role/S000012761OperatingExpensesParticipant column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000012761Member ~ </div> <div style="display:none">~ http://vanguard/role/S000012761ExpenseExampleNoRedemptionRetail column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000012761Member ~ </div> <div style="display:none">~ http://vanguard/role/S000012761ExpenseExampleNoRedemptionParticipant column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000012761Member ~ </div> Shareholder Fees (Fees paid directly from your investment) Shareholder Fees (Fees paid directly from your investment) Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns for Periods Ended December 31, 2012 Average Annual Total Returns for Periods Ended December 31, 2012 Annual Total Returns Fees and Expenses Investment Objective Primary Risks Risk/Return Primary Investment Strategies 0.07 2013-01-28 (reflect no deduction for fees or expenses) Annual Total Returns Fees and Expenses Investment Objective Primary Risks Risk/Return Primary Investment Strategies 0.07 2013-01-28 (reflect no deduction for fees, expenses, or taxes) <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns compare with those of relevant market indexes and a composite bond/stock index, which have investment characteristics similar to those of the Fund. Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.</p> <p>Example</p> <p>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 invest $10,000 in the Fund's shares. This example assumes that the Fund provides a return of 5% a year and that total annual fund operating expenses of the Fund and its underlying funds remain as stated in the preceding table. The results apply whether or not you 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:</p> <p>The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund.</p> <p>The Fund seeks to provide capital appreciation and current income consistent with its current asset allocation.</p> <p>Portfolio Turnover</p> <p>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 7%. </p> <p>The Fund is subject to the risks associated with the stock and bond markets, any of which could cause an investor to lose money.</p> <p>The Fund is subject to the risks associated with the stock and bond markets, any of which could cause an investor to lose money. An investment in the Fund is not guaranteed. An investor may experience losses, including losses near, at, or after the target year. There is no guarantee that the Fund will provide adequate income at or after the target year. Because stocks usually are more volatile than bonds, and because the Fund currently invests most of its assets in stocks, the Fund's overall level of risk should be higher than that of funds that invest the majority of their assets in bonds; however, the level of risk should be lower than that of funds investing entirely in stocks.</p><p>With approximately 90% of its assets allocated to stocks, the Fund is proportionately subject to stock market risk, which is the chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. The Fund is also subject to the following risks associated with investments in foreign stocks: country/regional risk, which is the chance that world events-such as political upheaval, financial troubles, or natural disasters-will adversely affect the value of companies in any one country or region; and currency risk, which is the chance that the value of a foreign investment, measured in U.S. dollars, will decrease because of unfavorable changes in currency exchange rates. Country/regional risk and currency risk are especially high in emerging markets.</p><p>With approximately 10% of its assets allocated to bonds, the Fund is proportionately subject to bond risks: interest rate risk, which is the chance that bond prices overall will decline because of rising interest rates; income risk, which is the chance that the underlying fund's income will decline because of falling interest rates; credit risk, which is the chance that a bond issuer will fail to pay interest and principal in a timely manner, or that negative perceptions of the issuer's ability to make such payments will cause the price of that bond to decline, thus reducing the underlying fund's return; and call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The underlying fund would then lose any price appreciation above the bond's call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the underlying fund's income. For mortgage-backed securities, this risk is known as prepayment risk.</p><p>The Fund is also subject to asset allocation risk, which is the chance that the selection of underlying funds, and the allocation of assets to them, will cause the Fund to underperform other funds with a similar investment objective.</p><p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the work force in or within a few years of 2045 (the target year). The Fund is designed for an investor who plans to withdraw the value of an account in the Fund gradually after the target year. The Fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase. Within seven years after 2045, the Fund's asset allocation should become similar to that of the Target Retirement Income Fund. As of September 30, 2011, the Fund's asset allocation among the underlying funds was as follows: </p><p>Vanguard Total Stock Market Index Fund 62.8%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 10.2%</p><p>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.</p><p>The Fund's indirect stock holdings consist substantially of large-capitalization U.S. stocks and, to a lesser extent, of mid- and small-cap U.S. stocks, as well as foreign stocks, including emerging markets. </p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term investment-grade, taxable U.S. government, U.S. agency, and corporate bonds, as well as mortgage-backed securities.</p> <p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund.</p> <p>, which have investment characteristics similar to those of the Fund.</p> <p>800-662-7447</p> <p>vanguard.com/performance </p> <p>Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns compare with those of relevant market indexes and a composite bond/stock index, which have investment characteristics similar to those of the Fund. Keep in mind that the Fund's past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.</p> <p>Example</p> <p>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 invest $10,000 in the Fund's shares. This example assumes that the Fund provides a return of 5% a year and that total annual fund operating expenses of the Fund and its underlying funds remain as stated in the preceding table. The results apply whether or not you 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:</p> <p>The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund.</p> <p>The Fund seeks to provide capital appreciation and current income consistent with its current asset allocation.</p> <p>Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares will be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</p> <p>Portfolio Turnover</p> <p>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 7%. </p> <p>The Fund is subject to the risks associated with the stock and bond markets, any of which could cause an investor to lose money.</p> <p>The Fund is subject to the risks associated with the stock and bond markets, any of which could cause an investor to lose money. An investment in the Fund is not guaranteed. An investor may experience losses, including losses near, at, or after the target year. There is no guarantee that the Fund will provide adequate income at or after the target year. Because stocks usually are more volatile than bonds, and because the Fund currently invests most of its assets in stocks, the Fund's overall level of risk should be higher than that of funds that invest the majority of their assets in bonds; however, the level of risk should be lower than that of funds investing entirely in stocks.</p><p>With approximately 90% of its assets allocated to stocks, the Fund is proportionately subject to stock market risk, which is the chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. The Fund is also subject to the following risks associated with investments in foreign stocks: country/regional risk, which is the chance that world events-such as political upheaval, financial troubles, or natural disasters-will adversely affect the value of companies in any one country or region; and currency risk, which is the chance that the value of a foreign investment, measured in U.S. dollars, will decrease because of unfavorable changes in currency exchange rates. Country/regional risk and currency risk are especially high in emerging markets.</p><p>With approximately 10% of its assets allocated to bonds, the Fund is proportionately subject to bond risks: interest rate risk, which is the chance that bond prices overall will decline because of rising interest rates; income risk, which is the chance that the underlying fund's income will decline because of falling interest rates; credit risk, which is the chance that a bond issuer will fail to pay interest and principal in a timely manner, or that negative perceptions of the issuer's ability to make such payments will cause the price of that bond to decline, thus reducing the underlying fund's return; and call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The underlying fund would then lose any price appreciation above the bond's call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the underlying fund's income. For mortgage-backed securities, this risk is known as prepayment risk.</p><p>The Fund is also subject to asset allocation risk, which is the chance that the selection of underlying funds, and the allocation of assets to them, will cause the Fund to underperform other funds with a similar investment objective.</p><p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the work force in or within a few years of 2045 (the target year). The Fund is designed for an investor who plans to withdraw the value of an account in the Fund gradually after the target year. The Fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase. Within seven years after 2045, the Fund's asset allocation should become similar to that of the Target Retirement Income Fund. As of September 30, 2011, the Fund's asset allocation among the underlying funds was as follows: </p><p>Vanguard Total Stock Market Index Fund 62.8%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 10.2%</p><p>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.