0000932471-13-006920.txt : 20130613 0000932471-13-006920.hdr.sgml : 20130613 20130613081415 ACCESSION NUMBER: 0000932471-13-006920 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130613 DATE AS OF CHANGE: 20130613 EFFECTIVENESS DATE: 20130613 FILER: COMPANY DATA: COMPANY CONFORMED NAME: VANGUARD CHESTER FUNDS CENTRAL INDEX KEY: 0000752177 IRS NUMBER: 232311358 FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-92948 FILM NUMBER: 13910159 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 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 497 1 chestertr497.htm CHESTERTARGETRET497 chestertr497.htm - Generated by SEC Publisher for SEC Filing

June 13, 2013

U.S. Securities & Exchange Commission
100 F Street, N.E.
Washington, DC 20549
 
 
Re: Vanguard Chester Funds (the Trust)
  File No. 2-92948
 
 
Commissioners:
 
Pursuant to Rule 497(e) under the Securities Act of 1933, we hereby file exhibits containing
interactive data format risk/return summary information that reflects the risk/return summary
information in the supplement dated June 3, 2013, filed pursuant to Rule 497(e), for the Vanguard
Target Retirement Funds, series of the above mentioned Trust.
 
If you have any questions or comments concerning the foregoing, please contact me at
(610) 669-1538.
 
 
Sincerely,
 
 
 
Judith L. Gaines
Associate Counsel
The Vanguard Group, Inc.
 
 
Enclosures
 
 
cc: Amy Miller, Esq.
U. S. Securities and Exchange Commission

 