</p><p>The Fund's indirect stock holdings consist substantially of large-capitalization U.S. stocks and, to a lesser extent, of mid- and small-cap U.S. stocks, as well as foreign stocks, including emerging markets. </p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term investment-grade, taxable U.S. government, U.S. agency, and corporate bonds, as well as mortgage-backed securities.</p> <p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund.</p> <p>, which have investment characteristics similar to those of the Fund.</p> <p>800-662-7447</p> <p>vanguard.com/performance </p> <p>Keep in mind that the Fund's past performance (before and after taxes) does not indicate how the Fund will perform in the future. </p> <p>When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption.</p> <p>Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan.</p> <p>Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares will be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</p> <div style="display:none">~ http://vanguard/role/S000002574ShareholderFeesRetail column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000002574Member ~ </div> <div style="display:none">~ http://vanguard/role/S000002574ShareholderFeesParticipant column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000002574Member ~ </div> <div style="display:none">~ http://vanguard/role/S000002574PerformanceTableDataRetail column primary compact * row dei_LegalEntityAxis compact vanguard_S000002574Member row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * ~ </div> <div style="display:none">~ http://vanguard/role/S000002574PerformanceTableDataParticipant column primary compact * row dei_LegalEntityAxis compact vanguard_S000002574Member row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * ~ </div> <div style="display:none">~ http://vanguard/role/S000002574OperatingExpensesRetail column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000002574Member ~ </div> <div style="display:none">~ http://vanguard/role/S000002574OperatingExpensesParticipant column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000002574Member ~ </div> <div style="display:none">~ http://vanguard/role/S000002574ExpenseExampleNoRedemptionRetail column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000002574Member ~ </div> <div style="display:none">~ http://vanguard/role/S000002574ExpenseExampleNoRedemptionParticipant column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000002574Member ~ </div> Shareholder Fees (Fees paid directly from your investment) Shareholder Fees (Fees paid directly from your investment) Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns for Periods Ended December 31, 2012 Average Annual Total Returns for Periods Ended December 31, 2012 Annual Total Returns Fees and Expenses Investment Objective Primary Risks Risk/Return Primary Investment Strategies 0.04 2013-01-28 (reflect no deduction for fees or expenses) Annual Total Returns Fees and Expenses Investment Objective Primary Risks Risk/Return Primary Investment Strategies 0.04 2013-01-28 (reflect no deduction for fees, expenses, or taxes) <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns compare with those of relevant market indexes and a composite bond/stock index, which have investment characteristics similar to those of the Fund. Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.</p> <p>Example</p> <p>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 invest $10,000 in the Fund's shares. This example assumes that the Fund provides a return of 5% a year and that total annual fund operating expenses of the Fund and its underlying funds remain as stated in the preceding table. The results apply whether or not you 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:</p> <p>The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund.</p> <p>The Fund seeks to provide capital appreciation and current income consistent with its current asset allocation.</p> <p>Portfolio Turnover</p> <p>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 4%. </p> <p>The Fund is subject to the risks associated with the stock and bond markets, any of which could cause an investor to lose money.</p> <p>The Fund is subject to the risks associated with the stock and bond markets, any of which could cause an investor to lose money. An investment in the Fund is not guaranteed. An investor may experience losses, including losses near, at, or after the target year. There is no guarantee that the Fund will provide adequate income at or after the target year. Because stocks usually are more volatile than bonds, and because the Fund currently invests most of its assets in stocks, the Fund's overall level of risk should be higher than that of funds that invest the majority of their assets in bonds; however, the level of risk should be lower than that of funds investing entirely in stocks.</p><p>With approximately 90% of its assets allocated to stocks, the Fund is proportionately subject to stock market risk, which is the chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. The Fund is also subject to the following risks associated with investments in foreign stocks: country/regional risk, which is the chance that world events-such as political upheaval, financial troubles, or natural disasters-will adversely affect the value of companies in a particular country or region; and currency risk, which is the chance that the value of a foreign investment, measured in U.S. dollars, will decrease because of unfavorable changes in currency exchange rates. Country/regional risk and currency risk are especially high in emerging markets.</p><p>With approximately 10% of its assets allocated to bonds, the Fund is proportionately subject to bond risks: interest rate risk, which is the chance that bond prices overall will decline because of rising interest rates; income risk, which is the chance that the underlying fund's income will decline because of falling interest rates; credit risk, which is the chance that a bond issuer will fail to pay interest and principal in a timely manner, or that negative perceptions of the issuer's ability to make such payments will cause the price of that bond to decline, thus reducing the underlying fund's return; and call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The underlying fund would then lose any price appreciation above the bond's call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the underlying fund's income. For mortgage-backed securities, this risk is known as prepayment risk.</p><p>The Fund is also subject to asset allocation risk, which is the chance that the selection of underlying funds, and the allocation of assets to them, will cause the Fund to underperform other funds with a similar investment objective.</p><p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the work force in or within a few years of 2050 (the target year). The Fund is designed for an investor who plans to withdraw the value of an account in the Fund gradually after the target year. The Fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase. Within seven years after 2050, the Fund's asset allocation should become similar to that of the Target Retirement Income Fund. As of September 30, 2011, the Fund's asset allocation among the underlying funds was as follows: </p><p>Vanguard Total Stock Market Index Fund 62.8%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 10.2%</p><p>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.</p><p>The Fund's indirect stock holdings consist substantially of large-capitalization U.S. stocks and, to a lesser extent, of mid- and small-cap U.S. stocks, as well as foreign stocks, including emerging markets. </p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term investment-grade, taxable U.S. government, U.S. agency, and corporate bonds, as well as mortgage-backed securities.</p> <p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund.</p> <p>, which have investment characteristics similar to those of the Fund.</p> <p>800-662-7447</p> <p>vanguard.com/performance </p> <p>Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns compare with those of relevant market indexes and a composite bond/stock index, which have investment characteristics similar to those of the Fund. Keep in mind that the Fund's past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.</p> <p>Example</p> <p>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 invest $10,000 in the Fund's shares. This example assumes that the Fund provides a return of 5% a year and that total annual fund operating expenses of the Fund and its underlying funds remain as stated in the preceding table. The results apply whether or not you 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:</p> <p>The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund.</p> <p>The Fund seeks to provide capital appreciation and current income consistent with its current asset allocation.</p> <p>Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares will be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</p> <p>Portfolio Turnover</p> <p>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 4%. </p> <p>The Fund is subject to the risks associated with the stock and bond markets, any of which could cause an investor to lose money.</p> <p>The Fund is subject to the risks associated with the stock and bond markets, any of which could cause an investor to lose money. An investment in the Fund is not guaranteed. An investor may experience losses, including losses near, at, or after the target year. There is no guarantee that the Fund will provide adequate income at or after the target year. Because stocks usually are more volatile than bonds, and because the Fund currently invests most of its assets in stocks, the Fund's overall level of risk should be higher than that of funds that invest the majority of their assets in bonds; however, the level of risk should be lower than that of funds investing entirely in stocks.</p><p>With approximately 90% of its assets allocated to stocks, the Fund is proportionately subject to stock market risk, which is the chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. The Fund is also subject to the following risks associated with investments in foreign stocks: country/regional risk, which is the chance that world events-such as political upheaval, financial troubles, or natural disasters-will adversely affect the value of companies in a particular country or region; and currency risk, which is the chance that the value of a foreign investment, measured in U.S. dollars, will decrease because of unfavorable changes in currency exchange rates. Country/regional risk and currency risk are especially high in emerging markets.