 
 EX-101.INS 3 targetretstkr-20130603.xml INSTANCE 2013-01-28 2013-01-28 <p></p><p>[SHIP LOGO VANGUARD (r)]</p><p></p><p></p><p></p><p></p><p>Vanguard Target Retirement Funds</p><p>Supplement to the Prospectus Dated January 28, 2013</p><p>Changes in Underlying Fund Allocations</p><p>The Vanguard Target Retirement Funds have implemented the following changes to the fixed income exposure of the Funds, as previously approved by the Funds' board of trustees.</p><p> Twenty percent of each Fund's fixed income exposure has been reallocated to foreign bonds through investment in Vanguard Total International Bond Index Fund.</p><p> The Target Retirement Income, Target Retirement 2010, and Target Retirement 2015 Funds now obtain their exposure to inflation-protected securities by investing in Vanguard Short-Term Inflation-Protected Securities Index Fund rather than Vanguard Inflation-Protected Securities Fund.</p><p> The Target Retirement Income and Target Retirement 2010 Funds no longer invest a portion of their assets in Vanguard Prime Money Market Fund.</p><p>The Funds' target allocations to the underlying fixed income funds are described in the following pages. Although these changes modified the mix of each Fund's fixed income investments, they did not affect each Fund's total fixed income exposure, and the Funds' expense ratios have remained unchanged. However, each Fund's total fixed income exposure (other than that of the Target Retirement Income Fund) will continue to shift in accordance with the Fund's strategy of becoming more conservative over time.</p><p>Prospectus Text Changes for Vanguard Target Retirement Income Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</p><p>The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Bond Market II Index Fund 39.2%</p><p>Vanguard Total Stock Market Index Fund 21.0%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 16.8%</p><p>Vanguard Total International Bond Index Fund 14.0%</p><p>Vanguard Total International Stock Index Fund 9.0%</p><p></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 U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures). </p><p>The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The first bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 70% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2010 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Bond Market II Index Fund 35.1%</p><p>Vanguard Total Stock Market Index Fund 29.0%</p><p>Vanguard Total International Stock Index Fund 12.4%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 11.8%</p><p>Vanguard Total International Bond Index Fund 11.7%</p><p></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 U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures). </p><p>The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 59% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2015 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 37.8%</p><p>Vanguard Total Bond Market II Index Fund 32.0%</p><p>Vanguard Total International Stock Index Fund 16.2%</p><p>Vanguard Total International Bond Index Fund 9.2%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 4.8%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 46% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2020 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 44.1%</p><p>Vanguard Total Bond Market II Index Fund 29.6%</p><p>Vanguard Total International Stock Index Fund 18.9%</p><p>Vanguard Total International Bond Index Fund 7.4%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 37% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2025 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 49.3%</p><p>Vanguard Total Bond Market II Index Fund 23.6%</p><p>Vanguard Total International Stock Index Fund 21.2%</p><p>Vanguard Total International Bond Index Fund 5.9%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2030 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 54.6%</p><p>Vanguard Total International Stock Index Fund 23.4%</p><p>Vanguard Total Bond Market II Index Fund 17.6%</p><p>Vanguard Total International Bond Index Fund 4.4%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 22% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2035 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 59.8%</p><p>Vanguard Total International Stock Index Fund 25.7%</p><p>Vanguard Total Bond Market II Index Fund 11.6%</p><p>Vanguard Total International Bond Index Fund 2.9%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2040 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2045 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2050 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2055 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2060 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>(c) 2013 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor PS 308 062013</p> <p></p><p>[SHIP LOGO VANGUARD (r)]</p><p></p><p></p><p></p><p></p><p>Vanguard Target Retirement Funds</p><p>Supplement to the Prospectus Dated January 28, 2013</p><p>Changes in Underlying Fund Allocations</p><p>The Vanguard Target Retirement Funds have implemented the following changes to the fixed income exposure of the Funds, as previously approved by the Funds' board of trustees.</p><p> Twenty percent of each Fund's fixed income exposure has been reallocated to foreign bonds through investment in Vanguard Total International Bond Index Fund.</p><p> The Target Retirement Income, Target Retirement 2010, and Target Retirement 2015 Funds now obtain their exposure to inflation-protected securities by investing in Vanguard Short-Term Inflation-Protected Securities Index Fund rather than Vanguard Inflation-Protected Securities Fund.</p><p> The Target Retirement Income and Target Retirement 2010 Funds no longer invest a portion of their assets in Vanguard Prime Money Market Fund.</p><p>The Funds' target allocations to the underlying fixed income funds are described in the following pages. Although these changes modified the mix of each Fund's fixed income investments, they did not affect each Fund's total fixed income exposure, and the Funds' expense ratios have remained unchanged. However, each Fund's total fixed income exposure (other than that of the Target Retirement Income Fund) will continue to shift in accordance with the Fund's strategy of becoming more conservative over time.</p><p>Prospectus Text Changes for Vanguard Target Retirement Income Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</p><p>The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Bond Market II Index Fund 39.2%</p><p>Vanguard Total Stock Market Index Fund 21.0%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 16.8%</p><p>Vanguard Total International Bond Index Fund 14.0%</p><p>Vanguard Total International Stock Index Fund 9.0%</p><p></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 U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures). </p><p>The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The first bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 70% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2010 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Bond Market II Index Fund 35.1%</p><p>Vanguard Total Stock Market Index Fund 29.0%</p><p>Vanguard Total International Stock Index Fund 12.4%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 11.8%</p><p>Vanguard Total International Bond Index Fund 11.7%</p><p></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 U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures). </p><p>The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 59% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2015 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 37.8%</p><p>Vanguard Total Bond Market II Index Fund 32.0%</p><p>Vanguard Total International Stock Index Fund 16.2%</p><p>Vanguard Total International Bond Index Fund 9.2%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 4.8%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 46% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2020 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 44.1%</p><p>Vanguard Total Bond Market II Index Fund 29.6%</p><p>Vanguard Total International Stock Index Fund 18.9%</p><p>Vanguard Total International Bond Index Fund 7.4%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 37% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2025 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 49.3%</p><p>Vanguard Total Bond Market II Index Fund 23.6%</p><p>Vanguard Total International Stock Index Fund 21.2%</p><p>Vanguard Total International Bond Index Fund 5.9%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2030 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 54.6%</p><p>Vanguard Total International Stock Index Fund 23.4%</p><p>Vanguard Total Bond Market II Index Fund 17.6%</p><p>Vanguard Total International Bond Index Fund 4.4%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 22% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2035 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 59.8%</p><p>Vanguard Total International Stock Index Fund 25.7%</p><p>Vanguard Total Bond Market II Index Fund 11.6%</p><p>Vanguard Total International Bond Index Fund 2.9%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2040 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2045 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2050 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2055 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2060 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>(c) 2013 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor PS 308 062013</p> 2013-01-28 2013-01-28 <p></p><p>[SHIP LOGO VANGUARD (r)]</p><p></p><p></p><p></p><p></p><p>Vanguard Target Retirement Funds</p><p>Supplement to the Prospectus Dated January 28, 2013</p><p>Changes in Underlying Fund Allocations</p><p>The Vanguard Target Retirement Funds have implemented the following changes to the fixed income exposure of the Funds, as previously approved by the Funds' board of trustees.</p><p> Twenty percent of each Fund's fixed income exposure has been reallocated to foreign bonds through investment in Vanguard Total International Bond Index Fund.</p><p> The Target Retirement Income, Target Retirement 2010, and Target Retirement 2015 Funds now obtain their exposure to inflation-protected securities by investing in Vanguard Short-Term Inflation-Protected Securities Index Fund rather than Vanguard Inflation-Protected Securities Fund.</p><p> The Target Retirement Income and Target Retirement 2010 Funds no longer invest a portion of their assets in Vanguard Prime Money Market Fund.</p><p>The Funds' target allocations to the underlying fixed income funds are described in the following pages. Although these changes modified the mix of each Fund's fixed income investments, they did not affect each Fund's total fixed income exposure, and the Funds' expense ratios have remained unchanged. However, each Fund's total fixed income exposure (other than that of the Target Retirement Income Fund) will continue to shift in accordance with the Fund's strategy of becoming more conservative over time.</p><p>Prospectus Text Changes for Vanguard Target Retirement Income Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</p><p>The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Bond Market II Index Fund 39.2%</p><p>Vanguard Total Stock Market Index Fund 21.0%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 16.8%</p><p>Vanguard Total International Bond Index Fund 14.0%</p><p>Vanguard Total International Stock Index Fund 9.0%</p><p></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 U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures). </p><p>The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The first bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 70% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2010 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Bond Market II Index Fund 35.1%</p><p>Vanguard Total Stock Market Index Fund 29.0%</p><p>Vanguard Total International Stock Index Fund 12.4%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 11.8%</p><p>Vanguard Total International Bond Index Fund 11.7%</p><p></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 U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures). </p><p>The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 59% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2015 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 37.8%</p><p>Vanguard Total Bond Market II Index Fund 32.0%</p><p>Vanguard Total International Stock Index Fund 16.2%</p><p>Vanguard Total International Bond Index Fund 9.2%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 4.8%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 46% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2020 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 44.1%</p><p>Vanguard Total Bond Market II Index Fund 29.6%</p><p>Vanguard Total International Stock Index Fund 18.9%</p><p>Vanguard Total International Bond Index Fund 7.4%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 37% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2025 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 49.3%</p><p>Vanguard Total Bond Market II Index Fund 23.6%</p><p>Vanguard Total International Stock Index Fund 21.2%</p><p>Vanguard Total International Bond Index Fund 5.9%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2030 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 54.6%</p><p>Vanguard Total International Stock Index Fund 23.4%</p><p>Vanguard Total Bond Market II Index Fund 17.6%</p><p>Vanguard Total International Bond Index Fund 4.4%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 22% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2035 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 59.8%</p><p>Vanguard Total International Stock Index Fund 25.7%</p><p>Vanguard Total Bond Market II Index Fund 11.6%</p><p>Vanguard Total International Bond Index Fund 2.9%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2040 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2045 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2050 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2055 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2060 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>(c) 2013 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor PS 308 062013</p> <p></p><p>[SHIP LOGO VANGUARD (r)]</p><p></p><p></p><p></p><p></p><p>Vanguard Target Retirement Funds</p><p>Supplement to the Prospectus Dated January 28, 2013</p><p>Changes in Underlying Fund Allocations</p><p>The Vanguard Target Retirement Funds have implemented the following changes to the fixed income exposure of the Funds, as previously approved by the Funds' board of trustees.</p><p> Twenty percent of each Fund's fixed income exposure has been reallocated to foreign bonds through investment in Vanguard Total International Bond Index Fund.</p><p> The Target Retirement Income, Target Retirement 2010, and Target Retirement 2015 Funds now obtain their exposure to inflation-protected securities by investing in Vanguard Short-Term Inflation-Protected Securities Index Fund rather than Vanguard Inflation-Protected Securities Fund.</p><p> The Target Retirement Income and Target Retirement 2010 Funds no longer invest a portion of their assets in Vanguard Prime Money Market Fund.</p><p>The Funds' target allocations to the underlying fixed income funds are described in the following pages. Although these changes modified the mix of each Fund's fixed income investments, they did not affect each Fund's total fixed income exposure, and the Funds' expense ratios have remained unchanged. However, each Fund's total fixed income exposure (other than that of the Target Retirement Income Fund) will continue to shift in accordance with the Fund's strategy of becoming more conservative over time.</p><p>Prospectus Text Changes for Vanguard Target Retirement Income Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</p><p>The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Bond Market II Index Fund 39.2%</p><p>Vanguard Total Stock Market Index Fund 21.0%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 16.8%</p><p>Vanguard Total International Bond Index Fund 14.0%</p><p>Vanguard Total International Stock Index Fund 9.0%</p><p></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 U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures). </p><p>The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The first bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 70% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2010 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Bond Market II Index Fund 35.1%</p><p>Vanguard Total Stock Market Index Fund 29.0%</p><p>Vanguard Total International Stock Index Fund 12.4%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 11.8%</p><p>Vanguard Total International Bond Index Fund 11.7%</p><p></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 U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures). </p><p>The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 59% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2015 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 37.8%</p><p>Vanguard Total Bond Market II Index Fund 32.0%</p><p>Vanguard Total International Stock Index Fund 16.2%</p><p>Vanguard Total International Bond Index Fund 9.2%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 4.8%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 46% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2020 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 44.1%</p><p>Vanguard Total Bond Market II Index Fund 29.6%</p><p>Vanguard Total International Stock Index Fund 18.9%</p><p>Vanguard Total International Bond Index Fund 7.4%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 37% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2025 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 49.3%</p><p>Vanguard Total Bond Market II Index Fund 23.6%</p><p>Vanguard Total International Stock Index Fund 21.2%</p><p>Vanguard Total International Bond Index Fund 5.9%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2030 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 54.6%</p><p>Vanguard Total International Stock Index Fund 23.4%</p><p>Vanguard Total Bond Market II Index Fund 17.6%</p><p>Vanguard Total International Bond Index Fund 4.4%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 22% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2035 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 59.8%</p><p>Vanguard Total International Stock Index Fund 25.7%</p><p>Vanguard Total Bond Market II Index Fund 11.6%</p><p>Vanguard Total International Bond Index Fund 2.9%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2040 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2045 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2050 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2055 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2060 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>(c) 2013 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor PS 308 062013</p> 2013-01-28 2013-01-28 <p></p><p>[SHIP LOGO VANGUARD (r)]</p><p></p><p></p><p></p><p></p><p>Vanguard Target Retirement Funds</p><p>Supplement to the Prospectus Dated January 28, 2013</p><p>Changes in Underlying Fund Allocations</p><p>The Vanguard Target Retirement Funds have implemented the following changes to the fixed income exposure of the Funds, as previously approved by the Funds' board of trustees.</p><p> Twenty percent of each Fund's fixed income exposure has been reallocated to foreign bonds through investment in Vanguard Total International Bond Index Fund.</p><p> The Target Retirement Income, Target Retirement 2010, and Target Retirement 2015 Funds now obtain their exposure to inflation-protected securities by investing in Vanguard Short-Term Inflation-Protected Securities Index Fund rather than Vanguard Inflation-Protected Securities Fund.</p><p> The Target Retirement Income and Target Retirement 2010 Funds no longer invest a portion of their assets in Vanguard Prime Money Market Fund.</p><p>The Funds' target allocations to the underlying fixed income funds are described in the following pages. Although these changes modified the mix of each Fund's fixed income investments, they did not affect each Fund's total fixed income exposure, and the Funds' expense ratios have remained unchanged. However, each Fund's total fixed income exposure (other than that of the Target Retirement Income Fund) will continue to shift in accordance with the Fund's strategy of becoming more conservative over time.</p><p>Prospectus Text Changes for Vanguard Target Retirement Income Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</p><p>The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Bond Market II Index Fund 39.2%</p><p>Vanguard Total Stock Market Index Fund 21.0%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 16.8%</p><p>Vanguard Total International Bond Index Fund 14.0%</p><p>Vanguard Total International Stock Index Fund 9.0%</p><p></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 U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures). </p><p>The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The first bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 70% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2010 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Bond Market II Index Fund 35.1%</p><p>Vanguard Total Stock Market Index Fund 29.0%</p><p>Vanguard Total International Stock Index Fund 12.4%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 11.8%</p><p>Vanguard Total International Bond Index Fund 11.7%</p><p></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 U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures). </p><p>The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 59% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2015 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 37.8%</p><p>Vanguard Total Bond Market II Index Fund 32.0%</p><p>Vanguard Total International Stock Index Fund 16.2%</p><p>Vanguard Total International Bond Index Fund 9.2%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 4.8%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 46% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2020 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 44.1%</p><p>Vanguard Total Bond Market II Index Fund 29.6%</p><p>Vanguard Total International Stock Index Fund 18.9%</p><p>Vanguard Total International Bond Index Fund 7.4%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 37% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2025 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 49.3%</p><p>Vanguard Total Bond Market II Index Fund 23.6%</p><p>Vanguard Total International Stock Index Fund 21.2%</p><p>Vanguard Total International Bond Index Fund 5.9%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2030 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 54.6%</p><p>Vanguard Total International Stock Index Fund 23.4%</p><p>Vanguard Total Bond Market II Index Fund 17.6%</p><p>Vanguard Total International Bond Index Fund 4.4%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 22% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2035 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 59.8%</p><p>Vanguard Total International Stock Index Fund 25.7%</p><p>Vanguard Total Bond Market II Index Fund 11.6%</p><p>Vanguard Total International Bond Index Fund 2.9%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2040 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2045 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2050 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2055 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2060 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>(c) 2013 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor PS 308 062013</p> <p></p><p>[SHIP LOGO VANGUARD (r)]</p><p></p><p></p><p></p><p></p><p>Vanguard Target Retirement Funds</p><p>Supplement to the Prospectus Dated January 28, 2013</p><p>Changes in Underlying Fund Allocations</p><p>The Vanguard Target Retirement Funds have implemented the following changes to the fixed income exposure of the Funds, as previously approved by the Funds' board of trustees.</p><p> Twenty percent of each Fund's fixed income exposure has been reallocated to foreign bonds through investment in Vanguard Total International Bond Index Fund.</p><p> The Target Retirement Income, Target Retirement 2010, and Target Retirement 2015 Funds now obtain their exposure to inflation-protected securities by investing in Vanguard Short-Term Inflation-Protected Securities Index Fund rather than Vanguard Inflation-Protected Securities Fund.</p><p> The Target Retirement Income and Target Retirement 2010 Funds no longer invest a portion of their assets in Vanguard Prime Money Market Fund.</p><p>The Funds' target allocations to the underlying fixed income funds are described in the following pages. Although these changes modified the mix of each Fund's fixed income investments, they did not affect each Fund's total fixed income exposure, and the Funds' expense ratios have remained unchanged. However, each Fund's total fixed income exposure (other than that of the Target Retirement Income Fund) will continue to shift in accordance with the Fund's strategy of becoming more conservative over time.</p><p>Prospectus Text Changes for Vanguard Target Retirement Income Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</p><p>The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Bond Market II Index Fund 39.2%</p><p>Vanguard Total Stock Market Index Fund 21.0%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 16.8%</p><p>Vanguard Total International Bond Index Fund 14.0%</p><p>Vanguard Total International Stock Index Fund 9.0%</p><p></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 U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures). </p><p>The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The first bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 70% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2010 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Bond Market II Index Fund 35.1%</p><p>Vanguard Total Stock Market Index Fund 29.0%</p><p>Vanguard Total International Stock Index Fund 12.4%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 11.8%</p><p>Vanguard Total International Bond Index Fund 11.7%</p><p></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 U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures). </p><p>The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 59% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2015 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 37.8%</p><p>Vanguard Total Bond Market II Index Fund 32.0%</p><p>Vanguard Total International Stock Index Fund 16.2%</p><p>Vanguard Total International Bond Index Fund 9.2%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 4.8%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 46% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2020 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 44.1%</p><p>Vanguard Total Bond Market II Index Fund 29.6%</p><p>Vanguard Total International Stock Index Fund 18.9%</p><p>Vanguard Total International Bond Index Fund 7.4%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 37% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2025 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 49.3%</p><p>Vanguard Total Bond Market II Index Fund 23.6%</p><p>Vanguard Total International Stock Index Fund 21.2%</p><p>Vanguard Total International Bond Index Fund 5.9%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2030 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 54.6%</p><p>Vanguard Total International Stock Index Fund 23.4%</p><p>Vanguard Total Bond Market II Index Fund 17.6%</p><p>Vanguard Total International Bond Index Fund 4.4%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 22% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2035 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 59.8%</p><p>Vanguard Total International Stock Index Fund 25.7%</p><p>Vanguard Total Bond Market II Index Fund 11.6%</p><p>Vanguard Total International Bond Index Fund 2.9%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2040 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2045 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2050 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2055 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2060 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>(c) 2013 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor PS 308 062013</p> 2013-01-28 2013-01-28 <p></p><p>[SHIP LOGO VANGUARD (r)]</p><p></p><p></p><p></p><p></p><p>Vanguard Target Retirement Funds</p><p>Supplement to the Prospectus Dated January 28, 2013</p><p>Changes in Underlying Fund Allocations</p><p>The Vanguard Target Retirement Funds have implemented the following changes to the fixed income exposure of the Funds, as previously approved by the Funds' board of trustees.</p><p> Twenty percent of each Fund's fixed income exposure has been reallocated to foreign bonds through investment in Vanguard Total International Bond Index Fund.</p><p> The Target Retirement Income, Target Retirement 2010, and Target Retirement 2015 Funds now obtain their exposure to inflation-protected securities by investing in Vanguard Short-Term Inflation-Protected Securities Index Fund rather than Vanguard Inflation-Protected Securities Fund.</p><p> The Target Retirement Income and Target Retirement 2010 Funds no longer invest a portion of their assets in Vanguard Prime Money Market Fund.</p><p>The Funds' target allocations to the underlying fixed income funds are described in the following pages. Although these changes modified the mix of each Fund's fixed income investments, they did not affect each Fund's total fixed income exposure, and the Funds' expense ratios have remained unchanged. However, each Fund's total fixed income exposure (other than that of the Target Retirement Income Fund) will continue to shift in accordance with the Fund's strategy of becoming more conservative over time.</p><p>Prospectus Text Changes for Vanguard Target Retirement Income Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</p><p>The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Bond Market II Index Fund 39.2%</p><p>Vanguard Total Stock Market Index Fund 21.0%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 16.8%</p><p>Vanguard Total International Bond Index Fund 14.0%</p><p>Vanguard Total International Stock Index Fund 9.0%</p><p></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 U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures). </p><p>The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The first bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 70% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2010 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Bond Market II Index Fund 35.1%</p><p>Vanguard Total Stock Market Index Fund 29.0%</p><p>Vanguard Total International Stock Index Fund 12.4%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 11.8%</p><p>Vanguard Total International Bond Index Fund 11.7%</p><p></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 U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures). </p><p>The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 59% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2015 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 37.8%</p><p>Vanguard Total Bond Market II Index Fund 32.0%</p><p>Vanguard Total International Stock Index Fund 16.2%</p><p>Vanguard Total International Bond Index Fund 9.2%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 4.8%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 46% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2020 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 44.1%</p><p>Vanguard Total Bond Market II Index Fund 29.6%</p><p>Vanguard Total International Stock Index Fund 18.9%</p><p>Vanguard Total International Bond Index Fund 7.4%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 37% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2025 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 49.3%</p><p>Vanguard Total Bond Market II Index Fund 23.6%</p><p>Vanguard Total International Stock Index Fund 21.2%</p><p>Vanguard Total International Bond Index Fund 5.9%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2030 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 54.6%</p><p>Vanguard Total International Stock Index Fund 23.4%</p><p>Vanguard Total Bond Market II Index Fund 17.6%</p><p>Vanguard Total International Bond Index Fund 4.4%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 22% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2035 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 59.8%</p><p>Vanguard Total International Stock Index Fund 25.7%</p><p>Vanguard Total Bond Market II Index Fund 11.6%</p><p>Vanguard Total International Bond Index Fund 2.9%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2040 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2045 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2050 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2055 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2060 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>(c) 2013 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor PS 308 062013</p> <p></p><p>[SHIP LOGO VANGUARD (r)]</p><p></p><p></p><p></p><p></p><p>Vanguard Target Retirement Funds</p><p>Supplement to the Prospectus Dated January 28, 2013</p><p>Changes in Underlying Fund Allocations</p><p>The Vanguard Target Retirement Funds have implemented the following changes to the fixed income exposure of the Funds, as previously approved by the Funds' board of trustees.</p><p> Twenty percent of each Fund's fixed income exposure has been reallocated to foreign bonds through investment in Vanguard Total International Bond Index Fund.</p><p> The Target Retirement Income, Target Retirement 2010, and Target Retirement 2015 Funds now obtain their exposure to inflation-protected securities by investing in Vanguard Short-Term Inflation-Protected Securities Index Fund rather than Vanguard Inflation-Protected Securities Fund.</p><p> The Target Retirement Income and Target Retirement 2010 Funds no longer invest a portion of their assets in Vanguard Prime Money Market Fund.</p><p>The Funds' target allocations to the underlying fixed income funds are described in the following pages. Although these changes modified the mix of each Fund's fixed income investments, they did not affect each Fund's total fixed income exposure, and the Funds' expense ratios have remained unchanged. However, each Fund's total fixed income exposure (other than that of the Target Retirement Income Fund) will continue to shift in accordance with the Fund's strategy of becoming more conservative over time.</p><p>Prospectus Text Changes for Vanguard Target Retirement Income Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</p><p>The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Bond Market II Index Fund 39.2%</p><p>Vanguard Total Stock Market Index Fund 21.0%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 16.8%</p><p>Vanguard Total International Bond Index Fund 14.0%</p><p>Vanguard Total International Stock Index Fund 9.0%</p><p></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 U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures). </p><p>The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The first bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 70% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2010 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Bond Market II Index Fund 35.1%</p><p>Vanguard Total Stock Market Index Fund 29.0%</p><p>Vanguard Total International Stock Index Fund 12.4%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 11.8%</p><p>Vanguard Total International Bond Index Fund 11.7%</p><p></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 U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures). </p><p>The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 59% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2015 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 37.8%</p><p>Vanguard Total Bond Market II Index Fund 32.0%</p><p>Vanguard Total International Stock Index Fund 16.2%</p><p>Vanguard Total International Bond Index Fund 9.2%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 4.8%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 46% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2020 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 44.1%</p><p>Vanguard Total Bond Market II Index Fund 29.6%</p><p>Vanguard Total International Stock Index Fund 18.9%</p><p>Vanguard Total International Bond Index Fund 7.4%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 37% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2025 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 49.3%</p><p>Vanguard Total Bond Market II Index Fund 23.6%</p><p>Vanguard Total International Stock Index Fund 21.2%</p><p>Vanguard Total International Bond Index Fund 5.9%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2030 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 54.6%</p><p>Vanguard Total International Stock Index Fund 23.4%</p><p>Vanguard Total Bond Market II Index Fund 17.6%</p><p>Vanguard Total International Bond Index Fund 4.4%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 22% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2035 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 59.8%</p><p>Vanguard Total International Stock Index Fund 25.7%</p><p>Vanguard Total Bond Market II Index Fund 11.6%</p><p>Vanguard Total International Bond Index Fund 2.9%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2040 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2045 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2050 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2055 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2060 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>(c) 2013 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor PS 308 062013</p> 2013-01-28 2013-01-28 <p></p><p>[SHIP LOGO VANGUARD (r)]</p><p></p><p></p><p></p><p></p><p>Vanguard Target Retirement Funds</p><p>Supplement to the Prospectus Dated January 28, 2013</p><p>Changes in Underlying Fund Allocations</p><p>The Vanguard Target Retirement Funds have implemented the following changes to the fixed income exposure of the Funds, as previously approved by the Funds' board of trustees.</p><p> Twenty percent of each Fund's fixed income exposure has been reallocated to foreign bonds through investment in Vanguard Total International Bond Index Fund.</p><p> The Target Retirement Income, Target Retirement 2010, and Target Retirement 2015 Funds now obtain their exposure to inflation-protected securities by investing in Vanguard Short-Term Inflation-Protected Securities Index Fund rather than Vanguard Inflation-Protected Securities Fund.</p><p> The Target Retirement Income and Target Retirement 2010 Funds no longer invest a portion of their assets in Vanguard Prime Money Market Fund.</p><p>The Funds' target allocations to the underlying fixed income funds are described in the following pages. Although these changes modified the mix of each Fund's fixed income investments, they did not affect each Fund's total fixed income exposure, and the Funds' expense ratios have remained unchanged. However, each Fund's total fixed income exposure (other than that of the Target Retirement Income Fund) will continue to shift in accordance with the Fund's strategy of becoming more conservative over time.</p><p>Prospectus Text Changes for Vanguard Target Retirement Income Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</p><p>The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Bond Market II Index Fund 39.2%</p><p>Vanguard Total Stock Market Index Fund 21.0%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 16.8%</p><p>Vanguard Total International Bond Index Fund 14.0%</p><p>Vanguard Total International Stock Index Fund 9.0%</p><p></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 U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures). </p><p>The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The first bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 70% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2010 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Bond Market II Index Fund 35.1%</p><p>Vanguard Total Stock Market Index Fund 29.0%</p><p>Vanguard Total International Stock Index Fund 12.4%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 11.8%</p><p>Vanguard Total International Bond Index Fund 11.7%</p><p></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 U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures). </p><p>The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 59% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2015 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 37.8%</p><p>Vanguard Total Bond Market II Index Fund 32.0%</p><p>Vanguard Total International Stock Index Fund 16.2%</p><p>Vanguard Total International Bond Index Fund 9.2%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 4.8%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 46% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2020 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 44.1%</p><p>Vanguard Total Bond Market II Index Fund 29.6%</p><p>Vanguard Total International Stock Index Fund 18.9%</p><p>Vanguard Total International Bond Index Fund 7.4%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 37% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2025 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 49.3%</p><p>Vanguard Total Bond Market II Index Fund 23.6%</p><p>Vanguard Total International Stock Index Fund 21.2%</p><p>Vanguard Total International Bond Index Fund 5.9%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2030 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 54.6%</p><p>Vanguard Total International Stock Index Fund 23.4%</p><p>Vanguard Total Bond Market II Index Fund 17.6%</p><p>Vanguard Total International Bond Index Fund 4.4%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 22% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2035 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 59.8%</p><p>Vanguard Total International Stock Index Fund 25.7%</p><p>Vanguard Total Bond Market II Index Fund 11.6%</p><p>Vanguard Total International Bond Index Fund 2.9%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2040 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2045 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2050 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2055 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2060 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>(c) 2013 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor PS 308 062013</p> <p></p><p>[SHIP LOGO VANGUARD (r)]</p><p></p><p></p><p></p><p></p><p>Vanguard Target Retirement Funds</p><p>Supplement to the Prospectus Dated January 28, 2013</p><p>Changes in Underlying Fund Allocations</p><p>The Vanguard Target Retirement Funds have implemented the following changes to the fixed income exposure of the Funds, as previously approved by the Funds' board of trustees.</p><p> Twenty percent of each Fund's fixed income exposure has been reallocated to foreign bonds through investment in Vanguard Total International Bond Index Fund.</p><p> The Target Retirement Income, Target Retirement 2010, and Target Retirement 2015 Funds now obtain their exposure to inflation-protected securities by investing in Vanguard Short-Term Inflation-Protected Securities Index Fund rather than Vanguard Inflation-Protected Securities Fund.</p><p> The Target Retirement Income and Target Retirement 2010 Funds no longer invest a portion of their assets in Vanguard Prime Money Market Fund.</p><p>The Funds' target allocations to the underlying fixed income funds are described in the following pages. Although these changes modified the mix of each Fund's fixed income investments, they did not affect each Fund's total fixed income exposure, and the Funds' expense ratios have remained unchanged. However, each Fund's total fixed income exposure (other than that of the Target Retirement Income Fund) will continue to shift in accordance with the Fund's strategy of becoming more conservative over time.</p><p>Prospectus Text Changes for Vanguard Target Retirement Income Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</p><p>The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Bond Market II Index Fund 39.2%</p><p>Vanguard Total Stock Market Index Fund 21.0%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 16.8%</p><p>Vanguard Total International Bond Index Fund 14.0%</p><p>Vanguard Total International Stock Index Fund 9.0%</p><p></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 U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures). </p><p>The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The first bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 70% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2010 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Bond Market II Index Fund 35.1%</p><p>Vanguard Total Stock Market Index Fund 29.0%</p><p>Vanguard Total International Stock Index Fund 12.4%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 11.8%</p><p>Vanguard Total International Bond Index Fund 11.7%</p><p></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 U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures). </p><p>The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 59% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2015 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 37.8%</p><p>Vanguard Total Bond Market II Index Fund 32.0%</p><p>Vanguard Total International Stock Index Fund 16.2%</p><p>Vanguard Total International Bond Index Fund 9.2%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 4.8%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 46% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2020 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 44.1%</p><p>Vanguard Total Bond Market II Index Fund 29.6%</p><p>Vanguard Total International Stock Index Fund 18.9%</p><p>Vanguard Total International Bond Index Fund 7.4%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 37% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2025 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 49.3%</p><p>Vanguard Total Bond Market II Index Fund 23.6%</p><p>Vanguard Total International Stock Index Fund 21.2%</p><p>Vanguard Total International Bond Index Fund 5.9%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2030 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 54.6%</p><p>Vanguard Total International Stock Index Fund 23.4%</p><p>Vanguard Total Bond Market II Index Fund 17.6%</p><p>Vanguard Total International Bond Index Fund 4.4%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 22% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2035 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 59.8%</p><p>Vanguard Total International Stock Index Fund 25.7%</p><p>Vanguard Total Bond Market II Index Fund 11.6%</p><p>Vanguard Total International Bond Index Fund 2.9%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2040 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2045 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2050 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2055 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2060 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>(c) 2013 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor PS 308 062013</p> 2013-01-28 2013-01-28 <p></p><p>[SHIP LOGO VANGUARD (r)]</p><p></p><p></p><p></p><p></p><p>Vanguard Target Retirement Funds</p><p>Supplement to the Prospectus Dated January 28, 2013</p><p>Changes in Underlying Fund Allocations</p><p>The Vanguard Target Retirement Funds have implemented the following changes to the fixed income exposure of the Funds, as previously approved by the Funds' board of trustees.</p><p> Twenty percent of each Fund's fixed income exposure has been reallocated to foreign bonds through investment in Vanguard Total International Bond Index Fund.</p><p> The Target Retirement Income, Target Retirement 2010, and Target Retirement 2015 Funds now obtain their exposure to inflation-protected securities by investing in Vanguard Short-Term Inflation-Protected Securities Index Fund rather than Vanguard Inflation-Protected Securities Fund.</p><p> The Target Retirement Income and Target Retirement 2010 Funds no longer invest a portion of their assets in Vanguard Prime Money Market Fund.</p><p>The Funds' target allocations to the underlying fixed income funds are described in the following pages. Although these changes modified the mix of each Fund's fixed income investments, they did not affect each Fund's total fixed income exposure, and the Funds' expense ratios have remained unchanged. However, each Fund's total fixed income exposure (other than that of the Target Retirement Income Fund) will continue to shift in accordance with the Fund's strategy of becoming more conservative over time.</p><p>Prospectus Text Changes for Vanguard Target Retirement Income Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</p><p>The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Bond Market II Index Fund 39.2%</p><p>Vanguard Total Stock Market Index Fund 21.0%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 16.8%</p><p>Vanguard Total International Bond Index Fund 14.0%</p><p>Vanguard Total International Stock Index Fund 9.0%</p><p></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 U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures). </p><p>The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The first bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 70% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2010 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Bond Market II Index Fund 35.1%</p><p>Vanguard Total Stock Market Index Fund 29.0%</p><p>Vanguard Total International Stock Index Fund 12.4%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 11.8%</p><p>Vanguard Total International Bond Index Fund 11.7%</p><p></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 U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures). </p><p>The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 59% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2015 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 37.8%</p><p>Vanguard Total Bond Market II Index Fund 32.0%</p><p>Vanguard Total International Stock Index Fund 16.2%</p><p>Vanguard Total International Bond Index Fund 9.2%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 4.8%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 46% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2020 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 44.1%</p><p>Vanguard Total Bond Market II Index Fund 29.6%</p><p>Vanguard Total International Stock Index Fund 18.9%</p><p>Vanguard Total International Bond Index Fund 7.4%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 37% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2025 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 49.3%</p><p>Vanguard Total Bond Market II Index Fund 23.6%</p><p>Vanguard Total International Stock Index Fund 21.2%</p><p>Vanguard Total International Bond Index Fund 5.9%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2030 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 54.6%</p><p>Vanguard Total International Stock Index Fund 23.4%</p><p>Vanguard Total Bond Market II Index Fund 17.6%</p><p>Vanguard Total International Bond Index Fund 4.4%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 22% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2035 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 59.8%</p><p>Vanguard Total International Stock Index Fund 25.7%</p><p>Vanguard Total Bond Market II Index Fund 11.6%</p><p>Vanguard Total International Bond Index Fund 2.9%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2040 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2045 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2050 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2055 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2060 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>(c) 2013 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor PS 308 062013</p> <p></p><p>[SHIP LOGO VANGUARD (r)]</p><p></p><p></p><p></p><p></p><p>Vanguard Target Retirement Funds</p><p>Supplement to the Prospectus Dated January 28, 2013</p><p>Changes in Underlying Fund Allocations</p><p>The Vanguard Target Retirement Funds have implemented the following changes to the fixed income exposure of the Funds, as previously approved by the Funds' board of trustees.</p><p> Twenty percent of each Fund's fixed income exposure has been reallocated to foreign bonds through investment in Vanguard Total International Bond Index Fund.</p><p> The Target Retirement Income, Target Retirement 2010, and Target Retirement 2015 Funds now obtain their exposure to inflation-protected securities by investing in Vanguard Short-Term Inflation-Protected Securities Index Fund rather than Vanguard Inflation-Protected Securities Fund.</p><p> The Target Retirement Income and Target Retirement 2010 Funds no longer invest a portion of their assets in Vanguard Prime Money Market Fund.</p><p>The Funds' target allocations to the underlying fixed income funds are described in the following pages. Although these changes modified the mix of each Fund's fixed income investments, they did not affect each Fund's total fixed income exposure, and the Funds' expense ratios have remained unchanged. However, each Fund's total fixed income exposure (other than that of the Target Retirement Income Fund) will continue to shift in accordance with the Fund's strategy of becoming more conservative over time.</p><p>Prospectus Text Changes for Vanguard Target Retirement Income Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</p><p>The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Bond Market II Index Fund 39.2%</p><p>Vanguard Total Stock Market Index Fund 21.0%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 16.8%</p><p>Vanguard Total International Bond Index Fund 14.0%</p><p>Vanguard Total International Stock Index Fund 9.0%</p><p></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 U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures). </p><p>The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The first bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 70% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2010 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Bond Market II Index Fund 35.1%</p><p>Vanguard Total Stock Market Index Fund 29.0%</p><p>Vanguard Total International Stock Index Fund 12.4%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 11.8%</p><p>Vanguard Total International Bond Index Fund 11.7%</p><p></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 U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures). </p><p>The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 59% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2015 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 37.8%</p><p>Vanguard Total Bond Market II Index Fund 32.0%</p><p>Vanguard Total International Stock Index Fund 16.2%</p><p>Vanguard Total International Bond Index Fund 9.2%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 4.8%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 46% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2020 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 44.1%</p><p>Vanguard Total Bond Market II Index Fund 29.6%</p><p>Vanguard Total International Stock Index Fund 18.9%</p><p>Vanguard Total International Bond Index Fund 7.4%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 37% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2025 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 49.3%</p><p>Vanguard Total Bond Market II Index Fund 23.6%</p><p>Vanguard Total International Stock Index Fund 21.2%</p><p>Vanguard Total International Bond Index Fund 5.9%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2030 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 54.6%</p><p>Vanguard Total International Stock Index Fund 23.4%</p><p>Vanguard Total Bond Market II Index Fund 17.6%</p><p>Vanguard Total International Bond Index Fund 4.4%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 22% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2035 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 59.8%</p><p>Vanguard Total International Stock Index Fund 25.7%</p><p>Vanguard Total Bond Market II Index Fund 11.6%</p><p>Vanguard Total International Bond Index Fund 2.9%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2040 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2045 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2050 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2055 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2060 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>(c) 2013 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor PS 308 062013</p> 2013-01-28 2013-01-28 <p></p><p>[SHIP LOGO VANGUARD (r)]</p><p></p><p></p><p></p><p></p><p>Vanguard Target Retirement Funds</p><p>Supplement to the Prospectus Dated January 28, 2013</p><p>Changes in Underlying Fund Allocations</p><p>The Vanguard Target Retirement Funds have implemented the following changes to the fixed income exposure of the Funds, as previously approved by the Funds' board of trustees.</p><p> Twenty percent of each Fund's fixed income exposure has been reallocated to foreign bonds through investment in Vanguard Total International Bond Index Fund.</p><p> The Target Retirement Income, Target Retirement 2010, and Target Retirement 2015 Funds now obtain their exposure to inflation-protected securities by investing in Vanguard Short-Term Inflation-Protected Securities Index Fund rather than Vanguard Inflation-Protected Securities Fund.</p><p> The Target Retirement Income and Target Retirement 2010 Funds no longer invest a portion of their assets in Vanguard Prime Money Market Fund.</p><p>The Funds' target allocations to the underlying fixed income funds are described in the following pages. Although these changes modified the mix of each Fund's fixed income investments, they did not affect each Fund's total fixed income exposure, and the Funds' expense ratios have remained unchanged. However, each Fund's total fixed income exposure (other than that of the Target Retirement Income Fund) will continue to shift in accordance with the Fund's strategy of becoming more conservative over time.</p><p>Prospectus Text Changes for Vanguard Target Retirement Income Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</p><p>The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Bond Market II Index Fund 39.2%</p><p>Vanguard Total Stock Market Index Fund 21.0%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 16.8%</p><p>Vanguard Total International Bond Index Fund 14.0%</p><p>Vanguard Total International Stock Index Fund 9.0%</p><p></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 U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures). </p><p>The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The first bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 70% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2010 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Bond Market II Index Fund 35.1%</p><p>Vanguard Total Stock Market Index Fund 29.0%</p><p>Vanguard Total International Stock Index Fund 12.4%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 11.8%</p><p>Vanguard Total International Bond Index Fund 11.7%</p><p></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 U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures). </p><p>The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 59% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2015 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 37.8%</p><p>Vanguard Total Bond Market II Index Fund 32.0%</p><p>Vanguard Total International Stock Index Fund 16.2%</p><p>Vanguard Total International Bond Index Fund 9.2%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 4.8%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 46% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2020 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 44.1%</p><p>Vanguard Total Bond Market II Index Fund 29.6%</p><p>Vanguard Total International Stock Index Fund 18.9%</p><p>Vanguard Total International Bond Index Fund 7.4%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 37% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2025 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 49.3%</p><p>Vanguard Total Bond Market II Index Fund 23.6%</p><p>Vanguard Total International Stock Index Fund 21.2%</p><p>Vanguard Total International Bond Index Fund 5.9%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2030 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 54.6%</p><p>Vanguard Total International Stock Index Fund 23.4%</p><p>Vanguard Total Bond Market II Index Fund 17.6%</p><p>Vanguard Total International Bond Index Fund 4.4%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 22% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2035 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 59.8%</p><p>Vanguard Total International Stock Index Fund 25.7%</p><p>Vanguard Total Bond Market II Index Fund 11.6%</p><p>Vanguard Total International Bond Index Fund 2.9%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2040 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2045 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2050 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2055 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2060 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>(c) 2013 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor PS 308 062013</p> <p></p><p>[SHIP LOGO VANGUARD (r)]</p><p></p><p></p><p></p><p></p><p>Vanguard Target Retirement Funds</p><p>Supplement to the Prospectus Dated January 28, 2013</p><p>Changes in Underlying Fund Allocations</p><p>The Vanguard Target Retirement Funds have implemented the following changes to the fixed income exposure of the Funds, as previously approved by the Funds' board of trustees.</p><p> Twenty percent of each Fund's fixed income exposure has been reallocated to foreign bonds through investment in Vanguard Total International Bond Index Fund.</p><p> The Target Retirement Income, Target Retirement 2010, and Target Retirement 2015 Funds now obtain their exposure to inflation-protected securities by investing in Vanguard Short-Term Inflation-Protected Securities Index Fund rather than Vanguard Inflation-Protected Securities Fund.</p><p> The Target Retirement Income and Target Retirement 2010 Funds no longer invest a portion of their assets in Vanguard Prime Money Market Fund.</p><p>The Funds' target allocations to the underlying fixed income funds are described in the following pages. Although these changes modified the mix of each Fund's fixed income investments, they did not affect each Fund's total fixed income exposure, and the Funds' expense ratios have remained unchanged. However, each Fund's total fixed income exposure (other than that of the Target Retirement Income Fund) will continue to shift in accordance with the Fund's strategy of becoming more conservative over time.</p><p>Prospectus Text Changes for Vanguard Target Retirement Income Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</p><p>The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Bond Market II Index Fund 39.2%</p><p>Vanguard Total Stock Market Index Fund 21.0%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 16.8%</p><p>Vanguard Total International Bond Index Fund 14.0%</p><p>Vanguard Total International Stock Index Fund 9.0%</p><p></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 U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures). </p><p>The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The first bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 70% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2010 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Bond Market II Index Fund 35.1%</p><p>Vanguard Total Stock Market Index Fund 29.0%</p><p>Vanguard Total International Stock Index Fund 12.4%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 11.8%</p><p>Vanguard Total International Bond Index Fund 11.7%</p><p></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 U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures). </p><p>The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 59% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2015 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 37.8%</p><p>Vanguard Total Bond Market II Index Fund 32.0%</p><p>Vanguard Total International Stock Index Fund 16.2%</p><p>Vanguard Total International Bond Index Fund 9.2%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 4.8%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 46% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2020 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 44.1%</p><p>Vanguard Total Bond Market II Index Fund 29.6%</p><p>Vanguard Total International Stock Index Fund 18.9%</p><p>Vanguard Total International Bond Index Fund 7.4%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 37% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2025 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 49.3%</p><p>Vanguard Total Bond Market II Index Fund 23.6%</p><p>Vanguard Total International Stock Index Fund 21.2%</p><p>Vanguard Total International Bond Index Fund 5.9%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2030 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 54.6%</p><p>Vanguard Total International Stock Index Fund 23.4%</p><p>Vanguard Total Bond Market II Index Fund 17.6%</p><p>Vanguard Total International Bond Index Fund 4.4%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 22% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2035 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 59.8%</p><p>Vanguard Total International Stock Index Fund 25.7%</p><p>Vanguard Total Bond Market II Index Fund 11.6%</p><p>Vanguard Total International Bond Index Fund 2.9%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2040 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2045 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2050 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2055 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2060 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>(c) 2013 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor PS 308 062013</p> 2013-01-28 2013-01-28 <p></p><p>[SHIP LOGO VANGUARD (r)]</p><p></p><p></p><p></p><p></p><p>Vanguard Target Retirement Funds</p><p>Supplement to the Prospectus Dated January 28, 2013</p><p>Changes in Underlying Fund Allocations</p><p>The Vanguard Target Retirement Funds have implemented the following changes to the fixed income exposure of the Funds, as previously approved by the Funds' board of trustees.</p><p> Twenty percent of each Fund's fixed income exposure has been reallocated to foreign bonds through investment in Vanguard Total International Bond Index Fund.</p><p> The Target Retirement Income, Target Retirement 2010, and Target Retirement 2015 Funds now obtain their exposure to inflation-protected securities by investing in Vanguard Short-Term Inflation-Protected Securities Index Fund rather than Vanguard Inflation-Protected Securities Fund.</p><p> The Target Retirement Income and Target Retirement 2010 Funds no longer invest a portion of their assets in Vanguard Prime Money Market Fund.</p><p>The Funds' target allocations to the underlying fixed income funds are described in the following pages. Although these changes modified the mix of each Fund's fixed income investments, they did not affect each Fund's total fixed income exposure, and the Funds' expense ratios have remained unchanged. However, each Fund's total fixed income exposure (other than that of the Target Retirement Income Fund) will continue to shift in accordance with the Fund's strategy of becoming more conservative over time.</p><p>Prospectus Text Changes for Vanguard Target Retirement Income Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</p><p>The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Bond Market II Index Fund 39.2%</p><p>Vanguard Total Stock Market Index Fund 21.0%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 16.8%</p><p>Vanguard Total International Bond Index Fund 14.0%</p><p>Vanguard Total International Stock Index Fund 9.0%</p><p></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 U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures). </p><p>The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The first bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 70% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2010 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Bond Market II Index Fund 35.1%</p><p>Vanguard Total Stock Market Index Fund 29.0%</p><p>Vanguard Total International Stock Index Fund 12.4%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 11.8%</p><p>Vanguard Total International Bond Index Fund 11.7%</p><p></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 U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures). </p><p>The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 59% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2015 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 37.8%</p><p>Vanguard Total Bond Market II Index Fund 32.0%</p><p>Vanguard Total International Stock Index Fund 16.2%</p><p>Vanguard Total International Bond Index Fund 9.2%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 4.8%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 46% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2020 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 44.1%</p><p>Vanguard Total Bond Market II Index Fund 29.6%</p><p>Vanguard Total International Stock Index Fund 18.9%</p><p>Vanguard Total International Bond Index Fund 7.4%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 37% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2025 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 49.3%</p><p>Vanguard Total Bond Market II Index Fund 23.6%</p><p>Vanguard Total International Stock Index Fund 21.2%</p><p>Vanguard Total International Bond Index Fund 5.9%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2030 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 54.6%</p><p>Vanguard Total International Stock Index Fund 23.4%</p><p>Vanguard Total Bond Market II Index Fund 17.6%</p><p>Vanguard Total International Bond Index Fund 4.4%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 22% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2035 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 59.8%</p><p>Vanguard Total International Stock Index Fund 25.7%</p><p>Vanguard Total Bond Market II Index Fund 11.6%</p><p>Vanguard Total International Bond Index Fund 2.9%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2040 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2045 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2050 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2055 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2060 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>(c) 2013 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor PS 308 062013</p> <p></p><p>[SHIP LOGO VANGUARD (r)]</p><p></p><p></p><p></p><p></p><p>Vanguard Target Retirement Funds</p><p>Supplement to the Prospectus Dated January 28, 2013</p><p>Changes in Underlying Fund Allocations</p><p>The Vanguard Target Retirement Funds have implemented the following changes to the fixed income exposure of the Funds, as previously approved by the Funds' board of trustees.</p><p> Twenty percent of each Fund's fixed income exposure has been reallocated to foreign bonds through investment in Vanguard Total International Bond Index Fund.</p><p> The Target Retirement Income, Target Retirement 2010, and Target Retirement 2015 Funds now obtain their exposure to inflation-protected securities by investing in Vanguard Short-Term Inflation-Protected Securities Index Fund rather than Vanguard Inflation-Protected Securities Fund.</p><p> The Target Retirement Income and Target Retirement 2010 Funds no longer invest a portion of their assets in Vanguard Prime Money Market Fund.</p><p>The Funds' target allocations to the underlying fixed income funds are described in the following pages. Although these changes modified the mix of each Fund's fixed income investments, they did not affect each Fund's total fixed income exposure, and the Funds' expense ratios have remained unchanged. However, each Fund's total fixed income exposure (other than that of the Target Retirement Income Fund) will continue to shift in accordance with the Fund's strategy of becoming more conservative over time.</p><p>Prospectus Text Changes for Vanguard Target Retirement Income Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</p><p>The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Bond Market II Index Fund 39.2%</p><p>Vanguard Total Stock Market Index Fund 21.0%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 16.8%</p><p>Vanguard Total International Bond Index Fund 14.0%</p><p>Vanguard Total International Stock Index Fund 9.0%</p><p></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 U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures). </p><p>The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The first bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 70% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2010 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Bond Market II Index Fund 35.1%</p><p>Vanguard Total Stock Market Index Fund 29.0%</p><p>Vanguard Total International Stock Index Fund 12.4%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 11.8%</p><p>Vanguard Total International Bond Index Fund 11.7%</p><p></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 U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures). </p><p>The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 59% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2015 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 37.8%</p><p>Vanguard Total Bond Market II Index Fund 32.0%</p><p>Vanguard Total International Stock Index Fund 16.2%</p><p>Vanguard Total International Bond Index Fund 9.2%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 4.8%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 46% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2020 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 44.1%</p><p>Vanguard Total Bond Market II Index Fund 29.6%</p><p>Vanguard Total International Stock Index Fund 18.9%</p><p>Vanguard Total International Bond Index Fund 7.4%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 37% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2025 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 49.3%</p><p>Vanguard Total Bond Market II Index Fund 23.6%</p><p>Vanguard Total International Stock Index Fund 21.2%</p><p>Vanguard Total International Bond Index Fund 5.9%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2030 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 54.6%</p><p>Vanguard Total International Stock Index Fund 23.4%</p><p>Vanguard Total Bond Market II Index Fund 17.6%</p><p>Vanguard Total International Bond Index Fund 4.4%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 22% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2035 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 59.8%</p><p>Vanguard Total International Stock Index Fund 25.7%</p><p>Vanguard Total Bond Market II Index Fund 11.6%</p><p>Vanguard Total International Bond Index Fund 2.9%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2040 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2045 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2050 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2055 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2060 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>(c) 2013 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor PS 308 062013</p> 2013-01-28 2013-01-28 <p></p><p>[SHIP LOGO VANGUARD (r)]</p><p></p><p></p><p></p><p></p><p>Vanguard Target Retirement Funds</p><p>Supplement to the Prospectus Dated January 28, 2013</p><p>Changes in Underlying Fund Allocations</p><p>The Vanguard Target Retirement Funds have implemented the following changes to the fixed income exposure of the Funds, as previously approved by the Funds' board of trustees.</p><p> Twenty percent of each Fund's fixed income exposure has been reallocated to foreign bonds through investment in Vanguard Total International Bond Index Fund.</p><p> The Target Retirement Income, Target Retirement 2010, and Target Retirement 2015 Funds now obtain their exposure to inflation-protected securities by investing in Vanguard Short-Term Inflation-Protected Securities Index Fund rather than Vanguard Inflation-Protected Securities Fund.</p><p> The Target Retirement Income and Target Retirement 2010 Funds no longer invest a portion of their assets in Vanguard Prime Money Market Fund.</p><p>The Funds' target allocations to the underlying fixed income funds are described in the following pages. Although these changes modified the mix of each Fund's fixed income investments, they did not affect each Fund's total fixed income exposure, and the Funds' expense ratios have remained unchanged. However, each Fund's total fixed income exposure (other than that of the Target Retirement Income Fund) will continue to shift in accordance with the Fund's strategy of becoming more conservative over time.</p><p>Prospectus Text Changes for Vanguard Target Retirement Income Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</p><p>The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Bond Market II Index Fund 39.2%</p><p>Vanguard Total Stock Market Index Fund 21.0%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 16.8%</p><p>Vanguard Total International Bond Index Fund 14.0%</p><p>Vanguard Total International Stock Index Fund 9.0%</p><p></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 U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures). </p><p>The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The first bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 70% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2010 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Bond Market II Index Fund 35.1%</p><p>Vanguard Total Stock Market Index Fund 29.0%</p><p>Vanguard Total International Stock Index Fund 12.4%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 11.8%</p><p>Vanguard Total International Bond Index Fund 11.7%</p><p></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 U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures). </p><p>The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 59% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2015 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 37.8%</p><p>Vanguard Total Bond Market II Index Fund 32.0%</p><p>Vanguard Total International Stock Index Fund 16.2%</p><p>Vanguard Total International Bond Index Fund 9.2%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 4.8%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 46% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2020 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 44.1%</p><p>Vanguard Total Bond Market II Index Fund 29.6%</p><p>Vanguard Total International Stock Index Fund 18.9%</p><p>Vanguard Total International Bond Index Fund 7.4%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 37% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2025 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 49.3%</p><p>Vanguard Total Bond Market II Index Fund 23.6%</p><p>Vanguard Total International Stock Index Fund 21.2%</p><p>Vanguard Total International Bond Index Fund 5.9%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2030 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 54.6%</p><p>Vanguard Total International Stock Index Fund 23.4%</p><p>Vanguard Total Bond Market II Index Fund 17.6%</p><p>Vanguard Total International Bond Index Fund 4.4%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 22% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2035 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 59.8%</p><p>Vanguard Total International Stock Index Fund 25.7%</p><p>Vanguard Total Bond Market II Index Fund 11.6%</p><p>Vanguard Total International Bond Index Fund 2.9%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2040 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2045 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2050 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2055 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2060 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>(c) 2013 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor PS 308 062013</p> <p></p><p>[SHIP LOGO VANGUARD (r)]</p><p></p><p></p><p></p><p></p><p>Vanguard Target Retirement Funds</p><p>Supplement to the Prospectus Dated January 28, 2013</p><p>Changes in Underlying Fund Allocations</p><p>The Vanguard Target Retirement Funds have implemented the following changes to the fixed income exposure of the Funds, as previously approved by the Funds' board of trustees.</p><p> Twenty percent of each Fund's fixed income exposure has been reallocated to foreign bonds through investment in Vanguard Total International Bond Index Fund.</p><p> The Target Retirement Income, Target Retirement 2010, and Target Retirement 2015 Funds now obtain their exposure to inflation-protected securities by investing in Vanguard Short-Term Inflation-Protected Securities Index Fund rather than Vanguard Inflation-Protected Securities Fund.</p><p> The Target Retirement Income and Target Retirement 2010 Funds no longer invest a portion of their assets in Vanguard Prime Money Market Fund.</p><p>The Funds' target allocations to the underlying fixed income funds are described in the following pages. Although these changes modified the mix of each Fund's fixed income investments, they did not affect each Fund's total fixed income exposure, and the Funds' expense ratios have remained unchanged. However, each Fund's total fixed income exposure (other than that of the Target Retirement Income Fund) will continue to shift in accordance with the Fund's strategy of becoming more conservative over time.</p><p>Prospectus Text Changes for Vanguard Target Retirement Income Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</p><p>The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Bond Market II Index Fund 39.2%</p><p>Vanguard Total Stock Market Index Fund 21.0%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 16.8%</p><p>Vanguard Total International Bond Index Fund 14.0%</p><p>Vanguard Total International Stock Index Fund 9.0%</p><p></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 U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures). </p><p>The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The first bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 70% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2010 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Bond Market II Index Fund 35.1%</p><p>Vanguard Total Stock Market Index Fund 29.0%</p><p>Vanguard Total International Stock Index Fund 12.4%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 11.8%</p><p>Vanguard Total International Bond Index Fund 11.7%</p><p></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 U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures). </p><p>The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 59% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2015 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 37.8%</p><p>Vanguard Total Bond Market II Index Fund 32.0%</p><p>Vanguard Total International Stock Index Fund 16.2%</p><p>Vanguard Total International Bond Index Fund 9.2%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 4.8%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 46% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2020 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 44.1%</p><p>Vanguard Total Bond Market II Index Fund 29.6%</p><p>Vanguard Total International Stock Index Fund 18.9%</p><p>Vanguard Total International Bond Index Fund 7.4%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 37% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2025 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 49.3%</p><p>Vanguard Total Bond Market II Index Fund 23.6%</p><p>Vanguard Total International Stock Index Fund 21.2%</p><p>Vanguard Total International Bond Index Fund 5.9%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2030 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 54.6%</p><p>Vanguard Total International Stock Index Fund 23.4%</p><p>Vanguard Total Bond Market II Index Fund 17.6%</p><p>Vanguard Total International Bond Index Fund 4.4%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 22% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2035 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 59.8%</p><p>Vanguard Total International Stock Index Fund 25.7%</p><p>Vanguard Total Bond Market II Index Fund 11.6%</p><p>Vanguard Total International Bond Index Fund 2.9%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2040 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2045 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2050 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2055 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2060 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>(c) 2013 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor PS 308 062013</p> 2013-01-28 2013-01-28 <p></p><p>[SHIP LOGO VANGUARD (r)]</p><p></p><p></p><p></p><p></p><p>Vanguard Target Retirement Funds</p><p>Supplement to the Prospectus Dated January 28, 2013</p><p>Changes in Underlying Fund Allocations</p><p>The Vanguard Target Retirement Funds have implemented the following changes to the fixed income exposure of the Funds, as previously approved by the Funds' board of trustees.</p><p> Twenty percent of each Fund's fixed income exposure has been reallocated to foreign bonds through investment in Vanguard Total International Bond Index Fund.</p><p> The Target Retirement Income, Target Retirement 2010, and Target Retirement 2015 Funds now obtain their exposure to inflation-protected securities by investing in Vanguard Short-Term Inflation-Protected Securities Index Fund rather than Vanguard Inflation-Protected Securities Fund.</p><p> The Target Retirement Income and Target Retirement 2010 Funds no longer invest a portion of their assets in Vanguard Prime Money Market Fund.</p><p>The Funds' target allocations to the underlying fixed income funds are described in the following pages. Although these changes modified the mix of each Fund's fixed income investments, they did not affect each Fund's total fixed income exposure, and the Funds' expense ratios have remained unchanged. However, each Fund's total fixed income exposure (other than that of the Target Retirement Income Fund) will continue to shift in accordance with the Fund's strategy of becoming more conservative over time.</p><p>Prospectus Text Changes for Vanguard Target Retirement Income Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</p><p>The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Bond Market II Index Fund 39.2%</p><p>Vanguard Total Stock Market Index Fund 21.0%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 16.8%</p><p>Vanguard Total International Bond Index Fund 14.0%</p><p>Vanguard Total International Stock Index Fund 9.0%</p><p></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 U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures). </p><p>The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The first bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 70% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2010 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Bond Market II Index Fund 35.1%</p><p>Vanguard Total Stock Market Index Fund 29.0%</p><p>Vanguard Total International Stock Index Fund 12.4%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 11.8%</p><p>Vanguard Total International Bond Index Fund 11.7%</p><p></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 U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures). </p><p>The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 59% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2015 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 37.8%</p><p>Vanguard Total Bond Market II Index Fund 32.0%</p><p>Vanguard Total International Stock Index Fund 16.2%</p><p>Vanguard Total International Bond Index Fund 9.2%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 4.8%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 46% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2020 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 44.1%</p><p>Vanguard Total Bond Market II Index Fund 29.6%</p><p>Vanguard Total International Stock Index Fund 18.9%</p><p>Vanguard Total International Bond Index Fund 7.4%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 37% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2025 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 49.3%</p><p>Vanguard Total Bond Market II Index Fund 23.6%</p><p>Vanguard Total International Stock Index Fund 21.2%</p><p>Vanguard Total International Bond Index Fund 5.9%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2030 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 54.6%</p><p>Vanguard Total International Stock Index Fund 23.4%</p><p>Vanguard Total Bond Market II Index Fund 17.6%</p><p>Vanguard Total International Bond Index Fund 4.4%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 22% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2035 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 59.8%</p><p>Vanguard Total International Stock Index Fund 25.7%</p><p>Vanguard Total Bond Market II Index Fund 11.6%</p><p>Vanguard Total International Bond Index Fund 2.9%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2040 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2045 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2050 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2055 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2060 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>(c) 2013 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor PS 308 062013</p> <p></p><p>[SHIP LOGO VANGUARD (r)]</p><p></p><p></p><p></p><p></p><p>Vanguard Target Retirement Funds</p><p>Supplement to the Prospectus Dated January 28, 2013</p><p>Changes in Underlying Fund Allocations</p><p>The Vanguard Target Retirement Funds have implemented the following changes to the fixed income exposure of the Funds, as previously approved by the Funds' board of trustees.</p><p> Twenty percent of each Fund's fixed income exposure has been reallocated to foreign bonds through investment in Vanguard Total International Bond Index Fund.</p><p> The Target Retirement Income, Target Retirement 2010, and Target Retirement 2015 Funds now obtain their exposure to inflation-protected securities by investing in Vanguard Short-Term Inflation-Protected Securities Index Fund rather than Vanguard Inflation-Protected Securities Fund.</p><p> The Target Retirement Income and Target Retirement 2010 Funds no longer invest a portion of their assets in Vanguard Prime Money Market Fund.</p><p>The Funds' target allocations to the underlying fixed income funds are described in the following pages. Although these changes modified the mix of each Fund's fixed income investments, they did not affect each Fund's total fixed income exposure, and the Funds' expense ratios have remained unchanged. However, each Fund's total fixed income exposure (other than that of the Target Retirement Income Fund) will continue to shift in accordance with the Fund's strategy of becoming more conservative over time.</p><p>Prospectus Text Changes for Vanguard Target Retirement Income Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</p><p>The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Bond Market II Index Fund 39.2%</p><p>Vanguard Total Stock Market Index Fund 21.0%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 16.8%</p><p>Vanguard Total International Bond Index Fund 14.0%</p><p>Vanguard Total International Stock Index Fund 9.0%</p><p></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 U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures). </p><p>The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The first bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 70% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2010 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Bond Market II Index Fund 35.1%</p><p>Vanguard Total Stock Market Index Fund 29.0%</p><p>Vanguard Total International Stock Index Fund 12.4%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 11.8%</p><p>Vanguard Total International Bond Index Fund 11.7%</p><p></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 U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures). </p><p>The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 59% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2015 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 37.8%</p><p>Vanguard Total Bond Market II Index Fund 32.0%</p><p>Vanguard Total International Stock Index Fund 16.2%</p><p>Vanguard Total International Bond Index Fund 9.2%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 4.8%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 46% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2020 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 44.1%</p><p>Vanguard Total Bond Market II Index Fund 29.6%</p><p>Vanguard Total International Stock Index Fund 18.9%</p><p>Vanguard Total International Bond Index Fund 7.4%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 37% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2025 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 49.3%</p><p>Vanguard Total Bond Market II Index Fund 23.6%</p><p>Vanguard Total International Stock Index Fund 21.2%</p><p>Vanguard Total International Bond Index Fund 5.9%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2030 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 54.6%</p><p>Vanguard Total International Stock Index Fund 23.4%</p><p>Vanguard Total Bond Market II Index Fund 17.6%</p><p>Vanguard Total International Bond Index Fund 4.4%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 22% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2035 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 59.8%</p><p>Vanguard Total International Stock Index Fund 25.7%</p><p>Vanguard Total Bond Market II Index Fund 11.6%</p><p>Vanguard Total International Bond Index Fund 2.9%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2040 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2045 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2050 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2055 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2060 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>(c) 2013 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor PS 308 062013</p> 2013-01-28 2013-01-28 <p></p><p>[SHIP LOGO VANGUARD (r)]</p><p></p><p></p><p></p><p></p><p>Vanguard Target Retirement Funds</p><p>Supplement to the Prospectus Dated January 28, 2013</p><p>Changes in Underlying Fund Allocations</p><p>The Vanguard Target Retirement Funds have implemented the following changes to the fixed income exposure of the Funds, as previously approved by the Funds' board of trustees.</p><p> Twenty percent of each Fund's fixed income exposure has been reallocated to foreign bonds through investment in Vanguard Total International Bond Index Fund.</p><p> The Target Retirement Income, Target Retirement 2010, and Target Retirement 2015 Funds now obtain their exposure to inflation-protected securities by investing in Vanguard Short-Term Inflation-Protected Securities Index Fund rather than Vanguard Inflation-Protected Securities Fund.</p><p> The Target Retirement Income and Target Retirement 2010 Funds no longer invest a portion of their assets in Vanguard Prime Money Market Fund.</p><p>The Funds' target allocations to the underlying fixed income funds are described in the following pages. Although these changes modified the mix of each Fund's fixed income investments, they did not affect each Fund's total fixed income exposure, and the Funds' expense ratios have remained unchanged. However, each Fund's total fixed income exposure (other than that of the Target Retirement Income Fund) will continue to shift in accordance with the Fund's strategy of becoming more conservative over time.</p><p>Prospectus Text Changes for Vanguard Target Retirement Income Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</p><p>The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Bond Market II Index Fund 39.2%</p><p>Vanguard Total Stock Market Index Fund 21.0%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 16.8%</p><p>Vanguard Total International Bond Index Fund 14.0%</p><p>Vanguard Total International Stock Index Fund 9.0%</p><p></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 U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures). </p><p>The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The first bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 70% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2010 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Bond Market II Index Fund 35.1%</p><p>Vanguard Total Stock Market Index Fund 29.0%</p><p>Vanguard Total International Stock Index Fund 12.4%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 11.8%</p><p>Vanguard Total International Bond Index Fund 11.7%</p><p></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 U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures). </p><p>The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 59% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2015 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 37.8%</p><p>Vanguard Total Bond Market II Index Fund 32.0%</p><p>Vanguard Total International Stock Index Fund 16.2%</p><p>Vanguard Total International Bond Index Fund 9.2%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 4.8%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 46% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2020 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 44.1%</p><p>Vanguard Total Bond Market II Index Fund 29.6%</p><p>Vanguard Total International Stock Index Fund 18.9%</p><p>Vanguard Total International Bond Index Fund 7.4%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 37% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2025 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 49.3%</p><p>Vanguard Total Bond Market II Index Fund 23.6%</p><p>Vanguard Total International Stock Index Fund 21.2%</p><p>Vanguard Total International Bond Index Fund 5.9%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2030 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 54.6%</p><p>Vanguard Total International Stock Index Fund 23.4%</p><p>Vanguard Total Bond Market II Index Fund 17.6%</p><p>Vanguard Total International Bond Index Fund 4.4%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 22% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2035 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 59.8%</p><p>Vanguard Total International Stock Index Fund 25.7%</p><p>Vanguard Total Bond Market II Index Fund 11.6%</p><p>Vanguard Total International Bond Index Fund 2.9%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2040 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2045 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2050 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2055 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2060 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>(c) 2013 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor PS 308 062013</p> <p></p><p>[SHIP LOGO VANGUARD (r)]</p><p></p><p></p><p></p><p></p><p>Vanguard Target Retirement Funds</p><p>Supplement to the Prospectus Dated January 28, 2013</p><p>Changes in Underlying Fund Allocations</p><p>The Vanguard Target Retirement Funds have implemented the following changes to the fixed income exposure of the Funds, as previously approved by the Funds' board of trustees.</p><p> Twenty percent of each Fund's fixed income exposure has been reallocated to foreign bonds through investment in Vanguard Total International Bond Index Fund.</p><p> The Target Retirement Income, Target Retirement 2010, and Target Retirement 2015 Funds now obtain their exposure to inflation-protected securities by investing in Vanguard Short-Term Inflation-Protected Securities Index Fund rather than Vanguard Inflation-Protected Securities Fund.</p><p> The Target Retirement Income and Target Retirement 2010 Funds no longer invest a portion of their assets in Vanguard Prime Money Market Fund.</p><p>The Funds' target allocations to the underlying fixed income funds are described in the following pages. Although these changes modified the mix of each Fund's fixed income investments, they did not affect each Fund's total fixed income exposure, and the Funds' expense ratios have remained unchanged. However, each Fund's total fixed income exposure (other than that of the Target Retirement Income Fund) will continue to shift in accordance with the Fund's strategy of becoming more conservative over time.</p><p>Prospectus Text Changes for Vanguard Target Retirement Income Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</p><p>The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Bond Market II Index Fund 39.2%</p><p>Vanguard Total Stock Market Index Fund 21.0%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 16.8%</p><p>Vanguard Total International Bond Index Fund 14.0%</p><p>Vanguard Total International Stock Index Fund 9.0%</p><p></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 U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures). </p><p>The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The first bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 70% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2010 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Bond Market II Index Fund 35.1%</p><p>Vanguard Total Stock Market Index Fund 29.0%</p><p>Vanguard Total International Stock Index Fund 12.4%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 11.8%</p><p>Vanguard Total International Bond Index Fund 11.7%</p><p></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 U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures). </p><p>The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 59% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2015 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 37.8%</p><p>Vanguard Total Bond Market II Index Fund 32.0%</p><p>Vanguard Total International Stock Index Fund 16.2%</p><p>Vanguard Total International Bond Index Fund 9.2%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 4.8%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 46% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2020 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 44.1%</p><p>Vanguard Total Bond Market II Index Fund 29.6%</p><p>Vanguard Total International Stock Index Fund 18.9%</p><p>Vanguard Total International Bond Index Fund 7.4%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 37% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2025 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 49.3%</p><p>Vanguard Total Bond Market II Index Fund 23.6%</p><p>Vanguard Total International Stock Index Fund 21.2%</p><p>Vanguard Total International Bond Index Fund 5.9%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2030 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 54.6%</p><p>Vanguard Total International Stock Index Fund 23.4%</p><p>Vanguard Total Bond Market II Index Fund 17.6%</p><p>Vanguard Total International Bond Index Fund 4.4%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 22% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2035 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 59.8%</p><p>Vanguard Total International Stock Index Fund 25.7%</p><p>Vanguard Total Bond Market II Index Fund 11.6%</p><p>Vanguard Total International Bond Index Fund 2.9%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2040 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2045 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2050 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2055 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2060 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>(c) 2013 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor PS 308 062013</p> 2013-01-28 2013-01-28 <p></p><p>[SHIP LOGO VANGUARD (r)]</p><p></p><p></p><p></p><p></p><p>Vanguard Target Retirement Funds</p><p>Supplement to the Prospectus Dated January 28, 2013</p><p>Changes in Underlying Fund Allocations</p><p>The Vanguard Target Retirement Funds have implemented the following changes to the fixed income exposure of the Funds, as previously approved by the Funds' board of trustees.</p><p> Twenty percent of each Fund's fixed income exposure has been reallocated to foreign bonds through investment in Vanguard Total International Bond Index Fund.</p><p> The Target Retirement Income, Target Retirement 2010, and Target Retirement 2015 Funds now obtain their exposure to inflation-protected securities by investing in Vanguard Short-Term Inflation-Protected Securities Index Fund rather than Vanguard Inflation-Protected Securities Fund.</p><p> The Target Retirement Income and Target Retirement 2010 Funds no longer invest a portion of their assets in Vanguard Prime Money Market Fund.</p><p>The Funds' target allocations to the underlying fixed income funds are described in the following pages. Although these changes modified the mix of each Fund's fixed income investments, they did not affect each Fund's total fixed income exposure, and the Funds' expense ratios have remained unchanged. However, each Fund's total fixed income exposure (other than that of the Target Retirement Income Fund) will continue to shift in accordance with the Fund's strategy of becoming more conservative over time.</p><p>Prospectus Text Changes for Vanguard Target Retirement Income Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</p><p>The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Bond Market II Index Fund 39.2%</p><p>Vanguard Total Stock Market Index Fund 21.0%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 16.8%</p><p>Vanguard Total International Bond Index Fund 14.0%</p><p>Vanguard Total International Stock Index Fund 9.0%</p><p></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 U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures). </p><p>The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The first bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 70% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2010 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Bond Market II Index Fund 35.1%</p><p>Vanguard Total Stock Market Index Fund 29.0%</p><p>Vanguard Total International Stock Index Fund 12.4%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 11.8%</p><p>Vanguard Total International Bond Index Fund 11.7%</p><p></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 U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures). </p><p>The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 59% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2015 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 37.8%</p><p>Vanguard Total Bond Market II Index Fund 32.0%</p><p>Vanguard Total International Stock Index Fund 16.2%</p><p>Vanguard Total International Bond Index Fund 9.2%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 4.8%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 46% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2020 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 44.1%</p><p>Vanguard Total Bond Market II Index Fund 29.6%</p><p>Vanguard Total International Stock Index Fund 18.9%</p><p>Vanguard Total International Bond Index Fund 7.4%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 37% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2025 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 49.3%</p><p>Vanguard Total Bond Market II Index Fund 23.6%</p><p>Vanguard Total International Stock Index Fund 21.2%</p><p>Vanguard Total International Bond Index Fund 5.9%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2030 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 54.6%</p><p>Vanguard Total International Stock Index Fund 23.4%</p><p>Vanguard Total Bond Market II Index Fund 17.6%</p><p>Vanguard Total International Bond Index Fund 4.4%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 22% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2035 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 59.8%</p><p>Vanguard Total International Stock Index Fund 25.7%</p><p>Vanguard Total Bond Market II Index Fund 11.6%</p><p>Vanguard Total International Bond Index Fund 2.9%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2040 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2045 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2050 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2055 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2060 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>(c) 2013 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor PS 308 062013</p> <p></p><p>[SHIP LOGO VANGUARD (r)]</p><p></p><p></p><p></p><p></p><p>Vanguard Target Retirement Funds</p><p>Supplement to the Prospectus Dated January 28, 2013</p><p>Changes in Underlying Fund Allocations</p><p>The Vanguard Target Retirement Funds have implemented the following changes to the fixed income exposure of the Funds, as previously approved by the Funds' board of trustees.</p><p> Twenty percent of each Fund's fixed income exposure has been reallocated to foreign bonds through investment in Vanguard Total International Bond Index Fund.</p><p> The Target Retirement Income, Target Retirement 2010, and Target Retirement 2015 Funds now obtain their exposure to inflation-protected securities by investing in Vanguard Short-Term Inflation-Protected Securities Index Fund rather than Vanguard Inflation-Protected Securities Fund.</p><p> The Target Retirement Income and Target Retirement 2010 Funds no longer invest a portion of their assets in Vanguard Prime Money Market Fund.</p><p>The Funds' target allocations to the underlying fixed income funds are described in the following pages. Although these changes modified the mix of each Fund's fixed income investments, they did not affect each Fund's total fixed income exposure, and the Funds' expense ratios have remained unchanged. However, each Fund's total fixed income exposure (other than that of the Target Retirement Income Fund) will continue to shift in accordance with the Fund's strategy of becoming more conservative over time.</p><p>Prospectus Text Changes for Vanguard Target Retirement Income Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</p><p>The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Bond Market II Index Fund 39.2%</p><p>Vanguard Total Stock Market Index Fund 21.0%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 16.8%</p><p>Vanguard Total International Bond Index Fund 14.0%</p><p>Vanguard Total International Stock Index Fund 9.0%</p><p></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 U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures). </p><p>The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The first bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 70% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2010 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Bond Market II Index Fund 35.1%</p><p>Vanguard Total Stock Market Index Fund 29.0%</p><p>Vanguard Total International Stock Index Fund 12.4%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 11.8%</p><p>Vanguard Total International Bond Index Fund 11.7%</p><p></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 U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures). </p><p>The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 59% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2015 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 37.8%</p><p>Vanguard Total Bond Market II Index Fund 32.0%</p><p>Vanguard Total International Stock Index Fund 16.2%</p><p>Vanguard Total International Bond Index Fund 9.2%</p><p>Vanguard Short-Term Inflation-Protected Securities Index Fund 4.8%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 46% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2020 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 44.1%</p><p>Vanguard Total Bond Market II Index Fund 29.6%</p><p>Vanguard Total International Stock Index Fund 18.9%</p><p>Vanguard Total International Bond Index Fund 7.4%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 37% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2025 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 49.3%</p><p>Vanguard Total Bond Market II Index Fund 23.6%</p><p>Vanguard Total International Stock Index Fund 21.2%</p><p>Vanguard Total International Bond Index Fund 5.9%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2030 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 54.6%</p><p>Vanguard Total International Stock Index Fund 23.4%</p><p>Vanguard Total Bond Market II Index Fund 17.6%</p><p>Vanguard Total International Bond Index Fund 4.4%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</p><p> With approximately 22% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2035 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 59.8%</p><p>Vanguard Total International Stock Index Fund 25.7%</p><p>Vanguard Total Bond Market II Index Fund 11.6%</p><p>Vanguard Total International Bond Index Fund 2.9%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2040 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2045 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2050 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2055 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</p><p></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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>Prospectus Text Changes for Vanguard Target Retirement 2060 Fund</p><p>The text under 'Primary Investment Strategies' is replaced with the following:</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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:</p><p>Vanguard Total Stock Market Index Fund 63.0%</p><p>Vanguard Total International Stock Index Fund 27.0%</p><p>Vanguard Total Bond Market II Index Fund 8.0%</p><p>Vanguard Total International Bond Index Fund 2.0%</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 are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.</p><p>The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).</p><p>The second bullet under 'Primary Risks' is replaced with the following:</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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.</p><p>(c) 2013 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor PS 308 062013</p> 0000752177 2011-10-01 2012-09-30 0000752177 vanguard:S000002569Member vanguard:ParticipantMember 2011-10-01 2012-09-30 0000752177 vanguard:S000002571Member vanguard:ParticipantMember 2011-10-01 2012-09-30 0000752177 vanguard:S000002572Member vanguard:ParticipantMember 2011-10-01 2012-09-30 0000752177 vanguard:S000002573Member vanguard:ParticipantMember 2011-10-01 2012-09-30 0000752177 vanguard:S000002574Member vanguard:ParticipantMember 2011-10-01 2012-09-30 0000752177 vanguard:S000012758Member vanguard:ParticipantMember 2011-10-01 2012-09-30 0000752177 vanguard:S000012759Member vanguard:ParticipantMember 2011-10-01 2012-09-30 0000752177 vanguard:S000012760Member vanguard:ParticipantMember 2011-10-01 2012-09-30 0000752177 vanguard:S000012761Member vanguard:ParticipantMember 2011-10-01 2012-09-30 0000752177 vanguard:S000012762Member vanguard:ParticipantMember 2011-10-01 2012-09-30 0000752177 vanguard:S000029700Member vanguard:ParticipantMember 2011-10-01 2012-09-30 0000752177 vanguard:S000035453Member vanguard:ParticipantMember 2011-10-01 2012-09-30 0000752177 vanguard:S000002569Member vanguard:RetailMember 2011-10-01 2012-09-30 0000752177 vanguard:S000002571Member vanguard:RetailMember 2011-10-01 2012-09-30 0000752177 vanguard:S000002572Member vanguard:RetailMember 2011-10-01 2012-09-30 0000752177 vanguard:S000002573Member vanguard:RetailMember 2011-10-01 2012-09-30 0000752177 vanguard:S000002574Member vanguard:RetailMember 2011-10-01 2012-09-30 0000752177 vanguard:S000012758Member vanguard:RetailMember 2011-10-01 2012-09-30 0000752177 vanguard:S000012759Member vanguard:RetailMember 2011-10-01 2012-09-30 0000752177 vanguard:S000012760Member vanguard:RetailMember 2011-10-01 2012-09-30 0000752177 vanguard:S000012761Member vanguard:RetailMember 2011-10-01 2012-09-30 0000752177 vanguard:S000012762Member vanguard:RetailMember 2011-10-01 2012-09-30 0000752177 vanguard:S000029700Member vanguard:RetailMember 2011-10-01 2012-09-30 0000752177 vanguard:S000035453Member vanguard:RetailMember 2011-10-01 2012-09-30 iso4217:USD xbrli:pure 2013-06-03 2013-06-03 2012-09-30 Other Vanguard Chester Funds 0000752177 false <div style="display: none">~ http://xbrl.sec.gov/rr/role/RiskReturnDetailData column period compact * row dei_DocumentInformationDocumentAxis compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * row primary compact * ~ </div> EX-101.SCH 4 targetretstkr-20130603.xsd SCHEMA 0 - Schedule - (Vanguard Target Retirement 2010 Fund Participant) link:calculationLink link:definitionLink link:presentationLink 1 - Schedule - (Vanguard Target Retirement 2010 Fund Retail) link:calculationLink link:definitionLink link:presentationLink 2 - Schedule - (Vanguard Target Retirement 2015 Fund Participant) link:calculationLink link:definitionLink link:presentationLink 3 - Schedule - (Vanguard Target Retirement 2015 Fund Retail) link:calculationLink link:definitionLink link:presentationLink 4 - Schedule - (Vanguard Target Retirement 2020 Fund Participant) link:calculationLink link:definitionLink link:presentationLink 5 - Schedule - (Vanguard Target Retirement 2020 Fund Retail) link:calculationLink link:definitionLink link:presentationLink 6 - Schedule - (Vanguard Target Retirement 2025 Fund Participant) link:calculationLink link:definitionLink link:presentationLink 7 - Schedule - (Vanguard Target Retirement 2025 Fund Retail) link:calculationLink link:definitionLink link:presentationLink 8 - Schedule - (Vanguard Target Retirement 2030 Fund Participant) link:calculationLink link:definitionLink link:presentationLink 9 - Schedule - (Vanguard Target Retirement 2030 Fund Retail) link:calculationLink link:definitionLink link:presentationLink 10 - Schedule - (Vanguard Target Retirement 2035 Fund Participant) link:calculationLink link:definitionLink link:presentationLink 11 - Schedule - (Vanguard Target Retirement 2035 Fund Retail) link:calculationLink link:definitionLink link:presentationLink 12 - Schedule - (Vanguard Target Retirement 2040 Fund Participant) link:calculationLink link:definitionLink link:presentationLink 13 - Schedule - (Vanguard Target Retirement 2040 Fund Retail) link:calculationLink link:definitionLink link:presentationLink 14 - Schedule - (Vanguard Target Retirement 2045 Fund Participant) link:calculationLink link:definitionLink link:presentationLink 15 - Schedule - (Vanguard Target Retirement 2045 Fund Retail) link:calculationLink link:definitionLink link:presentationLink 16 - Schedule - (Vanguard Target Retirement 2050 Fund Participant) link:calculationLink link:definitionLink link:presentationLink 17 - Schedule - (Vanguard Target Retirement 2050 Fund Retail) link:calculationLink link:definitionLink link:presentationLink 18 - Schedule - (Vanguard Target Retirement 2055 Fund Participant) link:calculationLink link:definitionLink link:presentationLink 19 - Schedule - (Vanguard Target Retirement 2055 Fund Retail) link:calculationLink link:definitionLink link:presentationLink 20 - Schedule - (Vanguard Target Retirement 2060 Fund Participant) link:calculationLink link:definitionLink link:presentationLink 21 - Schedule - (Vanguard Target Retirement 2060 Fund Retail) link:calculationLink link:definitionLink link:presentationLink 22 - Schedule - (Vanguard Target Retirement Income Fund Participant) link:calculationLink link:definitionLink link:presentationLink 23 - Schedule - (Vanguard Target Retirement Income Fund Retail) link:calculationLink link:definitionLink link:presentationLink 0000000 - Document - Supplement link:definitionLink link:presentationLink link:calculationLink EX-101.CAL 5 targetretstkr-20130603_cal.xml CALCULATIONS EX-101.DEF 6 targetretstkr-20130603_def.xml DEFINITIONS EX-101.LAB 7 targetretstkr-20130603_lab.xml LABEL Vanguard Target Retirement 2010 Fund Vanguard Target Retirement 2015 Fund Vanguard Target Retirement 2020 Fund Vanguard Target Retirement 2025 Fund Vanguard Target Retirement 2030 Fund Vanguard Target Retirement 2035 Fund Vanguard Target Retirement 2040 Fund Vanguard Target Retirement 2045 Fund Vanguard Target Retirement 2050 Fund Vanguard Target Retirement 2055 Fund Vanguard Target Retirement 2060 Fund Vanguard Target Retirement Income Fund 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 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 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 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 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 Coregistrant Axis [Axis] Coregistrant Domain 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 $10,000) Sales Charge (Load) Imposed on Purchases Purchase Fee Sales Charge (Load) Imposed on Reinvested Dividends Total Annual Fund Operating Expenses Other Expenses Redemption Fee EX-101.PRE 8 targetretstkr-20130603_pre.xml PRESENTATION ZIP 9 0000932471-13-006920-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0000932471-13-006920-xbrl.zip M4$L#!!0````(`,M!S4)NA7W[380``)^O$0`:`!P`=&%R9V5TM[E1=7@+``$$)0X```0Y`0``[=UM;^)( M]R_J]Y'R'4J1]N[DB!#\!*'_Z1RE.WNG,[M[.@IDSI%&HXB`"3Y-#.*I;_:+ M_=G/JG)1-L0&I^).QO:O7]RZ)V"[;.IA76L9<_9__^=IR!;N9.J-_$\'1K5V MP%R_.^IY_N.G@[OV_SP^/6#_]_G^WME_'B9#[R/_W_T]VL:??EQT_,=Y9]+[ M=#"8S<8?3TY6?S@Q:X95LRSC8/76H>?_5&_[]>M7E>^G.IH\TEMKU@E_^:$S M==7[Y]/CV7+L3N.WZB#G)'A1O7+D\F$GX)Y7#..(R?1<[WXM],+<>\7!_-B6U(/6N*%[YUZ:^?Z MRUJ]U3CY?[]_:W4'[E/GV/.GLX[?==<.X6VYL,\V\*8CVS0:VS8)WA$>XMEG M)]MF-)O-$_'J`>\?_/]\G(IVWKI]VEK\83!Q^Y\.9IW)HSN;N+/I[.?D6/2. M>LVJ_F?:.UB]D7^>GPZFWM-XZ!Z<\!U.)A]O)J/IV.W.YM/+SLS=W^N._)G[ MG]DMW^?B_J8SF7E=;]SQ9_>M&OTSS(9S>G#.]\\_"O/T[.393E+M^=:==;SA MRW:ZZOP?6_,QG<.3Z\_:M,?/PU'W9]J6__?A[+_&__UQ]E_\_YRH_R?^S]^M MK]3HGYBW9OFGO^1IL;;X#!E=&F\BSH[]S[G? MF\9L$EX`-ANQV7N?\9CZ;SBC!:T MT<,R?-,']C#BC>(;3N;3F>M.JS$GP!AK_Z)6+=G8G71YFVD#M],=B+U\F"8T M9T`M>'!=GTW<3G"!^&F-Z*PFKO?HT['YB<\&D]'\<4!;+]SI3%P1NL+A]1K- M.D-V39=DXHLK3/_UF3:D/_7<_X@&Q#:97_3GU_I:-+$2\PI]Z#6Z9G[<)T2O M.?)C\D>_V.B!!J//KZ(W"<^63LSS^T/1QF.ZUC/J7G2^-"7/)][,H\^.KGQP MDOP#C9YC:S":S([;[N2)&KC:Q8W:12O<17C2;-*A!DRH%9W(GG9LKG6UDB]* M35T4-AQ1]YS(\V,=-J8SHF;(+DG7J3.=TFR[=MHW$X_V_GWDNTOVO3/YZVPP=;-...16@V(>CLJU#MD7C>S09]1SI]V)]R!>VAA@XPX-KRJ-Y-E` M=$=Z=>JJ8?=$\4??DZ/RR?O/U@$0]F0:A;3!DO6\'ETD:G2_3Y_)VI8ST;]C M!U#0'2.#E5YP?6K5A)^WG#+HTZ#.2!O/_:"QO2K[.OKE4@1527L@=C@*^Q+] MSVPUDR1V";[/(_;+&PX97T@\?RX&P'3@]<7P[72[HTF/+_3TIME`G02U8SJC MYKN/2WZ,!Y?VQJ_^$TT)?$]3=[*@DZ/SHKF*&D0=)*X[1*9OOJ2QU=1,,\NV MF3;2^(0^QI?$H!^Q#[Q[\B7A.IR86D';:2A]8-Z4KOUXV.G2]53GJ/K3QRV= M6'80,1B""Z_:_#2?S?FG%/18<1'YY:%+2Y^,&$*1CA]>2NK7-*%20_@%"/8^ MFDP9C?L)-7O(YQUJ[.HZ5,5P#\81;2/G=.K_T06$/BDY9-?F;M&CY-NBXTTT MV)O&G?;&5"XF;SGPLU-LL+6S;6F6:->/4W1 MJ*T+%#/L'4V+VTEPGI&]-.-W$C>?7U`_\9?LD4:2+T91Y=D'&^U(3YTEC44Y M/04Q0H8>JL.F M/*/(Q+AMDO_`1T:/.BM-E3Q&8(/1D`\#N6>:304/Q7PLY^*I^&@KM!U=P2>W MYU%_/0[F3[XR'?._LKMJJ\H>^<3B\S94@C]0O_>[R^"]80./'R>=GAN\@T8A M+6>TQR!B^:_8=7X\?QAZ78H-AMZC7):\Z70>!EQB5VT*A6C&7?X7G_%FCW3L MXX=.]R>]BQ]>?"ZK/X2!PW^)%Z,-7[59M2QH_FJ3_^W&G,IZU"7;1O-",$ET M>;=?6P5DBWLTHW4F[/!A/F,#M_<8G)#JN#0ET`3N/=$Q5WM:JG5E>E1E*3_G MJ>CLNS_HX"/S>^ITAGP:HX_ZR>O)#WSZ1#W[N-L9>S2FO/^]FBII_XF]KN]- M*&IYF`^'[K/I_]:;_M2:[MG_P]\FXN[_T*YF+LW#C=I_XV?AS>)G5_'9A$.5 M'Y2VEK%4L(?I_.'_XQ=,OIM->/,^!AV?AUZBG_(_5FB0>C1:O:G8'P\.:#46 MJ[O8<#SQNOPSITM,;0C6\I[;)?NZ?%WNS*=B/:!=!>%J9/]B"(BE=,>!J"-M MS`[B,Q>;)AVP3ZUY?D1&"UOPYN`U.0#_BW4G--IG.QL2G+/H]9/@T'T"-;^* MX\XR/%8GN#`^I_!0!#)B]J3K_M3Q?1Y2C2;!'GWW,0A4Q/(Y#D:\7!B#P_") M]L$;>C2%\E'2^>D&TR<=4$R!,GP2Y\VW$A](L(O59T3;R2O$.\6<=\'>O"LB M@N<3[P?^\FP^\8/YHLL_U1V7I4?3!8]]W8DWZDV3KWY%GI)X"]]QYV$H9T.Q M=HAC'5+C7/?I*$H>,5(&WB.?5[JC^5A4KH\HIGRC6HW#V)J M[`8#D.:40##!]>WX059$3/"34==U^?(VHZ/^XZJF]+:B0- MA"K[GW1%-I>#\!KR3YY//O1)\H_P)PG4E[:7/4F\%@1UJUFC,YR.HE/%NG7$ MG,$GH!&_5*L)+;(Z1]:%Y;&<]=?6CX_\T_1GD^7)A,)AL;COZ&J_1A.ZV,02 MVOWQ*HP8CVAX>/2QL/EXX'86G6&%YF*Z[-0N&IR3$2VJ_`K0!?)YMZ`_]KQI M9TK7?7HLAD^GQY<(/D"EK?AQ:3]S,9(B/3%G%$^)"<,578BOPWP^7VYV%&\M M(!13@A@`?,QQ3]+`Y2<]Y$%:G\=TXG.6))6G^7Q5SE!4*@E0"D]1ZWQ?;A]P M*H@PW8Z<9ZB3_PQF$]&6B3@1,1GTW5]LZ7:"&51B:3?E$M79I@OS@-D2108+U1!QC2C$Q#YS%Y)LR MH_*OA;E3-5X#\P2XODR_AEFU?P/OC2QX;U0;D#ED#IGKRYP?FJX2[U1OX'"G M"8?#X7`X'`Z'P^&%<+@#AVLXW('#<^=PI]@.3V*TU4A%U2V,-S-Q>#U5E7Z[ MF'=5^K4L;\=?GT(K_'WKIL@)%"LGD/`QOYW+[3I<#I?#Y7`Y7`Z7%\'E)NKC M&BXW41_/G@8N/ZTV7^WR1GR-'80N-Z'!W[?A MK]4`?[7X"^?"N7`NG`OGOIMS47_6<2[JS_ES;DGKSW:S:KW.N586SC6-#.K/ M3KR5X5PX%\[]_K-*?SK=O_=+"X)RW0 MS'[?JM$_PVPXIP?GVRHT?[>^7M^P;S^N?K"_+OZ\NKNXO:29[.B?=/4=[3]M M21/P,3R-V20\]]6(CN0A+L4X_J/CSWEP8IY6V/HU5GM9Y2IHA-^%'4W,&QT^RG6YO8^+IRH.O9J2H,U?=,\HW&H/!3+?P1O,I'^0\ M;%H$XUB]Z0.-#-XHON%D3I-#?!=GC+5_4:N6*ROR#80$92P>WYQ!AR]0M-00 M>J-!V7JH.AO04'F,3J+\"K_$6[%-;F]1<"4VQ634@C`[]C5'?DRTAK#1`XT3 M7RZZZFSIQ#R_/Q1M/*9K/0O4%IE('Y;R).5"I\ZQ)6C2Y@"Y5KNX4;MHA;N( M()/F"17.JSWMV%SK:B5?E)JZ*()0[BJ)Q;,_08@MNR1=)QF=1T^;@\!EWT>^ MNUQ9/*F![;#'RL11"&4U**)Q0K1#A@#NN=,NS:F!C-8'V)@6+QXS#6<#T1WI MU:FKAMW3J!=@DF\D09DX`"+A@*`'!61>3ZPZDC>=^T-A>E7VE(&O!0^Z4!V*':S1,F48ZDF$XK2&>/Q<# M8#KP^F+X!CE0$<,HV\EVJ.PG'4,DL?C5WY+8RS"-'&E\*1+)00##@QS/EYED M?AKOF_]+3KU9S52_T9V40#2-':D[K6G6J&L\\'XS(6C86>0VFZEOGBG.DQ#^ ME-.09NS-&X,&UGPWHC_.3O('#*'S-/)_&UO&W*:<#@< M#H?#X7`X'%X(A^,Q$#H.QV,@\N?PDCX&PFJDHNH6QB=\+^6%#J^GJM)O%_.N M2K^6Y>WXZU-HA>.K.,@)%.CK/'8=+H?+X7*X'"Z'RXO@2.^Q@Y"EYO0X._;\-=J@+]XF@6< M"^?"N7!NOIR+^K..JYC9\)4:\?7E7=IV6AH M-&/3N7;J>BZ8"^:"N1DSUP1SP5PP%\P%<\'Y,ZU=TM)M\7]#'LJ%6B)+MS`M3`O3PK0P+4P+T\*TY3:M@\JMAFD=5&YS9UH'E=N"FA:5 M6R@7RH5RH5PH%\J%56R@7RH5RH5PH%\J%V&)7J16CBOZ!,85WC43>-03">/@QF?9CA=W%YU?T^]-0A#>:._R/6>&EUA MEQXYT:-UF:XENVDQJW;*:G5^I+`19R<+N9>/K?EX/!2A/H?U9UH#?Y[O[YU- M)A]#_G6[7\Z6-S?=";!2/5G]ZT:_V/@G!_HN&8^7M^P;S^N?K"_+OZ\NKNXO:39]^B? M=#4I[3]M26WP>6<:LTEX`5:S4"1WY"22/N\&N=.:'5;,`3$MZ3;*?;VY@LN_+@JUDT:N/5D(J2D^:-8'9> M>*/YE$],/-1;!'./>M,'&LV\47S#R9PFM/AAR1AK_Z)6+5>^Y1L(O4H_Q#=G MT.&+*BV/!/5H(+D>7L\&-+P?HQ,_O\(O,6)LD]M;Y%Z)38L9M8`&L:\Y\F.B M=8^-'F@P^C)04&=+)^;Y_:%HXS%=ZUD@SJJ8?L'UJ55B69-3!GT:U!EIX[D?-+9795\I,%QP)J0\$#M1I`,M M))X_%P-@.O#Z8O@&>5L1=RF/RG:HC"T=0R3>^-7?DHS,,/4=:7PIDM]!T,4# M,\^7V6]^&N^;LTQ.%UK-5+\KGI3T-(T=Z4:M:=:H:SRD?S.):=A9Y&.;J6_X M*<[3&_Z5"Y+(784RG"-J]9S"?+TB0U62[2X'UO0E'+ M&Z18&TBQZJ58>18D>'/PFAR`R+PB\XK,*S*OR+R^U\U$!FXFTKB9R,#-1+F[ MF<@H^,U$6V#N5(W7P#P!KB_3KV'N^#EW/=X;6?#>B/\)/L@<,H?,T\G\;6]U MJ MTF\7\ZY*OY;E[?CK4VB%X^M#R`D4Z"M(=ATNA\OA; MJ(_GSN5FP>OC22ZW[535\627F\UJ/0.7GU:;KW9Y([[&#D*7F]#@[]OPUVJ` MOW@"!YP+Y\*Y<&Z^G(OZLXYS47_.GW-+6G^VFU7K=5 M=VG9:&@T8].Y=NIZ+I@+YH*Y&3/7!'/!7#`7S`5SP=Q\,1?E7!WFHIR;/^:6 MM)SK-#6>?/6RH5RH=S?KUS\3A.4"^5"N5`NE)LSY:)R MJZ-<5&[SI]R25FZ+KUQ\Z1:FA6EA6I@6IH5I85J8MMRF=5"YU3"M@\IM[DSK MH');4-.B<@OE0KE0+I0+Y4*Y4"Z4"^5N*!>56QWEHG*;/^6B<@OE0KE0+I0+ MY4*Y4"Z4"^5"N:50;AVU7`WEUE'+S9URZZCE%E2Y("U("]*"M"`M2`O2@K0@ M;1%(>]@]HJC=L$0O4@OG%7T"XPJ/NFD4Z,K[-(C)WJT+M.U9#P_DQK MX,_S_;VS;:_O[]$JS>E\Z_8_'2SN20LTL]^W:OR?Z32,@_-M%9J_6U^O;]BW M'U<_V%\7?U[=7=Q>TDQV]$^Z^H[VG[:D"?@8GL9L$I[[:D1'\A"78AS_T?'G M/#@Q3RML_1JKO:QR%33"[\*.)N:-"Q6UQQU^K6,DM)H-..Z])]E.M[T[6>!6J+3*0/ M2WF2U,!VV&-EXBB$LAH4T3@AVB%# M`/?<:9?FU$!&ZP-L3(L7CYF&LX'HCO3JU%7#[FG4"S#)-Y*@3!P`D7!`T(," M,J\G5AVYTD:WG(G^'3N`@NX8&:ST@NM3J\02(:<,^C2H,]+&`A=\H#L<,U&J9,(QW),)S6$,^?BP$P'7A],7R#'*B(893M9#M4]I..(9)8 M_.IO2>QEF$:.-+X4B>0@@.%!CN?+3#(_C??-_R6GWJQFJM_H3DH@FL:.U)W6 M-&O4-1YXOYD0-.PL+>5>E7\OR=OSU*;3"\54NPZ7 MP^5P.5P.E\/E17"YB?JXALM-U,=SYW*SX/7Q))?;=JKJ>+++S6:UGH'+3ZO- M5[N\$5]C!Z'+36CP]VWX:S7`7SS-`LZ%<^%<.#=?SD7]6<>YJ#_GS[DEK3_; MS:KU.N=:63C7-#*H/SOQ5H9SX5PX]_<[U\3MUW`NG`OGPKEP;KZ<:Z&>J^%< M"_7E<.W4]%\P%<\'D^-KK!+CYSHT;I,UY+=M)A5.V6U.C]2V(BS MDX7BE"?P_HSK8$_S_?WSB:3CZ&Y+ZG+[N_1TLR]?.OV/QTL[F\Z MDV"D^K/[5HW^&6;#:1Z<\P,=UXQC\_3LY-E.4NV9\$$+QWES3['OV3KB:E_:61H!X-)-?#Z]F`AO=C=.+G M5_@E1HQM2+ M4E,71;#/727>>,8J8('LDG2=I"BBI\T1X[+O(]]=KO('20ULASU6)KM"W*M! M$8UMHATR1'O/G79I'0@TMS[`QK3@\CAO.!N([DBO3ETU[)Y&O0#`?".)X,0! M$`EA!)# MQO:J["L%A@O.A)0'8H=KG$V9^CJ2=*"%Q//G8@!,!UY?#-\@;ROB+N51V0Z5 ML:5CB,0;O_I;DI$9IKXCC2]%\CL(NGA@YODR^\U/XWUSELGI0JN9ZG?%DY*> MIK$CW:@US1IUC8?T;R8Q#3N+?&PS]0T_Q7EZP[\R(1FWSH\)B5Z78H.A]RB7 MI1![*D78YC6+^619FJ0FRT4:O.]-*&IY@Q1K`RE6O10KSX($;PY>DP,0F5=D M7I%Y1>85F=?WNIG(P,U$&C<3&;B9*'NQWLC"]X;\3_!!YE#YI!Y.IF_[:U.3A,.A\/A<#@<#H?#"^%P/+I"Q^%X M=$7^'%[21U=8C514W<+XA._2O-#A]515^NUBWE7IU[*\'7]]"JUP?'T(.8$" M?07)KL/E<#E<#I?#Y7!Y$5QNHCZNX7(3]?''T\R>6VG:HZGNQRLUFM M9^#RTVKSU2YOQ-?80>AR$QK\?1O^6@WP%T_@@'/A7#@7SLV7%<.!?._?W.-7'[-9P+Y\*Y<"ZQ,F&KM^+KR+BT;#8UF;#K73EW/!7/!7#`W8^:: M8"Z8"^:"N6`NF)LOYJ*, M+^?"M#`M3)OQCP3:,"U,"]/"M#`M3)LKT]HHW6J8UD;I-G>FM4M:NBW^[]Y# MN5`NE/O[E8O?:8)RH5PH%\J%V[?7]/5JE.9UOW?ZG@\4] M:8%F]OM6C?X99L-I'IQOJ]#\W?IZ?<.^_;CZP?ZZ^//J[N+VDF:RHW_2U7>T M_[0E3<#'\#1FD_#<5R,ZDH>X%./XCXX_Y\&)>5IAZ]=8[665JZ`1?A=V-#%O M7*BH/>[P:QTCH=5LP''O/*/XAI,Y30[Q79PQUOY%K5JNK,@W$!*4L7A\BJLZ43\_S^4+3QF*[U+%!;9")]6,J3E`N=.L>6H$F;`^1:[>)&[:(5 M[B*"3)HG5#BO]K1C/6T.`I=] M'_GN,PTG`U$ M=Z17IZX:=D^C7H!)OI$$9>(`B(0#@AX4D'D]L>K(E3:ZY4ST[]@!%'3'R&"E M%UR?6B66"#EET*=!G9$VGOM!8WM5]I6"K`4/N5,>B!VNT3!E&NE(AN&TAGC^ M7`R`Z<#KB^$;Y$!%#*-L)]NALI]T#)'$XE=_2V(OPS1RI/&E2"0'`0P/]"44M;Y"N M;"!=J9>NY!F%X,W!:W(`(HN)+":RF,AB(HOY7C?F&+@Q1^/&'`,WYN3NQARC MX#?F;(&Y4S5>`_,$N+Y,OX:YXZ?1]7AO9,%[(_[G["!SR!PR3R?SM[UMR&G" MX7`X'`Z'P^%P>"$ M.Y>;!:^/)[GD!6E!6I`6I`5I05J0%J0M`FD/ MNT<4M1N6Z$5JX;RB3V!]7]/?76(`SEC?XBUWMJ M=(5=>N1$C]9ENI;LIL6LVBFKU?F1PD:;Z_ M=S:9?`S-?4E==G^/EF;NY5NW_^E@<7_3F00CU9_=MVK\G^DTS(-S?J#CFG%L MGIZ=/-M)JCT3/FBA>-E.MYU.VI9OJRK]W?IZ?<.^_;CZP?ZZ^//J[N+VDF;? MHW_2U:2T_[0EM<'GG6G,)N$%6,U"D=S)I9A[_NCX["P2'FN@LEC;C#KW7FA%:S`4](>$^RG6YO8[+LRH.O9M&HC5=#*DI.FC>" MV7GAC>93/C'Q4&\1S#WJ31]H-/-&\0TGR4V+6;4`AK$ON;( MCXG6/39ZH,'HRT!!G2V=F.?WAZ*-QW2M9X$T(Y/_PU*>I%RM(>S4HHK%-M$.&:.^YTRZM`X'FU@?8F!9< M'N<-9P/1'>G5J:N&W=.H%P"8;R01G#@`(B&,X!(%D5Y/K)0R.HAN.1/].W8` M!=TQ,ECI!=>G5HEE34X9]&E09Z2-YW[0V%Z5?:7`<,&9D/)`['"-LRE37T>2 M#K20>/Y<#(#IP.N+X1OD;47D\:5(?@=! M%P_,/%]FO_EIO&_.,CE=:#53_:YX4M+3-':D&[6F6:.N\9#^S22F86>1CVVF MON&G.$]O^%M2;##T'N6R%&)/I0C;O&8QGRQ+D]1DN4B#][T) M12UOD&)M(,6JEV+E69#@S<%K<@`B\XK,*S*OR+PB\_I>-Q,9N)E(XV8B`S<3 MY>YF(J/@-Q-M@;E3-5X#\P2XODR_AKGCY]SU>&]DP7LC_B?X('/('#)/)_.W MO=7):<+A<#@<#H?#X7!X(1R.1U?H.!R/KLB?PTOZZ`JKD8JJ6QB?\%V:%SJ\ MGJI*OUW,NRK]6I:WXZ]/H16.KP\A)U"@KR#9=;@<+H?+X7*X'"XO@LM-U,=:J.?FSKE62>NYCIT)4ZT= M7U?>I66CH=&,3>?:J>NY8"Z8"^9FS%P3S`5SP5PP%\P%<_/%7)1S=9B+56P[0.*K>Y M,ZV#RFU!38O*+90+Y4*Y4"Z4"^5"N5`NE+NA7%1N=92+RFW^E(O*+90+Y4*Y M4"Z4"^5"N5`NE`OEED*Y==1R-91;1RTW=\JMHY9;4.6"M"`M2`O2@K0@+4@+ MTH*T12#M8?>(HG;#$KU(+9Q7]`F,*SSJIG$HII/'P8Q/,YPN;J^ZOZ?>&H2A MO-%?Y'I/C:ZP2X^2W;2853MEM3H_4MB(LY.%W,O'UGP\'HI0G\/Z M,ZV!/\_W]\ZVO;Z_1ZLTI_.MV_]TL+@G+=#,?M^J\7^FTS`/SK=5:/YN?;V^ M8=]^7/U@?UW\>75W<7M),]G1/^GJ.]I_VI(FX&-X&K-)>.ZK$1W)0UR*=_BUCI'0:C;@N/>>9#O=WL;$ MTY4'7\U(46>NNF>4;S0&@YENX8WF4S[(>=BT",:Q>M,'&AF\47S#R9PFA_@N MSAAK_Z)6+5=6Y!L("HN!*;(K)J`5A=NQKCOR8:`UAHP<:)[Y<=-79THEY?G\HVGA,UWH6J"TR MD3XLY4G*A4Z=8TO0I,T!-@>!R[Z/?'>YLGA2`]MACY6)HQ#*:E!$XX1H MAPP!W'.G79I3`QFM#[`Q+5X\9AK.!J([TJM35PV[IU$OP"3?2((R<0!$P@%! M#PK(O)Y8=>1*&]UR)OIW[``*NF-DL-(+KD^M$DN$G#+HTZ#.2!O/_:"QO2K[ M2D'6@H?<*0_$#M=HF#*-="3#<%I#/'\N!L!TX/7%\`URH"*&4;:3[5#93SJ& M2&+QJ[\EL9=A&CG2^%(DDH,`A@.#]9D+0L+/(;393WSQ3G"W'K_)C`Y74I-AAZCW)9"N&D MTFUMGO^?3Y:E21"R7*24^]Z$HI8W2%0)<7Z9?P]SQT^AZ MO#>RX+T1_W-VD#ED#IFGD_G;WC;D-.%P.!P.A\/A<#B\$`['8R!T'(['0.3/ MX25]#(352$75+8Q/^%[*"QU>3U6EWR[F795^+GT`K'5W&0$RC0UWGL M.EP.E\/E<#E<#I<7P>4FZN,:+C=1'\^=R\V"U\>37&[;J:KCR2XWF]5Z!BX_ MK39?[?)&?(T=A"XWH<'?M^&OU0!_\30+.!?.A7/AW'PY%_5G'>>B_IP_YY:T M_FPWJ];KG&MEX5S3R*#^[,1;&2@7RH5RH5PH%\K=4"XJMSK*1>4V?\HM:>6V^,K%EVYA6I@6IH5I85J8 M%J:%:56PW3.JC>FL0AO)&?Y'K/36ZPBX]"<'^BX9AR;IV3MN7; MJDI_M[Y>W[!O/ZY^L+\N_KRZN[B]I-GWZ)]T-2GM/VU);?!Y9QJS27@!5K-0 M)'=R*>:>/SK^G`=4YFF%K?<+M9=5?H5FI;MP<(BY[D))(^[P:YTYH=5LP!,2 MWI-LI]O;F"R[\N"K631JX]60BI*3YHU@=EYXH_F43TP\U%L$SP8TO!^C M$S^_PB\Q8FR3VUOD7HE-BQFU@`:QKSGR8Z)UCXT>:##Z,E!09TLGYOG]H6CC M,5WK62#-R.3_L)0G*1=G=8XMP:DV1].UVL6-VD4KW$4$QC2W*8*H/>W87.MJ M)5^4FKHH@GWN*O'&,U8!"V27I.LD11$];8X8EWT?^>YRE3](:F`[[+$RV17B M7@V*:&P3[9`AVGONM$OK0*"Y]0$VI@67QWG#V4!T1WIUZJIA]S3J!0#F&TD$ M)PZ`2`@CN$1!I-<3*Z6,#J);SD3_CAU`07>,#%9ZP?6I56)9DU,&?1K4&6GC MN1\TME=E7RDP7'`FI#P0.USC;,K4UY&D`RTDGC\7`V`Z\/IB^`9Y6Q%W*8_* M=JB,+1U#)-[XU=^2C,PP]1UI?"F2WT'0Q0,SSY?9;WX:[YNS3$X76LU4ORN> ME/0TC1WI1JUIUJAK/*1_,XEIV%GD8YNI;_@ISM,;_I4)R;AU?DQ(]+H4&PR] M1[DLA=A3*<(VKUG,)\O2)#59+M+@?6]"4[X.7<]WAM9\-Z(_PD^R!PRA\S3R?QM;W5RFG`X'`Z'P^%P.!Q>"(?CT14Z M#L>C*_+G\)(^NL)JI*+J%L8G?)?FA0ZOIZK2;Q?SKDJ_EN7M^.M3:(7CZT/( M"13H*TAV'2Z'R^%RN!PNA\N+X'(3]7$-EYNHC^?.Y6;!Z^-)+K?M5-7Q9)>; MS6H]`Y>?5INO=GDCOL8.0I>;T.#OV_#7:H"_>`('G`OGPKEP;KZMUSK6R<*YI9%!_=N*M#.?"N7#N[W>NB=NOX5PX%\Z%<^'< M?#G70CU7P[D6ZKFY:BG)L_YI:TG.LT-9Y\]9RY3ORCK](SU\B` MN69\.1>FA6EAVHQ_)-"&:6%:F!:FA6EAVER9UD;I5L.T-DJWN3.M7=+2;?%_ M]Q[*A7*AW-^O7/Q.$Y0+Y4*Y4"Z4FS/EHG*KHUQ4;O.GW))6;HNO7'SI%J:% M:6%:F!:FA6EA6IBVW*9U4+G5,*V#RFWN3.N@6B76 M41Q,./3#*>+VZON[ZFW!F$H;_07N=Y3HROLTB,G>K0NT[5D-RUF MU4Y9K8A+,8[_Z/AS'IR8IQ6V?HW57E:Y"AKA=V%' M$_/&A8K:XPZ_UC$26LT&'/?>DVRGV]N8>+KRX*L9*>K,5?>,\HW&8##3+;S1 M?,H'.0^;%L$X5F_Z0".#-XIO.)G3Y!#?Q1EC[5_4JN7*BGP#(4$9B\:%"V'JK.!C14'J.3*+_"+_%6;)/;6Q1EIBZ*()2[2F+Q[$\08LLN2==)1N?1T^8@ M<-GWD>\N5Q9/:F`[[+$R<11"60V*:)P0[9`A@'ONM$MS:B"C]0$VIL6+QTS# MV4!T1WIUZJIA]S3J!9CD&TE0)@Z`2#@@Z$$!F=<3JXY<::-;SD3_CAU`07>, M#%9ZP?6I56*)D%,&?1K4&6GCN1\TME=E7RG(6O"0.^6!V.$:#5.FD8YD&$YK MB.?/Q0"8#KR^&+Y!#E3$,,IVLATJ^TG'$$DL?O6W)/8R3"-'&E^*1'(0P/`@ MQ_-E)IF?QOOF_Y)3;U8SU6]T)R4036-'ZDYKFC7J&@^\WTP(&G86NNE*GE$(WAR\)@<@LIC(8B*+B2PFLICO=6..@1MS-&[,,7!C3NYN MS#$*?F/.%I@[5>,U,$^`Z\OT:Y@[?AI=C_=&%KPWXG_.#C*'S"'S=#)_V]N& MG"8<#H?#X7`X'`Z'%\+A>`R$CL/Q&(C\.;RDCX&P&JFHNH7Q"=]+>:'#ZZFJ M]-O%O*O2KV5Y._[Z%%KA^"H.<@(%^CJ/78?+X7*X'"Z'R^'R(KC<1'UB*^Q@]#E)C3X^S;\M1K@ M+YYF`>?"N7`NG)LOYZ+^K.-Z]B9,-7:\77E M75HV&AK-V'2NG;J>"^:"N6!NQLPUP5PP%\P%<\%<,#=?S$4Y5X>Y*.?FC[DE M+>Y,:Y>T=%O\WY"'N@5V]R9UD'E MMJ"F1>46RH5RH5PH%\J%46RH5RH5PH%\J% MT11NV&)7J06SBOZ!,85'G73.!33R>-@QJ<93A>W5]W?4V\-PE#>Z"]R MO:=&5]BE1T[T:%VF:\EN6LRJG;):G1\I;,39R4+NY6-K/AX/1:C/8?V9UL"? MY_M[9Y/)Q]#9>OG7[GPX6]S>=23!2_=E]J\;_F4[#.CCG!SJN M&F<9L$EZ`U2P4R9U5IAZ_U"[665 M7Z%9Z2X<'&*NNU#2B#O\6F=.:#4;\(2$]R3;Z?8V)LNN//AJ%HW:>#6DHN2D M>2.8G1?>:#[E$Q,/]1;!W*/>](%&,V\4WW`RIPDM?E@RQMJ_J%7+E6_Y!D*O MT@_QS1ET^*)*RR-!/1I(KH?7LP$-[\?HQ,^O\$N,&-OD]A:Y5V+38D8MH$'L M:X[\F&C=8Z,'&HR^#!34V=*)>7Y_*-IX3-=Z%D@S,OD_+.5)RL59G6-+<*K- MT72M=G&C=M$*=Q&!,EIBZ*8)^[2KSQC%7``MDEZ3I) M441/FR/&9=]'OKMZQ,=H6X5X,B&MM$.V2(]IX[[=(Z$&AN?8"- M:<'E<=YP-A#=D5Z=NFK8/8UZ`8#Y1A+!B0,@$L((+E$0Z?7$2BFC@^B6,]&_ M8P=0T!TC@Y5><'UJE5C6Y)1!GP9U1MIX[@>-[5795PH,%YP)*0_$#M5L1=RJ.R'2IC2\<0B3=^];Z46N:->H:#^G?3&(:=A;Y MV&;J&WZ*\_2&?V5",FZ='Q,2O2[%!D/O42Y+(?94BK#-:Q;SR;(T24V6BS1X MWYM0U/(&*=8&4JQZ*5:>!0G>'+PF!R`RK\B\(O.*S"LRK^]U,Y&!FXDT;B8R M<#-1[FXF,@I^,]$6F#M5XS4P3X#KR_1KF#M^SEV/]T86O#?B?X(/,H?,(?-T M,G_;6YV<)AP.A\/A<#@<#H<7PN%X=(6.P_'HBOPYO*2/KK`:J:BZA?$)WZ5Y MH5FLUK/P.6GU>:K7=Z(K[&#T.4F-/C[ M-ORU&N`OGL`!Y\*Y<"ZF[NG&N5M)[KV)DP MU=KQ=>5=6C8:&LW8=*Z=NIX+YH*Y8&[&S#7!7#`7S`5SP5PP-U_,13E7A[DH MY^:/N24MYSI-C2=?/6>N$__HJ_3,-3)@KAE?SH5I85J8-N,?";1A6I@6IH5I M85J8-E>FM5&ZU3"MC=)M[DQKE[1T6_S?O8=RH5PH]_5V_PIMZ25V^(K%U^ZA6EA6I@6IH5I85J8%J8MMVD=5&XU3.N@ M561[FHW.9/N:C<0KE0 M+I0+Y4*Y4"Z4"^5"N5!N*91;1RU70[EUU')SI]PZ:KD%52Y("]*"M"`M2`O2 M@K0@+4A;!-(>=H\H:C^JM M01C*&_U%KO?4Z`J[],B)'JW+="W938M9M5-6J_,CA8TX.UG(O7QLSO@?%N%YN_6 MU^L;]NW'U0_VU\6?5W<7MY>-"1>UQAU_K&`FM9@..>^])MM/M M;4P\77GPU8P4=>:J>T;Y1F,PF.D6WF@^Y8."NVR>TM"J[$IIB,6A!FQ[[FR(^)UA`V>J!QXLM%5YTMG9CG]X>BC<=TK6>! MVB(3Z<-2GJ1;6G'9MK7:WDBU)3 M%T40RETEL7CV)PBQ99>DZR2C\^AIJ,M/'<#QK; MJ[*O%&0M>,B=\D#L<(V&*=-(1S(,IS7$\^=B`$P'7E\,WR`'*F(893O9#I7] MI&.()!:_^EL2>QFFD2.-+T4B.0A@>)#C^3*3S$_C??-_R:DWJYGJ-[J3$HBF ML2-UIS7-&G6-!]YO)@0-.XO<9C/US3/%>1+"OS*Y%[?.CPE<7I=B@Z'W*)>E M$$XJW=;F^?_Y9%F:!"'+14JY[TTH:GF#=&4#Z4J]="7/*`1O#EZ3`Q!93&0Q MD<5$%A-9S/>Z,R,+WAOQ/V<'F4/FD'DZF;_M;4-.$PZ'P^%P.!P.A\,+X7`\!D+'X7@, M1/X<7M+'0%B-5%3=POB$[Z6\T.'U5%7Z[6+>5>G7LKP=?WT*K7!\%0NP^5P.5P.E\/E<'D17&ZB/J[A['*S6:UG MX/+3:O/5+F_$U]A!Z'(3&OQ]&_Y:#?`73[.`<^%<.!?.S9=S47_6<2[JS_ES M;DGKSW:S:KW.N586SC6-#.K/3KR5X5PX%\[]_56QWEHG*;/^6B<@OE0KE0+I0+Y4*Y4"Z4"^5"N:50;AVU7`WEUE'+S9UR MZZCE%E2Y("U("]*"M"`M2`O2@K0@;1%(>]@]HJC=L$0O4@OG%7T"XPJ/NFD< MBNGD<3#CTPRGB]NK[N^IMP9A*&_T%[G>4Z,K[-(C)WJT+M.U9#P_DQKX,_S_;VSR>1C:.Y+ZK+[>[0TR9\T$+QLIUN.YVT M+=]65?J[]?7ZAGW[TES;Y'_Z2K26G_:4MJ@\\[TYA-P@NP MFH4BN9-+,??\T?'G/*`R3RMLO5^HO:SR*S0KW86#0\QU%TH:<8=?Z\P)K68# MGI#PGF0[W=[&9-F5!U_-HE$;KX94E)PT;P2S\\(;S:=\8N*AWB*8>]2;/M!H MYHWB&T[F-*'%#TO&6/L7M6JY\BW?0.A5^B&^.8,.7U1I>22H1P/)]?!Z-J#A M_1B=^/D5?HD18YO>L0I8(+LD72K_$%2`]MACY7) MKA#W:E!$8YMHAPS1WG.G75H'`LVM#[`Q+;@\SAO.!J([TJM35PV[IU$O`##? M2"(X<0!$0AC!)0HBO9Y8*65T$-UR)OIW[``*NF-DL-(+KD^M$LN:G#+HTZ#. M2!O/_:"QO2K[2H'A@C,AY8'8X1IG4Z:^CB0=:"'Q_+D8`-.!UQ?#-\C;BKA+ M>52V0V5LZ1@B\<:O_I9D9(:I[TCC2Y'\#H(N'IAYOLQ^\]-XWYQEQ.*6MX@Q=I`BE4OQ47F];UN)C)P,Y'&S40&;B;*WOQWLB"]T;\3_!!YI`Y9)Y.YF][JY/3A,/A<#@<#H?#X?!".!R/ MKM!Q.!Y=D3^'E_31%58C%56W,#[ANS0O='@]595^NYAW5?JU+&_'7Y]"*QQ? M'T).H$!?0;+K<#E<#I?#Y7`Y7%X$EYNHCVNXW$1]/''T]RN6VGJHXG MN]QL5NL9N/RTVGRURQOQ-780NMR$!G_?AK]6`_S%$SC@7#@7SH5S\^5I\>2KY\QUXA]]E9ZY M1@;,->/+N3`M3`O39OPC@39,"]/"M#`M3`O3YLJT-DJW&J:U4;K-G6GMDI9N MB_^[]U`NE`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`[KG3+LVI@8S6!]B8%B\> M,PUG`]$=Z=6IJX;=TZ@78))O)$&9.``BX8"@!P5D7D^L.G*EC6XY$_T[=@`% MW3$R6.D%UZ=6B25"3AGT:5!GI(WG?M#87I5]I2!KP4/NE`=BAVLT3)E&.I)A M.*TAGC\7`V`Z\/IB^`8Y4!'#*-O)=JCL)QU#)+'XU=^2V,LPC1QI?"D2R4$` MPX,99'X:[YO_2TZ]6[X:70]WAM9\-Z(_SD[R!PRA\S3R?QM M;QMRFG`X'`Z'P^%P.!Q>"(?C,1`Z#L=C(/+G\)(^!L)JI*+J%L8G?"_EA0ZO MIZK2;Q?SKDJ_EN7M^.M3:(7CJSC("13HZSQV'2Z'R^%RN!PNA\N+X'(3]7$- MEYNHC^?.Y6;!Z^-)+K?M5-7Q9)>;S6H]`Y>?5INO=GDCOL8.0I>;T.#OV_#7 M:H"_>)H%G`OGPKEP;KZMUSK6R<*YI9%!_=N*M M#.?"N7#N[W>NB=NOX5PX%\Z%<^':BG)L_ MYI:TG.LT-9Y\]9RY3ORCK](SU\B`N69\.1>FA6EAVHQ_<,^&:6%:F!:FA6EA MVER9UD;I5L.T-DJWN3.M7=+2;?%_0Q[*A7*A7/RL/)0+Y4*Y4"Z4"^5N*!>5 M6QWEHG*;/^66M');?.7B2[=7]/O34(0WFC MO\CUGAI=89<>.=&C=9FN);MI,:MVRFIU?J2P$6#P4H3Z']6=: M`W^>[^^=328?0W-?4I?=WZ.EF7OYUNU_.ECM&O]G.@W[X)P? MZ+AF')NG9R?/=I)JSX0/6BA>MM-MIY.VY=NJ2G^WOE[?L&\_KGZPOR[^O+J[ MN+VDV??HGW0U*>T_;4EM\'EG&K-)>`%6LU`D=W(IYIX_.OZDVRGV]N8++ORX*M9-&KCU9"* MDI/FC6!V7GBC^91/3#S46P1SCWK3!QK-O%%\P\F<)K3X8B4V+&;6` M!K&O.?)CHG6/C1YH,/HR4%!G2R?F^?VA:.,Q7>M9(,W(Y/^PE"XJ\<8S5@$+9)>D MZR1%$3UMCAB7?1_Y[G*5/TAJ8#OLL3+9%>)>#8IH;!/MD"':>^ZT2^M`H+GU M`3:F!9?'>G7JJF'W-.H%`.8;200G#H!("".X1$&DUQ,KI8P.HEO. M1/^.'4!!=XP,5GK!]:E58EF34P9]&M09:>.Y'S2V5V5?*3!<<":D/!`[7.-L MRM37D:0#+22>/Q<#8#KP^F+X!GE;$7E&K6G6J&L\I'\SB6G8 M6>1CFZEO^"G.TQO^E0G)N'5^3$CTNA0;#+U'N2R%V%,IPC:O6JE6'D6)'AS\)H<@,B\(O.*S"LRK\B\OM?-1`9N)M*X MF&UGPWHC_"3[('#*' MS-/)_&UO=7*:<#@<#H?#X7`X'%X(A^/1%3H.QZ,K\N?PDCZZPFJDHNH6QB=\ ME^:%#J^GJM)O%_.N2K^6Y>WXZU-HA>/K0\@)%.@K2'8=+H?+X7*X'"Z'RXO@ M2.^Q@Y"EYO0 MX._;\-=J@+]X`@><"^?"N7!NOIR+^K..JYC M9\)4:\?7E7=IV6AH-&/3N7;J>BZ8"^:"N1DSUP1SP5PP%\P%<\'Y,ZU=TM)M\7_W'LJ%Y,ZZ!R6U#3HG(+Y4*Y4"Z4"^5"N5`NE`OE;B@7E5L=Y:)RFS_EHG(+ MY4*Y4"Z4"^5"N5`NE`OE0KFE4&X=M5P-Y=91R\V=YWE.C*^S2(R=ZM"[3M60W+6;53EFMSH\4-N+L9"'W\K$U'X^' M(M3GL/Y,:^#/\_V]LVVO[^_1*LWI?.OV/QTL[DD+-+/?MVK\G^DT[(/S;16: MOUM?KV_8MQ]7/]A?%W]>W5W<7M),=O1/NOJ.]I^VI`GX&)[&;!*>^VI$1_(0 MEV(<_]'QYSPX,4\K;/T:J[VLW,?%TY<%7,U+4F:ON&>4;C<%@IEMXH_F4#W(>-BV"<:S>](%&!F\4WW`R MI\DAOHLSQMJ_J%7+E17Y!D*",A:/;\Z@PQ"R[R/?7:XLGM3`=MAC9>(HA+(: M%-$X(=HA0P#WW&F7YM1`1NL#;$R+%X^9AK.!Z([TZM15P^YIU`LPR3>2H$P< M`)%P0-"#`C*O)U8=N=)&MYR)_AT[@(+N&!FL](+K4ZO$$B&G#/HTJ#/2QG,_ M:&RORKY2D+7@(7?*`['#-1JF3",=R3">+^9$#3L+'*;S=0WSQ3G20C_RN1>W#H_)G!Y78H-AMZC M7)9".*ET6YOG_^>396D2A"P7*>6^-Z&HY0W2E0VD*_72E3RC$+PY>$T.0&0Q MD<5$%A-93&0QW^O&'`,WYFC`->7Z=