</p><p>With approximately 10% of its assets allocated to bonds, the Fund is proportionately subject to bond risks: interest rate risk, which is the chance that bond prices overall will decline because of rising interest rates; income risk, which is the chance that the underlying fund's income will decline because of falling interest rates; credit risk, which is the chance that a bond issuer will fail to pay interest and principal in a timely manner, or that negative perceptions of the issuer's ability to make such payments will cause the price of that bond to decline, thus reducing the underlying fund's return; and call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The underlying fund would then lose any price appreciation above the bond's call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the underlying fund's income. For mortgage-backed securities, this risk is known as prepayment risk.</p><p>The Fund is also subject to asset allocation risk, which is the chance that the selection of underlying funds, and the allocation of assets to them, will cause the Fund to underperform other funds with a similar investment objective.</p><p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the work force in or within a few years of 2050 (the target year). The Fund is designed for an investor who plans to withdraw the value of an account in the Fund gradually after the target year. The Fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase. Within seven years after 2050, the Fund's asset allocation should become similar to that of the Target Retirement Income Fund. As of September 30, 2011, the Fund's asset allocation among the underlying funds was as follows: </p><p>Vanguard Total Stock Market Index Fund 62.8%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 10.2%</p><p>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.</p><p>The Fund's indirect stock holdings consist substantially of large-capitalization U.S. stocks and, to a lesser extent, of mid- and small-cap U.S. stocks, as well as foreign stocks, including emerging markets. </p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term investment-grade, taxable U.S. government, U.S. agency, and corporate bonds, as well as mortgage-backed securities.</p> <p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund.</p> <p>, which have investment characteristics similar to those of the Fund.</p> <p>800-662-7447</p> <p>vanguard.com/performance </p> <p>Keep in mind that the Fund's past performance (before and after taxes) does not indicate how the Fund will perform in the future. </p> <p>When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption.</p> <p>Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan.</p> <p>Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares will be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</p> <div style="display:none">~ http://vanguard/role/S000012762ShareholderFeesRetail column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000012762Member ~ </div> <div style="display:none">~ http://vanguard/role/S000012762ShareholderFeesParticipant column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000012762Member ~ </div> <div style="display:none">~ http://vanguard/role/S000012762PerformanceTableDataRetail column primary compact * row dei_LegalEntityAxis compact vanguard_S000012762Member row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * ~ </div> <div style="display:none">~ http://vanguard/role/S000012762PerformanceTableDataParticipant column primary compact * row dei_LegalEntityAxis compact vanguard_S000012762Member row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * ~ </div> <div style="display:none">~ http://vanguard/role/S000012762OperatingExpensesRetail column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000012762Member ~ </div> <div style="display:none">~ http://vanguard/role/S000012762OperatingExpensesParticipant column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000012762Member ~ </div> <div style="display:none">~ http://vanguard/role/S000012762ExpenseExampleNoRedemptionRetail column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000012762Member ~ </div> <div style="display:none">~ http://vanguard/role/S000012762ExpenseExampleNoRedemptionParticipant column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000012762Member ~ </div> Shareholder Fees (Fees paid directly from your investment) Shareholder Fees (Fees paid directly from your investment) Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns for Periods Ended December 31, 2012 Average Annual Total Returns for Periods Ended December 31, 2012 Annual Total Returns Fees and Expenses Investment Objective Primary Risks Risk/Return Primary Investment Strategies 0.03 2013-01-28 (reflect no deduction for fees, expenses, or taxes) Annual Total Returns Fees and Expenses Investment Objective Primary Risks Risk/Return Primary Investment Strategies 0.03 2013-01-28 (reflect no deduction for fees, expenses, or taxes) <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows the performance of the Fund in its first full calendar year. The table shows how the average annual total returns compare with those of relevant market indexes and a composite bond/stock index, which have investment characteristics similar to those of the Fund. Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available online at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.</p> <p>Example</p> <p>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 invest $10,000 in the Fund's shares. This example assumes that the Fund provides a return of 5% a year and that total annual fund operating expenses of the Fund and its underlying funds remain as stated in the preceding table. The results apply whether or not you 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:</p> <p>The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund.</p> <p>The Fund seeks to provide capital appreciation and current income consistent with its current asset allocation.</p> <p>Portfolio Turnover</p> <p>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 3%. </p> <p>The Fund is subject to the risks associated with the stock and bond markets, any of which could cause an investor to lose money.</p> <p>The Fund is subject to the risks associated with the stock and bond markets, any of which could cause an investor to lose money. An investment in the Fund is not guaranteed. An investor may experience losses, including losses near, at, or after the target year. There is no guarantee that the Fund will provide adequate income at or after the target year. Because stocks usually are more volatile than bonds, and because the Fund currently invests most of its assets in stocks, the Fund's overall level of risk should be higher than that of funds that invest the majority of their assets in bonds; however, the level of risk should be lower than that of funds investing entirely in stocks.</p><p>With approximately 90% of its assets allocated to stocks, the Fund is proportionately subject to stock market risk, which is the chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. The Fund is also subject to the following risks associated with investments in foreign stocks: country/regional risk, which is the chance that world events-such as political upheaval, financial troubles, or natural disasters-will adversely affect the value of companies in a particular country or region; and currency risk, which is the chance that the value of a foreign investment, measured in U.S. dollars, will decrease because of unfavorable changes in currency exchange rates. Country/regional risk and currency risk are especially high in emerging markets.</p><p>With approximately 10% of its assets allocated to bonds, the Fund is proportionately subject to bond risks: interest rate risk, which is the chance that bond prices overall will decline because of rising interest rates; income risk, which is the chance that the underlying fund's income will decline because of falling interest rates; credit risk, which is the chance that a bond issuer will fail to pay interest and principal in a timely manner, or that negative perceptions of the issuer's ability to make such payments will cause the price of that bond to decline, thus reducing the underlying fund's return; and call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The underlying fund would then lose any price appreciation above the bond's call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the underlying fund's income. For mortgage-backed securities, this risk is known as prepayment risk.</p><p>The Fund is also subject to asset allocation risk, which is the chance that the selection of underlying funds, and the allocation of assets to them, will cause the Fund to underperform other funds with a similar investment objective.</p><p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the work force in or within a few years of 2055 (the target year). The Fund is designed for an investor who plans to withdraw the value of an account in the Fund gradually after the target year. The Fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase. Within seven years after 2055, the Fund's asset allocation should become similar to that of the Target Retirement Income Fund. As of September 30, 2011, the Fund's asset allocation among the underlying funds was as follows: </p><p>Vanguard Total Stock Market Index Fund 62.8%</p><p>Vanguard Total International Stock Index Fund 27.2%</p><p>Vanguard Total Bond Market II Index Fund 10.0%</p><p>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.</p><p>The Fund's indirect stock holdings consist substantially of large-capitalization U.S. stocks and, to a lesser extent, of mid- and small-cap U.S. stocks, as well as foreign stocks, including emerging markets. </p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term investment-grade, taxable U.S. government, U.S. agency, and corporate bonds, as well as mortgage-backed securities.</p> <p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund.</p> <p>, which have investment characteristics similar to those of the Fund.