FWBWE7I5_+\G;\]2FTPO%5'.0$ M"O1U'KL.E\/E<#E<#I?#Y45PN8GZN(;+3=3'<^=RL^#U\227VW:JZGBRR\UF MM9Z!RT^KS5>[O!%?8P>ARTUH\/=M^&LUP%\\S0+.A7/A7#@W7\Y%_5G'N:@_ MY\^Y):T_V\VJ]3KG6EDXUS0RJ#\[\5:&<^%<./?W.]?$[==P+IP+Y\*Y<&Z^ MG&NAGJOA7`OUW-PYURII/=>Q,V&JM>/KRKNT;#0TFK'I7#MU/1?,!7/!W(R9 M:X*Y8"Z8"^:"N6!NOIB+FV^+\A M#^5"N5`N?E8>RH5RH5PH%\J%4B\JMCG)1N56P[0.*K>Y,ZV#RFU!38O*+90+Y4*Y4"Z4"^5"N5`N ME+NA7%1N=92+RFW^E(O*+90+Y4*Y4"Z4"^5"N5`NE`OEED*Y==1R-91;1RTW M=\JMHY9;4.6"M"`M2`O2@K0@+4@+TH*T12#M8?>(HG;#$KU(+9Q7]`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` MP'PCB>#$`1`)8027*(CT>F*EE-%!=,N9Z-^Q`RCHCI'!2B^X/K5*+&MRRJ!/ M@SHC;3SW@\;VJNPK!88+SH24!V*':YQ-F?HZDG2@A<3SYV(`3`=>7PS?(&\K MXB[E4=D.E;&E8XC$&[_Z6Y*1&::^(XTO1?(["+IX8.;Y,OO-3^-]IWQ9.2GJ:Q(]VH-L._,B$9M\Z/"8E> MEV*#H?RI%V.8UB_ED69JD)LM%&KSO32AJ>8,4:P,I5KT4*\^"!&\. M7I,#$)E79%Z1>47F%9G7][J9R,#-1!HW$QFXF2AW-Q,9!;^9:`O,G:KQ&I@G MP/5E^C7,'3_GKL=[(PO>&_$_P0>90^:0>3J9O^VM3DX3#H?#X7`X'`Z'PPOA M<#RZ0L?A>'1%_AQ>TD=76(U45-W"^(3OTKS0X?545?KM8MY5Z=>RO!U_?0JM M<'Q]"#F!`GT%R:[#Y7`Y7`Z7P^5P>1%<;J(^KN%R$_7QW+G<+'A]/,GEMIVJ M.I[LO/=K-JO,]>)?_15 M>N8:&3#7C"_GPK0P+4R;\8\$VC`M3`O3PK0P+4R;*]/:*-UJF-9&Z39WIK5+ M6KHM_N_>0[E0+I3[^Y6+WVF"6B-0S&=/`YF?)KA='%[U?T]]=8@#.6-_B+7>VITA5UZY$2/UF6Z MENRFQ:S:*:O5^9'"1IR=+.1>/K;FX_%0A/HGW#OOVX^L'^NOCSZN[B]I)F MLJ-_TM5WM/^T)4W`Q_`T9I/PW%O76.UEE:N@ M$7X7=C0Q;URHJ#WN\&L=(Z'5;,!Q[SW)=KJ]C8FG*P^^FI&BSEQUSRC?:`P& M,]W"&\VG?)#SL&D1C&/UI@\T,GBC^(:3.4T.\5V<,=;^1:U:KJS(-Q`2E+%X M?',&';Y`T5)#Z(T&9>NAZFQ`0^4Q.HGR*_P2;\4VN;U%P978%)-1"\+LV-<< M^3'1&L)&#S1.?+GHJK.E$_/\_E"T\9BN]2Q06V0B?5C*DY0+G3K'EJ!)FP/D M6NWB1NVB%>XB@DR:)U0XK_:T8W.MJY5\46KJH@A"N:LD%L_^!"&V[))TG61T M'CUM#@*7?1_Y[G)E\:0&ML,>*Q-'(935H(C&"=$.&0*XYTZ[-*<&,EH?8&-: MO'C,-)P-1'>D5Z>N&G9/HUZ`2;Z1!&7B`(B$`X(>%)!Y/;'JR)4VNN5,]._8 M`11TQ\A@I1=:8X3T+X5R;WXM;Y,8'+ZU)L,/0>Y;(4PDFEV]H\_S^?+$N3(&2Y2"GW MO0E%+6^0KFP@7:F7KN09A>#-P6MR`"*+B2PFLIC(8B*+^5XWYABX,4?CQAP# M-^;D[L8.GT?5X;V3!>R/^Y^P@<\@<,D\G M\[>];JDJ_7YW+935<>376XVJ_4,7'Y:;;[:Y8WX&CL(76Y"@[]O MPU^K`?[B:19P+IP+Y\*Y^7(NZL\ZSD7].7_.+6G]V6Y6K=/+5<^8Z\8^^2L]<(P/FFO'E7)@6IH5I,_[!/1NFA6EA6I@6 MIH5I2@7RH5R\;/R4"Z4"^5"N5`NE+NA M7%1N=92+RFW^E%O2RFWQE8LOW<*T,"U,"]/"M#`M3`O3EMNT#BJW&J9U4+G- MG6D=5&X+:EI4;J%<*!?*A7*A7"@7RH5RH=P-Y:)RJZ-<5&[SIUQ4;J%<*!?* MA7*A7"@7RH5RH5PHMQ3*K:.6JZ'<.FJYN5-N';7<@BH7I`5I05J0%J0%:4%: MD!:D+0)I#[M'%+4;ENA%:N&\HD]@7.%1-XU#,9T\#F9\FN%T<7O5_3WUUB`, MY8W^(M=[:G2%77KD1(_69;J6[*;%K-HIJ]7YD<)&G)TLY%X^MN;C\5"$^AS6 MGVD-_'F^OWGIT\VTFJ/1,^:*%XV4ZWG4[:EF^K*OW=^GI]P[[]N/K!_KKX M\^KNXO:29M^C?]+5I+3_M"6UP>>=::Z"R6-N,.O=>:$5K,!3TAX3[*=;F]CLNS*@Z]FT:B- M5T,J2DZ:-X+9>>&-YE,^,?%0;Q',/>I-'V@T\T;Q#2=SFM#BAR5CK/V+6K5< M^99O(/0J_1#?G$&'+ZJT/!+4HX'D>G@]&]#P?HQ._/P*O\2(L4UN;Y%[)38M M9M0"&L2^YLB/B=8]-GJ@P>C+0$&=+9V8Y_>'HHW'=*UG@30CD__#4IZD7)S5 M.;8$I]H<3==J%S=J%ZUP%Q$8T]RF"*+VM&-SK:N5?%%JZJ((]KFKQ!O/6`4L MD%V2KI,41?2T.6)<]GWDN\M5_B"I@>VPQ\ID5XA[-2BBL4VT0X9H[[G3+JT# M@>;6!]B8%EP>YPUG`]$=Z=6IJX;=TZ@7`)AO)!&<.``B(8S@$@617D^LE#(Z MB&XY$_T[=@`%W3$R6.D%UZ=6B65-3AGT:5!GI(WG?M#87I5]I.-7?TLR,L/4 M=Z3QI4A^!T$7#\P\7V:_^6F\;\XR.5UH-5/]KGA2TM,T=J0;M:99HZ[QD/[- M)*9A9Y&/;::^X:Y;(48D^E"-N\9C&?+$N3 MU&2Y2(/WO0E%+6^08FT@Q:J78N59D.#-P6MR`"+SBLPK,J_(O"+S^EXW$QFX MF4CC9B(#-Q/E[F8BH^`W$VV!N5,U7@/S!+B^3+^&N>/GW/5X;V3!>R/^)_@@ M<\@<,D\G\[>]UJDJ_7YW+935<>376XVJ_4,7'Y:;;[:Y8WX&CL( M76Y"@[]OPU^K`?[B"1QP+IP+Y\*Y^7(NZL\ZSD7].7_.+6G]V6Y6K=/+5<^8Z\8^^2L]<(P/FFO'E7)@6IH5I,_Z10!NF MA6EA6I@6IH5IR@7RH5R?[]R\3M-4"Z4 M"^5"N5!NSI2+RJV.D^-KK!+CYSHT;I,UY+=M)A5.V6U.C]2V(BSDX7BE"?P_HSK8$_S_?WSK:]OK]'JS2G\ZW;_W2PN"75W<7M),]G1/^GJ.]I_VI(FX&-X&K-)>.ZK M$1W)0UR*=_BUCI'0:C;@ MN/>>9#O=WL;$TY4'7\U(46>NNF>4;S0&@YENX8WF4S[(>=BT",:Q>M,'&AF\ M47S#R9PFA_@NSAAK_Z)6+5=6Y!L("HN!*;(K)J`5A=NQKCOR8:`UAHP<:)[Y<=-79THEY?G\H MVGA,UWH6J"TRD3XLY4G*A4Z=8TO0I,T!-@>!R[Z/?'>YLGA2`]MACY6) MHQ#*:E!$XX1HAPP!W'.G79I3`QFM#[`Q+5X\9AK.!J([TJM35PV[IU$OP"3? M2((R<0!$P@%!#PK(O)Y8=>1*&]UR)OIW[``*NF-DL-(+KD^M$DN$G#+HTZ#. M2!O/_:"QO2K[2D'6@H?<*0_$#M=HF#*-="3#<%I#/'\N!L!TX/7%\`URH"*& M4;:3[5#93SJ&2&+QJ[\EL9=A&CG2^%(DDH,`A@.#]9D+0L+/(;393WSQ3G"W'K_)C`Y74I M-AAZCW)9"N&DTFUMGO^?3Y:E21"R7*24^]Z$HI8W2%0)< M7Z9?P]SQT^AZO#>RX+T1_W-VD#ED#IFGD_G;WC;D-.%P.!P.A\/A<#B\$`[' M8R!T'(['0.3/X25]#(352$75+8Q/^%[*"QU>3U6EWR[F795^+GT`K' M5W&0$RC0UWGL.EP.E\/E<#E<#I<7P>4FZN,:+C=1'\^=R\V"U\>37&[;J:KC MR2XWF]5Z!BX_K39?[?)&?(T=A"XWH<'?M^&OU0!_\30+.!?.A7/AW'PY%_5G M'>>B_IP_YY:T_FPWJ];KG&MEX5S3R*#^[,1;&2@7RH5RH5PH%\K=4"XJMSK*1>4V?\HM:>6V^,K%EVYA M6I@6IH5I85J8%J:%:56PW3.JC>FL0AO)&?Y'K/36ZPBX]GOUM?K&_;MQ]4/]M?%GU=W%[>7-/L>_9.N)J7]IRVI#3[O M3&,V"2_`:A:*Y$XNQ=SS1\>?\X#*/*VP]7ZA]K+*K]"L=!<.#C'772AIQ!U^ MK3,GM)H->$+">Y+M='L;DV57'GPUBT9MO!I247+2O!',S@MO-)_RB8F'>HM@ M[E%O^D"CF3>*;SB9TX06/RP98^U?U*KERK=\`Z%7Z8?XY@PZ?%&EY9&@'@TD MU\/KV8"&]V-TXN=7^"5&C&UR>XO<*[%I,:,6T"#V-4=^3+3NL=$##49?!@KJ M;.G$/+\_%&T\IFL]"Z09F?P?EO(DY>*LSK$E.-7F:+I6N[A1NVB%NXC`F.8V M11"UIQV;:UVMY(M24Q=%L,]=)=YXQBI@@>R2=)VD***GS1'CLN\CWUVN\@=) M#6R'/58FNT+\^==FD="#2W/L#&M.#R.&\X&XCN2*].737L MGD:]`,!\(XG@Q`$0"6$$ERB(]'IBI931073+F>C?L0,HZ(Z1P4HON#ZU2BQK M&#F^3+[S4_C?7.6 MR>E"JYGJ=\63DIZFL2/=J#7-&G6-A_1O)C$-.XM\;#/U#3_%>7K#OS(A&;?. MCPF)7I=B@Z'W*)>E$'LJ1=CF-8OY9%F:I";+11J\[TTH:GF#%&L#*5:]%"O/ M@@1O#EZ3`Q"95V1>D7E%YA69U_>ZFR,+WAOQ/\$'F4/FD'DZF;_MK4Y.$PZ'P^%P.!P. MA\,+X7`\ND+'X7AT1?X<7M)'5UB-5%3=POB$[]*\T.'U5%7Z[6+>5>G7LKP= M?WT*K7!\?0@Y@0)]!['*S6:UGX/+3:O/5+F_$U]A!Z'(3&OQ]&_Y:#?`73^"`<^%<.!?. MS9=S47_6<2[JS_ES;DGKSW:S:KW.N586SC6-#.K/3KR5X5PX%\[]_D!6E!6I`6I`5I05J0%J0M`FD/NT<4M1N6 MZ$5JX;RB3V!]7]/?76(`SEC?XBUWMJ=(5=>N1$ MC]9ENI;LIL6LVBFKU?F1PD:;Z_=[;M]?T] M6J4YG6_=_J>#Q3UI@6;V^U:-_EF.[5@'Y]LJ-'^WOE[?L&\_KGZPOR[^O+J[ MN+VDF>SHGW3U'>T_;4D3\#$\C=DD//?5B([D(2[%./ZCX\]Y<&*>5MCZ-59[ M6>4J:(3?A1U-S!L7*FJ/._Q:QTAH-1MPW'M/LIUN;V/BZD#C0S>*+[A9$Z30WP79XRU?U&KEBLK\@V$ M!&4L'M^<08VPQ\K$40AE-2BB<4*T0X8`[KG3+LVI@8S6 M!]B8%B\>,PUG`]$=Z=6IJX;=TZ@78))O)$&9.``BX8"@!P5D7D^L.G*EC6XY M$_T[=@`%W3$R6.D%UZ=6B25"3AGT:5!GI(WG?M#87I5]I2!KP4/NE`=BAVLT M3)E&.I)A.*TAGC\7`V`Z\/IB^`8Y4!'#*-O)=JCL)QU#)+'XU=^2V,LPC1QI M?"D2R4$`PX,99'X:[YO_2TZ]6[X:70]WAM9\-Z(_SD[R!PR MA\S3R?QM;QMRFG`X'`Z'P^%P.!Q>"(?C,1`Z#L=C(/+G\)(^!L)JI*+J%L8G M?"_EA0ZOIZK2;Q?SKDJ_EN7M^.M3:(7CJSC("13HZSQV'2Z'R^%RN!PNA\N+ MX'(3]7$-EYNHC^?.Y6;!Z^-)+K?M5-7Q9)>;S6H]`Y>?5INO=GDCOL8.0I>; MT.#OV_#7:H"_>)H%G`OGPKEP;KZMUSK6R<*YI M9%!_=N*M#.?"N7#N[W>NB=NOX5PX%\Z%<^':BG)L_YI:TG.LT-9Y\]9RY3ORCK](SU\B`N69\.1>FA6EAVHQ_<,^&:6%: MF!:FA6EAVER9UD;I5L.T-DJWN3.M7=+2;?%_0Q[*A7*A7/RL/)0+Y4*Y4"Z4 M"^5N*!>56QWEHG*;/^66M');?.7B2[=7]/ MO34(0WFCO\CUGAI=89<>.=&C=9FN);MI,:MVRFIU?J2P$6#P4 MH3Z']6=:`W^>[^^=328?0W-?4I?=WZ.EF7OYUNU_.ECM&O]G M.O7FP3D_T''-.#9/STZ>[235G@D?M%"\;*?;3B=MR[=5E?YN?;V^8=]^7/U@ M?UW\>75W<7M)L^_1/^EJ4MI_VI+:X//.-&:3\`*L9J%([N12S#U_=/PY#ZC, MTPI;[Q=J+ZO\"LU*=^'@$'/=A9)&W.'7.G-"J]F`)R2\)]E.M[S M:-3&JR$5)2?-&\'LO/!&\RF?F'BHMPCF'O6F#S2:>:/XAI,Y36CQPY(QUOY% MK5JN?,LW$'J5?HAOSJ##%U5:'@GJT4!R/;R>#6AX/T8G?GZ%7V+$V":WM\B] M$IL6,VH!#6)?<^3'1.L>&SW08/1EH*#.ED[,\_M#T<9CNM:S0)J1R?]A*4]2 M+L[J'%N"4VV.IFNUBQNUBU:XBPB,:6Y3!%%[VK&YUM5*OB@U=5$$^]Q5XHUG MK`(6R"Y)UTF*(GK:'#$N^S[RW>4J?Y#4P';88V6R*\2]&A31V";:(4.T]]QI ME]:!0'/K`VQ,"RZ/\X:S@>B.].K452!VN,;9E*FO(TD'6D@\?RX&P'3@]<7P#?*V(NY2'I7M4!E;.H9(O/&KOR49 MF6'J.]+X4B2_@Z"+!V:>+[/?_#3>-V>9G"ZTFJE^5SPIZ6D:.]*-6M.L4==X M2/]F$M.PL\C'-E/?\%.O\F)#H=2DV&'J/LYA/ MEJ5):K)85F5=D7I%Y?:^; MB0S<3*1Q,Y&!FXER=S.14?";B;;`W*D:KX%Y`EQ?IE_#W/%S[GJ\-[+@O1'_ M$WR0.60.F:>3^=O>ZN0TX7`X'`Z'P^%P.+P0#L>C*W0;U7H&+C^M-E_M\D9\ MC1V$+C>AP=^WX:_5`'_Q!`XX%\Z%<^'KUNN< M:V7A7-/(H/[LQ%L9SH5SX=S?[UP3MU_#N7`NG`OGPKGYJZ&ND0%SS?AR+DP+T\*T&?]( MH`W3PK0P+4P+T\*TN3*MC=*MAFEME&YS9UJ[I*7;XO_N/90+Y4*YOU^Y^)TF M*!?*A7*A7"@W9\I%Y59'N:CN@5V]R9UD'EMJ"F1>46RH5RH5PH%\J%46RH5RH5PH%\J%T11NV&)7J06SBOZ!,85'G73.!33R>-@QJ<9 M3A>W5]W?4V\-PE#>Z"]RO:=&5]BE1T[T:%VF:\EN6LRJG;):G1\I;,39R4+N MY6-K/AX/1:C/8?V9UL"?Y_M[9]M>W]^C59K3^=;M?SI8W),6:&:_;]7X/].I M-P_.MU5H_FY]O;YAWWY<_6!_7?QY=7=Q>TDSV=$_Z>H[VG_:DB;@8W@:LTEX M[JL1'QL33E0=?S4A19ZZZ9Y1O-`:#F6[AC>93/LAYV+0(QK%ZTP<: M&;Q1?,/)G":'^"[.&&O_HE8M5U;D&P@)RE@\OCF##E^@:*DA]$:#LO50=3:@ MH?(8G43Y%7Z)MV*;W-ZBX$ILBLFH!6%V[&N._)AH#6&C!QHGOEQTU=G2B7E^ M?RC:>$S7>A:H+3*1/BSE2%(#VV&/ ME8FC$,IJ4$3CA&B'#`'<+S/)_#3>-_^7G'JS MFJE^HSLI@6@:.U)W6M.L4==XX/UF0M"PL\AM-E/?/%.<)R'\*Y-[<>O\F,#E M=2DV&'J/_Y]/EJ5)$+)3^=O>-N0TX7`X'`Z'P^%P.+P0 M#L=C('0>PZ7`Z7P^5P.5P.EQ?!Y2;JXQHN-U$?SYW+S8+7QY-<;MNI MJN/)+C>;U7H&+C^M-E_M\D9\C1V$+C>AP=^WX:_5`'_Q-`LX%\Z%<^'KUNN<:V7A7-/(H/[LQ%L9SH5SX=S?[UP3MU_#N7`N MG`OGPKGYJZ&ND0%SS?AR+DP+T\*T&?_@G@W3PK0P+4P+T\*TN3*MC=*MAFEME&YS9UJ[ MI*7;XO^&/)0+Y4*Y^%EY*!?*A7*A7"@7RMU0+BJW.LI%Y39_RBUIY;;XRL67 M;F%:F!:FA6EA6I@6IH5IRVU:!Y5;#=,ZJ-SFSK0.*K<%-2TJMU`NE`OE0KE0 M+I0+Y4*Y4.Z& MT2!S,^S7"ZN+WJ_IYZ:Q"&\D9_D>L]-;K"+CURHD?K,EU+ M=M-B5NV4U>K\2&$CSDX6"A"?0[KS[0&_CS?WSO[S\-DZ'VDU9@3 M>7_/ZWTZ6!R$+]#;:<((_]OK\;]0V#39WYMV![2_3P>#V6S\\>3DUZ]?5>H5 M5?J\3[Y<_Z^#\QK]:SBFT6B-:\]BJA0<*7EG]MSS0ZC_E%4BZ)/'?,_XR$U:O;=?7K@Q^G1@NI/J7=\.NBYWL=O MM)`._X=HU\5_O.G!>=@9U!D$FP:'?;;'](>Z''7GO''7/@V.)]%#5W_:.'3D M0FX_MOJ4Y6D7H<M,=8N>\Q%GK,F_88._<] MQD:/>;,>8Y@-YS37/4:<`7K,F_:8?%M)G`%ZS%OVF'HM[SVF7D./>=,>DV]= MBS-`CWG3'I-O78LS0(]YLQYC-ANU?*]*X@S08]ZLQUB.[>0['R/.`#WF=_68 M6W?6\88H*;VFLP37L%3]!(4D])-4_23?`>[[E(_*V$_R':2\3]&HC/T$I2+T MDUW]!`4B]).T_23?WGF?LE`)^PF*0>@GJ?I)OEW\/B6@,O:3?+OX?0H_9>LG M*/>@GZ3I)RCRH)^H/SY3MHO^[:X?1C^?+Q`T^&SJY_3UY&K=N7WS_BW^+[+A6/ZY9 M9R=)&VWN\'^(;PEZ"_=%>US;:G.7-^):_X_@$XC;I?JL$K?:W&5[.7Z^IQ_\ MB^_K.^'O6VT;C)M;]Y%_XZ[CS_[L/#W?A_JZWI>!R[]%*;XP.F7!7N/VL+[W M+W3,260C__K]K?BV\Z48GVW^C63UG<%G>^-?-NQY"S:=+8$=4,]UD0^?.I0:]"9N%^&G>DTX9WN1!S5[[K?@T$6\[ZQ?)!! M^-?_P\1W,NDZT9C<>8W5N.7_2Y_*_P]02P,$%`````@`RT'-0F[]54,Y`@`` MB0D``!X`'`!T87)G971R971S=&MR+3(P,3,P-C`S7V-A;"YX;6Q55`D``YZW MN5&>M[E1=7@+``$$)0X```0Y`0``Q55=;]HP%'U'XC^@[-EQ/KIU(+*JVH(/8]Y_K.[GC,!'HN$\C1R'G]\0>^=R=V'\6C.*/\]LS\KHF`\,C2N9EO"TX+()'(V M6NA*V2*_>ETBJMHBZ5*W`3^;0==KB2K M\('GA7B/.&0W47H.SY4F/(8#0=$^,0;LXY_?%M_C#60$G=),UN3`/%[D':Z# M+3:!)T`%L9N*+38!ZT^`/!\=.21E/US*/G2UF.Y5\K96HEMLH9#^DX/J-RC1 M$MLPYH(C7F0@:=Q23W:MZVO3$!:OZ$Q5MBU$3'353Q=YDT&$':$&ANP4,AZ$ MOENJQ&D;4@H&#[`>C^S'X\/700=M'"]SD$893S^7.7`%ZA/1Q$JO*'B2\HNCPI:('";W'Y5X:_4(F8*[*T`O,:]4MA\BX MG3'?G1-U>L7L$5@565:E1U1#9A(4RM!$;J<(,^,=T'2CZ^>Q75`\IU\:]%J* M;/C<#=?Z'':OHC/=TZWF::U7FW>Z'^V&A6;%?U#KF:;[?[7>5+7.<=^-WTPW MSYNQY"]02P,$%`````@`RT'-0A&@F(XJ"```(5H``!X`'`!T87)G971R971S M=&MR+3(P,3,P-C`S7V1E9BYX;6Q55`D``YZWN5&>M[E1=7@+``$$)0X```0Y M`0``W9Q;3^LX$(#?CW3^`^H^EZ1-2RDZ[%&Y24@@4`%IWXY,8MJ(Q.DZ*91_ MOT[2I(UOL7-AV_(`I9Z,QY_'8X\3Y]?OE>\=?4`=HY^__WSQR_/1>]G\:]7$,*?/U:A>Q;:<^B#N\`&47+U/(H69X;Q M^?EYO'K%WG&`9T;?-"TCN^Q(*!'_U\W$NO%7W5Z_:_6.5Z'3(;7Y'@J3VA5J MR>7C8B?*K]B6'AII85'6YI++N1C9T"V9\6IEHS_CG_NXIP=)U41@!9!?- M<27VLQG,*WGS_B#R_3VV)30F@?SX(/`V,C+C>> M('9A&->47!Q]+>!Y)W3]A0?S+^<8O@FU],U>G_SMQG^[9F_=57^E>A^0]]4Q M6-.JZ[WT0)BJ%9BLU.I$2[.&/4+\%F`_[K=[",(EAK6M9%4V;#(.P@6THV5] MH!M5929&`,]@A&$41N^)199Y8EJISRP7I$H?HDC5E@^`9DN`G;4O;ZYOE-/4 M#=^G,%IB5(O1EAJ.>9HJKF`$7.\*1*#YLCKZJC!\6$).I%\VN5PN(0KEUU1'PJVF4\@7`EP1, M5!MO0='&1(#MW,KU9T95/+&Z*#(CW3U4U[J=F. MIY5O['7@FXO<>"U]1_XM5@I7$40.=/)J8TN5UGB;Q7M@%W5Z\QQK;A9?T2+^OO(+*!R,M88UOPLA-3 M[F5Y^2XA&PJ\C&-L&UYFE7B9M8/(3D1>QAK;AI?)PO]V^2XA&XF\K/WP'W?, MH,3+!CN([%3D9:RQ;7B9+/QOE^\2LK'(R]H/__WQR)2%_^WR74+6,WG,^-8V MS4(YKBNM+[I,&(Y,9GY3=RJABB(% M)5%(?(:UB?Q#2>133 M)"6$H_H(:17[@Y#.JY@F*2&D%ZX5$-(J]@(.S3:1G3)!6$`SHCU4?( MJ-@?A'26QC1)"2&]VU8!(:UB?Q#221O3I%*$XY[5JSF=\%3L#T)N=K+=I#*$ M/?/TE-GSU4/(5;$_"'G92:%);6T=<)[J^]_V$1A3N+L(?*E6MJ,N0`B=!W0/ M\#N,^#M2/!&9N[/F4_M2C<'C[G>Q8Z%17-CVP%?X\C29S3"<@0A>!,BY)>ZS M$M$KO:)DU,:#1:G>;*1M)[%U1JXH&JS#R#=ZZ7,B7@;\(0C>"$NBE M\@K(%>K,@)\<*'!2-E3'+916ABVI+T,].EC4?2W4`FD-U,+Z,M2G!XO:TD(M MD-9`+:PO0ST^6-0#+=0":0W4POJRQ[',@T-]_W1Y^_)T@0/@I<"6BIK`+F MDKHRR+V#@YSYU]#4\6>!M(8_"^O+4/2E#?:AYXA1&+D[.@9()2V/! MIW"=,GXE&[*.V)$L4K+=P]N5RZROEIA)#M2IF)X?(VIIDW9SGKG%S=FRTU17 M@;V,78A_GHHJ5=IL%VALX9P)?;OV$>#(M=T%0$J;MHRT?C`0ZZAPE^+;P`WH MF[33Y`RV`K."H#XN[N4TJ=JC37ABOZ%AIO3,:U[K,ZGG@BAZI\<63T3&_@[. M@)<^]5JXA5)][(LT*MQ5H.+#+4IB9]PMV5<-V:A:0\T[(36>CTU>!L#6UF@"(R;*Y3>\X[(9Q1;^7@-R]E.:TR.]/WDHL=7X,`_^2ZX`!JV8!H"@#] MUIZ`%X$X)SYKMKIDD28<5I)YM1VW53W)R8WR5>:XRF?SN2\ND<2CR0?$8`8G M""V!E[ZD11"8M*.FBNION*<=YTH@?L_(![R`R)[[).N@(SA71LG?U!O9I.,- MF2?O^`UH)YDI?W7-]SUR0MG"L,^F78%8*QYW_7QS&:#UN^](=;0Q3+ELP?", M`0J)J:GH`WI<8GM.\F=ZO:6TG5&J2WTU2.N:0I%L@JKW6=H MJ`^^=8G)?9V?;!\IEV]J92G1V,0&4V4R_!?:2=`P%S1%J%RQ^DP_^7?I8NC< M+)$3NUVF\7IE>\OX=;Z3FYOK"K.8EEJM'=9XS"IJSQ^;J?9(A];P%?=)6PMU MR=L/<^]N[2UQA=>3KML7_XK?I$SJ_`]02P,$%`````@`RT'-0KME7M+**0`` M6GH"`!X`'`!T87)G971R971S=&MR+3(P,3,P-C`S7VQA8BYX;6Q55`D``YZW MN5&>M[E1=7@+``$$)0X```0Y`0``W9UM4^0VML??;]5^!]7B1YD63ICV^B[W?>()*.LSA)[WY\\_7F=.OC&_2OG_[^MW]. MD_3/']C_;G%!_OZWIR+YH1C?DQD^S\:XY*7OR_+AA^WM;]^^??]TFT^_S_*[ M[=V=G='VHAB26K#?MA9F6^Q/6]'NUBCZ_JF(WU!OLVE:_/#$#%INOHUX%=&G M3Y^V^=&E;5)D>[O1!T50M<6J=GHT4=FG18G3,5D5*!)1,-0XVO[/Y_-KWCM; M_6*TUGA5LNGD_79U<&D;DXYA0<;?WV6/V_0`+4"[:">BO;2TSW.Q>9Z+K+FS M4AC)?A5)N;2=%UOE\P,IQ!T4E_DV.[R=9NE6.I^1/!DOB_94$\.QM'_$Z=T< MY_&RS.(/K`VCG1%MP1+(/)N2*S*A1?FO]SF9B%U-:1W76L+^?TY_:E9.GDJ1QPR>K1-%1E0\&^:KF;+PHS)W\^.9ZA_X7[7[8__B9 MS&Y)WFG0E)VLV>JO58>5.+\C94[*HOPSW^*]_'YGQ/MET?=_]"KNM(^K1W]D MUPV2;GV]MFL6J^)-IRW\G[[C=HMR4F3SG)Y?/_U2AXIN>'/0%2F3G,Q(6B+: MI!UT.D_C?VZO'+3C/\B775EF6M^3/)LI.AOG8TVK:XOM<4:O#0_E5KL#JJ91 MFV8OB[7>V=W_$`VA=;/BM6HM;Y&IUOO.6HM\-[06'5ZCU@RU3T.=UY]>ZKP6 MM\A0ZUV_\[KKNW->=P^O^;S>'>J\WGVI\UK<(E.M_<[KKN_.>=T]O-[S^OW. M0.?ULN)UG]>2%AEJ/?(ZKWN^V^=U[_":S^O14.?UZ*7.:W&+3+7V.Z^[OCOG M=??PFL_K0<9FS8K7?EY[C4.?UWDN=U^(6F6KM=UYW M?7?.Z^[A-9_7@XS-FA6O_;SV&IOM^YW7BK&9Z/`:M=[]]&%GD+%9L^*U:BUO MD:G6[N>UR'=#:]'A-6H]VM_;'V1LUJQXK5K+6V2H]7OW\UKDNZ&UZ/!Z[]?O M!\FE-"M>]_U:TB(CK<_2<38C/G?LGO?V';MW>#UJ'W'W'W9Z`P9S7:55M(%9 ME]J:<.RRI&B+*O]("MH`='V/:6$C];VUR[2MJ>C1--98_7U_];M5O+#ZXG#L MRU^/^MW6=-07-]98_>[#HX/ZZH?]M:OO\:3>&.6]'OW%3_^:YAKI M/]K;&WF>_:(J7E!_>3AV;T*\#O5%K6FH+V^LL?K=5S,_2K-V];W>@]E] M;>J+WZS1--98_>XCIX/ZZB3!VM7W>EMB]-K4%V<,-(TU57^OFTJT5[]7QO%V[^EXSK_NO37WQ7*ZFL4;J?XI& MD>>H3U3%"ZHO#\=NSN9UJ"]J34-]>6--U(]V/G[LO0A@I[ZPBI=37Q&.W2S. MJU!?V)J5^HK&ZM0_I`93_%Q\O3ZXN\OY:_B'61J?I3%YL/.(5B$GO,52=/566Y"B; M/61%4A(_@HRK].7'W-&2'N,BKYT=RTY>D5-?+NN\V+*H`S1L2@T4&6V%,,#H MW71PT18(`Q;#[NVAPJ=._4#9A09%4R$4*#HW/5`T!4(!Q:A[!:#L^H(R@@9% M4R$4*#HW/5`T!4(!Q:A[!:",?$'9@P9%4R$4*#HW/5`T!4(!Q:A[!:#LN8+R M^?KH[.OU89[A^#/._V1C)1],C*KSA<3,R1(1(_/7#HA%QZ[P8(70UVO$BZ&J MG--E9'\'^#*BJ1#J,J)ST[N,:`J\=DJLNE=P&=G?\;W?0(.BJ1#L?F,+BJ9` M**`8=:_H?N,+R@@:%$V%8"-86U`T!4(!Q:A[12-87U!VH4'15`CV3&P+BJ9` M**`8=:_HF=@7E`@:%$V%8%DV6U`T!4(!Q:A[15DV/U!6$V!L]A,4&8NJ8>"Q M<=C!R*)H&$!9=WX/K>[$N!%E@\V)ZF>]_MCUF"@4S9SZJU22O"#G/E-YC49! M3>8-)I%N9!E<#W'R7ZJ'T5S!B^FA M;8SW7,9@>JAR[3TU+!+S:]?"L"&^TP:#GQCB=+;TQ##*?K_8B:%MC'=V?O@+ ME9T>1DGFE[M0.>MAF@0?_D9NIX=1+O?E;N3.>ICFFH MIBG=X1\$[?0PRDR^W(.@LQZFF=.!]=!GZB3*6*?X7D@CJP9")B-[*>]+G)?) M.'G`:>FFHHK-E+OJI&G7*J1>04>[/0?[=6>[1P&?/\CX/Q7W-Z M>8C9UUNGA!0':7SR]$#2@A2'N"#Q17I2E,D,EZ3H]H)-48]N=HG02X6%P^J+ M-N828?K#PBEZRS:3B5&6(K)P_)WE@G8N;:IP=BGI?9ZI/XY;%X\7CR0_*`IZ M/;(@L5%H&`8%40U)'QQH@L"UB`G*!`77A`Z[;O`3;4AZG!1EGMS.V$J*SL5\@9=A,1_`+"/SOSEEO.''.,LDE%HL7GO`W\+)M5 M`VA9:B,0M$1O0.36C!H44G8HA8Q0FL[QE)V4%P\DQV62WBVNSS?X=DINR%-Y M2'W]V8/)N*`/5M;1^=TNN;OJ$K5TN!JK_;[\J;S')7K.YN@!/R."Q_?HF>`< M87JI0[3XVP[P&%?0\F M['L_8=^KA7V_"<)^T`C[`5#8#V#"?O`3]H-:V`^;(.Q'C;`?`87]"";L1S]A M/ZJ%_;@)PG[2"/L)4-A/8,)^\A/VDUK83\$+2T-39I[X<2!A6[Z\A&4U>0C; M"J0O;.MPP,(J,T_\.)RP0)DG5I.?L*K,4^MPP,(J,T_\.)RP0)DG5I.?L*K, M4^MPP,(J,T_\.)RP0)DG9N(GK"KSU#H0GK"KSU#H< ML+#*S!,_#B0GK"KSU#H0GK"KSU#H0GK"KSU#H0GK"KSU#H0GK"KSU#H(K#,4^27>8K4F:=H$S)/D2;S%`%F MGB*PS%/DEWF*U)FG:!,R3Y$F\Q0!9IXBL,Q3Y)=YBM29IV@3,D^1)O,4`6:> M(K#,4^27>8K4F:=H$S)/D2;S%`%FGB*PS%/DEWF*U)FG*/S,TQ%^8%]PJ+1= MF`#)V_4(\<%"53.JJ_:0O!M<7_6N1;#"9]/Y+/V"9SW))%90\O?]0A+`:_@(&^4:@8G/%@*-#'N%22T#8$@D'L'9"'I0/$/'AP(8ZTCX;8+B@Z'DF. M[XC)34)NZ<.'WK\?(%7]".36H8^U1D1O&#HC\ON)TAB8%.B[BQ@6I[N,4;1R M7`*_Y_1;I+[UZ.QAN1G@1N1WZS$-4X*K"'?AS MTHY3RD?;+'`NKA,:U))X`T`Z!6!)D43CA0RO+U5:@@+2L>[%R`7*4&L/G\R.E%)B>C8;0()_9>PI(8#D`#T6M9I\EBA8+T8 MC#8N-0N!OJXE;HU@3EEJ",\"U"SS#4DA4>C/.6OM0D+A$.=']S@O#]+XDN23 M+)]A&A)?(N9G@N,DO>N*:%#"`PZ+>+PHH7X0=\07*FNX0MR7)3L642_WQS(M ML"$T79,Q&T4=W!9ECL>E!57=DL/0)8MO2,I0[?0'.-QDS=!B)RL8(GY'TZR@ MIY".M:X9`%@RST`4U=6[\B*+K@V'S"I@$J0KVDGMX%@`7J^N!X,?"[+UX[1F M(=)PG)'B2U9>DALAK7F(*)UF69EF)2FTEQ:!)0`^"O]`X"P].%*BB+#-A\(P1#(TCTV` MSTC#/!`YRJU^SMF$AYJ?D[M[4I3_.Z<_DWSZ7#W[2W466T/(KHX#Z/2OO:"E MFWK.QA4/==`=6M3&FP./:!K8H,1@$,%-!>M!A*A@YXD7S3K/OIE? MD<3&`"RIHP#"J'*RH,CO8J0.N$V.VG9CH%%=B>0%AH)GB.N0$""?BY`^<@.2 M@K\$?<$Y6U[^D>BR;7U#`'KDWH&H63IPS;G)(VS3(;<+F@KMX['`$I*+P1Z/ MEQY\N=`]'BL,0R3CBN`B2Z\)RP61^&B*B^(XF4Q(3M+RE#;\;#8C<4*OBM/G MRYR,"7MLO"1YDL4R@CQJ!"`-H#U`1%:1H$4HB,>"EL$@AA5JA(.6\:`J($>2 M`7J@33Q`A6&>&6Q`4)QF.6_REZR\X(V.S]++/"L>:&_,I:EJL\(@O-M$"88V M=XHF65YCS3+:M6.4I&CEVAEBFV9U>;4I&R*:?(98-\!K&P&@)O8*\:G4358N M7T)V!$8<7!L,L4VP`&C';[O)V).J.L'4 MLP,`0.K;"P%6*RHS_O3O=QF0QM>F06JV"3RH62$E$&I@0@V M#W24S1ZRE([,HXORGN3ZO9;U!3SP,(_&CY'D,8E)O=BEJ[<"/JQA(JZY`KMJR+A8K817Z=S)(ISK]DJ1UD MFI)`F!G&YSG0:B"6Y:CVB-Y2GXA3^!TCKT#;J'+KP:!A>_H4&A8,B<.3I_$] MU8'0IG1!:![R($GDP0N5184.5R)1+)7,HB.!ZLB(O"(QF0D7#)`;PF@L\0ZF M.+T`K*IWEU\29@\&B5U8:/!!V6%.\)\/69*6])(VSN9I_]:BL/2"0^O?DPY> M/UHY0$L/UH!H0UT0HC4,&I'/29K,YK.S])$4Y8R.[Z_(7_,D)_'!C+52"XZN M/"1.IK$"0_8.U8[1RC-:N/;ESK1-$AI-BP?(Z,D3GCW(YR@E5OZ\R?R"4%57 M[D:-++(6&S*C<`DX?&:I=-BCB:!BW@1 M6P8/C70]1XTU-#K`*SH:T..RNJ-AZ`I^PE[?4=0DR<=_*E-@>$`_"NR0@^K* M`4`1?RYH8ADN(KK%"#368*`,LS!!EQ6WY0D,(Q7ALA%+%;2;I/_*7&L/1LU0 M7YQWN7'][MPX6A$[&_(->KM11C?+\]/O%`PN=5LSDU&_^6- MUAX,A:&^PND-:)>.T._,%>*^_NM%C?;['&/S@%G*5@\)9ID580DXGE3Q`!.5 M-1Z0;%\4MHA:R)*JP&;09)&ED1<;A*MU9&_2##QWHV^"CK1-R^D(VF:8WU&6 M'!*ZH?,^7>[\LSY&C3`D;Y.R0A M,#;?(%1Z^REK[8=#!6B_Y=$`J'1W8#8VWR!4>KN7:.V'0P5H+Y/]`5#I;F=B M;+XYJ/0W-]':#X8*U%8GT0X\*[W]3HS-PV7EUZ2\=QL9*TN"\6,4'^SH^-?V M*R)>B!F%+X+-J&"XV)F,BZ''PO#CWW=>;!@,>C=FH&LRN(4>T,(/8@'T5H]< M-V:T:C)"A1Z5PH]$`?16#S\W9LAI,LR$'EH.,)ST%UPSAMR$<6/U)=A-CF,2 MG\[3^"B;S9*BH,,4V>=3ZC(00)C$!#1*K#^\JWPAY@PUO+D"9-*`#E`F10($ M;/D^FN:UB[Z=/TARWR#P+*MW?*M"'EX+#;E9R#CH'DL'>0%TZ#<_/=_X-'W5 M<[/>\52_W`GW5N<0WQ,4?A\2*%_HW(`W.8U?&!CD[8"A7@7@RW3@UIII$U3> M$SYZ<`/!='Y_LR;S=6,"R+'`,&,`UUN_YI:_$;?ZXIA,2)Z3F"T3>:>_X\OM M`=37QN)%PZ)V5%?OO*>"<;AM7+3F(>)#_Z6=C/FZ1),O69JS!01SMI_OF*]$ M(5S1Q[PH`%0V$<*,-AH>V4VGZ1/53IU6#;)O3QM`FY(ALO@E*X\R>H9-<4GB MF^R*M?1X3FZR@W&U[@2[];-Q@8Q(\PH`N+2/%H9.MI7!RC%;EIJ[1M0W^V7A MOZ)`BR^DS!4QZ MV]*X5P3`L'OT,"Q7ZXVN'O,P&^XW0E@=8D&@112.1+NWMDVV>SU!$BY=0U)@ M`<$D\)J07TBYPLAQW4=%;!TT0E_'L=L,W<.CP!*4@6$>*.$XT#QB*@Q#Y.** MS9Y<3!HK&^H?.)5E`%@QBLF+&NZ!/0DT5Y#T?_PT"KR-DU&1(,$B#U1MDI:' M67G_&1QVGA>$+8HI'Q\;E/"`R2(>WXD85#EB*ZJW7%E29!%Q MQ9%%@0TA,?MSJL_Q'U8DF42;460B65( MI)RE,7GZDAV3>#YFN)]F.7M.68P);O!3/X%O5,:#':N8O"#BGMC'XDM??!=B MYNW=,@WU#G&/EDA9-:)BRZI(2)"=9]\,KT8*2P^@#/Q[8535#W,I,HBUHL7` M,"1&/N,4W_&;L7HK)*F=!Q]:WUYTK&IWW:%-&U]%A-8L+![R/TG)+XF7)*=7 MY1FF(:D_WS0JX\6)14R>S#!/J+H_-7Q9@V,1\`(BBR)A`?7$]L>0ORG3-_!" M1>;-BXO%"RWUQGA\\/X/KH+9XRT0I$:\F^H7]$.^]V=G:^LX9' MUH0%*;+C06.ANO7(32%1@;\!<0?-MZ% MDJ)ZNY`U[6(R(>SMKLL\Z0MM5]B?)CB'M"8NT!OIQF.OT/)["$K2,SV M.'Z@P=YCES&/2TM:[%F6W2@:V4LOUA3R0D/2UXK*B[K+&BN'5SOMHC0DJE4F M0)(6KTL[7-6,BOI3914AR/TR7KS"7@@N<6]Q@3!Z(#3LM,35&P?L@Q?,=UM# MM!BACV*QXZ#+JK$M1*U*;A"HB@N>LLAP8,)=[!9`+K^IJ.ZYE2\ZE..N8$&3 M7P.-2@0(5J,]9]7PY2)=W&4*TVNA927^\#E)CB\*SU9!OZ9^A6;M'W+\; MHXYM;%'K6$?8'%^D5R3A^X&2^#AY3&*2QL5!&C?W-R]T5T_W^D#I=FS+D(\V M^3(@%"\B\B;WK`%*3*>`"&VE$`#',J8GBU M0,"T0U2STK8-"9,OI-1_(RHV\L!"[=4+AYNLQ%-TD*9S^@__?/[B@;!/O-([ MU_=LU-%69*AM@B="]@6IVAB:$-CO2(7?%-NN4F06IX*1H#\IO;C]/S)F\UZ2 ME>EZQSV(D/KR?-67)4'X6WC9PH$M`]+(*MFEAX-4^C)/9CA_EKYL)S>$T%[J M'1P"5P:D$79@D-H%2<4UH<'$1EP(3"'(4$3@E^Q=U+M"PW;\8!)CAPZ%95!\ M+(9>NF4,Y88^;&B]^[UTJ1QCHK?+G\I[7*+G;(X>Z(,*P>-[]$QPCB1O"CSB MZ9S_0DOD*%E>FFQ?&="WOF9.:Q]@YQ?VQF>^G1%BF;1M1LV10)%C)YRDUF!H42 M=-JM38\/'](4F\YJ`RB0#H\UYO!4P`Z5VW18YU<,0U1B$O2HMO')W4$<)VP8 MAJ>-3_*ZTFKM/8`QCL7O1?Z5%[1RLY@EY(XL*3*.N\+(V#Q4CAYQ0@-)IDGY M+)P35-H"\2.-`8Z=A@NGZ4&CUU4K+3@BK=&[F8%8('2!+5 M,"119P5UAFIO,$Q)6J"$2U(F4,K.4OX3N]B>3:=S=L>FX_Q?<)[4S;V85`M: MJ*BSJ`2&0H>HP:AL^$8-YZCAG>42:__NG#JTL<>M0QV!DX.G1`5J MTPJ&1)%?,-3JRM'OK/K_NJ,D"K+'BL@H;!B.LQE.>GEHJ1TH$!W?7DC4BQ@= M$NJ#.*V!I8U/1D/'+%`>EDM.RY[VE;8P7,AC`+M<+%W8/NX;A=E#1&X:.B;2 M*76U,3`HP-/J0E(`0)'-K)O9!HK*1F-S5L/ M)B7);_`37_F]MTB&>4%`WO31`3/''29I@;[=/R/,7/+E!BJGGN#I&R.&3U\N M9`!/LZQ,LY*=7[C(4G%R_33+CZ:X*(X3MG@-6_>9]M39;$9B-OJ=/E_F9$S8 MERBT>)+U%BY8BT]`[`?M$^`S9AGK.U1%VWI4:4[FL-5[><1H&3)BQ*-&T&@9 M-:K"]CSG!NU)\>DZJ,N-.-.-A\2"$D.<98,/BY>>H&@V'1HK"H1,DN3;3)D9 M(#.@7VH>XIPO*E?R+15[V/@^@HN_W=19A45 MF9)'G)8W&7V*6RPPJ^5)5@Z2*EULT&QE)5HX9!O!LJ?LA4]?W'1-D4"G*Q8R M>AG='60P0/%UD?E]II*1^Y,PFB->_Q4#C'CPIT\4M MADQ7*F3&K@G?S,]TJJQK#LB4+)(A1^NH=NJ)E2QT,4XRZY`Q,AYF#3*Z&FY0 MY0F&Z=AILX9,7PM2U#O1GI*8Y'AZA4O5NQZJ4H"8:.("'BPQ;VBQ#W#M#S&' MGDQI6B$&3%,H*-JRO)QDTR2[F>=IQCZLE-V[I(8^3&F]^V&TJ!XMZK=.*&D# MK`G1V@4-A2S;*+.#1`(TW]@G`M7U^X(A237JS(+&0G@C$AI!`@%XF^E6_<[I MEJ(,4,+!YMPPY(-5N24D#M##U=X5PA<'Z;!5;Q@4&'E6/-"'L7EQ++HLM(_Z M`"#VXR?ZLDYT['`!$$=4JRP^&*:RYTE*SDHRZ[^&)S`!T;CO$4AHZY&@(J2N MTGV+,.6^OL=YE:P3?O0JLP,17N+;2WU>9YT-=?O@51=>EP2)69@X\&=?.075 M81#QVYZ@+NV_\VK=-6]'U96Z?30DA:](3&9\&K*%LU:_4&IXQO_FHW6S3C]1:4VV4C:=UYHU_Q2:.)(%CIN'/*4"7<:85>BX<+$HEI6` M(2]/S./7?`$GM/%5=I`OW2J)JZKI2(I6CGCMML,I980-X3?ABS;>$.F:U)VC MOJH#KSQ=Z>VRUK0DFH:V8:\HS9J@?Y%?8N6I\E`O['.U7=_1UP2V$GY#WL5G M39',B#4/>4H-.N_%*K3->(F"6&D9\D06B_\\*PC?^4\DX>J@IXA]+UXR?L;/ MB%6)>)T.>O;C62G:/Q::IHV='-G2\B)ENR:>^LH\^JGL@M"RPE=PR MB]!$UW^<(+'RE'ZHCQ#XK=CUNP--8"OU-^3[`MZ4+(UI0_(BF20DOBYQ.>_- M54CM?"%0^?;"H%VS"P:JT!H@J,S"0Z$\2]FBDO$Q>:`/D+3:9_J',BGGLG2* MKH@W(&81>;+"OGOC7M#*#6KX<>+'+/(F2F8E0J.J6E),]F*DP,*3&8D_[[O* M=E6QRW.`)*25]A*#,*4^)B5.INI7\376(`@HXX#"`55>'&='#8/M@J(T#A,: M14:@;0""!GAVH*;!67YYID!\/#21-9]VB4P\A1[D$ZY&Q2[W`?6W62J+D/1> MO;4C7M^]=]Q#::DOJ#>=K-.YTH@JD:6'@U/X/IO&)&1B:_.$H]^ M'_B6]NNRJ8)IJ"RQ"%=HZ5Y\,C,PP8'WWFM4SEY\*=#;"?O_`TYB%"\< M\PEF;1(RM0'9A&N^>]K=LR27T#WLPX[$DQ\M=:6V3Y:R8&J9)4=#%%8_6:FP M!)![J$G+7OV.!&CG+@T,0^1B^2WH$0LI97\5#3K5U@!\:.(`802M/K%M>7%$ M1A-R&QN-<8CH:!*3,C,`6`9)4"XI<V]`J4P]@#")P`N*T+_W; MD8FD;UN$I#K;X_0F8^O,5.]42&WDHK_;JI3W?)+;,^*(\]B%=O MB8`ZQ`H"MZ@O\^3W$$CR MA#BNT2(+J%)9=C0P?:L6B-].:1WS4%;HPTO6@^D45=)::BH,I1)4>"@P-8^S M\9Q-FHCU[!SU4%3BQUO3U2(XULI*0JJTE1P,5-W&WF>+/XFNS3IS`/UUD7@! MT5QPR>7Z;1ID&Q&==:#,'.6D:I-@246A#0`=0I]>2"QJ1HNJ75995(;7AD%H M$B@!)Y,)RU$_$A4";2,`!L1>82!8UNU#@3C`-@9BFT`YJ';!/$EC%0=M(P`. MQ%YA.*CJ1K1R'Q#$$;9!$-L$"L(-K5>F/S\&('O+!XS:K$I'B5O1M)5M'0I, MT.K)Y8K<)6SR,2U%^5JAC?]Y?5(E8G98RB^.IY!4?"U768U*,\T0X$2NT@1!9Y!-(ZT;5 MKI*+HNLH+S)Y90`HYU^.LGQY>Q*E=GK'/527^O*[CC=J1:Q:MQR.-+A*<.GA M4,46)VX%%D""0R9P6Y)7%7NH+4/$2YW>DS$E9E']R@4<[[W=&7-Y' MVD%SG,=_G-R<'F4I7QY'N#IZ[_@@4=S0CBOP>+'^='I)*;G'!>E=8.2&:XGK MBE0?@)#X.'E,8GI5UT8H*C+\N7M`%<-WY"!-YWBJ7MY%92H,M"YW/7]XF!+^ MC-I[0]V\AU6UM'MD$(%7[J6O%_TW#TIDS&>.D1G4-D:^FAQ MCDECJ)LNM5/UUR$M$%^DU3)]G\GLEKB$J*IE#3UTE,T>IQB.VXE8EO;7;7.'%/:@J M,`"3;*\GD8NV#PR7_YTS*\::!2] M0^S![P4:J']H6S5L98N8L>++)AO*%'=8O_=RV]&^0-\:/_.MNKBS2URK$$QW M:^^??B_4U;5;1C],_^L?)5<=SVW9W:%>ROX7/)TK)H8'BUEYG^X&W3!&2VNS MA.A03QI_S9.&O4/9A[@"B)5"%P^$,93>H45AM"R-6'&8"\_!N!WI01HO_+%="@^* M@DKQQZY5OY1T'$?.I5."M4>^+T6U)!`;(2V\ONR)8M(;HC/%L!=]YFC[8Q[V MO=%.!"I._874(:'C(H)N\--+"R)KM5F&9-E#7K-FLXO>[)N-YGI3L@Z;K;$J?)NZS7#%T6H,NVDX1Z&/2D1`Z[:Y#I\,LS[-O MK1TGC*S1`A44_>/5ZT_);#X[&(^S.:\9>$S,JT4U,OPY_2U+34W8&!G7 M1V\Q+32F]Q9:2_8-_2/:>;>SL_/="PO3Z1>A(OV^\Y?B:#Z;3_E3-D^N'MVS M)T"RL0=H