</p> <p>800-662-7447</p> <p>vanguard.com/performance </p> <p>Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns compare with those of relevant market indexes and a composite bond/stock index, which have investment characteristics similar to those of the Fund. Keep in mind that the Fund's past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.</p> <p>Example</p> <p>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 invest $10,000 in the Fund's shares. This example assumes that the Fund provides a return of 5% a year and that total annual fund operating expenses of the Fund and its underlying funds remain as stated in the preceding table. The results apply whether or not you 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:</p> <p>The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund.</p> <p>The Fund seeks to provide capital appreciation and current income consistent with its current asset allocation.</p> <p>Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares will be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</p> <p>Portfolio Turnover</p> <p>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 3%. </p> <p>The Fund is subject to the risks associated with the stock and bond markets, any of which could cause an investor to lose money.</p> <p>The Fund is subject to the risks associated with the stock and bond markets, any of which could cause an investor to lose money. An investment in the Fund is not guaranteed. An investor may experience losses, including losses near, at, or after the target year. There is no guarantee that the Fund will provide adequate income at or after the target year. Because stocks usually are more volatile than bonds, and because the Fund currently invests most of its assets in stocks, the Fund's overall level of risk should be higher than that of funds that invest the majority of their assets in bonds; however, the level of risk should be lower than that of funds investing entirely in stocks.</p><p>With approximately 90% of its assets allocated to stocks, the Fund is proportionately subject to stock market risk, which is the chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. The Fund is also subject to the following risks associated with investments in foreign stocks: country/regional risk, which is the chance that world events-such as political upheaval, financial troubles, or natural disasters-will adversely affect the value of companies in a particular country or region; and currency risk, which is the chance that the value of a foreign investment, measured in U.S. dollars, will decrease because of unfavorable changes in currency exchange rates. Country/regional risk and currency risk are especially high in emerging markets.</p><p>With approximately 10% of its assets allocated to bonds, the Fund is proportionately subject to bond risks: interest rate risk, which is the chance that bond prices overall will decline because of rising interest rates; income risk, which is the chance that the underlying fund's income will decline because of falling interest rates; credit risk, which is the chance that a bond issuer will fail to pay interest and principal in a timely manner, or that negative perceptions of the issuer's ability to make such payments will cause the price of that bond to decline, thus reducing the underlying fund's return; and call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. The underlying fund would then lose any price appreciation above the bond's call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the underlying fund's income. For mortgage-backed securities, this risk is known as prepayment risk.</p><p>The Fund is also subject to asset allocation risk, which is the chance that the selection of underlying funds, and the allocation of assets to them, will cause the Fund to underperform other funds with a similar investment objective.</p><p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the work force in or within a few years of 2055 (the target year). The Fund is designed for an investor who plans to withdraw the value of an account in the Fund gradually after the target year. The Fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase. Within seven years after 2055, the Fund's asset allocation should become similar to that of the Target Retirement Income Fund. As of September 30, 2011, the Fund's asset allocation among the underlying funds was as follows: </p><p>Vanguard Total Stock Market Index Fund 62.8%</p><p>Vanguard Total International Stock Index Fund 27.2%</p><p>Vanguard Total Bond Market II Index Fund 10.0%</p><p>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.</p><p>The Fund's indirect stock holdings consist substantially of large-capitalization U.S. stocks and, to a lesser extent, of mid- and small-cap U.S. stocks, as well as foreign stocks, including emerging markets. </p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term investment-grade, taxable U.S. government, U.S. agency, and corporate bonds, as well as mortgage-backed securities.</p> <p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund.</p> <p>, which have investment characteristics similar to those of the Fund.</p> <p>800-662-7447</p> <p>vanguard.com/performance </p> <p>Keep in mind that the Fund's past performance (before and after taxes) does not indicate how the Fund will perform in the future. </p> <p>When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption.</p> <p>Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan.</p> <p>Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares will be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</p> <div style="display:none">~ http://vanguard/role/S000029700ShareholderFeesRetail column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000029700Member ~ </div> <div style="display:none">~ http://vanguard/role/S000029700ShareholderFeesParticipant column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000029700Member ~ </div> <div style="display:none">~ http://vanguard/role/S000029700PerformanceTableDataRetail column primary compact * row dei_LegalEntityAxis compact vanguard_S000029700Member row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * ~ </div> <div style="display:none">~ http://vanguard/role/S000029700PerformanceTableDataParticipant column primary compact * row dei_LegalEntityAxis compact vanguard_S000029700Member row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * ~ </div> <div style="display:none">~ http://vanguard/role/S000029700OperatingExpensesRetail column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000029700Member ~ </div> <div style="display:none">~ http://vanguard/role/S000029700OperatingExpensesParticipant column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000029700Member ~ </div> <div style="display:none">~ http://vanguard/role/S000029700ExpenseExampleNoRedemptionRetail column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000029700Member ~ </div> <div style="display:none">~ http://vanguard/role/S000029700ExpenseExampleNoRedemptionParticipant column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000029700Member ~ </div> Shareholder Fees (Fees paid directly from your investment) Shareholder Fees (Fees paid directly from your investment) Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Annual Total Returns Fees and Expenses Investment Objective Primary Risks Risk/Return Primary Investment Strategies 0.40 2013-01-28 (reflects no deduction for fees, expenses, or taxes) Annual Total Returns Fees and Expenses Investment Objective Primary Risks Risk/Return Primary Investment Strategies 0.40 2013-01-28 (reflects no deduction for fees, expenses, or taxes) <p>The Fund has not been in operation long enough to report a full calendar-year return. Performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.</p> <p>Example</p> <p>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 invest $10,000 in the Fund's shares. This example assumes that the Fund provides a return of 5% a year and that total annual fund operating expenses of the Fund and its underlying funds remain as stated in the preceding table. The results apply whether or not you 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:</p> <p>The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund.</p> <p>The Fund seeks to provide capital appreciation and current income consistent with its current asset allocation.</p> <p>Portfolio Turnover</p> <p>The Fund is subject to the risks associated with the stock and bond markets, any of which could cause an investor to lose money.</p> <p>The Fund is subject to the risks associated with the stock and bond markets, any of which could cause an investor to lose money. An investment in the Fund is not guaranteed. An investor may experience losses, including losses near, at, or after the target year. There is no guarantee that the Fund will provide adequate income at or after the target year. Because stocks usually are more volatile than bonds, and because the Fund currently invests more of its assets in stocks, the Fund's overall level of risk should be higher than that of funds that invest the majority of their assets in bonds; however, the level of risk should be lower than that of funds investing entirely in stocks. </p><p>The Fund is also subject to asset allocation risk, which is the chance that the selection of underlying funds, and the allocation of assets to them, will cause the Fund to underperform other funds with a similar investment objective.</p><p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the work force in or within a few years of 2060 (the target year). The Fund is designed for an investor who plans to withdraw the value of an account in the Fund gradually after the target year. The Fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase. Within seven years after 2060, the Fund's asset allocation should become similar to that of the Target Retirement Income Fund. As of September 30, 2011, the asset allocation among the underlying funds was as follows: </p><p>Vanguard Total Stock Market Index Fund 63.3%</p><p>Vanguard Total International Stock Index Fund 26.8%</p><p>Vanguard Total Bond Market II Index Fund 9.9%</p><p>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.</p><p>The Fund's indirect stock holdings consist substantially of large-capitalization U.S. stocks and, to a lesser extent, mid- and small-cap U.S. stocks, as well as foreign stocks, including emerging markets. </p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term investment-grade, taxable U.S. government, U.S. agency, and corporate bonds, as well as mortgage-backed securities.