GN>X?@[=$:ORG628IGR?0V*F'6/7"WC M[AU227:C`U6PF0E[W2JUULNW4*?N,G]5FA6+)AGH':YYPRN&$4QSRME-2*Q/ M5^?.DTONHX<'#5](.?`(_28K\70Q+R/)?;VHIL(N$`@EZRJ/WE_?$]*KZ&GS MIZ%!GH%:4T.LTM4?@+-LS?FD%^UQ19,%O:[N(+?D.H]Y7FS/BZT[C!\:J?7M ME-QA>HGSR5R/Y!/"$'EHRPSPJ-/[=OGF(5\(&50I:6)6KHYS(MH@'=Q309MD M#K7G]2E7N0+0F6B+/'!7(/-L<_!"25.NY>KX)*/M<\!=B:SSSJ$J);`M3!,L@9-+ M:)^0MDP%6\LS_$:MZY/%/6?J?-*Y9Z3A$KX2S?V3TJ'B(,[,RC6&2TEKDL-= MI=2IYE"[W_5)R;&K39^*-O592)6E567<[)/21HGA;K>;I)PAN[[9E'/ZT_(/ M]'^W]-9+F_?_4$L#!!0````(`,M!S4*+=M>;)"H``$O>!P`>`!P`=&%R9V5T M&UL550)``.>M[E1GK>Y475X"P`!!"4. M```$.0$``.W=:V_;2)KV\?<#S'=H9%^GK:-E-Z9GX)RP`3J=($[O[+QJ,!)C M:UN6/)2<=K[]4D>3119/52S>-?DO\.S3&ZO(XG53/!19/_WM'X]WBQ^^AM%Z MOEK^_*S_8^_9#^%RNIK-ES<_/_OMTYOG%\]^^,??__J7ORWFRS]^VOZOS\$Z M_.M?'M?SG];3V_`N^&4U#3:[UK>;S?U/9V=__OGGCX^?H\6/J^CF;-#K#<^. MS7[0?F+[?ST_?NSY]I^>]P?/A_T?']>S9_':[A;+]4^/VP^D5O/G<+>(_N7E MY=GNKZ?/SM>KT:`_*>C4X1-/2X__.B_Z_'*]"9;3\*G!>I[7F?C#_;/_???+ M]2Z=Y]EF\5)G3RV3*SD_V__Q]-E9J'QP'4Y_O%E]/8O_$#>((^KUXY1.GX^B M_(]'4=ZG=RO;Y/9DO._)YO39A_7SS;?[<)T?T&P3G6W_?+9<+9\O'^[":#X] M-KFK7?-OGGY^MYW?WB_#TC[=1^*4PQOC_?_X4YW87 M_:_3DL^R76N^U/?W811_MY8WKQ_OP^4Z7+\*-H&N\Y42R%]B3JWC?/W' MQW#S$"WM)YI8MM5,7P31R]L@VAA'F5I0TP0_A-&7572W/4!\"CXOPJ)>-=_F MW+58Z/*[,%@_1&&K'3ZLX_UR\U0Y_B%;K M^W"Z>5COPC#IZ].B&N\&+Q?!NH4#Z6ZQ+10[/B.%YKGM%V.W:T\'NE?A)I@O MC'?$W`5:[?+AY/'Z,4C5NTEGE46UV,U?5Q_#67AWO[U6M=CEU&(K?)E.%S/[ M'>KA/E[&7;C<5/DJ;8+H)MQ$X6:]^6.WM>6^XW\&?%E0MP]2%V.*X;I;W]ZM+R?G5I9;^ZM+=?#>SM5P/+^]7`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`MUS^=U6I#^87&S.$])#!P:)#C3> M&%TZVD`EEF*HE*+H>:W-DN0^?#WT:41U#DF,E>ID'@5;*$G1<]U#-\XIR"&) MB5(0[?-E"X4I>UA\Z-(%Q3DD<:D>R_0/L"V4I^K#Y>,YKT>=CE&HY_^B)^'V MCG!%3ZJ//>/"X!2%>F50\;&ZO7IE'GL?>\;UP2D*S06"YAF]]=H4733TN6HX M1:%>-A0_[K=>II)'\,=>820I]VX7$:D;<>7%B$K%J?`60Q=%F=@I2C>7"NJ8<:V"E+PFT44Q+JT48]C- MB5_-MNEYIO`%C"Y&Q.UZ&CBU+9N1`8=G\A4/#*2:42 MZ=X/Z:(H=L[[P^[/^YIW6FH5I.#1UL7/Z'W9_^M>^)U/WB);[4DL7I;%S M,3#J_F*@PDLWC8HDXALTLG-U,.K^ZJ#F>SHU"B7KF#>RD``4Y).L[I7JDYN<+'2[K)7B6D8X:A2_>AD3C$JE'>3X3ERFV=G?_W:6 MJ?XO\3_8X5YR"1JD%Z07I!>D%Z07]:R/]%*<"-(+T@O2"])+U[DBO3C*%ND% MZ07I!>D%Z07I)?^6">D%Z07IQ;P[2"](+T@O5CHHY/H>Z:4M>@+I!>D%Z07I M!>E%EXY7/"L8 MTHNU\B&]N)X1A/2"](+T@O2"]*(V$%8,I!>D%Z07@U(AO2CM)9`52"](+T@O M2"](+T@O$BJ&](+T@O3BH_2R%U3J("^I%NWY+KW!>-)/@#)*YT!>0%Y`7D!> M0%[4$S[(2W$B("\@+R`O("]=YPKRXBA;D!>0%Y`7D!>0%Y"7_%LFD!>0%Y`7 M\^Z`O("\@+Q8Z:"0ZWN0E[;4"9`7D!>0%Y`7D!==.EY-9P1YD5P=D!=A!0%Y M$5PC(0R`O("\@+R`O( MB]I`6#%`7D!>0%X,2@7RHK27H%6`O("\@+R`O("\@+Q(J!C(BVCD90=FM(&\ M)!?L"?*2SN*[1UX2C$H=Z27;K&7N94_+*)U#>D%Z07I!>D%Z4<_Z2"_%B2"] M(+T@O2"]=)TKTHNC;)%>D%Z07I!>D%Z07O)OF9!>D%Z07LR[@_2"](+T8J6# M0J[OD5[:HB>07I!>D%Z07I!>=.EX-:<1Z45R=9!>A!4$Z45P<9!>_*@3THL/ M14)Z\:!(2"]>E`GIQ;."(;U8*Q_2B^L904@O2"](+T@O2"]J`V'%0'I!>D%Z M,2@5THO27@)9@?2"](+T@O2"](+T(J%B2"](+T@O/DHO>T&E#O*2:M&>[](? M3,:7"5!&Z1S("\@+R`O("\B+>L('>2E.!.0%Y`7D!>2EZUQ!7AQE"_("\@+R M`O("\@+RDG_+!/("\@+R8MX=D!>0%Y`7*QT4KZ8P@+Y*K`_(BK"`@+X*+`_+B1YU`7GPH$LB+!T4">?&B3"`OGA4,Y,5: M^4!>7$\&`GD!>0%Y`7D!>5$;""L&R`O("\B+0:E`7I3V$K0*D!>0%Y`7D!>0 M%Y`7"14#>1&-O.S`C#:0E^2"/4%>TEE\]\A+@E&I([UDF[7,O>QI&:5S2"]( M+T@O2"](+^I9'^FE.!&D%Z07I!>DEZYS17IQE"W2"](+T@O2"](+TDO^+1/2 M"](+THMY=Y!>D%Z07JQT4,CU/=)+6_0$T@O2"](+T@O2BRX=K^8T(KU(K@[2 MB[""(+T(+@[2BQ]U0GKQH4A(+QX4">G%BS(AO7A6,*07:^5#>G$](PCI!>D% MZ07I!>E%;2"L&$@O2"](+P:E0GI1VDL@*Y!>D%Z07I!>D%Z07B14#.D%Z07I MQ4?I92^HU$%>4BW:\UUZ@_%DD`!EE,Z!O("\@+R`O("\J"=\D)?B1$!>0%Y` M7D!>NLX5Y,51MB`O("\@+R`O("\@+_FW3"`O("\@+^;=`7D!>0%YL=)!(=?W M("]MJ1,@+R`O("\@+R`ONG2\FLX(\B*Y.B`OP@H"\B*X."`O?M0)Y,6'(H&\ M>%`DD!0%Y`7D!>U@;!B@+R`O("\&)0* MY$5I+T&K`'D!>0%Y`7D!>0%YD5`QD!?1R,L.S&@#>4DNV!/D)9W%=X^\)!B5 M.M)+MEG+W,N>EE$ZA_2"](+T@O2"]**>]9%>BA-!>D%Z07I!>NDZ5Z071]DB MO2"](+T@O2"](+WDWS(AO2"](+V8=P?I!>D%Z<5*!X5C2\6I.(]*+Y.H@O0@K"-*+X.(@O?A1)Z07'XJ$].)!D9!>O"@3THMG M!4-ZL58^I!?7,X*07I!>D%Z07I!>U`;"BH'T@O2"]&)0*J07I;T$L@+I!>D% MZ07I!>D%Z45"Q9!>D%Z07GR47O:"2AWD)=6B/=^E/YB<]Q*@C-(YD!>0%Y`7 MD!>0%_6$#_)2G`C("\@+R`O(2]>Y@KPXRA;D!>0%Y`7D!>0%Y"7_E@GD!>0% MY,6\.R`O("\@+U8Z*.3Z'N2E+74"Y`7D!>0%Y`7D19>.5],905XD5P?D15A! M0%X$%P?DQ8\Z@;SX4"20%P^*!/+B19E`7CPK&,B+M?*!O+B>#`3R`O("\@+R M`O*B-A!6#)`7D!>0%X-2@;PH[25H%2`O("\@+R`O("\@+Q(J!O(B&GG9@1EM M("_)!7N"O*2S^.Z1EP2C4D=ZR39KF7O9TS)*YY!>D%Z07I!>D%[4LS[22W$B M2"](+T@O2"]=YXKTXBA;I!>D%Z07I!>D%Z27_%LFI!>D%Z07\^X@O2"](+U8 MZ:"0ZWNDE[;H":07I!>D%Z07I!==.E[-:41ZD5P=I!=A!4%Z$5PD80T@O2"](+T@O2B]I`6#&07I!> MD%X,2H7THK270%8@O2"](+T@O2"](+U(J!C2"](+THN/TLM>4*F#O*1:M.>[ M]`;CR3`!RBB=`WD!>0%Y`7D!>5%/^"`OQ8F`O("\@+R`O'2=*\B+HVQ!7D!> M0%Y`7D!>0%[R;YE`7D!>0%[,NP/R`O("\F*E@T*N[T%>VE(G0%Y`7D!>0%Y` M7G3I>#6=$>1%?&@2"`O7I0)Y,6S@H&\ M6"L?R(OKR4`@+R`O("\@+R`O:@-AQ0!Y`7D!>3$H%>4DP*G6DEVRSEKF7/2VC=`[I M!>D%Z07I!>E%/>LCO10G@O2"](+T@O32=:Y(+XZR17I!>D%Z07I!>D%ZR;]E M0GI!>D%Z,>\.T@O2"]*+E0X*N;Y'>FF+GD!Z07I!>D%Z07K1I>/5G$:D%\G5 M07H15A"D%\'%07KQHTY(+SX4">G%@R(AO7A1)J07SPJ&]&*M?$@OKF<$(;T@ MO2"](+T@O:@-A!4#Z07I!>G%H%1(+TI["60%T@O2"](+T@O2"]*+A(HAO2"] M(+WX*+WL!94ZR$NJ17N^2W\P.>\G0!FE0 M%Y`7D)>N7=`7D!>0%ZL=%#( M]3W(2UOJ!,@+R`O("\@+R(LN':^F,X*\2*X.R(NP@H"\""X.R(L?=0)Y\:%( M("\>%`GDQ8LR@;QX5C"0%VOE`WEQ/1D(Y`7D!>0%Y`7D16T@K!@@+R`O("\& MI0)Y4=I+T"I`7D!>0%Y`7D!>0%XD5`SD133RL@,SVD!>D@OV!'E)9_'=(R\) M1J6.]))MUC+WLJ=EE,XAO2"](+T@O2"]J&=]I)?B1)!>D%Z07I!>NLX5Z<51 MMD@O2"](+T@O2"](+_FW3$@O2"](+^;=07I!>D%ZL=)!(=?W2"]MT1-(+T@O M2"](+T@ONG2\FM.(]"*Y.D@OP@J"]"*X.$@O?M0)Z<6'(B&]>%`DI!D%Z07I!>U@;!B(+T@O2"]&)0*Z45I+X&L0'I! M>D%Z07I!>D%ZD5`QI!>D%Z07'Z67O:!2!WE)M6C/=^D-QI-1`I11.@?R`O(" M\@+R`O*BGO!!7HH3`7D!>0%Y`7GI.E>0%T?9@KR`O("\@+R`O("\Y-\R@;R` MO("\F'<'Y`7D!>3%2@>%7-^#O+2E3H"\@+R`O("\@+SHTO%J.B/(B^3J@+P( M*PC(B^#B@+SX42>0%Q^*!/+B09%`7KPH$\B+9P4#>;%6/I`7UY.!0%Y`7D!> M0%Y`7M0&PHH!\@+R`O)B4"J0%Z6]!*T"Y`7D!>0%Y`7D!>1%0L5`7D0C+SLP MHPWD);E@3Y"7=!;?/?*28%3J2"_99BUS+WM:1NDD%Z07II>M':07I!>D M%RL=%')]C_32%CV!](+T@O2"](+THDO'JSF-2"^2JX/T(JP@2"^"BX/TXD>= MD%Y\*!+2BP=%0GKQHDQ(+YX5#.G%6OF07ES/"$)Z07I!>D%Z07I1&P@K!M(+ MT@O2BT&ID%Z4]A+("J07I!>D%Z07I!>D%PD50WI!>D%Z\5%ZV0LJ=9"75(OV M?)?^8'(^2(`R2N=`7D!>0%Y`7D!>U!,^R$MQ(B`O("\@+R`O7><*\N(H6Y`7 MD!>0%Y`7D!>0E_Q;)I`7D!>0%_/N@+R`O("\6.F@D.M[D)>VU`F0%Y`7D!>0 M%Y`773I>36<$>9%<'9`7804!>1%<')`7/^H$\N)#D4!>/"@2R(L790)Y\:Q@ M("_6R@?RXGHR$,@+R`O("\@+R(O:0%@Q0%Y`7D!>#$H%\J*TEZ!5@+R`O("\ M@+R`O("\2*@8R(MHY&4'9K2!O"07[`GRDL[BNT=>$HQ*'>DEVZQE[F5/RRB= M0WI!>D%Z07I!>E'/^D@OQ8D@O2"](+T@O72=*]*+HVR17I!>D%Z07I!>D%[R M;YF07I!>D%[,NX/T@O2"]&*E@T*N[Y%>VJ(GD%Z07I!>D%Z07G3I>#6G$>E% MO&@2$@O7I0)Z<6S@B&]6"L?THOK&4%( M+T@O2"](+T@O:@-AQ4!Z07I!>C$H%=*+TEX"68'T@O2"](+T@O2"]"*A8D@O M2"](+SY*+WM!I0[RDFK1GN\RN)ST>@E01ND0%Y`7DI>M<05X<90OR`O("\@+R`O("\I)_RP3R`O("\F+>'9`7D!>0%RL= M%')]#_+2ECH!\@+R`O("\@+RHDO'J^F,("^2JP/R(JP@("^"BP/RXD>=0%Y\ M*!+(BP=%`GGQHDP@+YX5#.3%6OE`7EQ/!@)Y`7D!>0%Y`7E1&P@K!L@+R`O( MBT&I0%Z4]A*T"I`7D!>0%Y`7D!>0%PD5`WD1C;SLP(PVD)?D@CU!7M)9?/?( M2X)1J2.]9)NUS+WL:1FED%Z07I)>N7>07I!>D%ZL=%#(]3W22UOT!-(+ MT@O2"](+THLN':_F-"*]2*X.THNP@B"]""X.THL?=4)Z\:%(2"\>%`GIQ8LR M(;UX5C"D%VOE0WIQ/2,(Z07I!>D%Z07I16T@K!A(+T@O2"\&I4)Z4=I+("N0 M7I!>D%Z07I!>D%XD5`SI!>D%Z<5'Z64OJ-1!7E(MVO-=AN/1>)@`993.@;R` MO("\@+R`O*@G?)"7XD1`7D!>0%Y`7KK.%>3%4;8@+R`O("\@+R`O("_YMTP@ M+R`O("_FW0%Y`7D!>;'202'7]R`O;:D3("\@+R`O("\@+[ITO)K."/(BN3H@ M+\(*`O(BN#@@+W[4">3%AR*!O'A0))`7+\H$\N)9P4!>K)4/Y,7U9""0%Y`7 MD!>0%Y`7M8&P8H"\@+R`O!B4"N1%:2]!JP!Y`7D!>0%Y`7D!>9%0,9`7T/O"08E3K22[99R]S+GI91.H?T@O2"](+T@O2BGO61 M7HH307I!>D%Z07KI.E>D%T?9(KT@O2"](+T@O2"]Y-\R(;T@O2"]F'<'Z07I M!>G%2@>%7-\CO;1%3R"](+T@O2"](+WHTO%J3B/2B^3J(+T(*PC2B^#B(+WX M42>D%Q^*A/3B09&07KPH$]*+9P5#>K%6/J07US."D%Z07I!>D%Z07M0&PHJ! M](+T@O1B4"JD%Z6]!+("Z07I!>D%Z07I!>E%0L607I!>D%Y\E%[V@DH=Y"75 MHCW?I3<8GU\F0!FE0%Y`7D)>N7=`7D!>0%ZL=%#(]3W(2UOJ!,@+R`O( M"\@+R(LN':^F,X*\2*X.R(NP@H"\""X.R(L?=0)Y\:%(("\>%`GDQ8LR@;QX M5C"0%VOE`WEQ/1D(Y`7D!>0%Y`7D16T@K!@@+R`O("\&I0)Y4=I+T"I`7D!> M0%Y`7D!>0%XD5`SD133RL@,SVD!>D@OV!'E)9_'=(R\)1J6.]))MUC+WLJ=E ME,XAO2"](+T@O2"]J&=]I)?B1)!>D%Z07I!>NLX5Z<51MD@O2"](+T@O2"]( M+_FW3$@O2"](+^;=07I!>D%ZL=)!(=?W2"]MT1-(+T@O2"](+T@ONG2\FM.( M]"*Y.D@OP@J"]"*X.$@O?M0)Z<6'(B&]>%`DI!D%Z07I!>U@;!B(+T@O2"]&)0*Z45I+X&L0'I!>D%Z07I!>D%ZD5`Q MI!>D%Z07'Z67O:!2!WE)M;#DNZ@O[^VJ^O1553KF(_`B\1!1\\O>'TS&%W7V ME$RK9N_H9-=]_()/VC]?J/':"#(^!$WZM8-,MFH>9'K=QR`=W&RT$>1VKZAV M7E/WR`HGK0I[Y&4FR$L_@]SN%8-&>^3`RAXY4(,<.[C':FF//.\UV2-/K8SV MR,2ZCT'V_0QRNU<,&^V10RM[Y#`3I(/;R;;VR/HGFV0KLSTR<[(9#_T,^0H$Z2#V^6V]LCZ)YMD*[,],GNR&?L9Y.!RTJM_LDFV:AYD>MW' M(!T\4&@CR.%X-*Y_LDFV:AYD>MW'(/V]LZDXT*0;GC(Z1IYG+LC'G=S9-!T3 M488WF@R5O-J-SKP*-@&C(V:C(\72<;1:WX?3S<-Z-X7HY2)8KU,K:#HW5;?< MFK%5G0#[+@S6#U&8%UW)IXRJ6BYX[K;\U>HNF&=T-NW?V^O2U9=-&'T*'L/U M^^6K>;Q_SS\_;+^\:^58=Y0W*W[<="_4KN=J.;L.%J&Z/MM;KZS&\E=[_[7- MWP=R_V;\I<[L\M-/KX)V>J-?^,BGTI'$ZEM_J9MUY;F> M6MK*CX#\'2@?^'S/+6JD?.#Q3;>LH?*!KW?=XL;*![[>=HL;+!]X?-\M:[1\ MT,V-]W_@ MX\@:,Q^<^W>/\W*W-9->O3-.IE75`8VRT=\6AC3.U;=9NY!I"K#DK/)[40Z:13IQ(-(+W213EJ.M-8U9Z:5Y$A5 M>R9GD^U'.AR-AO7WTF0KP9%.>GF1IC>YG4AKC;1G6DF.5#7\]H?] M^J>G9"O)D>;>/:4WV7JD_=[%1;W!Y$PKR9'FW3TIFUPATJ15$9/NWR>[NNQB#\@JZ?HG?P1,L@ M^H&;Z#6K,8I>V_43*N?@$9A!]$,WT6M68Q2]MNNGZ!T\,S.(?N0F>LUJC*+7 M=OT4O8.';`VB?W?]\NUOUR^B53!+2#&6@R]<2:/82[I]"MW!\SB#_7W<<[*_ M:U9CM+]KNWZ*WL$#/)-#C9OH-:LQ.]241N_@K4:3$ZR;Z#6K,3O!ED;OX#5( MD\M*-]%K5F-V65D:O>2[V3@O-]%K5F-V,U4:O>3[V(_A9AZ%6\$J/FNYN,"L ML$*#>_N=.ITP9MIG9KWD_"6UWBFSQW+WE\B%8 M[&?FQG\=J?W2_MU9EX8E71K6Z5+Q=,GT@@>F>U=F>2VFU"_9F'Y;*?4LI]0S M[E+OTFZ7XN6U5[C>14F7SMUW:5S2I;'[+I4C=TQR]+2R\?WEY6;0QJ;]7 M+ASOCC_][-K3W0ROCILFFOL>&6^.&R2:^QH9+XX;))K[%AGOC1LDJIV"PVOC M3=_$YZWQ5GY],"=17AIOF&CN_!O>&3=(-'?Z#:^,-T]TJ)M]PQOC9C]1J23* M"^,&B>;=,Y6\+^[\,5;Z]YYS'V0U'.M(+[GD"9!294U;7]G2W*WZ5QA$VG$P MJ]D?UF1S("MG!;J!3R6$75ZWJT7\%7D3AFOM;\.UTD?=$'9YH<8M=RWQV*EF MUW0/F!@/9#R0\4#&`QD/S"3*>"#C@4(293R0\4#IB3(>R'B@\$09#V0\4'RB M_HT'_KKZ&,["NUU_?'W)/7?@)+EA%86AE4TEEBM M<=DX83L;/C3IB4C?(/MC?E]UVP#&YV.,SV1;[W M7\/H:KV.OV!J'TL_9SH%./D3W=M?Z`ZCK_-IV!]\[FM6V'"#*Z_'9LK)E;Z/ MKN=W\T40_;I:%FQ>3BP56YI68B<$+>-*]]]O;L/HN%/:*T'Y"@PZ/6B[T]H5 M&'1ZV':GM2NHW^F6NEJK@PW7$7]A_AG,XV6_CSZ&\[O/#]%Z=TC3?_UJM#`V M$*;_?IA'X>S-PW*V_6;'!R?[*5=;2?W.V^^IE6[]&F[L]RQ_H3PSX?5M7M_V M^ZD)KV_S^K;X1'EPPNO;TA/ET0FO;TM/E(G@AX?5O_^N95>C#E M."KP^G&Z>)C-ES=7;]Z\+HFP>FTJK:P@>3T37W$SCA$Z^(4<_1.1#MZF3W#U M.^A`B\7KQY-FX7P_H!3_ASJB%/_3[[^$-\'B]7(SWWQ+?0$.^YGNSZ9#CEX_ M7KOZ&N\C-V%26]4]8*OR4:-';&7UW=?NU>HNF"\S0Z=Y?VOO@9_FQQ?4/:/X M4^UU+Z=4RIP'?4T+)TM=[&_V\_ M+U,\)A MN36Z6.,68W477PK&5V=?PQ?A5N:'(^TS5FXHJ9ZY6'VP5U$EW:U'C M8CWGX)+W/*BE"_/2W]2J<]M1>C3+>RPC9L.ZW>G4YRK5#XP6]L'\HUS>`PJJ ME?^$(?\@6+DTR:VI?G/3ZA"_-E2?-DH=9<_>>/NT->H(=\'MOM51Q.OM*&5_ M,!G7>KZ5:=7L])A==][P=$O')75_L1%D;S">U!J.S;1J'F1ZW7FCTAX%N=TK M:CT?S+0RVR,O,T$ZN&!K:X^L]7I%II79'CG(!.G@`K&E/?*\UO/53"NC/3*Q M[F.0#GZ"O:T].#'SMO:(^N?;)*MS/;([,G&P4^7MQ'DX'+2JW^R2;9J'F1Z MW<<@'?S4>!M!#L>CV9S7OR!/MC(Z1IYG+LA'_MW9 M_,?/&QEI9SDP;Z1AHMI9#LP;:9BH=I8#\T8:)JJ=Y<"\D8:)YLYR8-Z(0:+: M60[,&VF8J':6`_-&&B:JF^7`O)&F;J%VE@/S1AHFFCO+@7DC!HGFWC,Q;\0@ MT;Q[IL;S1E[$*UL$W]:_75_=W$3A3;`)7ZR6L[?+6?A8*<`Z[RR6KDKJ6S-C M]:ZJ4FS5J_!I%]_;Y71U%^Z@G/5\$[91@](5B:V`>A=6(;*Z^<>1C1VDKUV- MV.S5^[72N.HG/W"3O&8U8I-7[^M*XZJ?_-!-\IK5B$U>O?\KC:M^\B,WR6M6 M(S9Y]3ZQ-*[JR;^[?OGVM^L7T2J8[=\8;B/WPI5(3?U;BXLJRP0K'5 MR+^CK12A.]!^-Z1XNUK$7=YB*'4Y^^04\*>EM/OKE+J5%5Z4!X_SNX>[EP]W M#XO=/+3=),&7M]N2;%7;'KK=KF9//2-7[Y$D;SYOYE_GLWAWV\[C3,WK=%.DYKVR6;^G'ZB,]^_M*A(_ M:%NI6D4+J%";J^ET];#[Y8-6PTZLQO!YS.M/;UZNXEI%Z_TF5TLIT\JP%Y^B M8+F.#T2'V)H;5-K?I=%&-]8GJ?4A]R_)[D?=]3'^RXM5+M1.LU_WQ-U#+#@FYS_3OL^\;I7535>F"_\7A\W MP\&K\\5G<>+:TJ/G[$W]G2\N:OS_Q>+:TJ/G[ M$X]G2XN:OS_Q>+:TJ/G[$X]G2XN:OS_Q=+:TN/G[$T]G2XN;OW_AZ6QIP[$TTBLTKM"_J'YQ*]7J^G#-O&WR]V6;CM\_*>\P-2A:. M0M=;N,W!Z'XO\Z.U0;293^?WP?+IEZ:M#O#GK:#""'^VF?QP^^I#Z/B+'LP7 M[>2J++M"I*D6[3YD./;R,)/SX?Y^L3O>%7RI*[T6>UK0IWC]+^)E_*%N9-%' M&L_1SRP[,^&ZR3;D0#+%D[[UJW>Q,^'?M__K<[`.XRW^?U!+`P04 M````"`#+0'-D550)``.>M[E1GK>Y475X"P`!!"4.```$.0$``.5<6T_C.!1^1^(_ M5'W:?2C-K2U%,"-@AA72,#."LMJWD4E,L4BTC:SB`V(\#A)=GP_O%U>AX.'C_[O#@ M=)6>I/X3C,#A`37!ZO;I',5F.'4S^\Y"-$C@L'FX*T]+:.VY_/YF$LK793&GF//5*$6 M&L,R*P'&<08RFK_KA21!^#%FWYCGDW7&W,)'>A"^1.(0*H[`Q'2O'A%&S.^G MC8/AVL,3@8]GPX(J`K,T>R8CSLO40O#08'V7D*D- M#$6Q_LDM4Z+R0:B-BMKX>2C=A]^&C3E84.>'!^S3_>UUNW;P^.XL^F,[L\GQ M5T"=^2@!F-5:1*\/8EEUB,U9^I3*M"%-+7I6;,A'/QUH\NWVORE-+6)6K91'% M\[TH[ETJLXK@*JJRVY7*ME[?Y_:^++OBLNRJ^CZ]QL_M;/ZW-EEC5_ M+9F0:+WN;]+[RBSH_NK+0H[UVK])7RNS,Y]9LO:O)1,2K=?_37I=F3FC[62N M+PLYUFL`)WVMS.[$F\@:P)9,^+)$KP&<]KHRW: M5/:ZI"43$JW3`%YC/XY@G].95>)72>),4XUYK:S8)P M_J+XH71^B/V<4T=)KFQVX^S74J"]*]NY+8<.^5?-[([8TLIV1:Q^MTJ"8M:D%H>>5864C.]M>=P.SMMXK MB/HDYN=B$)-%,6=1V-/=HA!.&!C;AG)F3=`G1'@9^6""@2?,%&`:,H-!<%G"SIV8FXZ M"/Y6N6,G'--!\/>)ZIVHR0T%P5\D=>R$:SH(_@*A8R>,/['Y@^..G?!,!\$? M&';LA/$G-G]0I`#1E!L*@C\@4(!HR@T%P=M"]3DQ-?EB=\F#G%FR$UL@UPNC M"Y2:$DT0DPX0D[<`8MH!8OH60,PZ0,S>`@C)=4(@-Q2$ZWFN:B>:(%1O+2XC*,D3NG!%#!W MT#<5)/N[K-TA*K3-!>AH`91JFPO0U0(HU387H*<%4*IM'L";N\OK^[L+$H/@ M!I!G5D.D\#ITS0.WWH^)I;-[4FUS`7I:`*7:Y@)TM0!*MN/BZO+&)?_YNL*PLJ]0-"%2(>?O0->$(!3FEI%5%_PUYSX M3R"%:16Y2L-("+<04:+3#`8?T`L*(`[D8,2ZOQ76K^W@RYK[01827S$^N'2'Q,L&AA9$^-1"I_[C+\ M$SG$;B$`\_L"+R#VGR**H>);(GQS>7/^/:=W30&;YJ4ID7Y<)1"G[+!3D_U!+`0(>`Q0````(`,M!S4)NA7W[380` M`)^O$0`:`!@```````$```"D@0````!T87)G971R971S=&MR+3(P,3,P-C`S M+GAM;%54!0`#GK>Y475X"P`!!"4.```$.0$``%!+`0(>`Q0````(`,M!S4)N M_55#.0(``(D)```>`!@```````$```"D@:&$``!T87)G971R971S=&MR+3(P M,3,P-C`S7V-A;"YX;6Q55`4``YZWN5%U>`L``00E#@``!#D!``!02P$"'@,4 M````"`#+0&UL550%``.>M[E1=7@+``$$)0X```0Y M`0``4$L!`AX#%`````@`RT'-0KME7M+**0``6GH"`!X`&````````0```*2! MM(\``'1AY475X M"P`!!"4.```$.0$``%!+`0(>`Q0````(`,M!S4*+=M>;)"H``$O>!P`>`!@` M``````$```"D@=:Y``!T87)G971R971S=&MR+3(P,3,P-C`S7W!R92YX;6Q5 M5`4``YZWN5%U>`L``00E#@``!#D!``!02P$"'@,4````"`#+0`L``00E#@``!#D!``!02P4&``````8`!@!0`@`` &S^L````` ` end XML 10 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.1.0.1 * */ var moreDialog = null; var Show = { Default:'raw', more:function( obj ){ var bClosed = false; if( moreDialog != null ) { try { bClosed = moreDialog.closed; } catch(e) { //Per article at http://support.microsoft.com/kb/244375 there is a problem with the WebBrowser control // that somtimes causes it to throw when checking the closed property on a child window that has been //closed. So if the exception occurs we assume the window is closed and move on from there. bClosed = true; } if( !bClosed ){ moreDialog.close(); } } obj = obj.parentNode.getElementsByTagName( 'pre' )[0]; var hasHtmlTag = false; var objHtml = ''; var raw = ''; //Check for raw HTML var nodes = obj.getElementsByTagName( '*' ); if( nodes.length ){ objHtml = obj.innerHTML; }else{ if( obj.innerText ){ raw = obj.innerText; }else{ raw = obj.textContent; } var matches = raw.match( /<\/?[a-zA-Z]{1}\w*[^>]*>/g ); if( matches && matches.length ){ objHtml = raw; //If there is an html node it will be 1st or 2nd, // but we can check a little further. var n = Math.min( 5, matches.length ); for( var i = 0; i < n; i++ ){ var el = matches[ i ].toString().toLowerCase(); if( el.indexOf( '= 0 ){ hasHtmlTag = true; break; } } } } if( objHtml.length ){ var html = ''; if( hasHtmlTag ){ html = objHtml; }else{ html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ objHtml + "\n"+''+ "\n"+''; } moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write( html ); moreDialog.document.close(); if( !hasHtmlTag ){ moreDialog.document.body.style.margin = '0.5em'; } } else { //default view logic var lines = raw.split( "\n" ); var longest = 0; if( lines.length > 0 ){ for( var p = 0; p < lines.length; p++ ){ longest = Math.max( longest, lines[p].length ); } } //Decide on the default view this.Default = longest < 120 ? 'raw' : 'formatted'; //Build formatted view var text = raw.split( "\n\n" ) >= raw.split( "\r\n\r\n" ) ? raw.split( "\n\n" ) : raw.split( "\r\n\r\n" ) ; var formatted = ''; if( text.length > 0 ){ if( text.length == 1 ){ text = raw.split( "\n" ) >= raw.split( "\r\n" ) ? raw.split( "\n" ) : raw.split( "\r\n" ) ; formatted = "