</p> <p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The Fund has not been in operation long enough to report a full calendar-year return.</p> <p>800-662-7447</p> <p>advisors.vanguard.com</p> <p>The Fund has not been in operation long enough to report a full calendar-year return. Performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.</p> <p>Example</p> <p>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 invest $10,000 in the Fund's shares. This example assumes that the Fund provides a return of 5% a year and that total annual fund operating expenses of the Fund and its underlying funds remain as stated in the preceding table. The results apply whether or not you 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:</p> <p>The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund.</p> <p>The Fund seeks to provide capital appreciation and current income consistent with its current asset allocation.</p> <p>Portfolio Turnover</p> <p>The Fund is subject to the risks associated with the stock and bond markets, any of which could cause an investor to lose money.</p> <p>The Fund is subject to the risks associated with the stock and bond markets, any of which could cause an investor to lose money. An investment in the Fund is not guaranteed. An investor may experience losses, including losses near, at, or after the target year. There is no guarantee that the Fund will provide adequate income at or after the target year. Because stocks usually are more volatile than bonds, and because the Fund currently invests most of its assets in stocks, the Fund's overall level of risk should be higher than that of funds that invest the majority of their assets in bonds; however, the level of risk should be lower than that of funds investing entirely in stocks.</p><p>The Fund is also subject to asset allocation risk, which is the chance that the selection of underlying funds, and the allocation of assets to them, will cause the Fund to underperform other funds with a similar investment objective.</p><p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the work force in or within a few years of 2060 (the target year). The Fund is designed for an investor who plans to withdraw the value of an account in the Fund gradually after the target year. The Fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase. Within seven years after 2060, the Fund's asset allocation should become similar to that of the Target Retirement Income Fund. As of September 30, 2011, the asset allocation among the underlying funds was as follows: </p><p>Vanguard Total Stock Market Index Fund 63.3%</p><p>Vanguard Total International Stock Index Fund 26.8%</p><p>Vanguard Total Bond Market II Index Fund 9.9%</p><p>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.</p><p>The Fund's indirect stock holdings consist substantially of large-capitalization U.S. stocks and, to a lesser extent, mid- and small-cap U.S. stocks, as well as foreign stocks, including emerging markets. </p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term investment-grade, taxable U.S. government, U.S. agency, and corporate bonds, as well as mortgage-backed securities.</p> <p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The Fund has not been in operation long enough to report a full calendar-year return.</p> <p>800-662-7447</p> <p>vanguard.com/performance </p> <div style="display:none">~ http://vanguard/role/S000035453ShareholderFeesRetail column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000035453Member ~ </div> <div style="display:none">~ http://vanguard/role/S000035453ShareholderFeesParticipant column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000035453Member ~ </div> <div style="display:none">~ http://vanguard/role/S000035453OperatingExpensesRetail column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000035453Member ~ </div> <div style="display:none">~ http://vanguard/role/S000035453OperatingExpensesParticipant column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000035453Member ~ </div> <div style="display:none">~ http://vanguard/role/S000035453ExpenseExampleNoRedemptionRetail column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000035453Member ~ </div> <div style="display:none">~ http://vanguard/role/S000035453ExpenseExampleNoRedemptionParticipant column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000035453Member ~ </div> Shareholder Fees (Fees paid directly from your investment) Shareholder Fees (Fees paid directly from your investment) Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns for Periods Ended December 31, 2012 Average Annual Total Returns for Periods Ended December 31, 2012 Annual Total Returns Fees and Expenses Investment Objective Primary Risks Risk/Return Primary Investment Strategies 0.07 2013-01-28 (reflect no deduction for fees or expenses) Annual Total Returns Fees and Expenses Investment Objective Primary Risks Risk/Return Primary Investment Strategies 0.07 2013-01-28 (reflect no deduction for fees, expenses, or taxes) <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns compare with those of relevant market indexes and a composite bond/stock index, which have investment characteristics similar to those of the Fund. Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.</p> <p>Example</p> <p>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 invest $10,000 in the Fund's shares. This example assumes that the Fund provides a return of 5% a year and that total annual fund operating expenses of the Fund and its underlying funds remain as stated in the preceding table. The results apply whether or not you 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:</p> <p>The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund.</p> <p>The Fund seeks to provide current income and some capital appreciation.</p> <p>Portfolio Turnover</p> <p>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 7%. </p> <p>The Fund is subject to the risks associated with the stock and bond markets, any of which could cause an investor to lose money.</p> <p>The Fund is subject to the risks associated with the stock and bond markets, any of which could cause an investor to lose money. An investment in the Fund is not guaranteed. An investor may experience losses. There is no guarantee that the Fund will provide adequate income through retirement. However, because bonds and short-term investments usually are less volatile than stocks, and because the Fund invests most of its assets in bonds and short-term investments, the Fund's overall level of risk should be low to moderate.</p><p>With approximately 70% of its assets allocated to bonds and money market instruments, the Fund is proportionately subject to the following risks: interest rate risk, which is the chance that bond prices overall will decline because of rising interest rates; income risk, which is the chance that an underlying fund's income will decline because of falling interest rates or declining inflation; credit risk, which is the chance that the issuer of a security will fail to pay interest and principal in a timely manner, or that negative perceptions of the issuer's ability to make such payments will cause the price of that security to decline, thus reducing an underlying fund's return; and call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. An underlying fund would then lose any price appreciation above the bond's call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the underlying fund's income. For mortgage-backed securities, this risk is known as prepayment risk. </p><p>With approximately 30% of its assets allocated to stocks, the Fund is proportionately subject to stock market risk, which is the chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. The Fund is also subject to the following risks associated with investments in foreign stocks: country/regional risk, which is the chance that world events-such as political upheaval, financial troubles, or natural disasters-will adversely affect the value of companies in any one country or region; and currency risk, which is the chance that the value of a foreign investment, measured in U.S. dollars, will decrease because of unfavorable changes in currency exchange rates. Country/regional risk and currency risk are especially high in emerging markets.</p><p>The Fund is also subject to asset allocation risk, which is the chance that the selection of underlying funds, and the allocation of assets to them, will cause the Fund to underperform other funds with a similar investment objective.</p><p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. As of September 30, 2011, the Fund's asset allocation among the underlying funds was as follows:</p><p>Vanguard Total Bond Market II Index Fund 45.1%</p><p>Vanguard Total Stock Market Index Fund 20.9%</p><p>Vanguard Inflation-Protected Securities Fund 20.0%</p><p>Vanguard Total International Stock Index Fund 9.1%</p><p>Vanguard Prime Money Market Fund 4.9%</p><p>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.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term investment-grade, taxable U.S. government, U.S. agency, and corporate bonds; inflation-indexed bonds issued by the U.S. government; and mortgage-backed securities.</p><p>The Fund's indirect stock holdings consist substantially of large-capitalization U.S. stocks and, to a lesser extent, of mid- and small-cap U.S. stocks, as well as foreign stocks, including emerging markets. </p><p>The Fund's indirect short-term investments consist of high-quality, short-term money market instruments.</p> <p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund.</p> <p>, which have investment characteristics similar to those of the Fund.</p> <p>800-662-7447</p> <p>vanguard.com/performance </p> <p>Keep in mind that the Fund's past performance does not indicate how the Fund will perform in the future.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns compare with those of relevant market indexes and a composite bond/stock index, which have investment characteristics similar to those of the Fund. Keep in mind that the Fund's past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at vanguard.com/performance or by calling Vanguard toll-free at 800-662-7447.</p> <p>Example</p> <p>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 invest $10,000 in the Fund's shares. This example assumes that the Fund provides a return of 5% a year and that total annual fund operating expenses of the Fund and its underlying funds remain as stated in the preceding table. The results apply whether or not you 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:</p> <p>The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund.</p> <p>The Fund seeks to provide current income and some capital appreciation.</p> <p>Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares will be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</p> <p>Portfolio Turnover</p> <p>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 7%. </p> <p>The Fund is subject to the risks associated with the stock and bond markets, any of which could cause an investor to lose money.</p> <p>The Fund is subject to the risks associated with the stock and bond markets, any of which could cause an investor to lose money. An investment in the Fund is not guaranteed. An investor may experience losses. There is no guarantee that the Fund will provide adequate income through retirement. However, because bonds and short-term investments usually are less volatile than stocks, and because the Fund invests most of its assets in bonds and short-term investments, the Fund's overall level of risk should be low to moderate.</p><p>With approximately 70% of its assets allocated to bonds and money market instruments, the Fund is proportionately subject to the following risks: interest rate risk, which is the chance that bond prices overall will decline because of rising interest rates; income risk, which is the chance that an underlying fund's income will decline because of falling interest rates or declining inflation; credit risk, which is the chance that the issuer of a security will fail to pay interest and principal in a timely manner, or that negative perceptions of the issuer's ability to make such payments will cause the price of that security to decline, thus reducing an underlying fund's return; and call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupons or interest rates before their maturity dates. An underlying fund would then lose any price appreciation above the bond's call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the underlying fund's income. For mortgage-backed securities, this risk is known as prepayment risk. </p><p>With approximately 30% of its assets allocated to stocks, the Fund is proportionately subject to stock market risk, which is the chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. The Fund is also subject to the following risks associated with investments in foreign stocks: country/regional risk, which is the chance that world events-such as political upheaval, financial troubles, or natural disasters-will adversely affect the value of companies in any one country or region; and currency risk, which is the chance that the value of a foreign investment, measured in U.S. dollars, will decrease because of unfavorable changes in currency exchange rates. Country/regional risk and currency risk are especially high in emerging markets.</p><p>The Fund is also subject to asset allocation risk, which is the chance that the selection of underlying funds, and the allocation of assets to them, will cause the Fund to underperform other funds with a similar investment objective.</p><p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. As of September 30, 2011, the Fund's asset allocation among the underlying funds was as follows:</p><p>Vanguard Total Bond Market II Index Fund 45.1%</p><p>Vanguard Total Stock Market Index Fund 20.9%</p><p>Vanguard Inflation-Protected Securities Fund 20.0%</p><p>Vanguard Total International Stock Index Fund 9.1%</p><p>Vanguard Prime Money Market Fund 4.9%</p><p>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.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term investment-grade, taxable U.S. government, U.S. agency, and corporate bonds; inflation-indexed bonds issued by the U.S. government; and mortgage-backed securities.</p><p>The Fund's indirect stock holdings consist substantially of large-capitalization U.S. stocks and, to a lesser extent, of mid- and small-cap U.S. stocks, as well as foreign stocks, including emerging markets. </p><p>The Fund's indirect short-term investments consist of high-quality, short-term money market instruments.</p> <p>An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</p> <p>The following bar chart and table are intended to help you understand the risks of investing in the Fund.</p> <p>, which have investment characteristics similar to those of the Fund.</p> <p>800-662-7447</p> <p>vanguard.com/performance </p> <p>Keep in mind that the Fund's past performance (before and after taxes) does not indicate how the Fund will perform in the future. </p> <p>When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption.</p> <p>Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan.</p> <p>Also, figures captioned Return After Taxes on Distributions and Sale of Fund Shares will be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.</p> <div style="display:none">~ http://vanguard/role/S000002569ShareholderFeesRetail column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000002569Member ~ </div> <div style="display:none">~ http://vanguard/role/S000002569ShareholderFeesParticipant column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000002569Member ~ </div> <div style="display:none">~ http://vanguard/role/S000002569PerformanceTableDataRetail column primary compact * row dei_LegalEntityAxis compact vanguard_S000002569Member row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * ~ </div> <div style="display:none">~ http://vanguard/role/S000002569PerformanceTableDataParticipant column primary compact * row dei_LegalEntityAxis compact vanguard_S000002569Member row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * ~ </div> <div style="display:none">~ http://vanguard/role/S000002569OperatingExpensesRetail column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000002569Member ~ </div> <div style="display:none">~ http://vanguard/role/S000002569OperatingExpensesParticipant column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000002569Member ~ </div> <div style="display:none">~ http://vanguard/role/S000002569ExpenseExampleNoRedemptionRetail column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000002569Member ~ </div> <div style="display:none">~ http://vanguard/role/S000002569ExpenseExampleNoRedemptionParticipant column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact vanguard_S000002569Member ~ </div> 0.1527 -0.0184 0.1289 0.3445 -0.3241 0.1148 0.1232 0.0849 0.1831 0.3775 1984-11-01 0.1688 -0.2240 2003-06-30 2008-12-31 <div style="display:none">~ http://xbrl.sec.gov/rr/role/BarChartData column rr_ProspectusShareClassAxis compact vanguard_C000007070Member ~ </div> Annual Total Returns - Vanguard PRIMECAP Fund Investor Shares <p>During the periods shown in the bar chart, the highest return for a calendar quarter was 16.88% (quarter ended June 30, 2003 ), and the lowest return for a quarter was -22.40% (quarter ended December 31, 2008 ).</p> (quarter ended June 30, 2003 ) (quarter ended December 31, 2008 ) <div style="display:none">~ http://xbrl.sec.gov/rr/role/BarChartData column rr_ProspectusShareClassAxis compact vanguard_C000007070Member ~ </div> Annual Total Returns - Vanguard PRIMECAP Fund Investor Shares <p>During the periods shown in the bar chart, the highest return for a calendar quarter was 16.88% (quarter ended June 30, 2003 ), and the lowest return for a quarter was -22.40% (quarter ended December 31, 2008 ).</p> (quarter ended June 30, 2003 ) (quarter ended December 31, 2008 ) 1984-11-01 0.1527 0.0303 0.0990 0.1486 0.0247 0.0932 0.1047 0.0247 0.0872 0.0000 0.0000 20. 0 0 46. 144. 252. 567. 0.0043 0 0.0002 0.0045 0.1137 0.0171 0.1247 0.2130 -0.2406 0.0755 0.1142 0.0494 0.0904 2003-10-27 0.1221 -0.1254 2009-06-30 2008-12-31 <div style="display:none">~ http://xbrl.sec.gov/rr/role/BarChartData column rr_ProspectusShareClassAxis compact vanguard_C000007074Member ~ </div> Annual Total Returns - Vanguard Target Retirement 2015 Fund Investor Shares <p>During the periods shown in the bar chart, the highest return for a calendar quarter was 12.21% (quarter ended June 30, 2009 ), and the lowest return for a quarter was -12.54% (quarter ended December 31, 2008 ).</p> (quarter ended June 30, 2009 ) (quarter ended December 31, 2008 ) <div style="display:none">~ http://xbrl.sec.gov/rr/role/BarChartData column rr_ProspectusShareClassAxis compact vanguard_C000007074Member ~ </div> Annual Total Returns - Vanguard Target Retirement 2015 Fund Investor Shares <p>During the periods shown in the bar chart, the highest return for a calendar quarter was 12.21% (quarter ended June 30, 2009 ), and the lowest return for a quarter was -12.54% (quarter ended December 31, 2008 ).</p> (quarter ended June 30, 2009 ) (quarter ended December 31, 2008 ) 2003-10-27 0.1137 0.0325 0.0587 Comparative Indexes 0.1070 0.0253 0.0516 0.0763 0.0242 0.0475 0.0000 0.0000 20. 0 0 16. 52. 90. 205. 0.00000 0 0.00000 0.0016 0.0016 0.1329 -0.0037 0.1384 0.2481 -0.3005 0.0759 0.1324 0.0545 0.1011 2003-10-27 0.1484 -0.1648 2009-06-30 2008-12-31 <div style="display:none">~ http://xbrl.sec.gov/rr/role/BarChartData column rr_ProspectusShareClassAxis compact vanguard_C000007075Member ~ </div> Annual Total Returns - Vanguard Target Retirement 2025 Fund Investor Shares <p>During the periods shown in the bar chart, the highest return for a calendar quarter was 14.84% (quarter ended June 30, 2009 ), and the lowest return for a quarter was -16.48% (quarter ended December 31, 2008 ).</p> (quarter ended June 30, 2009 ) (quarter ended December 31, 2008 ) <div style="display:none">~ http://xbrl.sec.gov/rr/role/BarChartData column rr_ProspectusShareClassAxis compact vanguard_C000007075Member ~ </div> Annual Total Returns - Vanguard Target Retirement 2025 Fund Investor Shares <p>During the periods shown in the bar chart, the highest return for a calendar quarter was 14.84% (quarter ended June 30, 2009 ), and the lowest return for a quarter was -16.48% (quarter ended December 31, 2008 ).</p> (quarter ended June 30, 2009 ) (quarter ended December 31, 2008 ) 2003-10-27 0.1329 0.0233 0.0580 Comparative Indexes 0.1272 0.0175 0.0522 0.0895 0.0173 0.0480 0.0000 0.0000 20. 0 0 17. 55. 96. 217. 