"+ text.join( "

\n" ) +"

"; }else{ for( var p = 0; p < text.length; p++ ){ formatted += "

" + text[p] + "

\n"; } } }else{ formatted = '

' + raw + '

'; } html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+'
'+ "\n"+' formatted: '+ ( this.Default == 'raw' ? 'as Filed' : 'with Text Wrapped' ) +''+ "\n"+'
'+ "\n"+' '+ "\n"+'
'+ "\n"+' '+ "\n"+'
'+ "\n"+''+ "\n"+''; moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write(html); moreDialog.document.close(); this.toggle( moreDialog ); } moreDialog.document.title = 'Report Preview Details'; }, toggle:function( win, domLink ){ var domId = this.Default; var doc = win.document; var domEl = doc.getElementById( domId ); domEl.style.display = 'block'; this.Default = domId == 'raw' ? 'formatted' : 'raw'; if( domLink ){ domLink.innerHTML = this.Default == 'raw' ? 'with Text Wrapped' : 'as Filed'; } var domElOpposite = doc.getElementById( this.Default ); domElOpposite.style.display = 'none'; }, LastAR : null, showAR : function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }, toggleNext : function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }, hideAR : function(){ Show.LastAR.style.display = 'none'; } } EXCEL 11 Financial_Report.xls IDEA: XBRL DOCUMENT begin 644 Financial_Report.xls M[[N_34E-12U697)S:6]N.B`Q+C`-"E@M1&]C=6UE;G0M5'EP93H@5V]R:V)O M;VL-"D-O;G1E;G0M5'EP93H@;75L=&EP87)T+W)E;&%T960[(&)O=6YD87)Y M/2(M+2TM/5].97AT4&%R=%]F834Q-S,U,5\U,V-E7S0P-S=?.3DP-5\S-&,T M,V4Q-#@V9C,B#0H-"E1H:7,@9&]C=6UE;G0@:7,@82!3:6YG;&4@1FEL92!7 M96(@4&%G92P@86QS;R!K;F]W;B!A'!L;W)E&UL;G,Z=CTS1")U&UL;G,Z;STS1")U&UL/@T*(#QX.D5X8V5L5V]R:V)O;VL^#0H@(#QX M.D5X8V5L5V]R:W-H965T#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/E)I#I%>&-E;%=O#I!8W1I=F53:&5E=#XP/"]X.D%C=&EV M95-H965T/@T*("`\>#I0#I%>&-E;%=O7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T* M#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O M;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA2`R."P@,C`Q,SPO<#X\ M<#Y#:&%N9V5S(&EN(%5N9&5R;'EI;F<@1G5N9"!!;&QO8V%T:6]N&5D M(&EN8V]M92!E>'!O"!&=6YD+CPO<#X\<#X@5&AE(%1A'!O2!-87)K970@1G5N9"X\+W`^/'`^5&AE($9U;F1S)R!T87)G970@86QL M;V-A=&EO;G,@=&\@=&AE('5N9&5R;'EI;F<@9FEX960@:6YC;VUE(&9U;F1S M(&%R92!D97-C&5D(&EN8V]M92!I;G9E2!D:60@;F]T(&%F M9F5C="!E86-H($9U;F0G'0@=6YD97(@)U!R M:6UA"!&=6YD(#(Q+C`E/"]P/CQP M/E9A;F=U87)D(%-H;W)T+51E"!&=6YD(#DN M,"4\+W`^/'`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`E/"]P/CQP M/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@4W1O8VL@26YD97@@1G5N M9"`Q,BXT)3PO<#X\<#Y686YG=6%R9"!3:&]R="U497)M($EN9FQA=&EO;BU0 M"!&=6YD(#$Q+C@E/"]P/CQP/E9A M;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@0F]N9"!);F1E>"!&=6YD(#$Q M+C6EN M9R!F=6YDF5D(&EN=F5S=&UE;G0M9W)A9&4@9F]R M96EG;B!B;VYD2!686YG=6%R9"!T;R!M:6YI M;6EZ92!C=7)R96YC>2!E>'!O2`U.24@;V8@:71S(&%S2!S=6)J96-T('1O(&)O;F0@6EN9R!F M=6YD)W,@2!A9F9E8W0@=&AE('9A;'5E(&]F('-E8W5R:71I97,@:7-S=65D(&)Y M(&9O2!N;W0@<&5R9F5C=&QY(&]F9G-E="!T:&4@ M9G5N9"=S(&9O2!D97-I9VYE9"!F;W(@:6YV97-T;W)S('!L86YN M:6YG('1O(')E=&ER92!A;F0@;&5A=F4@=&AE('=O65A65A6EN9R!F=6YD"!&=6YD(#0N."4\+W`^ M/'`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`R,2XR)3PO<#X\<#Y686YG=6%R9"!4;W1A;"!);G1E6EN9R!F=6YD2P@8V]R<&]R M871E+"!A;F0@&EM871E;'D@,CDE(&]F(&ET M2!M86YN97(L(&]R('1H870@;F5G871I=F4@<&5R8V5P=&EO;G,@;V8@ M=&AE(&ES6UE;G1S('=I M;&P@8V%U2!C86QL("AR961E96TI('-E8W5R:71I97,@ M=VET:"!H:6=H97(@8V]U<&]N2UH961G960@9F]R96EG;B!B;VYD2]R96=I;VYA;"!R:7-K M+"!W:&EC:"!I2!H961G:6YG('1R86YS86-T:6]N'0@=6YD97(@)U!R:6UA65A M65A2!B92!A9F9E8W1E9"!B>2!A('9AF4@8W5R2`R,B4@;V8@:71S(&%S2!S=6)J96-T('1O(&)O;F0@2!I;G1E2!T;R!M86ME('-U M8V@@<&%Y;65N=',@=VEL;"!C875S92!T:&4@<')I8V4@;V8@=&AA="!B;VYD M('1O(&1E8VQI;F4L('1H=7,@2!D871E6EN9R!F=6YD('=O=6QD('1H96X@;&]S92!A;GD@<')I8V4@87!P6UE;G0@2!F M;W)E:6=N(&=O=F5R;FUE;G1S+"!G;W9E2!H961G:6YG(')I2!T:&4@=6YD97)L>6EN9R!I;G1E2!O9F9S970@=&AE(&9U M;F0G2!) M;G9E2!Y96%R"!&=6YD(#$Q+C8E M/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@0F]N9"!);F1E M>"!&=6YD(#(N.24\+W`^/'`^070@86YY(&=I=F5N('1I;64L('1H92!&=6YD M)W,@87-S970@86QL;V-A=&EO;B!M87D@8F4@869F96-T960@8GD@82!V87)I M971Y(&]F(&9A8W1O6EN M9R!F=6YD&EM871E;'D@,30E(&]F(&ET2!M86YN97(L(&]R('1H870@;F5G M871I=F4@<&5R8V5P=&EO;G,@;V8@=&AE(&ES6UE;G1S('=I;&P@8V%U2!C86QL M("AR961E96TI('-E8W5R:71I97,@=VET:"!H:6=H97(@8V]U<&]N6EN9R!F=6YD)W,@:6YC;VUE+B!& M;W(@;6]R=&=A9V4M8F%C:V5D('-E8W5R:71I97,L('1H:7,@2UH961G960@9F]R96EG;B!B;VYD2]R96=I;VYA;"!R:7-K+"!W:&EC:"!I2!H961G:6YG('1R M86YS86-T:6]N65A65A"!&=6YD(#(N,"4\+W`^/'`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`E/"]P/CQP/E9A;F=U87)D(%1O=&%L($)O;F0@36%R:V5T M($E)($EN9&5X($9U;F0@."XP)3PO<#X\<#Y686YG=6%R9"!4;W1A;"!);G1E M2!B M92!A9F9E8W1E9"!B>2!A('9A2`Q,"4@;V8@:71S(&%S M2!S=6)J96-T('1O(&)O;F0@2!I;G1E2!T;R!M86ME('-U8V@@<&%Y;65N=',@=VEL;"!C M875S92!T:&4@<')I8V4@;V8@=&AA="!B;VYD('1O(&1E8VQI;F4L('1H=7,@ M2!D871E6EN9R!F=6YD('=O=6QD('1H M96X@;&]S92!A;GD@<')I8V4@87!P6UE;G0@2!F;W)E:6=N(&=O=F5R;FUE;G1S M+"!G;W9E2!H961G:6YG(')I2!T:&4@=6YD97)L>6EN9R!I;G1E2!O9F9S970@=&AE(&9U;F0G2!);G9E2!Y96%R&5D(&EN8V]M92!I;G9E65A"!&=6YD M(#8S+C`E/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@4W1O M8VL@26YD97@@1G5N9"`R-RXP)3PO<#X\<#Y686YG=6%R9"!4;W1A;"!";VYD M($UA"!&=6YD(#@N,"4\+W`^/'`^5F%N9W5A6EN9R!F=6YD&EM871E;'D@ M,3`E(&]F(&ET2!M86YN97(L(&]R('1H870@;F5G871I=F4@<&5R8V5P M=&EO;G,@;V8@=&AE(&ES6UE;G1S('=I;&P@8V%U2!C86QL("AR961E96TI('-E M8W5R:71I97,@=VET:"!H:6=H97(@8V]U<&]N6EN9R!F=6YD)W,@:6YC;VUE+B!&;W(@;6]R=&=A9V4M M8F%C:V5D('-E8W5R:71I97,L('1H:7,@2UH961G960@9F]R96EG;B!B;VYD2]R96=I M;VYA;"!R:7-K+"!W:&EC:"!I2!H961G:6YG('1R86YS86-T:6]N65A65A"!&=6YD M(#(N,"4\+W`^/'`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`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`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@ M/'1R(&-L87-S/3-$'0Z/"]T9#X-"B`@("`@("`@/'1D(&-L M87-S/3-$=&5X=#X\<#X\+W`^/'`^6U-(25`@3$]'3R!604Y'54%21"`H2!P97)C96YT(&]F(&5A8V@@1G5N9"=S(&9I>&5D(&EN8V]M92!E M>'!O"!&=6YD(')A=&AE&5D(&EN8V]M92!F=6YD"!O9B!E86-H($9U;F0G'!E;G-E(')A=&EO2!D97-I9VYE9"!F;W(@:6YV97-T;W)S(&-U2!I;B!R971I6EN9R!F=6YD"!&=6YD(#$V+C@E/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R M;F%T:6]N86P@0F]N9"!);F1E>"!&=6YD(#$T+C`E/"]P/CQP/E9A;F=U87)D M(%1O=&%L($EN=&5R;F%T:6]N86P@4W1O8VL@26YD97@@1G5N9"`Y+C`E/"]P M/CQP/CPO<#X\<#X@070@86YY(&=I=F5N('1I;64L('1H92!&=6YD)W,@87-S M970@86QL;V-A=&EO;B!M87D@8F4@869F96-T960@8GD@82!V87)I971Y(&]F M(&9A8W1O6EN9R!F=6YD MF5D(&EN=F5S=&UE;G0M9W)A9&4@9F]R96EG;B!B M;VYD2!686YG=6%R9"!T;R!M:6YI;6EZ92!C M=7)R96YC>2!E>'!O2`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`^/'`^5F%N9W5A6EN9R!F=6YD2`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`E/"]P/CQP M/E9A;F=U87)D(%1O=&%L($)O;F0@36%R:V5T($E)($EN9&5X($9U;F0@."XP M)3PO<#X\<#Y686YG=6%R9"!4;W1A;"!);G1E2!B92!A9F9E8W1E9"!B M>2!A('9AF4@8W5R2`Q,"4@;V8@:71S(&%S2!S=6)J M96-T('1O(&)O;F0@2!I M;G1E2!T;R!M86ME('-U8V@@<&%Y;65N=',@=VEL;"!C875S92!T:&4@<')I M8V4@;V8@=&AA="!B;VYD('1O(&1E8VQI;F4L('1H=7,@2!D M871E6EN9R!F=6YD('=O=6QD('1H96X@;&]S92!A;GD@ M<')I8V4@87!P6UE;G0@2!F;W)E:6=N(&=O=F5R;FUE;G1S+"!G;W9E2!H961G:6YG M(')I2!T:&4@=6YD97)L M>6EN9R!I;G1E2!O9F9S970@=&AE(&9U;F0G2!);G9E2!Y96%R M&5D(&EN8V]M92!I;G9E65A"!&=6YD(#8S+C`E/"]P/CQP M/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@4W1O8VL@26YD97@@1G5N M9"`R-RXP)3PO<#X\<#Y686YG=6%R9"!4;W1A;"!";VYD($UA"!&=6YD(#@N,"4\+W`^/'`^5F%N9W5A6EN9R!F=6YD2P@8V]R<&]R871E+"!A;F0@ M&EM871E;'D@,3`E(&]F(&ET2!M86YN M97(L(&]R('1H870@;F5G871I=F4@<&5R8V5P=&EO;G,@;V8@=&AE(&ES6UE;G1S('=I;&P@8V%U2!C86QL("AR961E96TI('-E8W5R:71I97,@=VET:"!H:6=H M97(@8V]U<&]N6EN9R!F M=6YD)W,@:6YC;VUE+B!&;W(@;6]R=&=A9V4M8F%C:V5D('-E8W5R:71I97,L M('1H:7,@2UH961G960@ M9F]R96EG;B!B;VYD2]R96=I;VYA;"!R:7-K+"!W:&EC:"!I M2!H961G:6YG('1R86YS86-T:6]N'0@=6YD97(@)U!R:6UA65A65A"!&=6YD(#(N,"4\+W`^/'`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`E/"]P/CQP/E9A;F=U87)D(%1O M=&%L($)O;F0@36%R:V5T($E)($EN9&5X($9U;F0@."XP)3PO<#X\<#Y686YG M=6%R9"!4;W1A;"!);G1E2!B92!A9F9E8W1E9"!B>2!A('9AF4@8W5R2`Q,"4@;V8@:71S(&%S2!S=6)J96-T('1O(&)O;F0@ M2!I;G1E2!T;R!M86ME M('-U8V@@<&%Y;65N=',@=VEL;"!C875S92!T:&4@<')I8V4@;V8@=&AA="!B M;VYD('1O(&1E8VQI;F4L('1H=7,@2!D871E6EN9R!F=6YD('=O=6QD('1H96X@;&]S92!A;GD@<')I8V4@87!P6UE;G0@2!F;W)E:6=N(&=O=F5R;FUE;G1S+"!G;W9E2!H961G:6YG(')I2!T:&4@=6YD97)L>6EN9R!I;G1E2!O9F9S970@=&AE M(&9U;F0G2!);G9E2!Y96%R&5D(&EN8V]M M92!I;G9E65A M"!&=6YD(#@N M,"4\+W`^/'`^5F%N9W5A2!B92!A9F9E8W1E9"!B>2!A('9A MF4@8W5R2`Q,"4@;V8@:71S(&%S2!S=6)J96-T('1O M(&)O;F0@2!I;G1E2!T M;R!M86ME('-U8V@@<&%Y;65N=',@=VEL;"!C875S92!T:&4@<')I8V4@;V8@ M=&AA="!B;VYD('1O(&1E8VQI;F4L('1H=7,@2!D871E6EN9R!F=6YD('=O=6QD('1H96X@;&]S92!A;GD@<')I8V4@ M87!P6UE;G0@2!F;W)E:6=N(&=O=F5R;FUE;G1S+"!G;W9E2!H961G:6YG(')I2!O9F9S M970@=&AE(&9U;F0G'0\+W-T'0^/'`^/"]P/CQP/EM32$E0($Q/1T\@5D%.1U5!4D0@*'(I73PO<#X\ M<#X\+W`^/'`^/"]P/CQP/CPO<#X\<#X\+W`^/'`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`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`^/'`^5F%N9W5A"!&=6YD(#$X+CDE/"]P/CQP/E9A M;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@0F]N9"!);F1E>"!&=6YD(#2!B92!A9F9E8W1E9"!B>2!A('9AF4@8W5R2`S-R4@;V8@:71S(&%S2!S=6)J96-T('1O(&)O M;F0@2!I;G1E2!T;R!M M86ME('-U8V@@<&%Y;65N=',@=VEL;"!C875S92!T:&4@<')I8V4@;V8@=&AA M="!B;VYD('1O(&1E8VQI;F4L('1H=7,@2!D871E6EN9R!F=6YD('=O=6QD('1H96X@;&]S92!A;GD@<')I8V4@87!P M6UE;G0@2!F;W)E:6=N(&=O=F5R;FUE;G1S+"!G;W9E2!H961G:6YG(')I2!T:&4@=6YD97)L>6EN9R!I;G1E M2!O9F9S970@ M=&AE(&9U;F0G2!);G9E2!Y96%R&5D(&EN M8V]M92!I;G9E65A"!&=6YD M(#(Q+C(E/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@0F]N M9"!);F1E>"!&=6YD(#4N.24\+W`^/'`^/"]P/CQP/B!!="!A;GD@9VEV96X@ M=&EM92P@=&AE($9U;F0G2!B92!A9F9E M8W1E9"!B>2!A('9A2`R.24@;V8@:71S(&%S2!S=6)J96-T('1O(&)O;F0@2!I;G1E2!T;R!M86ME('-U8V@@<&%Y;65N=',@=VEL;"!C875S92!T M:&4@<')I8V4@;V8@=&AA="!B;VYD('1O(&1E8VQI;F4L('1H=7,@2!D871E6EN9R!F=6YD('=O=6QD('1H96X@;&]S M92!A;GD@<')I8V4@87!P6UE;G0@2!F;W)E:6=N(&=O=F5R;FUE;G1S+"!G;W9E M2!H M961G:6YG(')I2!T:&4@ M=6YD97)L>6EN9R!I;G1E2!O9F9S970@=&AE(&9U;F0G2!);G9E2!Y96%R&5D(&EN8V]M92!I;G9E65A"!&=6YD(#4T+C8E M/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@4W1O8VL@26YD M97@@1G5N9"`R,RXT)3PO<#X\<#Y686YG=6%R9"!4;W1A;"!";VYD($UA"!&=6YD(#0N-"4\+W`^/'`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`Q-"4@;V8@:71S(&%S2!S=6)J96-T('1O(&)O;F0@2!I;G1E2!T;R!M86ME('-U8V@@ M<&%Y;65N=',@=VEL;"!C875S92!T:&4@<')I8V4@;V8@=&AA="!B;VYD('1O M(&1E8VQI;F4L('1H=7,@2!D871E6EN M9R!F=6YD('=O=6QD('1H96X@;&]S92!A;GD@<')I8V4@87!P6UE;G0@2!F;W)E M:6=N(&=O=F5R;FUE;G1S+"!G;W9E2!H961G:6YG(')I2!T:&4@=6YD97)L>6EN9R!I;G1E2!O9F9S970@=&AE(&9U;F0G M2!);G9E M2!Y96%R&5D(&EN8V]M92!I;G9E M65A"!&=6YD(#@N,"4\+W`^ M/'`^5F%N9W5A6EN9R!F=6YD&EM871E;'D@,3`E(&]F(&ET2!M86YN97(L(&]R('1H870@ M;F5G871I=F4@<&5R8V5P=&EO;G,@;V8@=&AE(&ES6UE;G1S('=I;&P@8V%U2!C M86QL("AR961E96TI('-E8W5R:71I97,@=VET:"!H:6=H97(@8V]U<&]N6EN9R!F=6YD)W,@:6YC;VUE M+B!&;W(@;6]R=&=A9V4M8F%C:V5D('-E8W5R:71I97,L('1H:7,@2UH961G960@9F]R96EG;B!B;VYD M2]R96=I;VYA;"!R:7-K+"!W:&EC:"!I2!H961G:6YG M('1R86YS86-T:6]N65A65A"!&=6YD(#(N,"4\+W`^/'`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`E/"]P/CQP/E9A;F=U87)D(%1O=&%L($)O;F0@36%R:V5T($E) M($EN9&5X($9U;F0@."XP)3PO<#X\<#Y686YG=6%R9"!4;W1A;"!);G1E2!B92!A9F9E8W1E9"!B>2!A('9A2`Q,"4@;V8@:71S M(&%S2!S=6)J96-T('1O(&)O;F0@2!I;G1E2!T;R!M86ME('-U8V@@<&%Y;65N=',@=VEL M;"!C875S92!T:&4@<')I8V4@;V8@=&AA="!B;VYD('1O(&1E8VQI;F4L('1H M=7,@2!D871E6EN9R!F=6YD('=O=6QD M('1H96X@;&]S92!A;GD@<')I8V4@87!P6UE;G0@2!F;W)E:6=N(&=O=F5R;FUE M;G1S+"!G;W9E2!H961G:6YG(')I2!T:&4@=6YD97)L>6EN9R!I;G1E2!O9F9S970@=&AE(&9U;F0G2!);G9E2!Y96%R&5D(&EN8V]M92!I;G9E65A"!& M=6YD(#8S+C`E/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@ M4W1O8VL@26YD97@@1G5N9"`R-RXP)3PO<#X\<#Y686YG=6%R9"!4;W1A;"!" M;VYD($UA"!&=6YD(#@N,"4\+W`^/'`^5F%N9W5A6EN9R!F=6YD&EM871E M;'D@,3`E(&]F(&ET2!M86YN97(L(&]R('1H870@;F5G871I=F4@<&5R M8V5P=&EO;G,@;V8@=&AE(&ES6UE;G1S('=I;&P@8V%U2!C86QL("AR961E96TI M('-E8W5R:71I97,@=VET:"!H:6=H97(@8V]U<&]N6EN9R!F=6YD)W,@:6YC;VUE+B!&;W(@;6]R=&=A M9V4M8F%C:V5D('-E8W5R:71I97,L('1H:7,@2UH961G960@9F]R96EG;B!B;VYD2]R M96=I;VYA;"!R:7-K+"!W:&EC:"!I2!H961G:6YG('1R86YS86-T:6]N M65A65A"!& M=6YD(#(N,"4\+W`^/'`^070@86YY(&=I=F5N('1I;64L('1H92!&=6YD)W,@ M87-S970@86QL;V-A=&EO;B!M87D@8F4@869F96-T960@8GD@82!V87)I971Y M(&]F(&9A8W1O6EN9R!F M=6YD&EM871E;'D@,3`E(&]F(&ET2!M86YN97(L(&]R('1H870@;F5G871I M=F4@<&5R8V5P=&EO;G,@;V8@=&AE(&ES6UE;G1S('=I;&P@8V%U2!C86QL("AR M961E96TI('-E8W5R:71I97,@=VET:"!H:6=H97(@8V]U<&]N6EN9R!F=6YD)W,@:6YC;VUE+B!&;W(@ M;6]R=&=A9V4M8F%C:V5D('-E8W5R:71I97,L('1H:7,@2UH961G960@9F]R96EG;B!B;VYD2]R96=I;VYA;"!R:7-K+"!W:&EC:"!I2!H961G:6YG('1R86YS M86-T:6]N2`R."P@,C`Q,SPO<#X\<#Y#:&%N9V5S(&EN(%5N M9&5R;'EI;F<@1G5N9"!!;&QO8V%T:6]N&5D(&EN8V]M92!E>'!O"!&=6YD+CPO<#X\<#X@5&AE(%1A'!O2!-87)K970@1G5N M9"X\+W`^/'`^5&AE($9U;F1S)R!T87)G970@86QL;V-A=&EO;G,@=&\@=&AE M('5N9&5R;'EI;F<@9FEX960@:6YC;VUE(&9U;F1S(&%R92!D97-C&5D(&EN8V]M M92!I;G9E2!D:60@;F]T(&%F9F5C="!E86-H($9U;F0G M'0@ M0VAA;F=E'0@=6YD97(@)U!R:6UA"!&=6YD(#,Y+C(E/"]P/CQP/E9A;F=U87)D(%1O=&%L(%-T;V-K M($UA"!&=6YD(#(Q+C`E/"]P/CQP/E9A;F=U87)D(%-H;W)T M+51E"!&=6YD(#DN,"4\+W`^/'`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`E/"]P/CQP/E9A;F=U87)D(%1O=&%L M($EN=&5R;F%T:6]N86P@4W1O8VL@26YD97@@1G5N9"`Q,BXT)3PO<#X\<#Y6 M86YG=6%R9"!3:&]R="U497)M($EN9FQA=&EO;BU0"!&=6YD(#$Q+C@E/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN M=&5R;F%T:6]N86P@0F]N9"!);F1E>"!&=6YD(#$Q+C6EN9R!F=6YDF5D(&EN=F5S=&UE;G0M9W)A9&4@9F]R96EG;B!B;VYD2!686YG=6%R9"!T;R!M:6YI;6EZ92!C=7)R96YC>2!E M>'!O2`U.24@;V8@:71S(&%S2!S=6)J96-T('1O M(&)O;F0@6EN9R!F=6YD)W,@2!A9F9E8W0@=&AE M('9A;'5E(&]F('-E8W5R:71I97,@:7-S=65D(&)Y(&9O2!N;W0@<&5R9F5C=&QY(&]F9G-E="!T:&4@9G5N9"=S(&9O2!D97-I9VYE9"!F;W(@:6YV97-T;W)S('!L86YN:6YG('1O(')E=&ER92!A M;F0@;&5A=F4@=&AE('=O65A65A6EN9R!F=6YD M"!&=6YD(#0N."4\+W`^/'`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`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`R,B4@;V8@:71S M(&%S2!S=6)J96-T('1O(&)O;F0@2!I;G1E2!T;R!M86ME('-U8V@@<&%Y;65N=',@=VEL M;"!C875S92!T:&4@<')I8V4@;V8@=&AA="!B;VYD('1O(&1E8VQI;F4L('1H M=7,@2!D871E6EN9R!F=6YD('=O=6QD M('1H96X@;&]S92!A;GD@<')I8V4@87!P6UE;G0@2!F;W)E:6=N(&=O=F5R;FUE M;G1S+"!G;W9E2!H961G:6YG(')I2!T:&4@=6YD97)L>6EN9R!I;G1E2!O9F9S970@=&AE(&9U;F0G2!);G9E2!Y96%R&5D(&EN8V]M92!I;G9E65A"!& M=6YD(#4Y+C@E/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@ M4W1O8VL@26YD97@@1G5N9"`R-2XW)3PO<#X\<#Y686YG=6%R9"!4;W1A;"!" M;VYD($UA"!&=6YD(#$Q+C8E/"]P/CQP/E9A;F=U87)D M(%1O=&%L($EN=&5R;F%T:6]N86P@0F]N9"!);F1E>"!&=6YD(#(N.24\+W`^ M/'`^070@86YY(&=I=F5N('1I;64L('1H92!&=6YD)W,@87-S970@86QL;V-A M=&EO;B!M87D@8F4@869F96-T960@8GD@82!V87)I971Y(&]F(&9A8W1O6EN9R!F=6YD&EM871E;'D@,30E M(&]F(&ET2!M86YN97(L(&]R('1H870@;F5G871I=F4@<&5R8V5P=&EO M;G,@;V8@=&AE(&ES6UE M;G1S('=I;&P@8V%U2!C86QL("AR961E96TI('-E8W5R M:71I97,@=VET:"!H:6=H97(@8V]U<&]N2UH961G960@9F]R96EG;B!B;VYD2]R96=I;VYA M;"!R:7-K+"!W:&EC:"!I2!H961G:6YG('1R86YS86-T:6]N65A65A"!&=6YD(#(N M,"4\+W`^/'`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`E/"]P M/CQP/E9A;F=U87)D(%1O=&%L($)O;F0@36%R:V5T($E)($EN9&5X($9U;F0@ M."XP)3PO<#X\<#Y686YG=6%R9"!4;W1A;"!);G1E2!B92!A9F9E8W1E9"!B>2!A M('9AF4@8W5R2`Q,"4@;V8@:71S(&%S2!S=6)J96-T M('1O(&)O;F0@2!I;G1E M2!D871E M6EN9R!F=6YD('=O=6QD('1H96X@;&]S92!A;GD@<')I M8V4@87!P6UE;G0@2!F;W)E:6=N(&=O=F5R;FUE;G1S+"!G;W9E2!H961G:6YG(')I M2!O M9F9S970@=&AE(&9U;F0G2!);G9E2!Y96%R&5D(&EN8V]M92!I;G9E65A"!&=6YD(#8S+C`E/"]P/CQP/E9A M;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@4W1O8VL@26YD97@@1G5N9"`R M-RXP)3PO<#X\<#Y686YG=6%R9"!4;W1A;"!";VYD($UA"!&=6YD(#@N,"4\+W`^/'`^5F%N9W5A6EN9R!F=6YD2P@8V]R<&]R871E+"!A M;F0@&EM871E;'D@,3`E(&]F(&ET2!M M86YN97(L(&]R('1H870@;F5G871I=F4@<&5R8V5P=&EO;G,@;V8@=&AE(&ES M6UE;G1S('=I;&P@8V%U M2!C86QL("AR961E96TI('-E8W5R:71I97,@=VET:"!H M:6=H97(@8V]U<&]N6EN M9R!F=6YD)W,@:6YC;VUE+B!&;W(@;6]R=&=A9V4M8F%C:V5D('-E8W5R:71I M97,L('1H:7,@2UH961G M960@9F]R96EG;B!B;VYD2]R96=I;VYA;"!R:7-K+"!W:&EC M:"!I2!H961G:6YG('1R86YS86-T:6]N'0@=6YD97(@)U!R:6UA65A65A"!&=6YD(#(N,"4\+W`^/'`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`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`@("`\+W1R M/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0Z/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<#X\ M+W`^/'`^6U-(25`@3$]'3R!604Y'54%21"`H"!&=6YD(')A=&AE&5D(&EN8V]M92!F=6YD"!O9B!E86-H($9U;F0G'!E M;G-E(')A=&EO2!D97-I9VYE9"!F;W(@:6YV97-T;W)S(&-U2!I;B!R971I6EN9R!F=6YD M"!&=6YD(#$V M+C@E/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@0F]N9"!) M;F1E>"!&=6YD(#$T+C`E/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T M:6]N86P@4W1O8VL@26YD97@@1G5N9"`Y+C`E/"]P/CQP/CPO<#X\<#X@070@ M86YY(&=I=F5N('1I;64L('1H92!&=6YD)W,@87-S970@86QL;V-A=&EO;B!M M87D@8F4@869F96-T960@8GD@82!V87)I971Y(&]F(&9A8W1O6EN9R!F=6YDF5D(&EN=F5S=&UE;G0M9W)A9&4@9F]R96EG;B!B;VYD2!686YG=6%R9"!T;R!M:6YI;6EZ92!C=7)R96YC>2!E>'!O2!S=6)J96-T('1O M(&)O;F0@6EN9R!F=6YD)W,@2!A9F9E8W0@=&AE M('9A;'5E(&]F('-E8W5R:71I97,@:7-S=65D(&)Y(&9O2!N;W0@<&5R9F5C=&QY(&]F9G-E="!T:&4@9G5N9"=S(&9O2!D97-I9VYE9"!F;W(@:6YV97-T;W)S('!L86YN:6YG('1O(')E=&ER92!A M;F0@;&5A=F4@=&AE('=O65A65A6EN9R!F=6YD M2!G:79E;B!T:6UE+"!T:&4@1G5N9"=S(&%S2!O9B!F86-T;W)S+"!S=6-H M(&%S('=H971H97(@=&AE('5N9&5R;'EI;F<@9G5N9',@87)E(&%C8V5P=&EN M9R!A9&1I=&EO;F%L(&EN=F5S=&UE;G1S+CPO<#X\<#Y4:&4@1G5N9"=S(&EN M9&ER96-T(&)O;F0@:&]L9&EN9W,@87)E(&$@9&EV97)S:69I960@;6EX(&]F M('-H;W)T+2P@:6YT97)M961I871E+2P@86YD(&QO;FF4@8W5R&EM871E;'D@-3DE(&]F(&ET2!I;G1E2!T;R!M86ME('-U8V@@<&%Y;65N=',@=VEL;"!C M875S92!T:&4@<')I8V4@;V8@=&AA="!B;VYD('1O(&1E8VQI;F4L('1H=7,@ M2!D871E6EN9R!F=6YD('=O=6QD('1H M96X@;&]S92!A;GD@<')I8V4@87!P6UE;G0@2!F;W)E:6=N(&=O=F5R;FUE;G1S M+"!G;W9E2!H961G:6YG(')I2!T:&4@=6YD97)L>6EN9R!I;G1E2!O9F9S970@=&AE(&9U;F0G2!);G9E2!Y96%R&5D(&EN8V]M92!I;G9E65A"!&=6YD M(#,W+C@E/"]P/CQP/E9A;F=U87)D(%1O=&%L($)O;F0@36%R:V5T($E)($EN M9&5X($9U;F0@,S(N,"4\+W`^/'`^5F%N9W5A"!&=6YD(#$V+C(E/"]P/CQP/E9A;F=U87)D(%1O M=&%L($EN=&5R;F%T:6]N86P@0F]N9"!);F1E>"!&=6YD(#DN,B4\+W`^/'`^ M5F%N9W5A6EN9R!F=6YDF4@8W5R2`T-B4@;V8@:71S(&%S2!S=6)J96-T('1O(&)O;F0@ M6EN9R!F=6YD)W,@2!A9F9E8W0@=&AE('9A;'5E M(&]F('-E8W5R:71I97,@:7-S=65D(&)Y(&9O2!N M;W0@<&5R9F5C=&QY(&]F9G-E="!T:&4@9G5N9"=S(&9O2!D97-I M9VYE9"!F;W(@:6YV97-T;W)S('!L86YN:6YG('1O(')E=&ER92!A;F0@;&5A M=F4@=&AE('=O65A65A6EN9R!F=6YD2!G:79E;B!T:6UE+"!T:&4@1G5N9"=S(&%S2!O9B!F86-T M;W)S+"!S=6-H(&%S('=H971H97(@=&AE('5N9&5R;'EI;F<@9G5N9',@87)E M(&%C8V5P=&EN9R!A9&1I=&EO;F%L(&EN=F5S=&UE;G1S+CPO<#X\<#Y4:&4@ M1G5N9"=S(&EN9&ER96-T('-T;V-K(&AO;&1I;F=S(&%R92!A(&1I=F5R"!O9B!5+E,N(&%N9"!F;W)E:6=N(&QAF%T:6]N('-T;V-K2P@86YD(&EN=F5S=&UE;G0M9W)A M9&4@52Y3+B!C;W)P;W)A=&4@8F]N9',[(&UOF5D(&EN=F5S=&UE;G0M9W)A M9&4@9F]R96EG;B!B;VYD2!686YG=6%R9"!T M;R!M:6YI;6EZ92!C=7)R96YC>2!E>'!O6EN9R!F=6YD)W,@:6YC;VUE('=I M;&P@9&5C;&EN92!B96-A=7-E(&]F(&9A;&QI;F<@:6YT97)E6EN9R!F=6YD)W,@ M2!A M9F9E8W0@=&AE('9A;'5E(&]F('-E8W5R:71I97,@:7-S=65D(&)Y(&9O2!N;W0@<&5R9F5C=&QY(&]F9G-E="!T:&4@9G5N9"=S M(&9O'0@0VAA;F=E2!D97-I9VYE9"!F;W(@:6YV97-T;W)S('!L86YN:6YG('1O M(')E=&ER92!A;F0@;&5A=F4@=&AE('=O65A65A6EN9R!F=6YD2!G:79E;B!T:6UE+"!T:&4@ M1G5N9"=S(&%S2!O9B!F86-T;W)S+"!S=6-H(&%S('=H971H97(@=&AE('5N9&5R M;'EI;F<@9G5N9',@87)E(&%C8V5P=&EN9R!A9&1I=&EO;F%L(&EN=F5S=&UE M;G1S+CPO<#X\<#Y4:&4@1G5N9"=S(&EN9&ER96-T('-T;V-K(&AO;&1I;F=S M(&%R92!A(&1I=F5R"!O9B!5+E,N(&%N9"!F;W)E:6=N(&QA MF%T:6]N('-T;V-K2P@86YD M(&EN=F5S=&UE;G0M9W)A9&4@52Y3+B!C;W)P;W)A=&4@8F]N9',[(&UOF5D M(&EN=F5S=&UE;G0M9W)A9&4@9F]R96EG;B!B;VYD2!686YG=6%R9"!T;R!M:6YI;6EZ92!C=7)R96YC>2!E>'!O6EN9R!F M=6YD)W,@:6YC;VUE('=I;&P@9&5C;&EN92!B96-A=7-E(&]F(&9A;&QI;F<@ M:6YT97)E6EN9R!F=6YD)W,@2!A9F9E8W0@=&AE('9A;'5E(&]F('-E8W5R:71I97,@ M:7-S=65D(&)Y(&9O2!N;W0@<&5R9F5C=&QY(&]F M9G-E="!T:&4@9G5N9"=S(&9O2!D97-I9VYE9"!F;W(@:6YV97-T M;W)S('!L86YN:6YG('1O(')E=&ER92!A;F0@;&5A=F4@=&AE('=O65A65A6EN9R!F=6YD"!&=6YD(#(S M+C0E/"]P/CQP/E9A;F=U87)D(%1O=&%L($)O;F0@36%R:V5T($E)($EN9&5X M($9U;F0@,36EN9R!F=6YD2P@8V]R<&]R871E+"!A M;F0@&EM871E;'D@,C(E(&]F(&ET2!M M86YN97(L(&]R('1H870@;F5G871I=F4@<&5R8V5P=&EO;G,@;V8@=&AE(&ES M6UE;G1S('=I;&P@8V%U M2!C86QL("AR961E96TI('-E8W5R:71I97,@=VET:"!H M:6=H97(@8V]U<&]N6EN M9R!F=6YD)W,@:6YC;VUE+B!&;W(@;6]R=&=A9V4M8F%C:V5D('-E8W5R:71I M97,L('1H:7,@2UH961G M960@9F]R96EG;B!B;VYD2]R96=I;VYA;"!R:7-K+"!W:&EC M:"!I2!H961G:6YG('1R86YS86-T:6]N'0@=6YD97(@)U!R:6UA65A65A2!G:79E;B!T:6UE+"!T:&4@1G5N9"=S(&%S2!O9B!F86-T;W)S+"!S=6-H M(&%S('=H971H97(@=&AE('5N9&5R;'EI;F<@9G5N9',@87)E(&%C8V5P=&EN M9R!A9&1I=&EO;F%L(&EN=F5S=&UE;G1S+CPO<#X\<#Y4:&4@1G5N9"=S(&EN M9&ER96-T('-T;V-K(&AO;&1I;F=S(&%R92!A(&1I=F5R"!O M9B!5+E,N(&%N9"!F;W)E:6=N(&QAF%T:6]N('-T;V-K2P@86YD(&EN=F5S=&UE;G0M9W)A9&4@52Y3+B!C M;W)P;W)A=&4@8F]N9',[(&UOF5D(&EN=F5S=&UE;G0M9W)A9&4@9F]R96EG M;B!B;VYD2!686YG=6%R9"!T;R!M:6YI;6EZ M92!C=7)R96YC>2!E>'!O6EN9R!F=6YD)W,@:6YC;VUE('=I;&P@9&5C;&EN M92!B96-A=7-E(&]F(&9A;&QI;F<@:6YT97)E6EN9R!F=6YD)W,@2!A9F9E8W0@=&AE M('9A;'5E(&]F('-E8W5R:71I97,@:7-S=65D(&)Y(&9O2!N;W0@<&5R9F5C=&QY(&]F9G-E="!T:&4@9G5N9"=S(&9O2!D97-I9VYE9"!F;W(@:6YV97-T;W)S('!L86YN:6YG('1O(')E=&ER92!A M;F0@;&5A=F4@=&AE('=O65A65A6EN9R!F=6YD M"!&=6YD(#(W+C`E/"]P/CQP/E9A;F=U87)D(%1O=&%L M($)O;F0@36%R:V5T($E)($EN9&5X($9U;F0@."XP)3PO<#X\<#Y686YG=6%R M9"!4;W1A;"!);G1E2!B92!A9F9E8W1E9"!B>2!A('9AF4@8W5R2`Q,"4@;V8@:71S(&%S2!S=6)J96-T('1O(&)O;F0@2!I;G1E2!T;R!M86ME('-U M8V@@<&%Y;65N=',@=VEL;"!C875S92!T:&4@<')I8V4@;V8@=&AA="!B;VYD M('1O(&1E8VQI;F4L('1H=7,@2!D871E6EN9R!F=6YD('=O=6QD('1H96X@;&]S92!A;GD@<')I8V4@87!P6UE;G0@2!F M;W)E:6=N(&=O=F5R;FUE;G1S+"!G;W9E2!H961G:6YG(')I2!T:&4@=6YD97)L>6EN9R!I;G1E2!O9F9S970@=&AE(&9U M;F0G2!) M;G9E2!Y96%R"!&=6YD(#@N,"4\ M+W`^/'`^5F%N9W5A6EN M9R!F=6YD&EM871E;'D@,3`E(&]F(&ET2!M86YN97(L(&]R('1H870@;F5G M871I=F4@<&5R8V5P=&EO;G,@;V8@=&AE(&ES6UE;G1S('=I;&P@8V%U2!C86QL M("AR961E96TI('-E8W5R:71I97,@=VET:"!H:6=H97(@8V]U<&]N6EN9R!F=6YD)W,@:6YC;VUE+B!& M;W(@;6]R=&=A9V4M8F%C:V5D('-E8W5R:71I97,L('1H:7,@2UH961G960@9F]R96EG;B!B;VYD2]R96=I;VYA;"!R:7-K+"!W:&EC:"!I2!H961G:6YG('1R M86YS86-T:6]N65A65A"!&=6YD(#(N,"4\+W`^/'`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`E/"]P/CQP/E9A;F=U87)D(%1O=&%L($)O;F0@36%R:V5T M($E)($EN9&5X($9U;F0@."XP)3PO<#X\<#Y686YG=6%R9"!4;W1A;"!);G1E M2!B92!A9F9E8W1E9"!B>2!A('9A2`Q,"4@;V8@ M:71S(&%S2!S=6)J96-T('1O(&)O;F0@2!I;G1E2!T;R!M86ME('-U8V@@<&%Y;65N=',@ M=VEL;"!C875S92!T:&4@<')I8V4@;V8@=&AA="!B;VYD('1O(&1E8VQI;F4L M('1H=7,@2!D871E6EN9R!F=6YD('=O M=6QD('1H96X@;&]S92!A;GD@<')I8V4@87!P6UE;G0@ M2!F;W)E:6=N(&=O=F5R M;FUE;G1S+"!G;W9E2!H961G:6YG(')I2!T:&4@=6YD97)L>6EN9R!I;G1E2!O9F9S970@=&AE(&9U;F0G2!);G9E2!Y96%R&5D(&EN8V]M92!I;G9E65A"!&=6YD(#8S+C`E/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N M86P@4W1O8VL@26YD97@@1G5N9"`R-RXP)3PO<#X\<#Y686YG=6%R9"!4;W1A M;"!";VYD($UA"!&=6YD(#@N,"4\+W`^/'`^5F%N9W5A M2!B92!A9F9E8W1E9"!B>2!A('9A2`Q M,"4@;V8@:71S(&%S2!S=6)J96-T('1O(&)O;F0@2!I;G1E2!T;R!M86ME('-U8V@@<&%Y M;65N=',@=VEL;"!C875S92!T:&4@<')I8V4@;V8@=&AA="!B;VYD('1O(&1E M8VQI;F4L('1H=7,@2!D871E6EN9R!F M=6YD('=O=6QD('1H96X@;&]S92!A;GD@<')I8V4@87!P6UE;G0@2!F;W)E:6=N M(&=O=F5R;FUE;G1S+"!G;W9E2!H961G:6YG(')I2!T:&4@=6YD97)L>6EN9R!I;G1E2!O9F9S970@=&AE(&9U;F0G'0\+W-T'0^/'`^/"]P/CQP M/EM32$E0($Q/1T\@5D%.1U5!4D0@*'(I73PO<#X\<#X\+W`^/'`^/"]P/CQP M/CPO<#X\<#X\+W`^/'`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`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`E/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@ M4W1O8VL@26YD97@@1G5N9"`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`^/'`^5F%N9W5A"!&=6YD(#$X+CDE/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN M=&5R;F%T:6]N86P@0F]N9"!);F1E>"!&=6YD(#2!B92!A9F9E8W1E9"!B>2!A('9A2`S-R4@ M;V8@:71S(&%S2!S=6)J96-T('1O(&)O;F0@2!I;G1E2!T;R!M86ME('-U8V@@<&%Y;65N M=',@=VEL;"!C875S92!T:&4@<')I8V4@;V8@=&AA="!B;VYD('1O(&1E8VQI M;F4L('1H=7,@2!D871E6EN9R!F=6YD M('=O=6QD('1H96X@;&]S92!A;GD@<')I8V4@87!P6UE M;G0@2!F;W)E:6=N(&=O M=F5R;FUE;G1S+"!G;W9E2!H961G:6YG(')I2!T:&4@=6YD97)L>6EN9R!I;G1E2!O9F9S970@=&AE(&9U;F0G2!);G9E2!Y96%R&5D(&EN8V]M92!I;G9E65A"!&=6YD(#0Y+C,E/"]P/CQP/E9A;F=U87)D(%1O=&%L($)O;F0@36%R M:V5T($E)($EN9&5X($9U;F0@,C,N-B4\+W`^/'`^5F%N9W5A"!&=6YD(#(Q+C(E/"]P/CQP/E9A M;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@0F]N9"!);F1E>"!&=6YD(#4N M.24\+W`^/'`^/"]P/CQP/B!!="!A;GD@9VEV96X@=&EM92P@=&AE($9U;F0G M2!B92!A9F9E8W1E9"!B>2!A('9AF4@8W5R2`R.24@;V8@:71S(&%S2!S=6)J96-T('1O(&)O M;F0@2!I;G1E2!T;R!M M86ME('-U8V@@<&%Y;65N=',@=VEL;"!C875S92!T:&4@<')I8V4@;V8@=&AA M="!B;VYD('1O(&1E8VQI;F4L('1H=7,@2!D871E6EN9R!F=6YD('=O=6QD('1H96X@;&]S92!A;GD@<')I8V4@87!P M6UE;G0@2!F;W)E:6=N(&=O=F5R;FUE;G1S+"!G;W9E2!H961G:6YG(')I2!T:&4@=6YD97)L>6EN9R!I;G1E M2!O9F9S970@ M=&AE(&9U;F0G2!);G9E2!Y96%R&5D(&EN M8V]M92!I;G9E65A"!&=6YD M(#$W+C8E/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@0F]N M9"!);F1E>"!&=6YD(#0N-"4\+W`^/'`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`Q-"4@;V8@:71S(&%S M2!S=6)J96-T('1O(&)O;F0@2!I;G1E2!T;R!M86ME('-U8V@@<&%Y;65N=',@=VEL;"!C M875S92!T:&4@<')I8V4@;V8@=&AA="!B;VYD('1O(&1E8VQI;F4L('1H=7,@ M2!D871E6EN9R!F=6YD('=O=6QD('1H M96X@;&]S92!A;GD@<')I8V4@87!P6UE;G0@2!F;W)E:6=N(&=O=F5R;FUE;G1S M+"!G;W9E2!H961G:6YG(')I2!T:&4@=6YD97)L>6EN9R!I;G1E2!O9F9S970@=&AE(&9U;F0G2!);G9E2!Y96%R&5D(&EN8V]M92!I;G9E65A"!&=6YD M(#8S+C`E/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@4W1O M8VL@26YD97@@1G5N9"`R-RXP)3PO<#X\<#Y686YG=6%R9"!4;W1A;"!";VYD M($UA"!&=6YD(#@N,"4\+W`^/'`^5F%N9W5A6EN9R!F=6YD&EM871E;'D@ M,3`E(&]F(&ET2!M86YN97(L(&]R('1H870@;F5G871I=F4@<&5R8V5P M=&EO;G,@;V8@=&AE(&ES6UE;G1S('=I;&P@8V%U2!C86QL("AR961E96TI('-E M8W5R:71I97,@=VET:"!H:6=H97(@8V]U<&]N6EN9R!F=6YD)W,@:6YC;VUE+B!&;W(@;6]R=&=A9V4M M8F%C:V5D('-E8W5R:71I97,L('1H:7,@2UH961G960@9F]R96EG;B!B;VYD2]R96=I M;VYA;"!R:7-K+"!W:&EC:"!I2!H961G:6YG('1R86YS86-T:6]N65A65A"!&=6YD M(#(N,"4\+W`^/'`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`E/"]P/CQP M/E9A;F=U87)D(%1O=&%L($)O;F0@36%R:V5T($E)($EN9&5X($9U;F0@."XP M)3PO<#X\<#Y686YG=6%R9"!4;W1A;"!);G1E2!B92!A9F9E8W1E9"!B M>2!A('9AF4@8W5R2`Q,"4@;V8@:71S(&%S2!S=6)J M96-T('1O(&)O;F0@2!I M;G1E2!T;R!M86ME('-U8V@@<&%Y;65N=',@=VEL;"!C875S92!T:&4@<')I M8V4@;V8@=&AA="!B;VYD('1O(&1E8VQI;F4L('1H=7,@2!D M871E6EN9R!F=6YD('=O=6QD('1H96X@;&]S92!A;GD@ M<')I8V4@87!P6UE;G0@2!F;W)E:6=N(&=O=F5R;FUE;G1S+"!G;W9E2!H961G:6YG M(')I2!T:&4@=6YD97)L M>6EN9R!I;G1E2!O9F9S970@=&AE(&9U;F0G2!);G9E2!Y96%R M&5D(&EN8V]M92!I;G9E65A"!&=6YD(#8S+C`E/"]P/CQP M/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@4W1O8VL@26YD97@@1G5N M9"`R-RXP)3PO<#X\<#Y686YG=6%R9"!4;W1A;"!";VYD($UA"!&=6YD(#@N,"4\+W`^/'`^5F%N9W5A6EN9R!F=6YD2P@8V]R<&]R871E M+"!A;F0@&EM871E;'D@,3`E(&]F(&ET2!M86YN97(L(&]R('1H870@;F5G871I=F4@<&5R8V5P=&EO;G,@;V8@=&AE M(&ES6UE;G1S('=I;&P@ M8V%U2!C86QL("AR961E96TI('-E8W5R:71I97,@=VET M:"!H:6=H97(@8V]U<&]N6EN9R!F=6YD)W,@:6YC;VUE+B!&;W(@;6]R=&=A9V4M8F%C:V5D('-E8W5R M:71I97,L('1H:7,@2UH M961G960@9F]R96EG;B!B;VYD2]R96=I;VYA;"!R:7-K+"!W M:&EC:"!I2!H961G:6YG('1R86YS86-T:6]N'0@=6YD97(@)U!R:6UA65A65A"!&=6YD(#(N,"4\+W`^/'`^ M070@86YY(&=I=F5N('1I;64L('1H92!&=6YD)W,@87-S970@86QL;V-A=&EO M;B!M87D@8F4@869F96-T960@8GD@82!V87)I971Y(&]F(&9A8W1O6EN9R!F=6YD2P@8V]R M<&]R871E+"!A;F0@&EM871E;'D@,3`E(&]F M(&ET2!M86YN97(L(&]R('1H870@;F5G871I=F4@<&5R8V5P=&EO;G,@ M;V8@=&AE(&ES6UE;G1S M('=I;&P@8V%U2!C86QL("AR961E96TI('-E8W5R:71I M97,@=VET:"!H:6=H97(@8V]U<&]N2UH961G960@9F]R96EG;B!B;VYD2]R96=I;VYA;"!R M:7-K+"!W:&EC:"!I2!H961G:6YG('1R86YS86-T:6]N2`R."P@,C`Q,SPO<#X\<#Y#:&%N9V5S(&EN(%5N9&5R;'EI;F<@1G5N9"!! M;&QO8V%T:6]N&5D(&EN8V]M92!E>'!O"!&=6YD+CPO M<#X\<#X@5&AE(%1A'!O2!-87)K970@1G5N9"X\+W`^/'`^5&AE($9U M;F1S)R!T87)G970@86QL;V-A=&EO;G,@=&\@=&AE('5N9&5R;'EI;F<@9FEX M960@:6YC;VUE(&9U;F1S(&%R92!D97-C&5D(&EN8V]M92!I;G9E2!D:60@;F]T(&%F9F5C="!E86-H($9U;F0G"!&=6YD(#,Y M+C(E/"]P/CQP/E9A;F=U87)D(%1O=&%L(%-T;V-K($UA"!& M=6YD(#(Q+C`E/"]P/CQP/E9A;F=U87)D(%-H;W)T+51E"!&=6YD(#DN,"4\+W`^/'`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`E/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@ M4W1O8VL@26YD97@@1G5N9"`Q,BXT)3PO<#X\<#Y686YG=6%R9"!3:&]R="U4 M97)M($EN9FQA=&EO;BU0"!&=6YD M(#$Q+C@E/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@0F]N M9"!);F1E>"!&=6YD(#$Q+C6EN9R!F=6YDF5D(&EN=F5S M=&UE;G0M9W)A9&4@9F]R96EG;B!B;VYD2!6 M86YG=6%R9"!T;R!M:6YI;6EZ92!C=7)R96YC>2!E>'!O2`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`Q."XY)3PO<#X\<#Y686YG=6%R9"!4;W1A;"!);G1E6EN9R!F=6YD2P@8V]R<&]R M871E+"!A;F0@&EM871E;'D@,S2!M86YN97(L(&]R('1H870@;F5G871I=F4@<&5R8V5P=&EO;G,@;V8@ M=&AE(&ES6UE;G1S('=I M;&P@8V%U2!C86QL("AR961E96TI('-E8W5R:71I97,@ M=VET:"!H:6=H97(@8V]U<&]N2UH961G960@9F]R96EG;B!B;VYD2]R96=I;VYA;"!R:7-K M+"!W:&EC:"!I2!H961G:6YG('1R86YS86-T:6]N'0@=6YD97(@)U!R:6UA65A M65A"!&=6YD(#(S+C8E/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R M;F%T:6]N86P@4W1O8VL@26YD97@@1G5N9"`R,2XR)3PO<#X\<#Y686YG=6%R M9"!4;W1A;"!);G1E6EN9R!F=6YD M&EM M871E;'D@,CDE(&]F(&ET2!M86YN97(L(&]R('1H870@;F5G871I=F4@ M<&5R8V5P=&EO;G,@;V8@=&AE(&ES6UE;G1S('=I;&P@8V%U2!C86QL("AR961E M96TI('-E8W5R:71I97,@=VET:"!H:6=H97(@8V]U<&]N6EN9R!F=6YD)W,@:6YC;VUE+B!&;W(@;6]R M=&=A9V4M8F%C:V5D('-E8W5R:71I97,L('1H:7,@2UH961G960@9F]R96EG;B!B;VYD2]R96=I;VYA;"!R:7-K+"!W:&EC:"!I2!H961G:6YG('1R86YS86-T M:6]N65A65A2!B92!A9F9E8W1E9"!B M>2!A('9AF4@8W5R2`R,B4@;V8@:71S(&%S2!S=6)J M96-T('1O(&)O;F0@2!I M;G1E2!T;R!M86ME('-U8V@@<&%Y;65N=',@=VEL;"!C875S92!T:&4@<')I M8V4@;V8@=&AA="!B;VYD('1O(&1E8VQI;F4L('1H=7,@2!D M871E6EN9R!F=6YD('=O=6QD('1H96X@;&]S92!A;GD@ M<')I8V4@87!P6UE;G0@2!F;W)E:6=N(&=O=F5R;FUE;G1S+"!G;W9E2!H961G:6YG M(')I2!T:&4@=6YD97)L M>6EN9R!I;G1E2!O9F9S970@=&AE(&9U;F0G2!);G9E2!Y96%R M&5D(&EN8V]M92!I;G9E65A"!&=6YD(#4Y+C@E/"]P/CQP M/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@4W1O8VL@26YD97@@1G5N M9"`R-2XW)3PO<#X\<#Y686YG=6%R9"!4;W1A;"!";VYD($UA"!&=6YD(#$Q+C8E/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T M:6]N86P@0F]N9"!);F1E>"!&=6YD(#(N.24\+W`^/'`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`^/'`^/"]P/CQP M/D%T(&%N>2!G:79E;B!T:6UE+"!T:&4@1G5N9"=S(&%S2!O9B!F86-T;W)S+"!S M=6-H(&%S('=H971H97(@=&AE('5N9&5R;'EI;F<@9G5N9',@87)E(&%C8V5P M=&EN9R!A9&1I=&EO;F%L(&EN=F5S=&UE;G1S+CPO<#X\<#Y4:&4@1G5N9"=S M(&EN9&ER96-T('-T;V-K(&AO;&1I;F=S(&%R92!A(&1I=F5R"!O9B!5+E,N(&%N9"!F;W)E:6=N(&QAF%T:6]N('-T;V-K2P@86YD(&EN=F5S=&UE;G0M9W)A9&4@52Y3 M+B!C;W)P;W)A=&4@8F]N9',[(&UOF5D(&EN=F5S=&UE;G0M9W)A9&4@9F]R M96EG;B!B;VYD2!686YG=6%R9"!T;R!M:6YI M;6EZ92!C=7)R96YC>2!E>'!O6EN9R!F=6YD)W,@:6YC;VUE('=I;&P@9&5C M;&EN92!B96-A=7-E(&]F(&9A;&QI;F<@:6YT97)E6EN9R!F=6YD)W,@2!A9F9E8W0@ M=&AE('9A;'5E(&]F('-E8W5R:71I97,@:7-S=65D(&)Y(&9O2!N;W0@<&5R9F5C=&QY(&]F9G-E="!T:&4@9G5N9"=S(&9O2!D97-I9VYE9"!F;W(@:6YV97-T;W)S('!L86YN:6YG('1O(')E=&ER M92!A;F0@;&5A=F4@=&AE('=O65A65A6EN9R!F M=6YD"!&=6YD(#(W+C`E/"]P/CQP/E9A;F=U87)D(%1O M=&%L($)O;F0@36%R:V5T($E)($EN9&5X($9U;F0@."XP)3PO<#X\<#Y686YG M=6%R9"!4;W1A;"!);G1E2!B92!A9F9E8W1E9"!B>2!A('9AF4@8W5R2`Q,"4@;V8@:71S(&%S2!S=6)J96-T('1O(&)O;F0@2!I;G1E2!T;R!M86ME('-U8V@@ M<&%Y;65N=',@=VEL;"!C875S92!T:&4@<')I8V4@;V8@=&AA="!B;VYD('1O M(&1E8VQI;F4L('1H=7,@2!D871E6EN M9R!F=6YD('=O=6QD('1H96X@;&]S92!A;GD@<')I8V4@87!P6UE;G0@2!F;W)E M:6=N(&=O=F5R;FUE;G1S+"!G;W9E2!H961G:6YG(')I2!T:&4@=6YD97)L>6EN9R!I;G1E2!O9F9S970@=&AE(&9U;F0G M2!);G9E M2!Y96%R&5D(&EN8V]M92!I;G9E M65A"!&=6YD(#@N,"4\+W`^ M/'`^5F%N9W5A6EN9R!F=6YD&EM871E;'D@,3`E(&]F(&ET2!M86YN97(L(&]R('1H870@ M;F5G871I=F4@<&5R8V5P=&EO;G,@;V8@=&AE(&ES6UE;G1S('=I;&P@8V%U2!C M86QL("AR961E96TI('-E8W5R:71I97,@=VET:"!H:6=H97(@8V]U<&]N6EN9R!F=6YD)W,@:6YC;VUE M+B!&;W(@;6]R=&=A9V4M8F%C:V5D('-E8W5R:71I97,L('1H:7,@2UH961G960@9F]R96EG;B!B;VYD M2]R96=I;VYA;"!R:7-K+"!W:&EC:"!I2!H961G:6YG M('1R86YS86-T:6]N65A65A"!&=6YD(#(N,"4\+W`^/'`^/"]P/CQP/D%T(&%N>2!G:79E M;B!T:6UE+"!T:&4@1G5N9"=S(&%S2!O9B!F86-T;W)S+"!S=6-H(&%S('=H971H M97(@=&AE('5N9&5R;'EI;F<@9G5N9',@87)E(&%C8V5P=&EN9R!A9&1I=&EO M;F%L(&EN=F5S=&UE;G1S+CPO<#X\<#Y4:&4@1G5N9"=S(&EN9&ER96-T('-T M;V-K(&AO;&1I;F=S(&%R92!A(&1I=F5R"!O9B!5+E,N(&%N M9"!F;W)E:6=N(&QAF%T M:6]N('-T;V-K2P@86YD(&EN=F5S=&UE;G0M9W)A9&4@52Y3+B!C;W)P;W)A=&4@ M8F]N9',[(&UOF5D(&EN=F5S=&UE;G0M9W)A9&4@9F]R96EG;B!B;VYD2!686YG=6%R9"!T;R!M:6YI;6EZ92!C=7)R96YC M>2!E>'!O2!2:7-K6EN9R!F=6YD)W,@:6YC;VUE('=I;&P@9&5C;&EN92!B96-A=7-E M(&]F(&9A;&QI;F<@:6YT97)E6EN9R!F=6YD)W,@2!A9F9E8W0@=&AE('9A;'5E(&]F M('-E8W5R:71I97,@:7-S=65D(&)Y(&9O2!N;W0@ M<&5R9F5C=&QY(&]F9G-E="!T:&4@9G5N9"=S(&9O2!D97-I9VYE M9"!F;W(@:6YV97-T;W)S('!L86YN:6YG('1O(')E=&ER92!A;F0@;&5A=F4@ M=&AE('=O65A65A6EN9R!F=6YD"!&=6YD(#(W+C`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`@("`\+W1R/@T*("`@("`@/'1R(&-L M87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0Z/"]T9#X- M"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<#X\+W`^/'`^6U-(25`@3$]' M3R!604Y'54%21"`H2!P97)C96YT(&]F(&5A8V@@1G5N9"=S M(&9I>&5D(&EN8V]M92!E>'!O"!&=6YD M(')A=&AE&5D(&EN M8V]M92!F=6YD"!O M9B!E86-H($9U;F0G'!E;G-E(')A=&EO2!D97-I9VYE9"!F;W(@ M:6YV97-T;W)S(&-U2!I;B!R971I6EN9R!F=6YD"!&=6YD(#$V+C@E/"]P/CQP/E9A;F=U M87)D(%1O=&%L($EN=&5R;F%T:6]N86P@0F]N9"!);F1E>"!&=6YD(#$T+C`E M/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@4W1O8VL@26YD M97@@1G5N9"`Y+C`E/"]P/CQP/CPO<#X\<#X@070@86YY(&=I=F5N('1I;64L M('1H92!&=6YD)W,@87-S970@86QL;V-A=&EO;B!M87D@8F4@869F96-T960@ M8GD@82!V87)I971Y(&]F(&9A8W1O6EN9R!F=6YDF5D(&EN=F5S=&UE;G0M M9W)A9&4@9F]R96EG;B!B;VYD2!686YG=6%R M9"!T;R!M:6YI;6EZ92!C=7)R96YC>2!E>'!O2!S=6)J96-T('1O(&)O;F0@6EN9R!F=6YD)W,@2!P2!A9F9E8W0@=&AE('9A;'5E(&]F('-E8W5R M:71I97,@:7-S=65D(&)Y(&9O2!N;W0@<&5R9F5C M=&QY(&]F9G-E="!T:&4@9G5N9"=S(&9O2!D97-I9VYE9"!F;W(@ M:6YV97-T;W)S('!L86YN:6YG('1O(')E=&ER92!A;F0@;&5A=F4@=&AE('=O M65A65A6EN9R!F=6YD2!G:79E;B!T:6UE M+"!T:&4@1G5N9"=S(&%S2!O9B!F86-T;W)S+"!S=6-H(&%S('=H971H97(@=&AE M('5N9&5R;'EI;F<@9G5N9',@87)E(&%C8V5P=&EN9R!A9&1I=&EO;F%L(&EN M=F5S=&UE;G1S+CPO<#X\<#Y4:&4@1G5N9"=S(&EN9&ER96-T(&)O;F0@:&]L M9&EN9W,@87)E(&$@9&EV97)S:69I960@;6EX(&]F('-H;W)T+2P@:6YT97)M M961I871E+2P@86YD(&QO;FF4@8W5R&EM871E;'D@-3DE(&]F M(&ET2!I;G1E M2!D871E M6EN9R!F=6YD('=O=6QD('1H96X@;&]S92!A;GD@<')I M8V4@87!P6UE;G0@2!F;W)E:6=N(&=O=F5R;FUE;G1S+"!G;W9E2!H961G:6YG(')I M2!O M9F9S970@=&AE(&9U;F0G2!);G9E2!Y96%R&5D(&EN8V]M92!I;G9E65A"!