0.00000 0 0.00000 0.0017 0.0017 0.1516 -0.0224 0.1514 0.2817 -0.3466 0.0749 0.1524 0.0630 0.1195 2003-10-27 0.1727 -0.1972 2009-06-30 2008-12-31 <div style="display:none">~ http://xbrl.sec.gov/rr/role/BarChartData column rr_ProspectusShareClassAxis compact vanguard_C000007076Member ~ </div> Annual Total Returns - Vanguard Target Retirement 2035 Fund Investor Shares <p>During the periods shown in the bar chart, the highest return for a calendar quarter was 17.27% (quarter ended June 30, 2009 ), and the lowest return for a quarter was -19.72% (quarter ended December 31, 2008 ).</p> (quarter ended June 30, 2009 ) (quarter ended December 31, 2008 ) <div style="display:none">~ http://xbrl.sec.gov/rr/role/BarChartData column rr_ProspectusShareClassAxis compact vanguard_C000007076Member ~ </div> Annual Total Returns - Vanguard Target Retirement 2035 Fund Investor Shares <p>During the periods shown in the bar chart, the highest return for a calendar quarter was 17.27% (quarter ended June 30, 2009 ), and the lowest return for a quarter was -19.72% (quarter ended December 31, 2008 ).</p> (quarter ended June 30, 2009 ) (quarter ended December 31, 2008 ) 2003-10-27 0.1516 0.0166 0.0603 Comparative Indexes 0.1466 0.0118 0.0557 0.1023 0.0124 0.0510 0.0000 0.0000 20. 0 0 18. 58. 101. 230. 0.00000 0 0.00000 0.0018 0.0018 0.1558 -0.0251 0.1519 0.2815 -0.3456 0.0747 0.1598 0.0695 0.1289 2003-10-27 0.1715 -0.1965 2009-06-30 2008-12-31 <div style="display:none">~ http://xbrl.sec.gov/rr/role/BarChartData column rr_ProspectusShareClassAxis compact vanguard_C000007077Member ~ </div> Annual Total Returns - Vanguard Target Retirement 2045 Fund Investor Shares <p>During the periods shown in the bar chart, the highest return for a calendar quarter was 17.15% (quarter ended June 30, 2009 ), and the lowest return for a quarter was -19.65% (quarter ended December 31, 2008 ).</p> (quarter ended June 30, 2009 ) (quarter ended December 31, 2008 ) <div style="display:none">~ http://xbrl.sec.gov/rr/role/BarChartData column rr_ProspectusShareClassAxis compact vanguard_C000007077Member ~ </div> Annual Total Returns - Vanguard Target Retirement 2045 Fund Investor Shares <p>During the periods shown in the bar chart, the highest return for a calendar quarter was 17.15% (quarter ended June 30, 2009 ), and the lowest return for a quarter was -19.65% (quarter ended December 31, 2008 ).</p> (quarter ended June 30, 2009 ) (quarter ended December 31, 2008 ) 2003-10-27 0.1558 0.0171 0.0639 Comparative Indexes 0.1509 0.0123 0.0594 0.1051 0.0128 0.0544 0.0000 0.0000 20. 0 0 18. 58. 101. 230. 0.00000 0 0.00000 0.0018 0.0018 0.0823 0.0525 0.0939 0.1428 -0.1093 0.0817 0.0638 0.0333 0.0682 2003-10-27 0.0744 -0.0547 2009-09-30 2008-12-31 <div style="display:none">~ http://xbrl.sec.gov/rr/role/BarChartData column rr_ProspectusShareClassAxis compact vanguard_C000007072Member ~ </div> Annual Total Returns - Vanguard Target Retirement Income Fund Investor Shares <p>During the periods shown in the bar chart, the highest return for a calendar quarter was 7.44% (quarter ended September 30, 2009 ), and the lowest return for a quarter was -5.47% (quarter ended December 31, 2008 ).</p> (quarter ended September 30, 2009 ) (quarter ended December 31, 2008 ) <div style="display:none">~ http://xbrl.sec.gov/rr/role/BarChartData column rr_ProspectusShareClassAxis compact vanguard_C000007072Member ~ </div> Annual Total Returns - Vanguard Target Retirement Income Fund Investor Shares <p>During the periods shown in the bar chart, the highest return for a calendar quarter was 7.44% (quarter ended September 30, 2009 ), and the lowest return for a quarter was -5.47% (quarter ended December 31, 2008 ).</p> (quarter ended September 30, 2009 ) (quarter ended December 31, 2008 ) 2003-10-27 0.0823 0.0487 0.0562 Comparative Indexes 0.0748 0.0393 0.0452 0.0547 0.0365 0.0423 0.0000 0.0000 20. 0 0 16. 52. 90. 205. 0.00000 0 0.00000 0.0016 0.0016 0.1538 -0.0177 0.1299 0.3460 -0.3233 0.1161 0.1249 0.0867 0.1847 0.3796 2001-11-12 0.1693 -0.2238 2003-06-30 2008-12-31 <div style="display:none">~ http://xbrl.sec.gov/rr/role/BarChartData column rr_ProspectusShareClassAxis compact vanguard_C000007071Member ~ </div> Annual Total Returns - Vanguard PRIMECAP Fund Admiral Shares <p>During the periods shown in the bar chart, the highest return for a calendar quarter was 16.93% (quarter ended June 30, 2003 ), and the lowest return for a quarter was -22.38% (quarter ended December 31, 2008 ).</p> (quarter ended June 30, 2003 ) (quarter ended December 31, 2008 ) 2001-11-12 0.1538 0.0313 0.1003 0.0000 (on shares held less than one year) 0.0000 20. 0 0 37. 116. 202. 456. 0.0034 0 0.0002 0.0036 0.1012 0.0337 0.1143 0.1932 -0.2067 0.0770 2006-06-07 0.1055 -0.1063 2009-06-30 2008-12-31 <div style="display:none">~ http://xbrl.sec.gov/rr/role/BarChartData column rr_ProspectusShareClassAxis compact vanguard_C000034437Member ~ </div> Annual Total Returns - Vanguard Target Retirement 2010 Fund Investor Shares <p>During the periods shown in the bar chart, the highest return for a calendar quarter was 10.55% (quarter ended June 30, 2009 ), and the lowest return for a quarter was -10.63% (quarter ended December 31, 2008 ).</p> (quarter ended June 30, 2009 ) (quarter ended December 31, 2008 ) <div style="display:none">~ http://xbrl.sec.gov/rr/role/BarChartData column rr_ProspectusShareClassAxis compact vanguard_C000034437Member ~ </div> Annual Total Returns - Vanguard Target Retirement 2010 Fund Investor Shares <p>During the periods shown in the bar chart, the highest return for a calendar quarter was 10.55% (quarter ended June 30, 2009 ), and the lowest return for a quarter was -10.63% (quarter ended December 31, 2008 ).</p> (quarter ended June 30, 2009 ) (quarter ended December 31, 2008 ) 2006-06-07 0.1012 0.0373 0.0553 Comparative Indexes 0.0942 0.0294 0.0480 0.0677 0.0278 0.0440 0.0000 0.0000 20. 0 0 16. 52. 90. 205. 0.00000 0 0.00000 0.0016 0.0016 0.1235 0.0060 0.1312 0.2310 -0.2704 0.0752 2006-06-07 0.1349 -0.1451 2009-06-30 2008-12-31 <div style="display:none">~ http://xbrl.sec.gov/rr/role/BarChartData column rr_ProspectusShareClassAxis compact vanguard_C000034438Member ~ </div> Annual Total Returns - Vanguard Target Retirement 2020 Fund Investor Shares <p>During the periods shown in the bar chart, the highest return for a calendar quarter was 13.49% (quarter ended June 30, 2009 ), and the lowest return for a quarter was -14.51% (quarter ended December 31, 2008 ).</p> (quarter ended June 30, 2009 ) (quarter ended December 31, 2008 ) <div style="display:none">~ http://xbrl.sec.gov/rr/role/BarChartData column rr_ProspectusShareClassAxis compact vanguard_C000034438Member ~ </div> Annual Total Returns - Vanguard Target Retirement 2020 Fund Investor Shares <p>During the periods shown in the bar chart, the highest return for a calendar quarter was 13.49% (quarter ended June 30, 2009 ), and the lowest return for a quarter was -14.51% (quarter ended December 31, 2008 ).</p> (quarter ended June 30, 2009 ) (quarter ended December 31, 2008 ) 2006-06-07 0.1235 0.0281 0.0506 Comparative Indexes 0.1175 0.0219 0.0448 0.0830 0.0211 0.0410 0.0000 0.0000 20. 0 0 16. 52. 90. 205. 0.00000 0 0.00000 0.0016 0.0016 0.1424 -0.0127 0.1443 0.2672 -0.3291 0.0749 2006-06-07 0.1623 -0.1845 2009-06-30 2008-12-31 <div style="display:none">~ http://xbrl.sec.gov/rr/role/BarChartData column rr_ProspectusShareClassAxis compact vanguard_C000034439Member ~ </div> Annual Total Returns - Vanguard Target Retirement 2030 Fund Investor Shares <p>During the periods shown in the bar chart, the highest return for a calendar quarter was 16.23% (quarter ended June 30, 2009 ), and the lowest return for a quarter was -18.45% (quarter ended December 31, 2008 ).</p> (quarter ended June 30, 2009 ) (quarter ended December 31, 2008 ) <div style="display:none">~ http://xbrl.sec.gov/rr/role/BarChartData column rr_ProspectusShareClassAxis compact vanguard_C000034439Member ~ </div> Annual Total Returns - Vanguard Target Retirement 2030 Fund Investor Shares <p>During the periods shown in the bar chart, the highest return for a calendar quarter was 16.23% (quarter ended June 30, 2009 ), and the lowest return for a quarter was -18.45% (quarter ended December 31, 2008 ).</p> (quarter ended June 30, 2009 ) (quarter ended December 31, 2008 ) 2006-06-07 0.1424 0.0188 0.0457 Comparative Indexes 0.1371 0.0139 0.0411 0.0959 0.0141 0.0376 0.0000 0.0000 20. 0 0 17. 55. 96. 217. 0.00000 0 0.00000 0.0017 0.0017 0.1556 -0.0255 0.1517 0.2832 -0.3453 0.0748 2006-06-07 0.1713 -0.1962 2009-06-30 2008-12-31 <div style="display:none">~ http://xbrl.sec.gov/rr/role/BarChartData column rr_ProspectusShareClassAxis compact vanguard_C000034440Member ~ </div> Annual Total Returns - Vanguard Target Retirement 2040 Fund Investor Shares <p>During the periods shown in the bar chart, the highest return for a calendar quarter was 17.13% (quarter ended June 30, 2009 ), and the lowest return for a quarter was -19.62% (quarter ended December 31, 2008 ).</p> (quarter ended June 30, 2009 ) (quarter ended December 31, 2008 ) <div style="display:none">~ http://xbrl.sec.gov/rr/role/BarChartData column rr_ProspectusShareClassAxis compact vanguard_C000034440Member ~ </div> Annual Total Returns - Vanguard Target Retirement 2040 Fund Investor Shares <p>During the periods shown in the bar chart, the highest return for a calendar quarter was 17.13% (quarter ended June 30, 2009 ), and the lowest return for a quarter was -19.62% (quarter ended December 31, 2008 ).</p> (quarter ended June 30, 2009 ) (quarter ended December 31, 2008 ) 2006-06-07 0.1556 0.0173 0.0439 Comparative Indexes 0.1508 0.0129 0.0396 0.1049 0.0132 0.0364 0.0000 0.0000 20. 0 0 18. 58. 101. 230. 0.00000 0 0.00000 0.0018 0.0018 0.1558 -0.0254 0.1520 0.2831 -0.3462 0.0749 2006-06-07 0.1723 -0.1971 2009-06-30 2008-12-31 <div style="display:none">~ http://xbrl.sec.gov/rr/role/BarChartData column rr_ProspectusShareClassAxis compact vanguard_C000034441Member ~ </div> Annual Total Returns - Vanguard Target Retirement 2050 Fund Investor Shares <p>During the periods shown in the bar chart, the highest return for a calendar quarter was 17.23% (quarter ended June 30, 2009 ), and the lowest return for a quarter was -19.71% (quarter ended December 31, 2008 ).</p> (quarter ended June 30, 2009 ) (quarter ended December 31, 2008 ) <div style="display:none">~ http://xbrl.sec.gov/rr/role/BarChartData column rr_ProspectusShareClassAxis compact vanguard_C000034441Member ~ </div> Annual Total Returns - Vanguard Target Retirement 2050 Fund Investor Shares <p>During the periods shown in the bar chart, the highest return for a calendar quarter was 17.23% (quarter ended June 30, 2009 ), and the lowest return for a quarter was -19.71% (quarter ended December 31, 2008 ).