&=6YD(#,W+C@E/"]P/CQP/E9A M;F=U87)D(%1O=&%L($)O;F0@36%R:V5T($E)($EN9&5X($9U;F0@,S(N,"4\ M+W`^/'`^5F%N9W5A"!&=6YD(#$V+C(E/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N M86P@0F]N9"!);F1E>"!&=6YD(#DN,B4\+W`^/'`^5F%N9W5A6EN9R!F=6YD2`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`E/"]P/CQP/E9A;F=U87)D(%1O=&%L($)O;F0@36%R:V5T($E) M($EN9&5X($9U;F0@."XP)3PO<#X\<#Y686YG=6%R9"!4;W1A;"!);G1E2!B92!A9F9E8W1E9"!B>2!A('9A2`Q,"4@;V8@:71S M(&%S2!S=6)J96-T('1O(&)O;F0@2!I;G1E2!T;R!M86ME('-U8V@@<&%Y;65N=',@=VEL M;"!C875S92!T:&4@<')I8V4@;V8@=&AA="!B;VYD('1O(&1E8VQI;F4L('1H M=7,@2!D871E6EN9R!F=6YD('=O=6QD M('1H96X@;&]S92!A;GD@<')I8V4@87!P6UE;G0@2!F;W)E:6=N(&=O=F5R;FUE M;G1S+"!G;W9E2!H961G:6YG(')I2!T:&4@=6YD97)L>6EN9R!I;G1E2!O9F9S970@=&AE(&9U;F0G2!);G9E2!Y96%R&5D(&EN8V]M92!I;G9E65A"!& M=6YD(#8S+C`E/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@ M4W1O8VL@26YD97@@1G5N9"`R-RXP)3PO<#X\<#Y686YG=6%R9"!4;W1A;"!" M;VYD($UA"!&=6YD(#@N,"4\+W`^/'`^5F%N9W5A6EN9R!F=6YD&EM871E;'D@,3`E M(&]F(&ET2!M86YN97(L(&]R('1H870@;F5G871I=F4@<&5R8V5P=&EO M;G,@;V8@=&AE(&ES6UE M;G1S('=I;&P@8V%U2!C86QL("AR961E96TI('-E8W5R M:71I97,@=VET:"!H:6=H97(@8V]U<&]N2UH961G960@9F]R96EG;B!B;VYD2]R96=I;VYA M;"!R:7-K+"!W:&EC:"!I2!H961G:6YG('1R86YS86-T:6]N65A65A"!&=6YD(#(N M,"4\+W`^/'`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`E/"]P M/CQP/E9A;F=U87)D(%1O=&%L($)O;F0@36%R:V5T($E)($EN9&5X($9U;F0@ M."XP)3PO<#X\<#Y686YG=6%R9"!4;W1A;"!);G1E2!B92!A9F9E8W1E M9"!B>2!A('9A2`Q,"4@;V8@:71S(&%S2!S M=6)J96-T('1O(&)O;F0@2!I;G1E2!T;R!M86ME('-U8V@@<&%Y;65N=',@=VEL;"!C875S92!T:&4@ M<')I8V4@;V8@=&AA="!B;VYD('1O(&1E8VQI;F4L('1H=7,@2!D871E6EN9R!F=6YD('=O=6QD('1H96X@;&]S92!A M;GD@<')I8V4@87!P6UE;G0@2!F;W)E:6=N(&=O=F5R;FUE;G1S+"!G;W9E2!H961G M:6YG(')I2!T:&4@=6YD M97)L>6EN9R!I;G1E2!O9F9S970@=&AE(&9U;F0G2!Y M96%R&5D(&EN8V]M92!I;G9E65A"!&=6YD(#8S+C`E/"]P M/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@4W1O8VL@26YD97@@ M1G5N9"`R-RXP)3PO<#X\<#Y686YG=6%R9"!4;W1A;"!";VYD($UA"!&=6YD(#@N,"4\+W`^/'`^5F%N9W5A2!B92!A M9F9E8W1E9"!B>2!A('9A2`Q,"4@;V8@:71S(&%S2!S=6)J96-T('1O(&)O;F0@2!I;G1E2!T;R!M86ME('-U8V@@<&%Y;65N=',@=VEL;"!C875S M92!T:&4@<')I8V4@;V8@=&AA="!B;VYD('1O(&1E8VQI;F4L('1H=7,@2!D871E6EN9R!F=6YD('=O=6QD('1H96X@ M;&]S92!A;GD@<')I8V4@87!P6UE;G0@2!F;W)E:6=N(&=O=F5R;FUE;G1S+"!G M;W9E2!H961G:6YG(')I2!T M:&4@=6YD97)L>6EN9R!I;G1E2!O9F9S970@=&AE(&9U;F0G'0\+W-T'0^/'`^/"]P/CQP/EM32$E0($Q/1T\@5D%. M1U5!4D0@*'(I73PO<#X\<#X\+W`^/'`^/"]P/CQP/CPO<#X\<#X\+W`^/'`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`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`S-R4@;V8@:71S(&%S2!S=6)J96-T('1O(&)O;F0@2!I;G1E2!T;R!M86ME('-U8V@@<&%Y;65N=',@=VEL;"!C875S92!T M:&4@<')I8V4@;V8@=&AA="!B;VYD('1O(&1E8VQI;F4L('1H=7,@2!D871E6EN9R!F=6YD('=O=6QD('1H96X@;&]S M92!A;GD@<')I8V4@87!P6UE;G0@2!F;W)E:6=N(&=O=F5R;FUE;G1S+"!G;W9E M2!H M961G:6YG(')I2!T:&4@ M=6YD97)L>6EN9R!I;G1E2!O9F9S970@=&AE(&9U;F0G2!);G9E2!Y96%R&5D(&EN8V]M92!I;G9E65A"!&=6YD(#0Y+C,E M/"]P/CQP/E9A;F=U87)D(%1O=&%L($)O;F0@36%R:V5T($E)($EN9&5X($9U M;F0@,C,N-B4\+W`^/'`^5F%N9W5A"!&=6YD(#(Q+C(E/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN M=&5R;F%T:6]N86P@0F]N9"!);F1E>"!&=6YD(#4N.24\+W`^/'`^/"]P/CQP M/B!!="!A;GD@9VEV96X@=&EM92P@=&AE($9U;F0G2!B92!A9F9E8W1E9"!B>2!A('9A2`R.24@ M;V8@:71S(&%S2!S=6)J96-T('1O(&)O;F0@2!I;G1E2!T;R!M86ME('-U8V@@<&%Y;65N M=',@=VEL;"!C875S92!T:&4@<')I8V4@;V8@=&AA="!B;VYD('1O(&1E8VQI M;F4L('1H=7,@2!D871E6EN9R!F=6YD M('=O=6QD('1H96X@;&]S92!A;GD@<')I8V4@87!P6UE M;G0@2!F;W)E:6=N(&=O M=F5R;FUE;G1S+"!G;W9E2!H961G:6YG(')I2!T:&4@=6YD97)L>6EN9R!I;G1E2!O9F9S970@=&AE(&9U;F0G2!);G9E2!Y96%R&5D(&EN8V]M92!I;G9E65A"!&=6YD(#4T+C8E/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T M:6]N86P@4W1O8VL@26YD97@@1G5N9"`R,RXT)3PO<#X\<#Y686YG=6%R9"!4 M;W1A;"!";VYD($UA"!&=6YD(#$W+C8E/"]P/CQP/E9A M;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@0F]N9"!);F1E>"!&=6YD(#0N M-"4\+W`^/'`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`Q-"4@;V8@:71S(&%S2!S=6)J96-T M('1O(&)O;F0@2!I;G1E M2!D871E M6EN9R!F=6YD('=O=6QD('1H96X@;&]S92!A;GD@<')I M8V4@87!P6UE;G0@2!F;W)E:6=N(&=O=F5R;FUE;G1S+"!G;W9E2!H961G:6YG(')I M2!O M9F9S970@=&AE(&9U;F0G2!);G9E2!Y96%R&5D(&EN8V]M92!I;G9E65A"!&=6YD(#8S+C`E/"]P/CQP/E9A M;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@4W1O8VL@26YD97@@1G5N9"`R M-RXP)3PO<#X\<#Y686YG=6%R9"!4;W1A;"!";VYD($UA"!&=6YD(#@N,"4\+W`^/'`^5F%N9W5A6EN9R!F=6YD2P@8V]R<&]R871E+"!A M;F0@&EM871E;'D@,3`E(&]F(&ET2!M M86YN97(L(&]R('1H870@;F5G871I=F4@<&5R8V5P=&EO;G,@;V8@=&AE(&ES M6UE;G1S('=I;&P@8V%U M2!C86QL("AR961E96TI('-E8W5R:71I97,@=VET:"!H M:6=H97(@8V]U<&]N6EN M9R!F=6YD)W,@:6YC;VUE+B!&;W(@;6]R=&=A9V4M8F%C:V5D('-E8W5R:71I M97,L('1H:7,@2UH961G M960@9F]R96EG;B!B;VYD2]R96=I;VYA;"!R:7-K+"!W:&EC M:"!I2!H961G:6YG('1R86YS86-T:6]N'0@=6YD97(@)U!R:6UA65A65A"!&=6YD(#(N,"4\+W`^/'`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`E/"]P/CQP/E9A;F=U87)D(%1O=&%L M($)O;F0@36%R:V5T($E)($EN9&5X($9U;F0@."XP)3PO<#X\<#Y686YG=6%R M9"!4;W1A;"!);G1E2!B92!A9F9E8W1E9"!B>2!A('9AF4@8W5R2`Q,"4@;V8@:71S(&%S2!S=6)J96-T('1O(&)O;F0@2!I;G1E2!T;R!M86ME('-U M8V@@<&%Y;65N=',@=VEL;"!C875S92!T:&4@<')I8V4@;V8@=&AA="!B;VYD M('1O(&1E8VQI;F4L('1H=7,@2!D871E6EN9R!F=6YD('=O=6QD('1H96X@;&]S92!A;GD@<')I8V4@87!P6UE;G0@2!F M;W)E:6=N(&=O=F5R;FUE;G1S+"!G;W9E2!H961G:6YG(')I2!T:&4@=6YD97)L>6EN9R!I;G1E2!O9F9S970@=&AE(&9U M;F0G2!) M;G9E2!Y96%R"!&=6YD(#@N,"4\ M+W`^/'`^5F%N9W5A6EN9R!F=6YD&EM871E;'D@,3`E(&]F(&ET2!M86YN97(L(&]R('1H M870@;F5G871I=F4@<&5R8V5P=&EO;G,@;V8@=&AE(&ES6UE;G1S('=I;&P@8V%U2!C86QL("AR961E96TI('-E8W5R:71I97,@=VET:"!H:6=H97(@8V]U<&]N M6EN9R!F=6YD)W,@:6YC M;VUE+B!&;W(@;6]R=&=A9V4M8F%C:V5D('-E8W5R:71I97,L('1H:7,@2UH961G960@9F]R96EG;B!B M;VYD2]R96=I;VYA;"!R:7-K+"!W:&EC:"!I2!H961G M:6YG('1R86YS86-T:6]N65A65A"!&=6YD(#(N,"4\+W`^/'`^070@86YY(&=I=F5N('1I M;64L('1H92!&=6YD)W,@87-S970@86QL;V-A=&EO;B!M87D@8F4@869F96-T M960@8GD@82!V87)I971Y(&]F(&9A8W1O6EN9R!F=6YD&EM871E;'D@,3`E(&]F(&ET2!M86YN97(L M(&]R('1H870@;F5G871I=F4@<&5R8V5P=&EO;G,@;V8@=&AE(&ES6UE;G1S('=I;&P@8V%U2!C86QL("AR961E96TI('-E8W5R:71I97,@=VET:"!H:6=H97(@ M8V]U<&]N6EN9R!F=6YD M)W,@:6YC;VUE+B!&;W(@;6]R=&=A9V4M8F%C:V5D('-E8W5R:71I97,L('1H M:7,@2UH961G960@9F]R M96EG;B!B;VYD2]R96=I;VYA;"!R:7-K+"!W:&EC:"!I2!H961G:6YG('1R86YS86-T:6]N2`R."P@,C`Q,SPO<#X\ M<#Y#:&%N9V5S(&EN(%5N9&5R;'EI;F<@1G5N9"!!;&QO8V%T:6]N&5D M(&EN8V]M92!E>'!O"!&=6YD+CPO<#X\<#X@5&AE(%1A'!O2!-87)K970@1G5N9"X\+W`^/'`^5&AE($9U;F1S)R!T87)G970@86QL M;V-A=&EO;G,@=&\@=&AE('5N9&5R;'EI;F<@9FEX960@:6YC;VUE(&9U;F1S M(&%R92!D97-C&5D(&EN8V]M92!I;G9E2!D:60@;F]T(&%F M9F5C="!E86-H($9U;F0G'0@=6YD97(@)U!R M:6UA"!&=6YD(#(Q+C`E/"]P/CQP M/E9A;F=U87)D(%-H;W)T+51E"!&=6YD(#DN M,"4\+W`^/'`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`E/"]P/CQP M/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@4W1O8VL@26YD97@@1G5N M9"`Q,BXT)3PO<#X\<#Y686YG=6%R9"!3:&]R="U497)M($EN9FQA=&EO;BU0 M"!&=6YD(#$Q+C@E/"]P/CQP/E9A M;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@0F]N9"!);F1E>"!&=6YD(#$Q M+C6EN M9R!F=6YDF5D(&EN=F5S=&UE;G0M9W)A9&4@9F]R M96EG;B!B;VYD2!686YG=6%R9"!T;R!M:6YI M;6EZ92!C=7)R96YC>2!E>'!O2`U.24@;V8@:71S(&%S2!S=6)J96-T('1O(&)O;F0@6EN9R!F M=6YD)W,@2!A9F9E8W0@=&AE('9A;'5E(&]F('-E8W5R:71I97,@:7-S=65D(&)Y M(&9O2!N;W0@<&5R9F5C=&QY(&]F9G-E="!T:&4@ M9G5N9"=S(&9O2!D97-I9VYE9"!F;W(@:6YV97-T;W)S('!L86YN M:6YG('1O(')E=&ER92!A;F0@;&5A=F4@=&AE('=O65A65A6EN9R!F=6YD"!&=6YD(#0N."4\+W`^ M/'`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`R,2XR)3PO<#X\<#Y686YG=6%R9"!4;W1A;"!);G1E6EN9R!F=6YD2P@8V]R<&]R M871E+"!A;F0@&EM871E;'D@,CDE(&]F(&ET M2!M86YN97(L(&]R('1H870@;F5G871I=F4@<&5R8V5P=&EO;G,@;V8@ M=&AE(&ES6UE;G1S('=I M;&P@8V%U2!C86QL("AR961E96TI('-E8W5R:71I97,@ M=VET:"!H:6=H97(@8V]U<&]N2UH961G960@9F]R96EG;B!B;VYD2]R96=I;VYA;"!R:7-K M+"!W:&EC:"!I2!H961G:6YG('1R86YS86-T:6]N'0@=6YD97(@)U!R:6UA65A M65A2!B92!A9F9E8W1E9"!B>2!A('9AF4@8W5R2`R,B4@;V8@:71S(&%S2!S=6)J96-T('1O(&)O;F0@2!I;G1E2!T;R!M86ME('-U M8V@@<&%Y;65N=',@=VEL;"!C875S92!T:&4@<')I8V4@;V8@=&AA="!B;VYD M('1O(&1E8VQI;F4L('1H=7,@2!D871E6EN9R!F=6YD('=O=6QD('1H96X@;&]S92!A;GD@<')I8V4@87!P6UE;G0@2!F M;W)E:6=N(&=O=F5R;FUE;G1S+"!G;W9E2!H961G:6YG(')I2!T:&4@=6YD97)L>6EN9R!I;G1E2!O9F9S970@=&AE(&9U M;F0G2!) M;G9E2!Y96%R"!&=6YD(#$Q+C8E M/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@0F]N9"!);F1E M>"!&=6YD(#(N.24\+W`^/'`^070@86YY(&=I=F5N('1I;64L('1H92!&=6YD M)W,@87-S970@86QL;V-A=&EO;B!M87D@8F4@869F96-T960@8GD@82!V87)I M971Y(&]F(&9A8W1O6EN M9R!F=6YD&EM871E;'D@,30E(&]F(&ET2!M86YN97(L(&]R('1H870@;F5G M871I=F4@<&5R8V5P=&EO;G,@;V8@=&AE(&ES6UE;G1S('=I;&P@8V%U2!C86QL M("AR961E96TI('-E8W5R:71I97,@=VET:"!H:6=H97(@8V]U<&]N6EN9R!F=6YD)W,@:6YC;VUE+B!& M;W(@;6]R=&=A9V4M8F%C:V5D('-E8W5R:71I97,L('1H:7,@2UH961G960@9F]R96EG;B!B;VYD2]R96=I;VYA;"!R:7-K+"!W:&EC:"!I2!H961G:6YG('1R M86YS86-T:6]N65A65A"!&=6YD(#(N,"4\+W`^/'`^/"]P/CQP/D%T(&%N>2!G:79E;B!T M:6UE+"!T:&4@1G5N9"=S(&%S2!O9B!F86-T;W)S+"!S=6-H(&%S('=H971H97(@ M=&AE('5N9&5R;'EI;F<@9G5N9',@87)E(&%C8V5P=&EN9R!A9&1I=&EO;F%L M(&EN=F5S=&UE;G1S+CPO<#X\<#Y4:&4@1G5N9"=S(&EN9&ER96-T('-T;V-K M(&AO;&1I;F=S(&%R92!A(&1I=F5R"!O9B!5+E,N(&%N9"!F M;W)E:6=N(&QAF%T:6]N M('-T;V-K2P@86YD(&EN=F5S=&UE;G0M9W)A9&4@52Y3+B!C;W)P;W)A=&4@8F]N M9',[(&UOF5D(&EN=F5S=&UE;G0M9W)A9&4@9F]R96EG;B!B;VYD2!686YG=6%R9"!T;R!M:6YI;6EZ92!C=7)R96YC>2!E M>'!O2!2:7-K6EN9R!F=6YD)W,@:6YC;VUE('=I;&P@9&5C;&EN92!B96-A=7-E(&]F M(&9A;&QI;F<@:6YT97)E6EN9R!F=6YD)W,@2!P2!A9F9E8W0@=&AE('9A;'5E(&]F('-E M8W5R:71I97,@:7-S=65D(&)Y(&9O2!N;W0@<&5R M9F5C=&QY(&]F9G-E="!T:&4@9G5N9"=S(&9O2!D97-I9VYE9"!F M;W(@:6YV97-T;W)S('!L86YN:6YG('1O(')E=&ER92!A;F0@;&5A=F4@=&AE M('=O65A65A6EN9R!F=6YD"!&=6YD(#(W+C`E/"]P/CQP/E9A;F=U87)D(%1O=&%L($)O;F0@36%R:V5T M($E)($EN9&5X($9U;F0@."XP)3PO<#X\<#Y686YG=6%R9"!4;W1A;"!);G1E M2!B M92!A9F9E8W1E9"!B>2!A('9A2`Q,"4@;V8@:71S(&%S M2!S=6)J96-T('1O(&)O;F0@2!I;G1E2!T;R!M86ME('-U8V@@<&%Y;65N=',@=VEL;"!C M875S92!T:&4@<')I8V4@;V8@=&AA="!B;VYD('1O(&1E8VQI;F4L('1H=7,@ M2!D871E6EN9R!F=6YD('=O=6QD('1H M96X@;&]S92!A;GD@<')I8V4@87!P6UE;G0@2!F;W)E:6=N(&=O=F5R;FUE;G1S M+"!G;W9E2!H961G:6YG(')I2!T:&4@=6YD97)L>6EN9R!I;G1E2!O9F9S970@=&AE(&9U;F0G2!);G9E2!Y96%R&5D(&EN8V]M92!I;G9E65A"!&=6YD M(#8S+C`E/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@4W1O M8VL@26YD97@@1G5N9"`R-RXP)3PO<#X\<#Y686YG=6%R9"!4;W1A;"!";VYD M($UA"!&=6YD(#@N,"4\+W`^/'`^5F%N9W5A6EN9R!F=6YD&EM871E;'D@ M,3`E(&]F(&ET2!M86YN97(L(&]R('1H870@;F5G871I=F4@<&5R8V5P M=&EO;G,@;V8@=&AE(&ES6UE;G1S('=I;&P@8V%U2!C86QL("AR961E96TI('-E M8W5R:71I97,@=VET:"!H:6=H97(@8V]U<&]N6EN9R!F=6YD)W,@:6YC;VUE+B!&;W(@;6]R=&=A9V4M M8F%C:V5D('-E8W5R:71I97,L('1H:7,@2UH961G960@9F]R96EG;B!B;VYD2]R96=I M;VYA;"!R:7-K+"!W:&EC:"!I2!H961G:6YG('1R86YS86-T:6]N65A65A"!&=6YD M(#(N,"4\+W`^/'`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`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`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@ M/'1R(&-L87-S/3-$'0Z/"]T9#X-"B`@("`@("`@/'1D(&-L M87-S/3-$=&5X=#X\<#X\+W`^/'`^6U-(25`@3$]'3R!604Y'54%21"`H2!P97)C96YT(&]F(&5A8V@@1G5N9"=S(&9I>&5D(&EN8V]M92!E M>'!O"!&=6YD(')A=&AE&5D(&EN8V]M92!F=6YD"!O9B!E86-H($9U;F0G'!E;G-E(')A=&EO2!D97-I9VYE9"!F;W(@:6YV97-T;W)S(&-U2!I;B!R971I6EN9R!F=6YD"!&=6YD(#$V+C@E/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R M;F%T:6]N86P@0F]N9"!);F1E>"!&=6YD(#$T+C`E/"]P/CQP/E9A;F=U87)D M(%1O=&%L($EN=&5R;F%T:6]N86P@4W1O8VL@26YD97@@1G5N9"`Y+C`E/"]P M/CQP/CPO<#X\<#X@070@86YY(&=I=F5N('1I;64L('1H92!&=6YD)W,@87-S M970@86QL;V-A=&EO;B!M87D@8F4@869F96-T960@8GD@82!V87)I971Y(&]F M(&9A8W1O6EN9R!F=6YD MF5D(&EN=F5S=&UE;G0M9W)A9&4@9F]R96EG;B!B M;VYD2!686YG=6%R9"!T;R!M:6YI;6EZ92!C M=7)R96YC>2!E>'!O2`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`^/'`^5F%N9W5A6EN9R!F=6YD2`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`E/"]P/CQP M/E9A;F=U87)D(%1O=&%L($)O;F0@36%R:V5T($E)($EN9&5X($9U;F0@."XP M)3PO<#X\<#Y686YG=6%R9"!4;W1A;"!);G1E2!B92!A9F9E8W1E9"!B M>2!A('9AF4@8W5R2`Q,"4@;V8@:71S(&%S2!S=6)J M96-T('1O(&)O;F0@2!I M;G1E2!T;R!M86ME('-U8V@@<&%Y;65N=',@=VEL;"!C875S92!T:&4@<')I M8V4@;V8@=&AA="!B;VYD('1O(&1E8VQI;F4L('1H=7,@2!D M871E6EN9R!F=6YD('=O=6QD('1H96X@;&]S92!A;GD@ M<')I8V4@87!P6UE;G0@2!F;W)E:6=N(&=O=F5R;FUE;G1S+"!G;W9E2!H961G:6YG M(')I2!T:&4@=6YD97)L M>6EN9R!I;G1E2!O9F9S970@=&AE(&9U;F0G2!);G9E2!Y96%R M&5D(&EN8V]M92!I;G9E65A"!&=6YD(#8S+C`E/"]P/CQP M/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@4W1O8VL@26YD97@@1G5N M9"`R-RXP)3PO<#X\<#Y686YG=6%R9"!4;W1A;"!";VYD($UA"!&=6YD(#@N,"4\+W`^/'`^5F%N9W5A6EN9R!F=6YD2P@8V]R<&]R871E+"!A;F0@ M&EM871E;'D@,3`E(&]F(&ET2!M86YN M97(L(&]R('1H870@;F5G871I=F4@<&5R8V5P=&EO;G,@;V8@=&AE(&ES6UE;G1S('=I;&P@8V%U2!C86QL("AR961E96TI('-E8W5R:71I97,@=VET:"!H:6=H M97(@8V]U<&]N6EN9R!F M=6YD)W,@:6YC;VUE+B!&;W(@;6]R=&=A9V4M8F%C:V5D('-E8W5R:71I97,L M('1H:7,@2UH961G960@ M9F]R96EG;B!B;VYD2]R96=I;VYA;"!R:7-K+"!W:&EC:"!I M2!H961G:6YG('1R86YS86-T:6]N'0@=6YD97(@)U!R:6UA65A65A"!&=6YD(#(N,"4\+W`^/'`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`E/"]P/CQP/E9A;F=U87)D(%1O M=&%L($)O;F0@36%R:V5T($E)($EN9&5X($9U;F0@."XP)3PO<#X\<#Y686YG M=6%R9"!4;W1A;"!);G1E2!B92!A9F9E8W1E9"!B>2!A('9AF4@8W5R2`Q,"4@;V8@:71S(&%S2!S=6)J96-T('1O(&)O;F0@ M2!I;G1E2!T;R!M86ME M('-U8V@@<&%Y;65N=',@=VEL;"!C875S92!T:&4@<')I8V4@;V8@=&AA="!B M;VYD('1O(&1E8VQI;F4L('1H=7,@2!D871E6EN9R!F=6YD('=O=6QD('1H96X@;&]S92!A;GD@<')I8V4@87!P6UE;G0@2!F;W)E:6=N(&=O=F5R;FUE;G1S+"!G;W9E2!H961G:6YG(')I2!T:&4@=6YD97)L>6EN9R!I;G1E2!O9F9S970@=&AE M(&9U;F0G2!);G9E2!Y96%R&5D(&EN8V]M M92!I;G9E65A M"!&=6YD(#@N M,"4\+W`^/'`^5F%N9W5A2!B92!A9F9E8W1E9"!B>2!A('9A MF4@8W5R2`Q,"4@;V8@:71S(&%S2!S=6)J96-T('1O M(&)O;F0@2!I;G1E2!T M;R!M86ME('-U8V@@<&%Y;65N=',@=VEL;"!C875S92!T:&4@<')I8V4@;V8@ M=&AA="!B;VYD('1O(&1E8VQI;F4L('1H=7,@2!D871E6EN9R!F=6YD('=O=6QD('1H96X@;&]S92!A;GD@<')I8V4@ M87!P6UE;G0@2!F;W)E:6=N(&=O=F5R;FUE;G1S+"!G;W9E2!H961G:6YG(')I2!O9F9S M970@=&AE(&9U;F0G'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R M(&-L87-S/3-$'0Z/"]T9#X-"B`@("`@("`@/'1D(&-L87-S M/3-$=&5X=#X\<#X\+W`^/'`^6U-(25`@3$]'3R!604Y'54%21"`H2!P97)C96YT(&]F(&5A8V@@1G5N9"=S(&9I>&5D(&EN8V]M92!E>'!O M"!&=6YD(')A=&AE&5D(&EN8V]M92!F=6YD"!O9B!E86-H($9U;F0G'!E;G-E(')A=&EO2!D97-I9VYE9"!F;W(@:6YV97-T;W)S(&-U2!I;B!R971I6EN9R!F=6YD"!&=6YD(#$T+C`E/"]P/CQP/E9A;F=U87)D(%1O M=&%L($EN=&5R;F%T:6]N86P@4W1O8VL@26YD97@@1G5N9"`Y+C`E/"]P/CQP M/CPO<#X\<#X@070@86YY(&=I=F5N('1I;64L('1H92!&=6YD)W,@87-S970@ M86QL;V-A=&EO;B!M87D@8F4@869F96-T960@8GD@82!V87)I971Y(&]F(&9A M8W1O6EN9R!F=6YDF5D(&EN=F5S=&UE;G0M9W)A9&4@9F]R96EG;B!B;VYD M2!686YG=6%R9"!T;R!M:6YI;6EZ92!C=7)R M96YC>2!E>'!O2`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`^/'`^5F%N9W5A6EN9R!F=6YDF4@8W5R2`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`E/"]P/CQP/E9A M;F=U87)D(%1O=&%L($)O;F0@36%R:V5T($E)($EN9&5X($9U;F0@."XP)3PO M<#X\<#Y686YG=6%R9"!4;W1A;"!);G1E2!B92!A9F9E8W1E9"!B>2!A M('9AF4@8W5R2`Q,"4@;V8@:71S(&%S2!S=6)J96-T M('1O(&)O;F0@2!I;G1E M2!D871E M6EN9R!F=6YD('=O=6QD('1H96X@;&]S92!A;GD@<')I M8V4@87!P6UE;G0@2!F;W)E:6=N(&=O=F5R;FUE;G1S+"!G;W9E2!H961G:6YG(')I M2!O M9F9S970@=&AE(&9U;F0G2!);G9E2!Y96%R&5D(&EN8V]M92!I;G9E65A"!&=6YD(#8S+C`E/"]P/CQP/E9A M;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@4W1O8VL@26YD97@@1G5N9"`R M-RXP)3PO<#X\<#Y686YG=6%R9"!4;W1A;"!";VYD($UA"!&=6YD(#@N,"4\+W`^/'`^5F%N9W5A6EN9R!F=6YD&EM871E;'D@,3`E(&]F(&ET2!M86YN97(L M(&]R('1H870@;F5G871I=F4@<&5R8V5P=&EO;G,@;V8@=&AE(&ES6UE;G1S('=I;&P@8V%U2!C86QL("AR961E96TI('-E8W5R:71I97,@=VET:"!H:6=H97(@ M8V]U<&]N6EN9R!F=6YD M)W,@:6YC;VUE+B!&;W(@;6]R=&=A9V4M8F%C:V5D('-E8W5R:71I97,L('1H M:7,@2UH961G960@9F]R M96EG;B!B;VYD2]R96=I;VYA;"!R:7-K+"!W:&EC:"!I2!H961G:6YG('1R86YS86-T:6]N'0@=6YD97(@)U!R:6UA65A65A"!&=6YD(#(N,"4\+W`^/'`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`E/"]P/CQP/E9A;F=U87)D(%1O=&%L M($)O;F0@36%R:V5T($E)($EN9&5X($9U;F0@."XP)3PO<#X\<#Y686YG=6%R M9"!4;W1A;"!);G1E2!B92!A9F9E8W1E9"!B>2!A('9AF4@8W5R2`Q,"4@;V8@:71S(&%S2!S=6)J96-T('1O(&)O;F0@2!I;G1E2!T;R!M86ME('-U M8V@@<&%Y;65N=',@=VEL;"!C875S92!T:&4@<')I8V4@;V8@=&AA="!B;VYD M('1O(&1E8VQI;F4L('1H=7,@2!D871E6EN9R!F=6YD('=O=6QD('1H96X@;&]S92!A;GD@<')I8V4@87!P6UE;G0@2!F M;W)E:6=N(&=O=F5R;FUE;G1S+"!G;W9E2!H961G:6YG(')I2!T:&4@=6YD97)L>6EN9R!I;G1E2!O9F9S970@=&AE(&9U M;F0G2!) M;G9E2!Y96%R"!&=6YD(#@N,"4\ M+W`^/'`^5F%N9W5A2!B92!A9F9E8W1E9"!B>2!A('9AF4@8W5R2`Q,"4@;V8@:71S(&%S2!S=6)J96-T('1O(&)O M;F0@2!I;G1E2!T;R!M M86ME('-U8V@@<&%Y;65N=',@=VEL;"!C875S92!T:&4@<')I8V4@;V8@=&AA M="!B;VYD('1O(&1E8VQI;F4L('1H=7,@2!D871E6EN9R!F=6YD('=O=6QD('1H96X@;&]S92!A;GD@<')I8V4@87!P M6UE;G0@2!F;W)E:6=N(&=O=F5R;FUE;G1S+"!G;W9E2!H961G:6YG(')I2!T:&4@=6YD97)L>6EN9R!I;G1E M2!O9F9S970@ M=&AE(&9U;F0G2`R."P@,C`Q,SPO<#X\<#Y#:&%N9V5S(&EN(%5N9&5R M;'EI;F<@1G5N9"!!;&QO8V%T:6]N&5D(&EN8V]M92!E>'!O"!&=6YD+CPO<#X\<#X@5&AE(%1A'!O2!-87)K970@1G5N9"X\ M+W`^/'`^5&AE($9U;F1S)R!T87)G970@86QL;V-A=&EO;G,@=&\@=&AE('5N M9&5R;'EI;F<@9FEX960@:6YC;VUE(&9U;F1S(&%R92!D97-C&5D(&EN8V]M92!I M;G9E2!D:60@;F]T(&%F9F5C="!E86-H($9U;F0G'0@0VAA M;F=E'0@=6YD97(@)U!R:6UA"!&=6YD(#,Y+C(E/"]P/CQP/E9A;F=U87)D(%1O=&%L(%-T;V-K($UA M"!&=6YD(#(Q+C`E/"]P/CQP/E9A;F=U87)D(%-H;W)T+51E M"!&=6YD(#DN,"4\+W`^/'`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`E/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN M=&5R;F%T:6]N86P@4W1O8VL@26YD97@@1G5N9"`Q,BXT)3PO<#X\<#Y686YG M=6%R9"!3:&]R="U497)M($EN9FQA=&EO;BU0"!&=6YD(#$Q+C@E/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R M;F%T:6]N86P@0F]N9"!);F1E>"!&=6YD(#$Q+C6EN9R!F=6YDF5D(&EN=F5S=&UE;G0M9W)A9&4@9F]R96EG;B!B;VYD2!686YG=6%R9"!T;R!M:6YI;6EZ92!C=7)R96YC>2!E>'!O M2`U.24@;V8@:71S(&%S2!S=6)J96-T('1O(&)O M;F0@6EN9R!F=6YD)W,@2!A9F9E8W0@=&AE('9A M;'5E(&]F('-E8W5R:71I97,@:7-S=65D(&)Y(&9O2!N;W0@<&5R9F5C=&QY(&]F9G-E="!T:&4@9G5N9"=S(&9O2!D M97-I9VYE9"!F;W(@:6YV97-T;W)S('!L86YN:6YG('1O(')E=&ER92!A;F0@ M;&5A=F4@=&AE('=O65A65A6EN9R!F=6YD"!&=6YD(#0N."4\+W`^/'`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`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`R,B4@;V8@:71S(&%S M2!S=6)J96-T('1O(&)O;F0@2!I;G1E2!T;R!M86ME('-U8V@@<&%Y;65N=',@=VEL;"!C M875S92!T:&4@<')I8V4@;V8@=&AA="!B;VYD('1O(&1E8VQI;F4L('1H=7,@ M2!D871E6EN9R!F=6YD('=O=6QD('1H M96X@;&]S92!A;GD@<')I8V4@87!P6UE;G0@2!F;W)E:6=N(&=O=F5R;FUE;G1S M+"!G;W9E2!H961G:6YG(')I2!T:&4@=6YD97)L>6EN9R!I;G1E2!O9F9S970@=&AE(&9U;F0G2!);G9E2!Y96%R&5D(&EN8V]M92!I;G9E65A"!&=6YD M(#4Y+C@E/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@4W1O M8VL@26YD97@@1G5N9"`R-2XW)3PO<#X\<#Y686YG=6%R9"!4;W1A;"!";VYD M($UA"!&=6YD(#$Q+C8E/"]P/CQP/E9A;F=U87)D(%1O M=&%L($EN=&5R;F%T:6]N86P@0F]N9"!);F1E>"!&=6YD(#(N.24\+W`^/'`^ M070@86YY(&=I=F5N('1I;64L('1H92!&=6YD)W,@87-S970@86QL;V-A=&EO M;B!M87D@8F4@869F96-T960@8GD@82!V87)I971Y(&]F(&9A8W1O6EN9R!F=6YD2P@8V]R M<&]R871E+"!A;F0@&EM871E;'D@,30E(&]F M(&ET2!M86YN97(L(&]R('1H870@;F5G871I=F4@<&5R8V5P=&EO;G,@ M;V8@=&AE(&ES6UE;G1S M('=I;&P@8V%U2!C86QL("AR961E96TI('-E8W5R:71I M97,@=VET:"!H:6=H97(@8V]U<&]N2UH961G960@9F]R96EG;B!B;VYD2]R96=I;VYA;"!R M:7-K+"!W:&EC:"!I2!H961G:6YG('1R86YS86-T:6]N'0@=6YD97(@)U!R:6UA65A65A"!&=6YD(#(N,"4\ M+W`^/'`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`E/"]P/CQP M/E9A;F=U87)D(%1O=&%L($)O;F0@36%R:V5T($E)($EN9&5X($9U;F0@."XP M)3PO<#X\<#Y686YG=6%R9"!4;W1A;"!);G1E2!B92!A9F9E8W1E9"!B>2!A('9A MF4@8W5R2`Q,"4@;V8@:71S(&%S2!S=6)J96-T('1O M(&)O;F0@2!I;G1E2!T M;R!M86ME('-U8V@@<&%Y;65N=',@=VEL;"!C875S92!T:&4@<')I8V4@;V8@ M=&AA="!B;VYD('1O(&1E8VQI;F4L('1H=7,@2!D871E6EN9R!F=6YD('=O=6QD('1H96X@;&]S92!A;GD@<')I8V4@ M87!P6UE;G0@2!F;W)E:6=N(&=O=F5R;FUE;G1S+"!G;W9E2!H961G:6YG(')I2!O9F9S M970@=&AE(&9U;F0G2!);G9E2!Y96%R&5D M(&EN8V]M92!I;G9E65A"!&=6YD(#8S+C`E/"]P/CQP/E9A;F=U M87)D(%1O=&%L($EN=&5R;F%T:6]N86P@4W1O8VL@26YD97@@1G5N9"`R-RXP M)3PO<#X\<#Y686YG=6%R9"!4;W1A;"!";VYD($UA"!& M=6YD(#@N,"4\+W`^/'`^5F%N9W5A6EN9R!F=6YD2P@8V]R<&]R871E+"!A;F0@ M&EM871E;'D@,3`E(&]F(&ET2!M86YN M97(L(&]R('1H870@;F5G871I=F4@<&5R8V5P=&EO;G,@;V8@=&AE(&ES6UE;G1S('=I;&P@8V%U2!C86QL("AR961E96TI('-E8W5R:71I97,@=VET:"!H:6=H M97(@8V]U<&]N6EN9R!F M=6YD)W,@:6YC;VUE+B!&;W(@;6]R=&=A9V4M8F%C:V5D('-E8W5R:71I97,L M('1H:7,@2UH961G960@ M9F]R96EG;B!B;VYD2]R96=I;VYA;"!R:7-K+"!W:&EC:"!I M2!H961G:6YG('1R86YS86-T:6]N'0@=6YD97(@)U!R:6UA65A65A"!&=6YD(#(N,"4\+W`^/'`^/"]P/CQP M/D%T(&%N>2!G:79E;B!T:6UE+"!T:&4@1G5N9"=S(&%S2!O9B!F86-T;W)S+"!S M=6-H(&%S('=H971H97(@=&AE('5N9&5R;'EI;F<@9G5N9',@87)E(&%C8V5P M=&EN9R!A9&1I=&EO;F%L(&EN=F5S=&UE;G1S+CPO<#X\<#Y4:&4@1G5N9"=S M(&EN9&ER96-T('-T;V-K(&AO;&1I;F=S(&%R92!A(&1I=F5R"!O9B!5+E,N(&%N9"!F;W)E:6=N(&QAF%T:6]N('-T;V-K2P@86YD(&EN=F5S=&UE;G0M9W)A9&4@52Y3 M+B!C;W)P;W)A=&4@8F]N9',[(&UOF5D(&EN=F5S=&UE;G0M9W)A9&4@9F]R M96EG;B!B;VYD2!686YG=6%R9"!T;R!M:6YI M;6EZ92!C=7)R96YC>2!E>'!O6EN9R!F=6YD)W,@:6YC;VUE('=I;&P@9&5C M;&EN92!B96-A=7-E(&]F(&9A;&QI;F<@:6YT97)E6EN9R!F=6YD)W,@2!A9F9E8W0@ M=&AE('9A;'5E(&]F('-E8W5R:71I97,@:7-S=65D(&)Y(&9O2!N;W0@<&5R9F5C=&QY(&]F9G-E="!T:&4@9G5N9"=S(&9O2!D97-I9VYE9"!F;W(@:6YV97-T;W)S('!L86YN:6YG('1O(')E=&ER M92!A;F0@;&5A=F4@=&AE('=O65A65A6EN9R!F M=6YD"!&=6YD(#(W+C`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`^/"]P/CQP/EM3 M2$E0($Q/1T\@5D%.1U5!4D0@*'(I73PO<#X\<#X\+W`^/'`^/"]P/CQP/CPO M<#X\<#X\+W`^/'`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`E(&]F(&ET2!I;G1E2!T;R!M86ME('-U8V@@<&%Y;65N=',@=VEL;"!C875S M92!T:&4@<')I8V4@;V8@=&AA="!B;VYD('1O(&1E8VQI;F4L('1H=7,@2!D871E6EN9R!F=6YD('=O=6QD('1H96X@ M;&]S92!A;GD@<')I8V4@87!P6UE;G0@2!F;W)E:6=N(&=O=F5R;FUE;G1S+"!G M;W9E2!H961G:6YG(')I2!T M:&4@=6YD97)L>6EN9R!I;G1E2!O9F9S970@=&AE(&9U;F0G2!);G9E2!Y96%R&5D(&EN8V]M92!I;G9E65A"!&=6YD(#$R+C0E/"]P/CQP/E9A;F=U87)D(%-H;W)T M+51E2!B92!A M9F9E8W1E9"!B>2!A('9A2P@86YD(&EN=F5S=&UE;G0M9W)A9&4@52Y3+B!C;W)P M;W)A=&4@8F]N9',[(&EN9FQA=&EO;BUP2!T:&4@52Y3+B!43L@;6]R=&=A9V4M M8F%C:V5D(&%N9"!A2P@8V]R<&]R871E+"!A;F0@"!O9B!5+E,N(&%N9"!F;W)E:6=N(&QAF%T:6]N('-T;V-K6EN9R!F=6YD)W,@:6YC;VUE('=I M;&P@9&5C;&EN92!B96-A=7-E(&]F(&9A;&QI;F<@:6YT97)E2!M86YN97(L M(&]R('1H870@;F5G871I=F4@<&5R8V5P=&EO;G,@;V8@=&AE(&ES6UE;G1S('=I;&P@8V%U2!C86QL("AR961E96TI('-E8W5R:71I97,@=VET:"!H:6=H97(@ M8V]U<&]N6EN9R!F=6YD M)W,@:6YC;VUE+B!&;W(@;6]R=&=A9V4M8F%C:V5D('-E8W5R:71I97,L('1H M:7,@2UH961G960@9F]R M96EG;B!B;VYD2]R96=I;VYA;"!R:7-K+"!W:&EC:"!I2!H961G:6YG('1R86YS86-T:6]N'0@=6YD97(@)U!R:6UA65A65A"!&=6YD M(#,R+C`E/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@4W1O M8VL@26YD97@@1G5N9"`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`^/'`^5F%N9W5A"!&=6YD(#$X+CDE/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R M;F%T:6]N86P@0F]N9"!);F1E>"!&=6YD(#2!B92!A9F9E8W1E9"!B>2!A('9A2`S-R4@;V8@ M:71S(&%S2!S=6)J96-T('1O(&)O;F0@2!I;G1E2!T;R!M86ME('-U8V@@<&%Y;65N=',@ M=VEL;"!C875S92!T:&4@<')I8V4@;V8@=&AA="!B;VYD('1O(&1E8VQI;F4L M('1H=7,@2!D871E6EN9R!F=6YD('=O M=6QD('1H96X@;&]S92!A;GD@<')I8V4@87!P6UE;G0@ M2!F;W)E:6=N(&=O=F5R M;FUE;G1S+"!G;W9E2!H961G:6YG(')I2!T:&4@=6YD97)L>6EN9R!I;G1E2!O9F9S970@=&AE(&9U;F0G2!);G9E2!Y96%R&5D(&EN8V]M92!I;G9E65A"!&=6YD(#0Y+C,E/"]P/CQP/E9A;F=U87)D(%1O=&%L($)O;F0@36%R:V5T M($E)($EN9&5X($9U;F0@,C,N-B4\+W`^/'`^5F%N9W5A"!&=6YD(#(Q+C(E/"]P/CQP/E9A;F=U M87)D(%1O=&%L($EN=&5R;F%T:6]N86P@0F]N9"!);F1E>"!&=6YD(#4N.24\ M+W`^/'`^/"]P/CQP/B!!="!A;GD@9VEV96X@=&EM92P@=&AE($9U;F0G2!A('9AF4@8W5R2`R.24@;V8@:71S(&%S2!S=6)J96-T('1O(&)O;F0@ M2!I;G1E2!T;R!M86ME M('-U8V@@<&%Y;65N=',@=VEL;"!C875S92!T:&4@<')I8V4@;V8@=&AA="!B M;VYD('1O(&1E8VQI;F4L('1H=7,@2!D871E6EN9R!F=6YD('=O=6QD('1H96X@;&]S92!A;GD@<')I8V4@87!P6UE;G0@2!F;W)E:6=N(&=O=F5R;FUE;G1S+"!G;W9E2!H961G:6YG(')I2!T:&4@=6YD97)L>6EN9R!I;G1E2!O9F9S970@=&AE M(&9U;F0G2!);G9E2!Y96%R&5D(&EN8V]M M92!I;G9E65A M"!&=6YD(#$W M+C8E/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@0F]N9"!) M;F1E>"!&=6YD(#0N-"4\+W`^/'`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`Q-"4@;V8@:71S(&%S2!S=6)J96-T('1O(&)O;F0@2!I;G1E2!T;R!M86ME('-U8V@@<&%Y;65N=',@=VEL;"!C875S M92!T:&4@<')I8V4@;V8@=&AA="!B;VYD('1O(&1E8VQI;F4L('1H=7,@2!D871E6EN9R!F=6YD('=O=6QD('1H96X@ M;&]S92!A;GD@<')I8V4@87!P6UE;G0@2!F;W)E:6=N(&=O=F5R;FUE;G1S+"!G M;W9E2!H961G:6YG(')I2!T M:&4@=6YD97)L>6EN9R!I;G1E2!O9F9S970@=&AE(&9U;F0G2!);G9E2!Y96%R&5D(&EN8V]M92!I;G9E65A"!&=6YD(#8S M+C`E/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@4W1O8VL@ M26YD97@@1G5N9"`R-RXP)3PO<#X\<#Y686YG=6%R9"!4;W1A;"!";VYD($UA M"!&=6YD(#@N,"4\+W`^/'`^5F%N9W5A6EN9R!F=6YD&EM871E;'D@,3`E M(&]F(&ET2!M86YN97(L(&]R('1H870@;F5G871I=F4@<&5R8V5P=&EO M;G,@;V8@=&AE(&ES6UE M;G1S('=I;&P@8V%U2!C86QL("AR961E96TI('-E8W5R M:71I97,@=VET:"!H:6=H97(@8V]U<&]N2UH961G960@9F]R96EG;B!B;VYD2]R96=I;VYA M;"!R:7-K+"!W:&EC:"!I2!H961G:6YG('1R86YS86-T:6]N65A65A"!&=6YD(#(N M,"4\+W`^/'`^($%T(&%N>2!G:79E;B!T:6UE+"!T:&4@1G5N9"=S(&%S2!O9B!F M86-T;W)S+"!S=6-H(&%S('=H971H97(@=&AE('5N9&5R;'EI;F<@9G5N9',@ M87)E(&%C8V5P=&EN9R!A9&1I=&EO;F%L(&EN=F5S=&UE;G1S+CPO<#X\<#Y4 M:&4@1G5N9"=S(&EN9&ER96-T('-T;V-K(&AO;&1I;F=S(&%R92!A(&1I=F5R M"!O9B!5+E,N(&%N9"!F;W)E:6=N(&QAF%T:6]N('-T;V-K2P@86YD(&EN=F5S=&UE;G0M M9W)A9&4@52Y3+B!C;W)P;W)A=&4@8F]N9',[(&UOF5D(&EN=F5S=&UE;G0M M9W)A9&4@9F]R96EG;B!B;VYD2!686YG=6%R M9"!T;R!M:6YI;6EZ92!C=7)R96YC>2!E>'!O6EN9R!F=6YD)W,@:6YC;VUE M('=I;&P@9&5C;&EN92!B96-A=7-E(&]F(&9A;&QI;F<@:6YT97)E6EN9R!F=6YD M)W,@2!A9F9E8W0@=&AE('9A;'5E(&]F('-E8W5R:71I97,@:7-S=65D(&)Y(&9O M2!N;W0@<&5R9F5C=&QY(&]F9G-E="!T:&4@9G5N M9"=S(&9O2!D97-I9VYE9"!F;W(@:6YV97-T;W)S('!L86YN:6YG M('1O(')E=&ER92!A;F0@;&5A=F4@=&AE('=O65A65A6EN9R!F=6YD"!&=6YD(#(W+C`E/"]P/CQP/E9A M;F=U87)D(%1O=&%L($)O;F0@36%R:V5T($E)($EN9&5X($9U;F0@."XP)3PO M<#X\<#Y686YG=6%R9"!4;W1A;"!);G1E2!B92!A9F9E8W1E9"!B>2!A M('9AF4@8W5R2`Q,"4@;V8@:71S(&%S2!S=6)J96-T M('1O(&)O;F0@2!I;G1E M2!D871E M6EN9R!F=6YD('=O=6QD('1H96X@;&]S92!A;GD@<')I M8V4@87!P6UE;G0@2!F;W)E:6=N(&=O=F5R;FUE;G1S+"!G;W9E2!H961G:6YG(')I M2!O M9F9S970@=&AE(&9U;F0G2!);G9E2!Y96%R&5D(&EN8V]M92!I;G9E65A"!&=6YD(#8S+C`E/"]P/CQP/E9A M;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@4W1O8VL@26YD97@@1G5N9"`R M-RXP)3PO<#X\<#Y686YG=6%R9"!4;W1A;"!";VYD($UA"!&=6YD(#@N,"4\+W`^/'`^5F%N9W5A6EN9R!F=6YD2P@8V]R<&]R871E+"!A M;F0@&EM871E;'D@,3`E(&]F(&ET2!M M86YN97(L(&]R('1H870@;F5G871I=F4@<&5R8V5P=&EO;G,@;V8@=&AE(&ES M6UE;G1S('=I;&P@8V%U M2!C86QL("AR961E96TI('-E8W5R:71I97,@=VET:"!H M:6=H97(@8V]U<&]N6EN M9R!F=6YD)W,@:6YC;VUE+B!&;W(@;6]R=&=A9V4M8F%C:V5D('-E8W5R:71I M97,L('1H:7,@2UH961G M960@9F]R96EG;B!B;VYD2]R96=I;VYA;"!R:7-K+"!W:&EC M:"!I2!H961G:6YG('1R86YS86-T:6]N'0@=6YD97(@)U!R:6UA65A65A"!&=6YD(#(N,"4\+W`^/'`^070@ M86YY(&=I=F5N('1I;64L('1H92!&=6YD)W,@87-S970@86QL;V-A=&EO;B!M M87D@8F4@869F96-T960@8GD@82!V87)I971Y(&]F(&9A8W1O6EN9R!F=6YD2P@8V]R<&]R M871E+"!A;F0@&EM871E;'D@,3`E(&]F(&ET M2!M86YN97(L(&]R('1H870@;F5G871I=F4@<&5R8V5P=&EO;G,@;V8@ M=&AE(&ES6UE;G1S('=I M;&P@8V%U2!C86QL("AR961E96TI('-E8W5R:71I97,@ M=VET:"!H:6=H97(@8V]U<&]N2UH961G960@9F]R96EG;B!B;VYD2]R96=I;VYA;"!R:7-K M+"!W:&EC:"!I2!H961G:6YG('1R86YS86-T:6]N'0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S M/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\ M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0Z/"]T9#X-"B`@ M("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<#X\+W`^/'`^6U-(25`@3$]'3R!6 M04Y'54%21"`H2!P97)C96YT(&]F(&5A8V@@1G5N9"=S(&9I M>&5D(&EN8V]M92!E>'!O"!&=6YD(')A M=&AE&5D(&EN8V]M M92!F=6YD"!O9B!E M86-H($9U;F0G'!E;G-E(')A=&EO2!D97-I9VYE9"!F;W(@:6YV M97-T;W)S(&-U2!I;B!R971I6EN9R!F=6YD"!&=6YD(#$V+C@E/"]P/CQP/E9A;F=U87)D M(%1O=&%L($EN=&5R;F%T:6]N86P@0F]N9"!);F1E>"!&=6YD(#$T+C`E/"]P M/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@4W1O8VL@26YD97@@ M1G5N9"`Y+C`E/"]P/CQP/CPO<#X\<#X@070@86YY(&=I=F5N('1I;64L('1H M92!&=6YD)W,@87-S970@86QL;V-A=&EO;B!M87D@8F4@869F96-T960@8GD@ M82!V87)I971Y(&]F(&9A8W1O6EN9R!F=6YDF5D(&EN=F5S=&UE;G0M9W)A M9&4@9F]R96EG;B!B;VYD2!686YG=6%R9"!T M;R!M:6YI;6EZ92!C=7)R96YC>2!E>'!O2`W,"4@ M;V8@:71S(&%S2!S=6)J96-T('1O(&)O;F0@6EN9R!F=6YD)W,@2!A9F9E8W0@=&AE('9A;'5E(&]F('-E8W5R:71I M97,@:7-S=65D(&)Y(&9O2!N;W0@<&5R9F5C=&QY M(&]F9G-E="!T:&4@9G5N9"=S(&9O2!D97-I9VYE9"!F;W(@:6YV M97-T;W)S('!L86YN:6YG('1O(')E=&ER92!A;F0@;&5A=F4@=&AE('=O65A65A6EN9R!F=6YD2!G:79E;B!T:6UE+"!T M:&4@1G5N9"=S(&%S2!O9B!F86-T;W)S+"!S=6-H(&%S('=H971H97(@=&AE('5N M9&5R;'EI;F<@9G5N9',@87)E(&%C8V5P=&EN9R!A9&1I=&EO;F%L(&EN=F5S M=&UE;G1S+CPO<#X\<#Y4:&4@1G5N9"=S(&EN9&ER96-T(&)O;F0@:&]L9&EN M9W,@87)E(&$@9&EV97)S:69I960@;6EX(&]F('-H;W)T+2P@:6YT97)M961I M871E+2P@86YD(&QO;FF4@8W5R&EM871E;'D@-3DE(&]F(&ET M2!I;G1E2!T M;R!M86ME('-U8V@@<&%Y;65N=',@=VEL;"!C875S92!T:&4@<')I8V4@;V8@ M=&AA="!B;VYD('1O(&1E8VQI;F4L('1H=7,@2!D871E6EN9R!F=6YD('=O=6QD('1H96X@;&]S92!A;GD@<')I8V4@ M87!P6UE;G0@2!F;W)E:6=N(&=O=F5R;FUE;G1S+"!G;W9E2!H961G:6YG(')I2!O9F9S M970@=&AE(&9U;F0G2!);G9E2!Y96%R&5D M(&EN8V]M92!I;G9E65A"!&=6YD(#,W+C@E/"]P/CQP/E9A;F=U M87)D(%1O=&%L($)O;F0@36%R:V5T($E)($EN9&5X($9U;F0@,S(N,"4\+W`^ M/'`^5F%N9W5A"!& M=6YD(#$V+C(E/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@ M0F]N9"!);F1E>"!&=6YD(#DN,B4\+W`^/'`^5F%N9W5A6EN M9R!F=6YD2`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`E/"]P/CQP/E9A;F=U87)D(%1O=&%L($)O;F0@36%R:V5T($E)($EN M9&5X($9U;F0@."XP)3PO<#X\<#Y686YG=6%R9"!4;W1A;"!);G1E2!B M92!A9F9E8W1E9"!B>2!A('9A2`Q,"4@;V8@:71S(&%S M2!S=6)J96-T('1O(&)O;F0@2!I;G1E2!T;R!M86ME('-U8V@@<&%Y;65N=',@=VEL;"!C M875S92!T:&4@<')I8V4@;V8@=&AA="!B;VYD('1O(&1E8VQI;F4L('1H=7,@ M2!D871E6EN9R!F=6YD('=O=6QD('1H M96X@;&]S92!A;GD@<')I8V4@87!P6UE;G0@2!F;W)E:6=N(&=O=F5R;FUE;G1S M+"!G;W9E2!H961G:6YG(')I2!T:&4@=6YD97)L>6EN9R!I;G1E2!O9F9S970@=&AE(&9U;F0G2!);G9E2!Y96%R&5D(&EN8V]M92!I;G9E65A"!&=6YD M(#8S+C`E/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@4W1O M8VL@26YD97@@1G5N9"`R-RXP)3PO<#X\<#Y686YG=6%R9"!4;W1A;"!";VYD M($UA"!&=6YD(#@N,"4\+W`^/'`^5F%N9W5A6EN9R!F=6YD2P@8V]R M<&]R871E+"!A;F0@&EM871E;'D@,3`E(&]F M(&ET2!M86YN97(L(&]R('1H870@;F5G871I=F4@<&5R8V5P=&EO;G,@ M;V8@=&AE(&ES6UE;G1S M('=I;&P@8V%U2!C86QL("AR961E96TI('-E8W5R:71I M97,@=VET:"!H:6=H97(@8V]U<&]N2UH961G960@9F]R96EG;B!B;VYD2]R96=I;VYA;"!R M:7-K+"!W:&EC:"!I2!H961G:6YG('1R86YS86-T:6]N'0@=6YD97(@)U!R:6UA65A65A"!&=6YD(#(N,"4\ M+W`^/'`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`E/"]P/CQP M/E9A;F=U87)D(%1O=&%L($)O;F0@36%R:V5T($E)($EN9&5X($9U;F0@."XP M)3PO<#X\<#Y686YG=6%R9"!4;W1A;"!);G1E2!B92!A9F9E8W1E9"!B M>2!A('9AF4@8W5R2`Q,"4@;V8@:71S(&%S2!S=6)J M96-T('1O(&)O;F0@2!I M;G1E2!T;R!M86ME('-U8V@@<&%Y;65N=',@=VEL;"!C875S92!T:&4@<')I M8V4@;V8@=&AA="!B;VYD('1O(&1E8VQI;F4L('1H=7,@2!D M871E6EN9R!F=6YD('=O=6QD('1H96X@;&]S92!A;GD@ M<')I8V4@87!P6UE;G0@2!F;W)E:6=N(&=O=F5R;FUE;G1S+"!G;W9E2!H961G:6YG M(')I2!T:&4@=6YD97)L M>6EN9R!I;G1E2!O9F9S970@=&AE(&9U;F0G2!);G9E2!Y96%R M&5D(&EN8V]M92!I;G9E65A"!&=6YD(#8S+C`E/"]P/CQP M/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@4W1O8VL@26YD97@@1G5N M9"`R-RXP)3PO<#X\<#Y686YG=6%R9"!4;W1A;"!";VYD($UA"!&=6YD(#@N,"4\+W`^/'`^5F%N9W5A2!B92!A9F9E M8W1E9"!B>2!A('9A2`Q,"4@;V8@:71S(&%S2!S=6)J96-T('1O(&)O;F0@2!I;G1E2!T;R!M86ME('-U8V@@<&%Y;65N=',@=VEL;"!C875S92!T M:&4@<')I8V4@;V8@=&AA="!B;VYD('1O(&1E8VQI;F4L('1H=7,@2!D871E6EN9R!F=6YD('=O=6QD('1H96X@;&]S M92!A;GD@<')I8V4@87!P6UE;G0@2!F;W)E:6=N(&=O=F5R;FUE;G1S+"!G;W9E M2!H M961G:6YG(')I2!T:&4@ M=6YD97)L>6EN9R!I;G1E2!O9F9S970@=&AE(&9U;F0G2`R."P@,C`Q,SPO<#X\<#Y# M:&%N9V5S(&EN(%5N9&5R;'EI;F<@1G5N9"!!;&QO8V%T:6]N&5D(&EN M8V]M92!E>'!O"!&=6YD+CPO<#X\<#X@5&AE(%1A'!O2!-87)K970@1G5N9"X\+W`^/'`^5&AE($9U;F1S)R!T87)G970@86QL;V-A M=&EO;G,@=&\@=&AE('5N9&5R;'EI;F<@9FEX960@:6YC;VUE(&9U;F1S(&%R M92!D97-C&5D(&EN8V]M92!I;G9E2!D:60@;F]T(&%F9F5C M="!E86-H($9U;F0G'0@=6YD97(@)U!R:6UA M"!&=6YD(#(Q+C`E/"]P/CQP/E9A M;F=U87)D(%-H;W)T+51E"!&=6YD(#DN,"4\ M+W`^/'`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`E/"]P/CQP/E9A M;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@4W1O8VL@26YD97@@1G5N9"`Q M,BXT)3PO<#X\<#Y686YG=6%R9"!3:&]R="U497)M($EN9FQA=&EO;BU0"!&=6YD(#$Q+C@E/"]P/CQP/E9A;F=U M87)D(%1O=&%L($EN=&5R;F%T:6]N86P@0F]N9"!);F1E>"!&=6YD(#$Q+C6EN9R!F M=6YDF5D(&EN=F5S=&UE;G0M9W)A9&4@9F]R96EG M;B!B;VYD2!686YG=6%R9"!T;R!M:6YI;6EZ M92!C=7)R96YC>2!E>'!O2`U.24@;V8@:71S(&%S2!S=6)J96-T('1O(&)O;F0@6EN9R!F=6YD M)W,@2!A9F9E8W0@=&AE('9A;'5E(&]F('-E8W5R:71I97,@:7-S=65D(&)Y(&9O M2!N;W0@<&5R9F5C=&QY(&]F9G-E="!T:&4@9G5N M9"=S(&9O2!D97-I9VYE9"!F;W(@:6YV97-T;W)S('!L86YN:6YG M('1O(')E=&ER92!A;F0@;&5A=F4@=&AE('=O65A65A6EN9R!F=6YD"!&=6YD(#0N."4\+W`^/'`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`R,2XR)3PO<#X\<#Y686YG=6%R9"!4;W1A;"!);G1E6EN9R!F=6YD2P@8V]R<&]R871E M+"!A;F0@&EM871E;'D@,CDE(&]F(&ET2!M86YN97(L(&]R('1H870@;F5G871I=F4@<&5R8V5P=&EO;G,@;V8@=&AE M(&ES6UE;G1S('=I;&P@ M8V%U2!C86QL("AR961E96TI('-E8W5R:71I97,@=VET M:"!H:6=H97(@8V]U<&]N6EN9R!F=6YD)W,@:6YC;VUE+B!&;W(@;6]R=&=A9V4M8F%C:V5D('-E8W5R M:71I97,L('1H:7,@2UH M961G960@9F]R96EG;B!B;VYD2]R96=I;VYA;"!R:7-K+"!W M:&EC:"!I2!H961G:6YG('1R86YS86-T:6]N'0@=6YD97(@)U!R:6UA65A65A2!B92!A9F9E8W1E9"!B>2!A('9AF4@8W5R2`R,B4@;V8@:71S(&%S2!S=6)J96-T('1O(&)O;F0@2!I;G1E2!T;R!M86ME('-U8V@@ M<&%Y;65N=',@=VEL;"!C875S92!T:&4@<')I8V4@;V8@=&AA="!B;VYD('1O M(&1E8VQI;F4L('1H=7,@2!D871E6EN M9R!F=6YD('=O=6QD('1H96X@;&]S92!A;GD@<')I8V4@87!P6UE;G0@2!F;W)E M:6=N(&=O=F5R;FUE;G1S+"!G;W9E2!H961G:6YG(')I2!T:&4@=6YD97)L>6EN9R!I;G1E2!O9F9S970@=&AE(&9U;F0G M2!);G9E M2!Y96%R&5D(&EN8V]M92!I;G9E M65A"!&=6YD(#$Q+C8E/"]P M/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@0F]N9"!);F1E>"!& M=6YD(#(N.24\+W`^/'`^070@86YY(&=I=F5N('1I;64L('1H92!&=6YD)W,@ M87-S970@86QL;V-A=&EO;B!M87D@8F4@869F96-T960@8GD@82!V87)I971Y M(&]F(&9A8W1O6EN9R!F M=6YD&EM871E;'D@,30E(&]F(&ET2!M86YN97(L(&]R('1H870@;F5G871I M=F4@<&5R8V5P=&EO;G,@;V8@=&AE(&ES6UE;G1S('=I;&P@8V%U2!C86QL("AR M961E96TI('-E8W5R:71I97,@=VET:"!H:6=H97(@8V]U<&]N6EN9R!F=6YD)W,@:6YC;VUE+B!&;W(@ M;6]R=&=A9V4M8F%C:V5D('-E8W5R:71I97,L('1H:7,@2UH961G960@9F]R96EG;B!B;VYD2]R96=I;VYA;"!R:7-K+"!W:&EC:"!I2!H961G:6YG('1R86YS M86-T:6]N65A65A"!&=6YD(#(N,"4\+W`^/'`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`E/"]P/CQP/E9A;F=U87)D(%1O=&%L($)O;F0@36%R:V5T($E) M($EN9&5X($9U;F0@."XP)3PO<#X\<#Y686YG=6%R9"!4;W1A;"!);G1E2!B92!A M9F9E8W1E9"!B>2!A('9A2`Q,"4@;V8@:71S(&%S2!S=6)J96-T('1O(&)O;F0@2!I;G1E2!T;R!M86ME('-U8V@@<&%Y;65N=',@=VEL;"!C875S M92!T:&4@<')I8V4@;V8@=&AA="!B;VYD('1O(&1E8VQI;F4L('1H=7,@2!D871E6EN9R!F=6YD('=O=6QD('1H96X@ M;&]S92!A;GD@<')I8V4@87!P6UE;G0@2!F;W)E:6=N(&=O=F5R;FUE;G1S+"!G M;W9E2!H961G:6YG(')I2!T M:&4@=6YD97)L>6EN9R!I;G1E2!O9F9S970@=&AE(&9U;F0G2!);G9E2!Y96%R&5D(&EN8V]M92!I;G9E65A"!