</p> (quarter ended June 30, 2009 ) (quarter ended December 31, 2008 ) 2006-06-07 0.1558 0.0171 0.0446 Comparative Indexes 0.1511 0.0124 0.0401 0.1050 0.0129 0.0369 0.0000 0.0000 20. 0 0 18. 58. 101. 230. 0.00000 0 0.00000 0.0018 0.0018 0.1558 -0.0227 2010-08-18 0.1130 -0.1479 2012-03-31 2011-09-30 <div style="display:none">~ http://xbrl.sec.gov/rr/role/BarChartData column rr_ProspectusShareClassAxis compact vanguard_C000091317Member ~ </div> Annual Total Returns - Vanguard Target Retirement 2055 Fund Investor Shares <p>During the periods shown in the bar chart, the highest return for a calendar quarter was 11.30% (quarter ended March 31, 2012 ), and the lowest return for a quarter was -14.79% (quarter ended September 30, 2011 ).</p> (quarter ended March 31, 2012 ) (quarter ended September 30, 2011 ) <div style="display:none">~ http://xbrl.sec.gov/rr/role/BarChartData column rr_ProspectusShareClassAxis compact vanguard_C000091317Member ~ </div> Annual Total Returns - Vanguard Target Retirement 2055 Fund Investor Shares <p>During the periods shown in the bar chart, the highest return for a calendar quarter was 11.30% (quarter ended March 31, 2012 ), and the lowest return for a quarter was -14.79% (quarter ended September 30, 2011 ).</p> (quarter ended March 31, 2012 ) (quarter ended September 30, 2011 ) 2010-08-18 0.1558 0.1167 Comparative Indexes 0.1517 0.1123 0.1045 0.0989 0.0000 0.0000 20. 0 0 18. 58. 101. 230. 0.00000 0 0.00000 0.0018 0.0018 0.0000 0.0000 20. 0 0 18. 58. 101. 230. 0.00000 0 0.00000 0.0018 0.0018 0.1600 0.0166 0.0710 0.1600 0.0166 0.0710 0.0422 0.0595 0.0534 0.0842 0.0483 0.0562 0.1644 0.0227 0.0642 0.0422 0.0595 0.0534 0.1151 0.0316 0.0584 0.1644 0.0227 0.0642 0.0422 0.0595 0.0534 0.1344 0.0239 0.0586 0.1644 0.0227 0.0642 0.0422 0.0595 0.0534 0.1527 0.0170 0.0610 0.1644 0.0227 0.0642 0.0422 0.0595 0.0534 0.1558 0.0172 0.0644 0.1644 0.0227 0.0642 0.0422 0.0595 0.0633 0.1644 0.0227 0.0458 0.1028 0.0368 0.0549 0.0422 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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 Income Fund Vanguard PRIMECAP Fund - Investor Shares Vanguard Target Retirement 2015 Fund - Investor Shares Vanguard Target Retirement 2025 Fund - Investor Shares Vanguard Target Retirement 2035 Fund - Investor Shares Vanguard Target Retirement 2045 Fund - Investor Shares Vanguard Target Retirement Income Fund - Investor Shares Vanguard PRIMECAP Fund - Admiral Shares Vanguard Target Retirement 2010 Fund - Investor Shares Vanguard Target Retirement 2020 Fund - Investor Shares Vanguard Target Retirement 2030 Fund - Investor Shares Vanguard Target Retirement 2040 Fund - Investor Shares Vanguard Target Retirement 2050 Fund - Investor Shares Vanguard Target Retirement 2055 Fund - Investor Shares Vanguard Target Retirement 2060 Fund - Investor Shares Standard & Poor's 500 Index Barclays U.S. Aggregate Bond Index Target Income Composite Index Target 2015 Composite Index Target 2025 Composite Index Target 2035 Composite Index Target 2045 Composite Index MSCI US Broad Market Index Target 2050 Composite Index Target 2040 Composite Index Target 2030 Composite Index Target 2020 Composite Index Target 2010 Composite Index Target Retirement 2055 Composite Index Standard & Poor's 500 Index Barclays U.S. Aggregate Bond Index Target Income Composite Index Target 2015 Composite Index Target 2025 Composite Index Target 2035 Composite Index Target 2045 Composite Index MSCI US Broad Market Index Target 2050 Composite Index Target 2040 Composite Index Target 2030 Composite Index Target 2020 Composite Index Target 2010 Composite Index Target Retirement 2055 Composite Index Participant Participant: Retail Acquired Fund Fees and Expenses (based on estimates) Acquired Fund Fees and Expenses Return After Taxes on Distributions and Sale of Fund Shares Return After Taxes on Distributions Annual Fund Operating Expenses [Expenses that you pay each year as a percentage of the value of your investment] 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Annual Return Caption Annual Return Column Annual Return Inception Date Average Annual Return Caption Average Annual Return Column Inception Date Average Annual Return Label Since Inception One Year Five Years Ten Years Bar Chart and Performance Table Bar Chart and Performance Table Section: Bar Chart Closing: Bar Chart Closing Bar Chart Does Not Reflect Sales Loads Bar Chart Footnotes Bar Chart Bar Chart Highest Quarterly Return Bar Chart Highest Quarterly Return Date Bar Chart Lowest Quarter Return Bar Chart Lowest Quarter Return Date Bar Chart Narrative: Bar Chart Narrative Bar Chart Reason Selected Class Different from Immediately Preceding Period Bar Chart Returns for Class Not Offered in Prospectus Annual Total Return Bar Chart: Year to Date Return Date Dividend Expenses on Securities Sold Short Borrowing Expenses on Securities Sold Short Other Operating Expenses 12b-1 Distribution Fee Distribution or Similar (Non 12b-1) Fees / Assets Exchange Fee Exchange Fee / Redemption Expense Breakpoint Discounts Expense Breakpoint, Minimum Investment Required Expense Example Expense Example, with Redemption, Caption Expense Example, with Redemption, Column Expense Example Heading Expense Example Closing Expense Example Footnotes EXAMPLE Expense Example, Narrative [Text Block] Expense Example, No Redemption: Expense Example, no Redemption, Caption Expense Example, no Redemption, Column Expense Example, No Redemption Narrative [Text Block] Expense Example, No Redemption 1 YEAR 3 YEAR 5 YEAR 10 YEAR Expense Example, With Redemption 1 YEAR, 3 YEAR, 5 YEAR, 10 YEAR, Expense Exchange Traded Fund Commissions Expense Footnotes: Expense Footnotes Expenses Heading Fees and Expenses of the Fund Expenses: Deferred Charges Narrative Expenses Explanation of Nonrecurring Account Fee Expenses Not Correlated to Ratio Due to Acquired Fund Fees Expenses Other Expenses Had Extraordinary Expenses Been Included Net Expenses / Assets Expenses / Assets Range of Exchange Fees Narrative Expenses Represent Both Master and Feeder Expenses Restated to Reflect Current Fee Waiver or Reimbursement Fee Waiver or Reimbursement, Date of Termination Highest Quarterly Return Label Index No Deduction for Fees, Expenses, Taxes Lowest Quarterly Return Label Management Expenses Market Index Performance Account Service Fee (for fund account balances below $10,000) Maximum Account Fee / Assets Sales charge (load) imposed on purchases Purchase Fee Maximum deferred sales charge (load) (as a percentage of the amount redeemed) Maximum Deferred Sales Charge / Other Maximum Sales Charge Imposed on Purchases / Offering Price Sales charge (load) imposed on reinvested dividends 7-Day Tax Equivalent Yield Money Market Seven Day Yield Money Market 7-Day Yield Caption Money Market 7-Day Yield Column 7-Day Yield Phone Total Annual Fund Operating Expenses Net Expenses / Assets: Investment objective: Investment objective Secondary objectives Annual Fund Operating Expenses (Expenses that you pay each year as a percentage of the value of your investment) Operating Expenses Caption Operating Expenses Column Other Expenses, New Fund, Based on Estimates Other Expenses Other Expenses: Performance Additional Market Index Performance Availability Phone Performance Availability Website Address Performance Information Illustrates Variability of Returns Performance Measure [Axis] Return Before Taxes Performance Narrative: Performance Narrative Performance One Year or Less Past Performance Does Not Indiciate Future Returns Performance Table Closing: Performance Table Closing Performance Table Does Reflect Sales Loads Performance Table Explains why after Tax Higher Performance Table Footnotes, Reason Performance Information for Class Different from Immediately Preceding Period Performance Table Footnotes Bar Chart and Performance Table: Performance Table Market Index Changed Performance Table Narrative Performance Table Not Relevant to Tax Deferred One Class of After-Tax Shown Bar Chart and Performance Table Section Performance Performance Table Uses Highest Federal Rate Portfolio Turnover: Portfolio Turnover Heading PortfolioTurnover, Rate Portfolio Turnover Prospectus Date Prospectus: Share Class [Axis] Prospectus [Table] Redemption Fee USD Redemption Fee Risk Risk Caption Risk Closing [Text Block] Risk Column Risk Footnotes Risk: May Lose Money Money Market Fund Risk Narrative Nondiversified Not Insured Depository Institution Risk/Return: Risk/Return Detail [Table] Risk/Return RiskSection: Share Classes Other Shareholder Fees (fees paid directly from your investment] Shareholder Fees Caption Shareholder Fees Column Shareholder Fees (Fees paid directly from your investment) [Table] Strategy: StrategyNarrative Strategy Portfolio Concentration Strategy Section: 30-DayTax Equivalent Yield Thirty Day Yield: 30-Day Yield Caption 30-Day Yield Column 30-Day Yield Phone Year to Date Return Label Series [Axis] All Series All Prospectuses Prospectus [Axis] Document Creation Date Document Effective Date Document Period End Date Document Type Registrant Name Central Index Key Amendment Flag Amendment Description Transaction Fee on Conversion to ETF Shares Transaction Fee On Purchases and Sales Transaction Fee On Reinvested Dividends Average Annual Returns for Periods Ended December 31, 2012 Supplement Text: Supplement Text Redemption Fee Parenthetical Purchase Fee Parenthetical Based on Market Value Comparative Benchmark Fund Operating Expenses Excluding AFFE Acquired Fund Fees and Expenses Return Before Taxes Dividend Expenses on Securities Sold Short Borrowing Expenses on Securities Sold Short Other Operating Expenses 12b-1 Distribution Fee Management Expenses Account Service Fee (for fund account balances below $10,000) Sales Charge (Load) Imposed on Purchases Purchase Fee Sales Charge (Load) Imposed on Reinvested Dividends Total Annual Fund Operating Expenses Other Expenses Redemption Fee Acquired Fund Fees and Expenses Return Before Taxes Dividend Expenses on Securities Sold Short Borrowing Expenses on Securities Sold Short Other Operating Expenses 12b-1 Distribution Fee Management Expenses Account Service Fee (for fund account balances below $10,000) Sales Charge (Load) Imposed on Purchases Purchase Fee Sales Charge (Load) Imposed on Reinvested Dividends Total Annual Fund Operating Expenses Other Expenses Redemption Fee EX-101.PRE 8 chester-20130128_pre.xml PRESENTATION