&=6YD(#8S M+C`E/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@4W1O8VL@ M26YD97@@1G5N9"`R-RXP)3PO<#X\<#Y686YG=6%R9"!4;W1A;"!";VYD($UA M"!&=6YD(#@N,"4\+W`^/'`^5F%N9W5A6EN9R!F=6YD&EM871E;'D@,3`E M(&]F(&ET2!M86YN97(L(&]R('1H870@;F5G871I=F4@<&5R8V5P=&EO M;G,@;V8@=&AE(&ES6UE M;G1S('=I;&P@8V%U2!C86QL("AR961E96TI('-E8W5R M:71I97,@=VET:"!H:6=H97(@8V]U<&]N2UH961G960@9F]R96EG;B!B;VYD2]R96=I;VYA M;"!R:7-K+"!W:&EC:"!I2!H961G:6YG('1R86YS86-T:6]N65A65A"!&=6YD(#(N M,"4\+W`^/'`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`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`^/"]P/CQP/EM32$E0($Q/1T\@5D%.1U5!4D0@*'(I73PO<#X\<#X\ M+W`^/'`^/"]P/CQP/CPO<#X\<#X\+W`^/'`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`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`^/'`^5F%N9W5A"!&=6YD(#$X+CDE/"]P/CQP/E9A;F=U M87)D(%1O=&%L($EN=&5R;F%T:6]N86P@0F]N9"!);F1E>"!&=6YD(#2!B92!A9F9E8W1E9"!B>2!A('9AF4@8W5R2`S-R4@;V8@:71S(&%S2!S=6)J96-T('1O(&)O;F0@ M2!I;G1E2!T;R!M86ME M('-U8V@@<&%Y;65N=',@=VEL;"!C875S92!T:&4@<')I8V4@;V8@=&AA="!B M;VYD('1O(&1E8VQI;F4L('1H=7,@2!D871E6EN9R!F=6YD('=O=6QD('1H96X@;&]S92!A;GD@<')I8V4@87!P6UE;G0@2!F;W)E:6=N(&=O=F5R;FUE;G1S+"!G;W9E2!H961G:6YG(')I2!T:&4@=6YD97)L>6EN9R!I;G1E2!O9F9S970@=&AE M(&9U;F0G2!);G9E2!Y96%R&5D(&EN8V]M M92!I;G9E65A M"!&=6YD(#(Q M+C(E/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@0F]N9"!) M;F1E>"!&=6YD(#4N.24\+W`^/'`^/"]P/CQP/B!!="!A;GD@9VEV96X@=&EM M92P@=&AE($9U;F0G2!B92!A9F9E8W1E M9"!B>2!A('9A2`R.24@;V8@:71S(&%S2!S M=6)J96-T('1O(&)O;F0@2!I;G1E2!T;R!M86ME('-U8V@@<&%Y;65N=',@=VEL;"!C875S92!T:&4@ M<')I8V4@;V8@=&AA="!B;VYD('1O(&1E8VQI;F4L('1H=7,@2!D871E6EN9R!F=6YD('=O=6QD('1H96X@;&]S92!A M;GD@<')I8V4@87!P6UE;G0@2!F;W)E:6=N(&=O=F5R;FUE;G1S+"!G;W9E2!H961G M:6YG(')I2!T:&4@=6YD M97)L>6EN9R!I;G1E2!O9F9S970@=&AE(&9U;F0G2!Y M96%R&5D(&EN8V]M92!I;G9E65A"!&=6YD(#4T+C8E/"]P M/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@4W1O8VL@26YD97@@ M1G5N9"`R,RXT)3PO<#X\<#Y686YG=6%R9"!4;W1A;"!";VYD($UA"!&=6YD(#$W+C8E/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R M;F%T:6]N86P@0F]N9"!);F1E>"!&=6YD(#0N-"4\+W`^/'`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`Q M-"4@;V8@:71S(&%S2!S=6)J96-T('1O(&)O;F0@2!I;G1E2!T;R!M86ME('-U8V@@<&%Y M;65N=',@=VEL;"!C875S92!T:&4@<')I8V4@;V8@=&AA="!B;VYD('1O(&1E M8VQI;F4L('1H=7,@2!D871E6EN9R!F M=6YD('=O=6QD('1H96X@;&]S92!A;GD@<')I8V4@87!P6UE;G0@2!F;W)E:6=N M(&=O=F5R;FUE;G1S+"!G;W9E2!H961G:6YG(')I2!T:&4@=6YD97)L>6EN9R!I;G1E2!O9F9S970@=&AE(&9U;F0G2!);G9E2!Y96%R&5D(&EN8V]M92!I;G9E65A6EN M9R!F=6YD&EM871E;'D@,3`E(&]F(&ET2!M86YN97(L(&]R('1H870@;F5G M871I=F4@<&5R8V5P=&EO;G,@;V8@=&AE(&ES6UE;G1S('=I;&P@8V%U2!C86QL M("AR961E96TI('-E8W5R:71I97,@=VET:"!H:6=H97(@8V]U<&]N6EN9R!F=6YD)W,@:6YC;VUE+B!& M;W(@;6]R=&=A9V4M8F%C:V5D('-E8W5R:71I97,L('1H:7,@2UH961G960@9F]R96EG;B!B;VYD2]R96=I;VYA;"!R:7-K+"!W:&EC:"!I2!H961G:6YG('1R M86YS86-T:6]N65A65A"!&=6YD(#(N,"4\+W`^/'`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`E/"]P/CQP/E9A;F=U87)D(%1O=&%L($)O;F0@36%R:V5T($E)($EN M9&5X($9U;F0@."XP)3PO<#X\<#Y686YG=6%R9"!4;W1A;"!);G1E2!B M92!A9F9E8W1E9"!B>2!A('9A2`Q,"4@;V8@:71S(&%S M2!S=6)J96-T('1O(&)O;F0@2!I;G1E2!T;R!M86ME('-U8V@@<&%Y;65N=',@=VEL;"!C M875S92!T:&4@<')I8V4@;V8@=&AA="!B;VYD('1O(&1E8VQI;F4L('1H=7,@ M2!D871E6EN9R!F=6YD('=O=6QD('1H M96X@;&]S92!A;GD@<')I8V4@87!P6UE;G0@2!F;W)E:6=N(&=O=F5R;FUE;G1S M+"!G;W9E2!H961G:6YG(')I2!T:&4@=6YD97)L>6EN9R!I;G1E2!O9F9S970@=&AE(&9U;F0G2!);G9E2!Y96%R&5D(&EN8V]M92!I;G9E65A"!&=6YD M(#8S+C`E/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@4W1O M8VL@26YD97@@1G5N9"`R-RXP)3PO<#X\<#Y686YG=6%R9"!4;W1A;"!";VYD M($UA"!&=6YD(#@N,"4\+W`^/'`^5F%N9W5A6EN9R!F=6YD&EM871E;'D@ M,3`E(&]F(&ET2!M86YN97(L(&]R('1H870@;F5G871I=F4@<&5R8V5P M=&EO;G,@;V8@=&AE(&ES6UE;G1S('=I;&P@8V%U2!C86QL("AR961E96TI('-E M8W5R:71I97,@=VET:"!H:6=H97(@8V]U<&]N6EN9R!F=6YD)W,@:6YC;VUE+B!&;W(@;6]R=&=A9V4M M8F%C:V5D('-E8W5R:71I97,L('1H:7,@2UH961G960@9F]R96EG;B!B;VYD2]R96=I M;VYA;"!R:7-K+"!W:&EC:"!I2!H961G:6YG('1R86YS86-T:6]N65A65A"!&=6YD M(#(N,"4\+W`^/'`^070@86YY(&=I=F5N('1I;64L('1H92!&=6YD)W,@87-S M970@86QL;V-A=&EO;B!M87D@8F4@869F96-T960@8GD@82!V87)I971Y(&]F M(&9A8W1O6EN9R!F=6YD M&EM M871E;'D@,3`E(&]F(&ET2!M86YN97(L(&]R('1H870@;F5G871I=F4@ M<&5R8V5P=&EO;G,@;V8@=&AE(&ES6UE;G1S('=I;&P@8V%U2!C86QL("AR961E M96TI('-E8W5R:71I97,@=VET:"!H:6=H97(@8V]U<&]N6EN9R!F=6YD)W,@:6YC;VUE+B!&;W(@;6]R M=&=A9V4M8F%C:V5D('-E8W5R:71I97,L('1H:7,@2UH961G960@9F]R96EG;B!B;VYD2]R96=I;VYA;"!R:7-K+"!W:&EC:"!I2!H961G:6YG('1R86YS86-T M:6]N'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T* M("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0Z/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<#X\+W`^ M/'`^6U-(25`@3$]'3R!604Y'54%21"`H"!&=6YD(')A=&AE&5D(&EN8V]M92!F=6YD"!O9B!E86-H($9U;F0G'!E;G-E M(')A=&EO2!D M97-I9VYE9"!F;W(@:6YV97-T;W)S(&-U2!I;B!R971I6EN9R!F=6YD"!&=6YD(#$V+C@E M/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@0F]N9"!);F1E M>"!&=6YD(#$T+C`E/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N M86P@4W1O8VL@26YD97@@1G5N9"`Y+C`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`^/'`^5F%N9W5A"!&=6YD(#$V+C(E/"]P/CQP/E9A;F=U87)D(%1O=&%L M($EN=&5R;F%T:6]N86P@0F]N9"!);F1E>"!&=6YD(#DN,B4\+W`^/'`^5F%N M9W5A6EN9R!F=6YDF4@8W5R2`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`E/"]P/CQP/E9A;F=U87)D(%1O=&%L($)O M;F0@36%R:V5T($E)($EN9&5X($9U;F0@."XP)3PO<#X\<#Y686YG=6%R9"!4 M;W1A;"!);G1E2!B92!A9F9E8W1E9"!B>2!A('9AF4@8W5R2`Q,"4@;V8@:71S(&%S2!S=6)J96-T('1O(&)O;F0@2!I;G1E2!T;R!M86ME('-U8V@@ M<&%Y;65N=',@=VEL;"!C875S92!T:&4@<')I8V4@;V8@=&AA="!B;VYD('1O M(&1E8VQI;F4L('1H=7,@2!D871E6EN M9R!F=6YD('=O=6QD('1H96X@;&]S92!A;GD@<')I8V4@87!P6UE;G0@2!F;W)E M:6=N(&=O=F5R;FUE;G1S+"!G;W9E2!H961G:6YG(')I2!T:&4@=6YD97)L>6EN9R!I;G1E2!O9F9S970@=&AE(&9U;F0G M2!);G9E M2!Y96%R&5D(&EN8V]M92!I;G9E M65A"!&=6YD(#@N,"4\+W`^ M/'`^5F%N9W5A6EN9R!F M=6YD&EM871E;'D@,3`E(&]F(&ET2!M86YN97(L(&]R('1H870@;F5G871I M=F4@<&5R8V5P=&EO;G,@;V8@=&AE(&ES6UE;G1S('=I;&P@8V%U2!C86QL("AR M961E96TI('-E8W5R:71I97,@=VET:"!H:6=H97(@8V]U<&]N6EN9R!F=6YD)W,@:6YC;VUE+B!&;W(@ M;6]R=&=A9V4M8F%C:V5D('-E8W5R:71I97,L('1H:7,@2UH961G960@9F]R96EG;B!B;VYD2]R96=I;VYA;"!R:7-K+"!W:&EC:"!I2!H961G:6YG('1R86YS M86-T:6]N65A65A"!&=6YD(#(N,"4\+W`^/'`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`E/"]P/CQP/E9A;F=U87)D(%1O=&%L($)O;F0@36%R:V5T($E) M($EN9&5X($9U;F0@."XP)3PO<#X\<#Y686YG=6%R9"!4;W1A;"!);G1E2!B92!A9F9E8W1E9"!B>2!A('9A2`Q,"4@;V8@:71S M(&%S2!S=6)J96-T('1O(&)O;F0@2!I;G1E2!T;R!M86ME('-U8V@@<&%Y;65N=',@=VEL M;"!C875S92!T:&4@<')I8V4@;V8@=&AA="!B;VYD('1O(&1E8VQI;F4L('1H M=7,@2!D871E6EN9R!F=6YD('=O=6QD M('1H96X@;&]S92!A;GD@<')I8V4@87!P6UE;G0@2!F;W)E:6=N(&=O=F5R;FUE M;G1S+"!G;W9E2!H961G:6YG(')I2!T:&4@=6YD97)L>6EN9R!I;G1E2!O9F9S970@=&AE(&9U;F0G2!);G9E2!Y96%R&5D(&EN8V]M92!I;G9E65A"!& M=6YD(#8S+C`E/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@ M4W1O8VL@26YD97@@1G5N9"`R-RXP)3PO<#X\<#Y686YG=6%R9"!4;W1A;"!" M;VYD($UA"!&=6YD(#@N,"4\+W`^/'`^5F%N9W5A2!B92!A9F9E8W1E9"!B>2!A('9A2`Q,"4@ M;V8@:71S(&%S2!S=6)J96-T('1O(&)O;F0@2!I;G1E2!T;R!M86ME('-U8V@@<&%Y;65N M=',@=VEL;"!C875S92!T:&4@<')I8V4@;V8@=&AA="!B;VYD('1O(&1E8VQI M;F4L('1H=7,@2!D871E6EN9R!F=6YD M('=O=6QD('1H96X@;&]S92!A;GD@<')I8V4@87!P6UE M;G0@2!F;W)E:6=N(&=O M=F5R;FUE;G1S+"!G;W9E2!H961G:6YG(')I2!T:&4@=6YD97)L>6EN9R!I;G1E2!O9F9S970@=&AE(&9U;F0G2`R M."P@,C`Q,SPO<#X\<#Y#:&%N9V5S(&EN(%5N9&5R;'EI;F<@1G5N9"!!;&QO M8V%T:6]N&5D(&EN8V]M92!E>'!O"!&=6YD+CPO<#X\ M<#X@5&AE(%1A'!O2!-87)K970@1G5N9"X\+W`^/'`^5&AE($9U;F1S M)R!T87)G970@86QL;V-A=&EO;G,@=&\@=&AE('5N9&5R;'EI;F<@9FEX960@ M:6YC;VUE(&9U;F1S(&%R92!D97-C&5D(&EN8V]M92!I;G9E2!D:60@;F]T(&%F9F5C="!E86-H($9U;F0G'0@=6YD97(@)U!R:6UA"!&=6YD(#,Y+C(E M/"]P/CQP/E9A;F=U87)D(%1O=&%L(%-T;V-K($UA"!&=6YD M(#(Q+C`E/"]P/CQP/E9A;F=U87)D(%-H;W)T+51E"!&=6YD(#DN,"4\+W`^/'`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`E/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@4W1O M8VL@26YD97@@1G5N9"`Q,BXT)3PO<#X\<#Y686YG=6%R9"!3:&]R="U497)M M($EN9FQA=&EO;BU0"!&=6YD(#$Q M+C@E/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@0F]N9"!) M;F1E>"!&=6YD(#$Q+C6EN9R!F=6YDF5D(&EN=F5S=&UE M;G0M9W)A9&4@9F]R96EG;B!B;VYD2!686YG M=6%R9"!T;R!M:6YI;6EZ92!C=7)R96YC>2!E>'!O2`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`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`R,2XR)3PO<#X\<#Y686YG=6%R9"!4 M;W1A;"!);G1E6EN9R!F=6YD&EM871E M;'D@,CDE(&]F(&ET2!M86YN97(L(&]R('1H870@;F5G871I=F4@<&5R M8V5P=&EO;G,@;V8@=&AE(&ES6UE;G1S('=I;&P@8V%U2!C86QL("AR961E96TI M('-E8W5R:71I97,@=VET:"!H:6=H97(@8V]U<&]N6EN9R!F=6YD)W,@:6YC;VUE+B!&;W(@;6]R=&=A M9V4M8F%C:V5D('-E8W5R:71I97,L('1H:7,@2UH961G960@9F]R96EG;B!B;VYD2]R M96=I;VYA;"!R:7-K+"!W:&EC:"!I2!H961G:6YG('1R86YS86-T:6]N M65A65A2!B92!A9F9E8W1E9"!B>2!A M('9AF4@8W5R2`R,B4@;V8@:71S(&%S2!S=6)J96-T M('1O(&)O;F0@2!I;G1E M2!D871E M6EN9R!F=6YD('=O=6QD('1H96X@;&]S92!A;GD@<')I M8V4@87!P6UE;G0@2!F;W)E:6=N(&=O=F5R;FUE;G1S+"!G;W9E2!H961G:6YG(')I M2!O M9F9S970@=&AE(&9U;F0G2!);G9E2!Y96%R&5D(&EN8V]M92!I;G9E65A"!&=6YD(#4Y+C@E/"]P/CQP/E9A M;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@4W1O8VL@26YD97@@1G5N9"`R M-2XW)3PO<#X\<#Y686YG=6%R9"!4;W1A;"!";VYD($UA"!&=6YD(#$Q+C8E/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N M86P@0F]N9"!);F1E>"!&=6YD(#(N.24\+W`^/'`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`^/'`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`E/"]P/CQP/E9A;F=U87)D(%1O=&%L M($)O;F0@36%R:V5T($E)($EN9&5X($9U;F0@."XP)3PO<#X\<#Y686YG=6%R M9"!4;W1A;"!);G1E2!B92!A9F9E8W1E9"!B>2!A('9A2`Q M,"4@;V8@:71S(&%S2!S=6)J96-T('1O(&)O;F0@2!I;G1E2!T;R!M86ME('-U8V@@<&%Y M;65N=',@=VEL;"!C875S92!T:&4@<')I8V4@;V8@=&AA="!B;VYD('1O(&1E M8VQI;F4L('1H=7,@2!D871E6EN9R!F M=6YD('=O=6QD('1H96X@;&]S92!A;GD@<')I8V4@87!P6UE;G0@2!F;W)E:6=N M(&=O=F5R;FUE;G1S+"!G;W9E2!H961G:6YG(')I2!T:&4@=6YD97)L>6EN9R!I;G1E2!O9F9S970@=&AE(&9U;F0G2!);G9E2!Y96%R&5D(&EN8V]M92!I;G9E65A6EN M9R!F=6YD&EM871E;'D@,3`E(&]F(&ET2!M86YN97(L(&]R('1H870@;F5G M871I=F4@<&5R8V5P=&EO;G,@;V8@=&AE(&ES6UE;G1S('=I;&P@8V%U2!C86QL M("AR961E96TI('-E8W5R:71I97,@=VET:"!H:6=H97(@8V]U<&]N6EN9R!F=6YD)W,@:6YC;VUE+B!& M;W(@;6]R=&=A9V4M8F%C:V5D('-E8W5R:71I97,L('1H:7,@2UH961G960@9F]R96EG;B!B;VYD2]R96=I;VYA;"!R:7-K+"!W:&EC:"!I2!H961G:6YG('1R M86YS86-T:6]N65A65A"!&=6YD(#(N,"4\+W`^/'`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`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`^/"]P/CQP/EM32$E0($Q/1T\@5D%.1U5! M4D0@*'(I73PO<#X\<#X\+W`^/'`^/"]P/CQP/CPO<#X\<#X\+W`^/'`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`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`S-R4@;V8@:71S(&%S2!S M=6)J96-T('1O(&)O;F0@2!I;G1E2!T;R!M86ME('-U8V@@<&%Y;65N=',@=VEL;"!C875S92!T:&4@ M<')I8V4@;V8@=&AA="!B;VYD('1O(&1E8VQI;F4L('1H=7,@2!D871E6EN9R!F=6YD('=O=6QD('1H96X@;&]S92!A M;GD@<')I8V4@87!P6UE;G0@2!F;W)E:6=N(&=O=F5R;FUE;G1S+"!G;W9E2!H961G M:6YG(')I2!T:&4@=6YD M97)L>6EN9R!I;G1E2!O9F9S970@=&AE(&9U;F0G2!Y M96%R&5D(&EN8V]M92!I;G9E65A"!&=6YD(#0Y+C,E/"]P M/CQP/E9A;F=U87)D(%1O=&%L($)O;F0@36%R:V5T($E)($EN9&5X($9U;F0@ M,C,N-B4\+W`^/'`^5F%N9W5A"!&=6YD(#(Q+C(E/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R M;F%T:6]N86P@0F]N9"!);F1E>"!&=6YD(#4N.24\+W`^/'`^/"]P/CQP/B!! M="!A;GD@9VEV96X@=&EM92P@=&AE($9U;F0G2!B92!A9F9E8W1E9"!B>2!A('9A2`R.24@;V8@ M:71S(&%S2!S=6)J96-T('1O(&)O;F0@2!I;G1E2!T;R!M86ME('-U8V@@<&%Y;65N=',@ M=VEL;"!C875S92!T:&4@<')I8V4@;V8@=&AA="!B;VYD('1O(&1E8VQI;F4L M('1H=7,@2!D871E6EN9R!F=6YD('=O M=6QD('1H96X@;&]S92!A;GD@<')I8V4@87!P6UE;G0@ M2!F;W)E:6=N(&=O=F5R M;FUE;G1S+"!G;W9E2!H961G:6YG(')I2!T:&4@=6YD97)L>6EN9R!I;G1E2!O9F9S970@=&AE(&9U;F0G2!);G9E2!Y96%R&5D(&EN8V]M92!I;G9E65A"!&=6YD(#4T+C8E/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N M86P@4W1O8VL@26YD97@@1G5N9"`R,RXT)3PO<#X\<#Y686YG=6%R9"!4;W1A M;"!";VYD($UA"!&=6YD(#$W+C8E/"]P/CQP/E9A;F=U M87)D(%1O=&%L($EN=&5R;F%T:6]N86P@0F]N9"!);F1E>"!&=6YD(#0N-"4\ M+W`^/'`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`Q-"4@;V8@:71S(&%S2!S=6)J96-T('1O M(&)O;F0@2!I;G1E2!T M;R!M86ME('-U8V@@<&%Y;65N=',@=VEL;"!C875S92!T:&4@<')I8V4@;V8@ M=&AA="!B;VYD('1O(&1E8VQI;F4L('1H=7,@2!D871E6EN9R!F=6YD('=O=6QD('1H96X@;&]S92!A;GD@<')I8V4@ M87!P6UE;G0@2!F;W)E:6=N(&=O=F5R;FUE;G1S+"!G;W9E2!H961G:6YG(')I2!O9F9S M970@=&AE(&9U;F0G2!);G9E2!Y96%R&5D M(&EN8V]M92!I;G9E65A"!&=6YD(#8S+C`E/"]P/CQP/E9A;F=U M87)D(%1O=&%L($EN=&5R;F%T:6]N86P@4W1O8VL@26YD97@@1G5N9"`R-RXP M)3PO<#X\<#Y686YG=6%R9"!4;W1A;"!";VYD($UA"!& M=6YD(#@N,"4\+W`^/'`^5F%N9W5A6EN9R!F=6YD2P@8V]R<&]R871E+"!A;F0@ M&EM871E;'D@,3`E(&]F(&ET2!M86YN M97(L(&]R('1H870@;F5G871I=F4@<&5R8V5P=&EO;G,@;V8@=&AE(&ES6UE;G1S('=I;&P@8V%U2!C86QL("AR961E96TI('-E8W5R:71I97,@=VET:"!H:6=H M97(@8V]U<&]N6EN9R!F M=6YD)W,@:6YC;VUE+B!&;W(@;6]R=&=A9V4M8F%C:V5D('-E8W5R:71I97,L M('1H:7,@2UH961G960@ M9F]R96EG;B!B;VYD2]R96=I;VYA;"!R:7-K+"!W:&EC:"!I M2!H961G:6YG('1R86YS86-T:6]N'0@=6YD97(@)U!R:6UA65A65A"!&=6YD(#(N,"4\+W`^/'`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`E/"]P/CQP/E9A;F=U87)D(%1O=&%L($)O M;F0@36%R:V5T($E)($EN9&5X($9U;F0@."XP)3PO<#X\<#Y686YG=6%R9"!4 M;W1A;"!);G1E2!B92!A9F9E8W1E9"!B>2!A('9AF4@8W5R2`Q,"4@;V8@:71S(&%S2!S=6)J96-T('1O(&)O;F0@2!I;G1E2!T;R!M86ME('-U8V@@ M<&%Y;65N=',@=VEL;"!C875S92!T:&4@<')I8V4@;V8@=&AA="!B;VYD('1O M(&1E8VQI;F4L('1H=7,@2!D871E6EN M9R!F=6YD('=O=6QD('1H96X@;&]S92!A;GD@<')I8V4@87!P6UE;G0@2!F;W)E M:6=N(&=O=F5R;FUE;G1S+"!G;W9E2!H961G:6YG(')I2!T:&4@=6YD97)L>6EN9R!I;G1E2!O9F9S970@=&AE(&9U;F0G M2!);G9E M2!Y96%R&5D(&EN8V]M92!I;G9E M65A"!&=6YD(#@N,"4\+W`^ M/'`^5F%N9W5A6EN9R!F=6YD&EM871E;'D@,3`E(&]F(&ET2!M86YN97(L(&]R('1H870@ M;F5G871I=F4@<&5R8V5P=&EO;G,@;V8@=&AE(&ES6UE;G1S('=I;&P@8V%U2!C M86QL("AR961E96TI('-E8W5R:71I97,@=VET:"!H:6=H97(@8V]U<&]N6EN9R!F=6YD)W,@:6YC;VUE M+B!&;W(@;6]R=&=A9V4M8F%C:V5D('-E8W5R:71I97,L('1H:7,@2UH961G960@9F]R96EG;B!B;VYD M2]R96=I;VYA;"!R:7-K+"!W:&EC:"!I2!H961G:6YG M('1R86YS86-T:6]N65A65A"!&=6YD(#(N,"4\+W`^/'`^070@86YY(&=I=F5N('1I;64L M('1H92!&=6YD)W,@87-S970@86QL;V-A=&EO;B!M87D@8F4@869F96-T960@ M8GD@82!V87)I971Y(&]F(&9A8W1O6EN9R!F=6YD&EM871E;'D@,3`E(&]F(&ET2!M86YN97(L(&]R M('1H870@;F5G871I=F4@<&5R8V5P=&EO;G,@;V8@=&AE(&ES6UE;G1S('=I;&P@8V%U2!C86QL("AR961E96TI('-E8W5R:71I97,@=VET:"!H:6=H97(@8V]U M<&]N6EN9R!F=6YD)W,@ M:6YC;VUE+B!&;W(@;6]R=&=A9V4M8F%C:V5D('-E8W5R:71I97,L('1H:7,@ M2UH961G960@9F]R96EG M;B!B;VYD2]R96=I;VYA;"!R:7-K+"!W:&EC:"!I2!H M961G:6YG('1R86YS86-T:6]N'0^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R M(&-L87-S/3-$'0Z/"]T9#X-"B`@("`@("`@/'1D(&-L87-S M/3-$=&5X=#X\<#X\+W`^/'`^6U-(25`@3$]'3R!604Y'54%21"`H2!P97)C96YT(&]F(&5A8V@@1G5N9"=S(&9I>&5D(&EN8V]M92!E>'!O M"!&=6YD(')A=&AE&5D(&EN8V]M92!F=6YD"!O9B!E86-H($9U;F0G'!E;G-E(')A=&EO2!D97-I9VYE9"!F;W(@:6YV97-T;W)S(&-U2!I;B!R971I6EN9R!F=6YD"!&=6YD(#$T+C`E/"]P/CQP/E9A;F=U87)D(%1O M=&%L($EN=&5R;F%T:6]N86P@4W1O8VL@26YD97@@1G5N9"`Y+C`E/"]P/CQP M/CPO<#X\<#X@070@86YY(&=I=F5N('1I;64L('1H92!&=6YD)W,@87-S970@ M86QL;V-A=&EO;B!M87D@8F4@869F96-T960@8GD@82!V87)I971Y(&]F(&9A M8W1O6EN9R!F=6YDF5D(&EN=F5S=&UE;G0M9W)A9&4@9F]R96EG;B!B;VYD M2!686YG=6%R9"!T;R!M:6YI;6EZ92!C=7)R M96YC>2!E>'!O2`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`^/'`^5F%N9W5A6EN9R!F=6YDF4@8W5R2`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`E/"]P/CQP/E9A M;F=U87)D(%1O=&%L($)O;F0@36%R:V5T($E)($EN9&5X($9U;F0@."XP)3PO M<#X\<#Y686YG=6%R9"!4;W1A;"!);G1E2!B92!A9F9E8W1E9"!B>2!A M('9AF4@8W5R2`Q,"4@;V8@:71S(&%S2!S=6)J96-T M('1O(&)O;F0@2!I;G1E M2!D871E M6EN9R!F=6YD('=O=6QD('1H96X@;&]S92!A;GD@<')I M8V4@87!P6UE;G0@2!F;W)E:6=N(&=O=F5R;FUE;G1S+"!G;W9E2!H961G:6YG(')I M2!O M9F9S970@=&AE(&9U;F0G2!);G9E2!Y96%R&5D(&EN8V]M92!I;G9E65A"!&=6YD(#8S+C`E/"]P/CQP/E9A M;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@4W1O8VL@26YD97@@1G5N9"`R M-RXP)3PO<#X\<#Y686YG=6%R9"!4;W1A;"!";VYD($UA"!&=6YD(#@N,"4\+W`^/'`^5F%N9W5A6EN9R!F=6YD&EM871E;'D@,3`E(&]F(&ET2!M86YN97(L M(&]R('1H870@;F5G871I=F4@<&5R8V5P=&EO;G,@;V8@=&AE(&ES6UE;G1S('=I;&P@8V%U2!C86QL("AR961E96TI('-E8W5R:71I97,@=VET:"!H:6=H97(@ M8V]U<&]N6EN9R!F=6YD M)W,@:6YC;VUE+B!&;W(@;6]R=&=A9V4M8F%C:V5D('-E8W5R:71I97,L('1H M:7,@2UH961G960@9F]R M96EG;B!B;VYD2]R96=I;VYA;"!R:7-K+"!W:&EC:"!I2!H961G:6YG('1R86YS86-T:6]N'0@=6YD97(@)U!R:6UA65A65A"!&=6YD(#(N,"4\+W`^/'`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`E/"]P/CQP/E9A;F=U87)D(%1O=&%L M($)O;F0@36%R:V5T($E)($EN9&5X($9U;F0@."XP)3PO<#X\<#Y686YG=6%R M9"!4;W1A;"!);G1E2!B92!A9F9E8W1E9"!B>2!A('9AF4@8W5R2`Q,"4@;V8@:71S(&%S2!S=6)J96-T('1O(&)O;F0@2!I;G1E2!T;R!M86ME('-U M8V@@<&%Y;65N=',@=VEL;"!C875S92!T:&4@<')I8V4@;V8@=&AA="!B;VYD M('1O(&1E8VQI;F4L('1H=7,@2!D871E6EN9R!F=6YD('=O=6QD('1H96X@;&]S92!A;GD@<')I8V4@87!P6UE;G0@2!F M;W)E:6=N(&=O=F5R;FUE;G1S+"!G;W9E2!H961G:6YG(')I2!T:&4@=6YD97)L>6EN9R!I;G1E2!O9F9S970@=&AE(&9U M;F0G2!) M;G9E2!Y96%R"!&=6YD(#@N,"4\ M+W`^/'`^5F%N9W5A2!B92!A9F9E8W1E9"!B>2!A('9AF4@8W5R2`Q,"4@;V8@:71S(&%S2!S=6)J96-T('1O(&)O M;F0@2!I;G1E2!T;R!M M86ME('-U8V@@<&%Y;65N=',@=VEL;"!C875S92!T:&4@<')I8V4@;V8@=&AA M="!B;VYD('1O(&1E8VQI;F4L('1H=7,@2!D871E6EN9R!F=6YD('=O=6QD('1H96X@;&]S92!A;GD@<')I8V4@87!P M6UE;G0@2!F;W)E:6=N(&=O=F5R;FUE;G1S+"!G;W9E2!H961G:6YG(')I2!T:&4@=6YD97)L>6EN9R!I;G1E M2!O9F9S970@ M=&AE(&9U;F0G2`R."P@,C`Q,SPO<#X\<#Y#:&%N9V5S(&EN(%5N9&5R M;'EI;F<@1G5N9"!!;&QO8V%T:6]N&5D(&EN8V]M92!E>'!O"!&=6YD+CPO<#X\<#X@5&AE(%1A'!O2!-87)K970@1G5N9"X\ M+W`^/'`^5&AE($9U;F1S)R!T87)G970@86QL;V-A=&EO;G,@=&\@=&AE('5N M9&5R;'EI;F<@9FEX960@:6YC;VUE(&9U;F1S(&%R92!D97-C&5D(&EN8V]M92!I M;G9E2!D:60@;F]T(&%F9F5C="!E86-H($9U;F0G'0@0VAA M;F=E'0@=6YD97(@)U!R:6UA"!&=6YD(#,Y+C(E/"]P/CQP/E9A;F=U87)D(%1O=&%L(%-T;V-K($UA M"!&=6YD(#(Q+C`E/"]P/CQP/E9A;F=U87)D(%-H;W)T+51E M"!&=6YD(#DN,"4\+W`^/'`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`E/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN M=&5R;F%T:6]N86P@4W1O8VL@26YD97@@1G5N9"`Q,BXT)3PO<#X\<#Y686YG M=6%R9"!3:&]R="U497)M($EN9FQA=&EO;BU0"!&=6YD(#$Q+C@E/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R M;F%T:6]N86P@0F]N9"!);F1E>"!&=6YD(#$Q+C6EN9R!F=6YDF5D(&EN=F5S=&UE;G0M9W)A9&4@9F]R96EG;B!B;VYD2!686YG=6%R9"!T;R!M:6YI;6EZ92!C=7)R96YC>2!E>'!O M2`U.24@;V8@:71S(&%S2!S=6)J96-T('1O(&)O M;F0@6EN9R!F=6YD)W,@2!A9F9E8W0@=&AE('9A M;'5E(&]F('-E8W5R:71I97,@:7-S=65D(&)Y(&9O2!N;W0@<&5R9F5C=&QY(&]F9G-E="!T:&4@9G5N9"=S(&9O2!D M97-I9VYE9"!F;W(@:6YV97-T;W)S('!L86YN:6YG('1O(')E=&ER92!A;F0@ M;&5A=F4@=&AE('=O65A65A6EN9R!F=6YD"!&=6YD(#0N."4\+W`^/'`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`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`R,B4@;V8@:71S(&%S M2!S=6)J96-T('1O(&)O;F0@2!I;G1E2!T;R!M86ME('-U8V@@<&%Y;65N=',@=VEL;"!C M875S92!T:&4@<')I8V4@;V8@=&AA="!B;VYD('1O(&1E8VQI;F4L('1H=7,@ M2!D871E6EN9R!F=6YD('=O=6QD('1H M96X@;&]S92!A;GD@<')I8V4@87!P6UE;G0@2!F;W)E:6=N(&=O=F5R;FUE;G1S M+"!G;W9E2!H961G:6YG(')I2!T:&4@=6YD97)L>6EN9R!I;G1E2!O9F9S970@=&AE(&9U;F0G2!);G9E2!Y96%R&5D(&EN8V]M92!I;G9E65A"!&=6YD M(#4Y+C@E/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@4W1O M8VL@26YD97@@1G5N9"`R-2XW)3PO<#X\<#Y686YG=6%R9"!4;W1A;"!";VYD M($UA"!&=6YD(#$Q+C8E/"]P/CQP/E9A;F=U87)D(%1O M=&%L($EN=&5R;F%T:6]N86P@0F]N9"!);F1E>"!&=6YD(#(N.24\+W`^/'`^ M070@86YY(&=I=F5N('1I;64L('1H92!&=6YD)W,@87-S970@86QL;V-A=&EO M;B!M87D@8F4@869F96-T960@8GD@82!V87)I971Y(&]F(&9A8W1O6EN9R!F=6YD2P@8V]R M<&]R871E+"!A;F0@&EM871E;'D@,30E(&]F M(&ET2!M86YN97(L(&]R('1H870@;F5G871I=F4@<&5R8V5P=&EO;G,@ M;V8@=&AE(&ES6UE;G1S M('=I;&P@8V%U2!C86QL("AR961E96TI('-E8W5R:71I M97,@=VET:"!H:6=H97(@8V]U<&]N2UH961G960@9F]R96EG;B!B;VYD2]R96=I;VYA;"!R M:7-K+"!W:&EC:"!I2!H961G:6YG('1R86YS86-T:6]N'0@=6YD97(@)U!R:6UA65A65A"!&=6YD(#(N,"4\ M+W`^/'`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`E/"]P/CQP M/E9A;F=U87)D(%1O=&%L($)O;F0@36%R:V5T($E)($EN9&5X($9U;F0@."XP M)3PO<#X\<#Y686YG=6%R9"!4;W1A;"!);G1E2!B92!A9F9E8W1E9"!B>2!A('9A MF4@8W5R2`Q,"4@;V8@:71S(&%S2!S=6)J96-T('1O M(&)O;F0@2!I;G1E2!T M;R!M86ME('-U8V@@<&%Y;65N=',@=VEL;"!C875S92!T:&4@<')I8V4@;V8@ M=&AA="!B;VYD('1O(&1E8VQI;F4L('1H=7,@2!D871E6EN9R!F=6YD('=O=6QD('1H96X@;&]S92!A;GD@<')I8V4@ M87!P6UE;G0@2!F;W)E:6=N(&=O=F5R;FUE;G1S+"!G;W9E2!H961G:6YG(')I2!O9F9S M970@=&AE(&9U;F0G2!);G9E2!Y96%R&5D M(&EN8V]M92!I;G9E65A"!&=6YD(#8S+C`E/"]P/CQP/E9A;F=U M87)D(%1O=&%L($EN=&5R;F%T:6]N86P@4W1O8VL@26YD97@@1G5N9"`R-RXP M)3PO<#X\<#Y686YG=6%R9"!4;W1A;"!";VYD($UA"!& M=6YD(#@N,"4\+W`^/'`^5F%N9W5A6EN9R!F=6YD2P@8V]R<&]R871E+"!A;F0@ M&EM871E;'D@,3`E(&]F(&ET2!M86YN M97(L(&]R('1H870@;F5G871I=F4@<&5R8V5P=&EO;G,@;V8@=&AE(&ES6UE;G1S('=I;&P@8V%U2!C86QL("AR961E96TI('-E8W5R:71I97,@=VET:"!H:6=H M97(@8V]U<&]N6EN9R!F M=6YD)W,@:6YC;VUE+B!&;W(@;6]R=&=A9V4M8F%C:V5D('-E8W5R:71I97,L M('1H:7,@2UH961G960@ M9F]R96EG;B!B;VYD2]R96=I;VYA;"!R:7-K+"!W:&EC:"!I M2!H961G:6YG('1R86YS86-T:6]N'0@=6YD97(@)U!R:6UA65A65A"!&=6YD(#(N,"4\+W`^/'`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`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`^/"]P/CQP/EM3 M2$E0($Q/1T\@5D%.1U5!4D0@*'(I73PO<#X\<#X\+W`^/'`^/"]P/CQP/CPO M<#X\<#X\+W`^/'`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`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`E/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@4W1O M8VL@26YD97@@1G5N9"`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`^/'`^5F%N9W5A"!&=6YD(#$X+CDE/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R M;F%T:6]N86P@0F]N9"!);F1E>"!&=6YD(#2!B92!A9F9E8W1E9"!B>2!A('9A2`S-R4@;V8@ M:71S(&%S2!S=6)J96-T('1O(&)O;F0@2!I;G1E2!T;R!M86ME('-U8V@@<&%Y;65N=',@ M=VEL;"!C875S92!T:&4@<')I8V4@;V8@=&AA="!B;VYD('1O(&1E8VQI;F4L M('1H=7,@2!D871E6EN9R!F=6YD('=O M=6QD('1H96X@;&]S92!A;GD@<')I8V4@87!P6UE;G0@ M2!F;W)E:6=N(&=O=F5R M;FUE;G1S+"!G;W9E2!H961G:6YG(')I2!T:&4@=6YD97)L>6EN9R!I;G1E2!O9F9S970@=&AE(&9U;F0G2!);G9E2!Y96%R&5D(&EN8V]M92!I;G9E65A"!&=6YD(#0Y+C,E/"]P/CQP/E9A;F=U87)D(%1O=&%L($)O;F0@36%R:V5T M($E)($EN9&5X($9U;F0@,C,N-B4\+W`^/'`^5F%N9W5A"!&=6YD(#(Q+C(E/"]P/CQP/E9A;F=U M87)D(%1O=&%L($EN=&5R;F%T:6]N86P@0F]N9"!);F1E>"!&=6YD(#4N.24\ M+W`^/'`^/"]P/CQP/B!!="!A;GD@9VEV96X@=&EM92P@=&AE($9U;F0G2!A('9AF4@8W5R2`R.24@;V8@:71S(&%S2!S=6)J96-T('1O(&)O;F0@ M2!I;G1E2!T;R!M86ME M('-U8V@@<&%Y;65N=',@=VEL;"!C875S92!T:&4@<')I8V4@;V8@=&AA="!B M;VYD('1O(&1E8VQI;F4L('1H=7,@2!D871E6EN9R!F=6YD('=O=6QD('1H96X@;&]S92!A;GD@<')I8V4@87!P6UE;G0@2!F;W)E:6=N(&=O=F5R;FUE;G1S+"!G;W9E2!H961G:6YG(')I2!T:&4@=6YD97)L>6EN9R!I;G1E2!O9F9S970@=&AE M(&9U;F0G2!);G9E2!Y96%R&5D(&EN8V]M M92!I;G9E65A M"!&=6YD(#$W M+C8E/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@0F]N9"!) M;F1E>"!&=6YD(#0N-"4\+W`^/'`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`Q-"4@;V8@:71S(&%S2!S=6)J96-T('1O(&)O;F0@2!I;G1E2!T;R!M86ME('-U8V@@<&%Y;65N=',@=VEL;"!C875S M92!T:&4@<')I8V4@;V8@=&AA="!B;VYD('1O(&1E8VQI;F4L('1H=7,@2!D871E6EN9R!F=6YD('=O=6QD('1H96X@ M;&]S92!A;GD@<')I8V4@87!P6UE;G0@2!F;W)E:6=N(&=O=F5R;FUE;G1S+"!G M;W9E2!H961G:6YG(')I2!T M:&4@=6YD97)L>6EN9R!I;G1E2!O9F9S970@=&AE(&9U;F0G2!);G9E2!Y96%R&5D(&EN8V]M92!I;G9E65A"!&=6YD(#8S M+C`E/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@4W1O8VL@ M26YD97@@1G5N9"`R-RXP)3PO<#X\<#Y686YG=6%R9"!4;W1A;"!";VYD($UA M"!&=6YD(#@N,"4\+W`^/'`^5F%N9W5A6EN9R!F=6YD&EM871E;'D@,3`E M(&]F(&ET2!M86YN97(L(&]R('1H870@;F5G871I=F4@<&5R8V5P=&EO M;G,@;V8@=&AE(&ES6UE M;G1S('=I;&P@8V%U2!C86QL("AR961E96TI('-E8W5R M:71I97,@=VET:"!H:6=H97(@8V]U<&]N2UH961G960@9F]R96EG;B!B;VYD2]R96=I;VYA M;"!R:7-K+"!W:&EC:"!I2!H961G:6YG('1R86YS86-T:6]N65A65A"!&=6YD(#(N M,"4\+W`^/'`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`E/"]P/CQP/E9A M;F=U87)D(%1O=&%L($)O;F0@36%R:V5T($E)($EN9&5X($9U;F0@."XP)3PO M<#X\<#Y686YG=6%R9"!4;W1A;"!);G1E2!B92!A9F9E8W1E9"!B>2!A M('9AF4@8W5R2`Q,"4@;V8@:71S(&%S2!S=6)J96-T M('1O(&)O;F0@2!I;G1E M2!D871E M6EN9R!F=6YD('=O=6QD('1H96X@;&]S92!A;GD@<')I M8V4@87!P6UE;G0@2!F;W)E:6=N(&=O=F5R;FUE;G1S+"!G;W9E2!H961G:6YG(')I M2!O M9F9S970@=&AE(&9U;F0G2!);G9E2!Y96%R&5D(&EN8V]M92!I;G9E65A"!&=6YD(#8S+C`E/"]P/CQP/E9A M;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@4W1O8VL@26YD97@@1G5N9"`R M-RXP)3PO<#X\<#Y686YG=6%R9"!4;W1A;"!";VYD($UA"!&=6YD(#@N,"4\+W`^/'`^5F%N9W5A6EN9R!F=6YD2P@8V]R<&]R871E+"!A M;F0@&EM871E;'D@,3`E(&]F(&ET2!M M86YN97(L(&]R('1H870@;F5G871I=F4@<&5R8V5P=&EO;G,@;V8@=&AE(&ES M6UE;G1S('=I;&P@8V%U M2!C86QL("AR961E96TI('-E8W5R:71I97,@=VET:"!H M:6=H97(@8V]U<&]N6EN M9R!F=6YD)W,@:6YC;VUE+B!&;W(@;6]R=&=A9V4M8F%C:V5D('-E8W5R:71I M97,L('1H:7,@2UH961G M960@9F]R96EG;B!B;VYD2]R96=I;VYA;"!R:7-K+"!W:&EC M:"!I2!H961G:6YG('1R86YS86-T:6]N'0@=6YD97(@)U!R:6UA65A65A"!&=6YD(#(N,"4\+W`^/'`^070@ M86YY(&=I=F5N('1I;64L('1H92!&=6YD)W,@87-S970@86QL;V-A=&EO;B!M M87D@8F4@869F96-T960@8GD@82!V87)I971Y(&]F(&9A8W1O6EN9R!F=6YD2P@8V]R<&]R M871E+"!A;F0@&EM871E;'D@,3`E(&]F(&ET M2!M86YN97(L(&]R('1H870@;F5G871I=F4@<&5R8V5P=&EO;G,@;V8@ M=&AE(&ES6UE;G1S('=I M;&P@8V%U2!C86QL("AR961E96TI('-E8W5R:71I97,@ M=VET:"!H:6=H97(@8V]U<&]N2UH961G960@9F]R96EG;B!B;VYD2]R96=I;VYA;"!R:7-K M+"!W:&EC:"!I2!H961G:6YG('1R86YS86-T:6]N2`R."P@ M,C`Q,SPO<#X\<#Y#:&%N9V5S(&EN(%5N9&5R;'EI;F<@1G5N9"!!;&QO8V%T M:6]N&5D(&EN8V]M92!E>'!O"!&=6YD+CPO<#X\<#X@ M5&AE(%1A'!O2!-87)K970@1G5N9"X\+W`^/'`^5&AE($9U;F1S)R!T M87)G970@86QL;V-A=&EO;G,@=&\@=&AE('5N9&5R;'EI;F<@9FEX960@:6YC M;VUE(&9U;F1S(&%R92!D97-C&5D(&EN8V]M92!I;G9E2!D M:60@;F]T(&%F9F5C="!E86-H($9U;F0G'0@ M=6YD97(@)U!R:6UA"!&=6YD(#,Y+C(E/"]P M/CQP/E9A;F=U87)D(%1O=&%L(%-T;V-K($UA"!&=6YD(#(Q M+C`E/"]P/CQP/E9A;F=U87)D(%-H;W)T+51E"!&=6YD(#DN,"4\+W`^/'`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`E/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@4W1O8VL@ M26YD97@@1G5N9"`Q,BXT)3PO<#X\<#Y686YG=6%R9"!3:&]R="U497)M($EN M9FQA=&EO;BU0"!&=6YD(#$Q+C@E M/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@0F]N9"!);F1E M>"!&=6YD(#$Q+C6EN9R!F=6YDF5D(&EN=F5S=&UE;G0M M9W)A9&4@9F]R96EG;B!B;VYD2!686YG=6%R M9"!T;R!M:6YI;6EZ92!C=7)R96YC>2!E>'!O2`U.24@;V8@ M:71S(&%S2!S=6)J96-T('1O(&)O;F0@6EN9R!F=6YD)W,@2!A9F9E8W0@=&AE('9A;'5E(&]F('-E8W5R:71I97,@ M:7-S=65D(&)Y(&9O2!N;W0@<&5R9F5C=&QY(&]F M9G-E="!T:&4@9G5N9"=S(&9O2!D97-I9VYE9"!F;W(@:6YV97-T M;W)S('!L86YN:6YG('1O(')E=&ER92!A;F0@;&5A=F4@=&AE('=O65A65A6EN9R!F=6YD"!&=6YD M(#0N."4\+W`^/'`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`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`R,2XR)3PO<#X\<#Y686YG=6%R9"!4;W1A M;"!);G1E6EN9R!F=6YD&EM871E;'D@ M,CDE(&]F(&ET2!M86YN97(L(&]R('1H870@;F5G871I=F4@<&5R8V5P M=&EO;G,@;V8@=&AE(&ES6UE;G1S('=I;&P@8V%U2!C86QL("AR961E96TI('-E M8W5R:71I97,@=VET:"!H:6=H97(@8V]U<&]N6EN9R!F=6YD)W,@:6YC;VUE+B!&;W(@;6]R=&=A9V4M M8F%C:V5D('-E8W5R:71I97,L('1H:7,@2UH961G960@9F]R96EG;B!B;VYD2]R96=I M;VYA;"!R:7-K+"!W:&EC:"!I2!H961G:6YG('1R86YS86-T:6]N65A65A2!B92!A9F9E8W1E9"!B>2!A('9A MF4@8W5R2`R,B4@;V8@:71S(&%S2!S=6)J96-T('1O M(&)O;F0@2!I;G1E2!T M;R!M86ME('-U8V@@<&%Y;65N=',@=VEL;"!C875S92!T:&4@<')I8V4@;V8@ M=&AA="!B;VYD('1O(&1E8VQI;F4L('1H=7,@2!D871E6EN9R!F=6YD('=O=6QD('1H96X@;&]S92!A;GD@<')I8V4@ M87!P6UE;G0@2!F;W)E:6=N(&=O=F5R;FUE;G1S+"!G;W9E2!H961G:6YG(')I2!O9F9S M970@=&AE(&9U;F0G2!);G9E2!Y96%R&5D M(&EN8V]M92!I;G9E65A"!&=6YD(#4Y+C@E/"]P/CQP/E9A;F=U M87)D(%1O=&%L($EN=&5R;F%T:6]N86P@4W1O8VL@26YD97@@1G5N9"`R-2XW M)3PO<#X\<#Y686YG=6%R9"!4;W1A;"!";VYD($UA"!& M=6YD(#$Q+C8E/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T:6]N86P@ M0F]N9"!);F1E>"!&=6YD(#(N.24\+W`^/'`^070@86YY(&=I=F5N('1I;64L M('1H92!&=6YD)W,@87-S970@86QL;V-A=&EO;B!M87D@8F4@869F96-T960@ M8GD@82!V87)I971Y(&]F(&9A8W1O6EN9R!F=6YD&EM871E;'D@,30E(&]F(&ET2!M86YN97(L(&]R M('1H870@;F5G871I=F4@<&5R8V5P=&EO;G,@;V8@=&AE(&ES6UE;G1S('=I;&P@8V%U2!C86QL("AR961E96TI('-E8W5R:71I97,@=VET:"!H:6=H97(@8V]U M<&]N6EN9R!F=6YD)W,@ M:6YC;VUE+B!&;W(@;6]R=&=A9V4M8F%C:V5D('-E8W5R:71I97,L('1H:7,@ M2UH961G960@9F]R96EG M;B!B;VYD2]R96=I;VYA;"!R:7-K+"!W:&EC:"!I2!H M961G:6YG('1R86YS86-T:6]N65A65A M"!&=6YD(#(N,"4\+W`^/'`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`E/"]P/CQP/E9A;F=U87)D(%1O=&%L($)O M;F0@36%R:V5T($E)($EN9&5X($9U;F0@."XP)3PO<#X\<#Y686YG=6%R9"!4 M;W1A;"!);G1E2!B92!A9F9E8W1E9"!B>2!A('9A2`Q,"4@ M;V8@:71S(&%S2!S=6)J96-T('1O(&)O;F0@2!I;G1E2!T;R!M86ME('-U8V@@<&%Y;65N M=',@=VEL;"!C875S92!T:&4@<')I8V4@;V8@=&AA="!B;VYD('1O(&1E8VQI M;F4L('1H=7,@2!D871E6EN9R!F=6YD M('=O=6QD('1H96X@;&]S92!A;GD@<')I8V4@87!P6UE M;G0@2!F;W)E:6=N(&=O M=F5R;FUE;G1S+"!G;W9E2!H961G:6YG(')I2!T:&4@=6YD97)L>6EN9R!I;G1E2!O9F9S970@=&AE(&9U;F0G2!);G9E2!Y96%R&5D(&EN8V]M92!I;G9E65A"!&=6YD(#8S+C`E/"]P/CQP/E9A;F=U87)D(%1O=&%L($EN=&5R;F%T M:6]N86P@4W1O8VL@26YD97@@1G5N9"`R-RXP)3PO<#X\<#Y686YG=6%R9"!4 M;W1A;"!";VYD($UA"!&=6YD(#@N,"4\+W`^/'`^5F%N M9W5A6EN9R!F M=6YD&EM871E;'D@,3`E(&]F(&ET2!M86YN97(L(&]R('1H870@;F5G871I M=F4@<&5R8V5P=&EO;G,@;V8@=&AE(&ES6UE;G1S('=I;&P@8V%U2!C86QL("AR M961E96TI('-E8W5R:71I97,@=VET:"!H:6=H97(@8V]U<&]N6EN9R!F=6YD)W,@:6YC;VUE+B!&;W(@ M;6]R=&=A9V4M8F%C:V5D('-E8W5R:71I97,L('1H:7,@2UH961G960@9F]R96EG;B!B;VYD2]R96=I;VYA;"!R:7-K+"!W:&EC:"!I2!H961G:6YG('1R86YS M86-T:6]N65A65A"!&=6YD(#(N,"4\+W`^/'`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`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`@("`@ M("`@("`\+W1R/@T*("`@("`@("`@("`@/'1R(&-L87-S/3-$'0^3W1H97(\5)E9VES=')A;G1.86UE/"]T9#X- M"B`@("`@("`@("`@("`@/'1D(&-L87-S/3-$=&5X=#Y686YG=6%R9"!#:&5S M=&5R($9U;F1S(#QS<&%N/CPO"!+ M97D\+W1D/@T*("`@("`@("`@("`@("`\=&0@8VQA'0^2G5N(#,L#0H)"3(P,3,\'0^2G5N M(#,L#0H)"3(P,3,\'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@("`@("`\+W1R/@T*("`@("`@("`@("`@/'1R M(&-L87-S/3-$'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@("`@("`\+W1R/@T*("`@("`@ M("`@("`@/'1R(&-L87-S/3-$'0^2F%N(#(X+`T* M"0DR,#$S/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@("`@("`\+W1R/@T* M("`@("`@("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@("`@("`\+W1R/@T*("`@("`@("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@("`@("`\+W1R/@T*("`@("`@("`@("`@/'1R(&-L87-S M/3-$'0^2F%N(#(X+`T*"0DR,#$S/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@("`@("`\+W1R/@T*("`@("`@("`@("`@/'1R M(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@("`@("`\+W1R/@T* M("`@("`@("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@("`@ M("`\+W1R/@T*("`@("`@("`@("`@/'1R(&-L87-S/3-$'0^2F%N(#(X+`T*"0DR,#$S/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@("`@("`\+W1R/@T*("`@("`@("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@("`@("`\+W1R/@T*("`@("`@("`@("`@/'1R M(&-L87-S/3-$'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@("`@("`\+W1R/@T*("`@("`@ M("`@("`@/'1R(&-L87-S/3-$'0^2F%N(#(X+`T* M"0DR,#$S/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@("`@("`\+W1R/@T* M("`@("`@("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@("`@("`\+W1R/@T*("`@("`@("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@("`@("`\+W1R/@T*("`@("`@("`@("`@/'1R(&-L87-S M/3-$'0^2F%N(#(X+`T*"0DR,#$S/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@("`@("`\+W1R/@T*("`@("`@("`@("`@/'1R M(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@("`@("`\+W1R/@T* M("`@("`@("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@("`@ M("`\+W1R/@T*("`@("`@("`@("`@/'1R(&-L87-S/3-$'0^2F%N(#(X+`T*"0DR,#$S/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@("`@("`\+W1R/@T*("`@("`@("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@("`@("`\+W1R/@T*("`@("`@("`@("`@/'1R M(&-L87-S/3-$'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@("`@("`\+W1R/@T*("`@("`@ M("`@("`@/'1R(&-L87-S/3-$'0^2F%N(#(X+`T* M"0DR,#$S/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@("`@("`\+W1R/@T* M("`@("`@("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@("`@("`\+W1R/@T*("`@("`@("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@("`@("`\+W1R/@T*("`@("`@("`@("`@/'1R(&-L87-S M/3-$'0^2F%N(#(X+`T*"0DR,#$S/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@("`@("`\+W1R/@T*("`@("`@("`@("`@/'1R M(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@("`@("`\+W1R/@T* M("`@("`@("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@("`@ M("`\+W1R/@T*("`@("`@("`@("`@/'1R(&-L87-S/3-$'0^2F%N(#(X+`T*"0DR,#$S/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@("`@("`\+W1R/@T*("`@("`@("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@("`@("`\+W1R/@T*("`@("`@("`@("`@/'1R M(&-L87-S/3-$'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@("`@("`\+W1R/@T*("`@("`@ M("`@("`@/'1R(&-L87-S/3-$'0^2F%N(#(X+`T* M"0DR,#$S/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@("`@("`\+W1R/@T* M("`@("`@("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@("`@("`\+W1R/@T*("`@("`@("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@("`@("`\+W1R/@T*("`@("`@("`@("`@/'1R(&-L87-S M/3-$'0^2F%N(#(X+`T*"0DR,#$S/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@("`@("`\+W1R/@T*("`@("`@("`@("`@/'1R M(&-L87-S/3-$'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@("`@("`\+W1R/@T*("`@("`@ M("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@("`@("`\+W1R M/@T*("`@("`@("`@("`@/'1R(&-L87-S/3-$'0^ M2F%N(#(X+`T*"0DR,#$S/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@("`@ M("`\+W1R/@T*("`@("`@("`@(#PO=&%B;&4^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`\+W1R/@T*("`@(#PO=&%B;&4^#0H@(#PO8F]D>3X-"CPO:'1M M;#X-"@T*+2TM+2TM/5].97AT4&%R=%]F834Q-S,U,5\U,V-E7S0P-S=?.3DP M-5\S-&,T,V4Q-#@V9C,-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO M9F$U,3'0O:'1M;#L@8VAA M&UL;G,Z;STS1")U XML 12 FilingSummary.xml IDEA: XBRL DOCUMENT 2.4.0.6 Html 25 10 1 false 14 0 false 2 false false R1.htm 0000000 - Document - Supplement Sheet http://vanguard/role/Supplement Supplement false true R2.htm 030000 - Document - Risk/Return Detail {Unlabeled} Sheet http://xbrl.sec.gov/rr/role/RiskReturnDetail Risk/Return Detail true false All Reports Book All Reports targetretstkr-20130603.xml targetretstkr-20130603.xsd targetretstkr-20130603_cal.xml targetretstkr-20130603_def.xml targetretstkr-20130603_lab.xml targetretstkr-20130603_pre.xml true true XML 13 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Document Type dei_DocumentType Other
Document Period End Date dei_DocumentPeriodEndDate Sep. 30, 2012
Registrant Name dei_EntityRegistrantName Vanguard Chester Funds
Central Index Key dei_EntityCentralIndexKey 0000752177
Amendment Flag dei_AmendmentFlag false
Document Creation Date dei_DocumentCreationDate Jun. 03, 2013
Document Effective Date dei_DocumentEffectiveDate Jun. 03, 2013
Vanguard Target Retirement 2010 Fund | Participant
  
Risk/Return: rr_RiskReturnAbstract  
Prospectus Date rr_ProspectusDate Jan. 28, 2013
Vanguard Target Retirement 2010 Fund | Retail
  
Risk/Return: rr_RiskReturnAbstract  
Prospectus Date rr_ProspectusDate Jan. 28, 2013
Vanguard Target Retirement 2015 Fund | Participant
  
Risk/Return: rr_RiskReturnAbstract  
Prospectus Date rr_ProspectusDate Jan. 28, 2013
Vanguard Target Retirement 2015 Fund | Retail
  
Risk/Return: rr_RiskReturnAbstract  
Prospectus Date rr_ProspectusDate Jan. 28, 2013
Vanguard Target Retirement 2020 Fund | Participant
  
Risk/Return: rr_RiskReturnAbstract  
Prospectus Date rr_ProspectusDate Jan. 28, 2013
Vanguard Target Retirement 2020 Fund | Retail
  
Risk/Return: rr_RiskReturnAbstract  
Prospectus Date rr_ProspectusDate Jan. 28, 2013
Vanguard Target Retirement 2025 Fund | Participant
  
Risk/Return: rr_RiskReturnAbstract  
Prospectus Date rr_ProspectusDate Jan. 28, 2013
Vanguard Target Retirement 2025 Fund | Retail
  
Risk/Return: rr_RiskReturnAbstract  
Prospectus Date rr_ProspectusDate Jan. 28, 2013
Vanguard Target Retirement 2030 Fund | Participant
  
Risk/Return: rr_RiskReturnAbstract  
Prospectus Date rr_ProspectusDate Jan. 28, 2013
Vanguard Target Retirement 2030 Fund | Retail
  
Risk/Return: rr_RiskReturnAbstract  
Prospectus Date rr_ProspectusDate Jan. 28, 2013
Vanguard Target Retirement 2035 Fund | Participant
  
Risk/Return: rr_RiskReturnAbstract  
Prospectus Date rr_ProspectusDate Jan. 28, 2013
Vanguard Target Retirement 2035 Fund | Retail
  
Risk/Return: rr_RiskReturnAbstract  
Prospectus Date rr_ProspectusDate Jan. 28, 2013
Vanguard Target Retirement 2040 Fund | Participant
  
Risk/Return: rr_RiskReturnAbstract  
Prospectus Date rr_ProspectusDate Jan. 28, 2013
Vanguard Target Retirement 2040 Fund | Retail
  
Risk/Return: rr_RiskReturnAbstract  
Prospectus Date rr_ProspectusDate Jan. 28, 2013
Vanguard Target Retirement 2045 Fund | Participant
  
Risk/Return: rr_RiskReturnAbstract  
Prospectus Date rr_ProspectusDate Jan. 28, 2013
Vanguard Target Retirement 2045 Fund | Retail
  
Risk/Return: rr_RiskReturnAbstract  
Prospectus Date rr_ProspectusDate Jan. 28, 2013
Vanguard Target Retirement 2050 Fund | Participant
  
Risk/Return: rr_RiskReturnAbstract  
Prospectus Date rr_ProspectusDate Jan. 28, 2013
Vanguard Target Retirement 2050 Fund | Retail
  
Risk/Return: rr_RiskReturnAbstract  
Prospectus Date rr_ProspectusDate Jan. 28, 2013
Vanguard Target Retirement 2055 Fund | Participant
  
Risk/Return: rr_RiskReturnAbstract  
Prospectus Date rr_ProspectusDate Jan. 28, 2013
Vanguard Target Retirement 2055 Fund | Retail
  
Risk/Return: rr_RiskReturnAbstract  
Prospectus Date rr_ProspectusDate Jan. 28, 2013
Vanguard Target Retirement 2060 Fund | Participant
  
Risk/Return: rr_RiskReturnAbstract  
Prospectus Date rr_ProspectusDate Jan. 28, 2013
Vanguard Target Retirement 2060 Fund | Retail
  
Risk/Return: rr_RiskReturnAbstract  
Prospectus Date rr_ProspectusDate Jan. 28, 2013
Vanguard Target Retirement Income Fund | Participant
  
Risk/Return: rr_RiskReturnAbstract  
Prospectus Date rr_ProspectusDate Jan. 28, 2013
Vanguard Target Retirement Income Fund | Retail
  
Risk/Return: rr_RiskReturnAbstract  
Prospectus Date rr_ProspectusDate Jan. 28, 2013
XML 14 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; word-wrap: break-word; } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 15 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Supplement
 12 Months Ended
Sep. 30, 2012
Participant | Vanguard Target Retirement 2010 Fund
  
Supplement Text  
Supplement Text:

[SHIP LOGO VANGUARD (r)]

Vanguard Target Retirement Funds

Supplement to the Prospectus Dated January 28, 2013

Changes in Underlying Fund Allocations

The Vanguard Target Retirement Funds have implemented the following changes to the fixed income exposure of the Funds, as previously approved by the Funds' board of trustees.

Twenty percent of each Fund's fixed income exposure has been reallocated to foreign bonds through investment in Vanguard Total International Bond Index Fund.

The Target Retirement Income, Target Retirement 2010, and Target Retirement 2015 Funds now obtain their exposure to inflation-protected securities by investing in Vanguard Short-Term Inflation-Protected Securities Index Fund rather than Vanguard Inflation-Protected Securities Fund.

The Target Retirement Income and Target Retirement 2010 Funds no longer invest a portion of their assets in Vanguard Prime Money Market Fund.

The Funds' target allocations to the underlying fixed income funds are described in the following pages. Although these changes modified the mix of each Fund's fixed income investments, they did not affect each Fund's total fixed income exposure, and the Funds' expense ratios have remained unchanged. However, each Fund's total fixed income exposure (other than that of the Target Retirement Income Fund) will continue to shift in accordance with the Fund's strategy of becoming more conservative over time.

Prospectus Text Changes for Vanguard Target Retirement Income Fund

The text under 'Primary Investment Strategies' is replaced with the following:

The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Bond Market II Index Fund 39.2%

Vanguard Total Stock Market Index Fund 21.0%

Vanguard Short-Term Inflation-Protected Securities Index Fund 16.8%

Vanguard Total International Bond Index Fund 14.0%

Vanguard Total International Stock Index Fund 9.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The first bullet under 'Primary Risks' is replaced with the following:

With approximately 70% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2010 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Bond Market II Index Fund 35.1%

Vanguard Total Stock Market Index Fund 29.0%

Vanguard Total International Stock Index Fund 12.4%

Vanguard Short-Term Inflation-Protected Securities Index Fund 11.8%

Vanguard Total International Bond Index Fund 11.7%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.The second bullet under 'Primary Risks' is replaced with the following:

With approximately 59% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2015 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 37.8%

Vanguard Total Bond Market II Index Fund 32.0%

Vanguard Total International Stock Index Fund 16.2%

Vanguard Total International Bond Index Fund 9.2%

Vanguard Short-Term Inflation-Protected Securities Index Fund 4.8%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 46% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2020 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 44.1%

Vanguard Total Bond Market II Index Fund 29.6%

Vanguard Total International Stock Index Fund 18.9%

Vanguard Total International Bond Index Fund 7.4%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 37% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2025 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 49.3%

Vanguard Total Bond Market II Index Fund 23.6%

Vanguard Total International Stock Index Fund 21.2%

Vanguard Total International Bond Index Fund 5.9%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2030 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 54.6%

Vanguard Total International Stock Index Fund 23.4%

Vanguard Total Bond Market II Index Fund 17.6%

Vanguard Total International Bond Index Fund 4.4%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 22% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2035 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 59.8%

Vanguard Total International Stock Index Fund 25.7%

Vanguard Total Bond Market II Index Fund 11.6%

Vanguard Total International Bond Index Fund 2.9%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2040 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2045 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2050 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2055 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2060 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

(c) 2013 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor PS 308 062013
Participant | Vanguard Target Retirement 2015 Fund
  
Supplement Text  
Supplement Text:

[SHIP LOGO VANGUARD (r)]

Vanguard Target Retirement Funds

Supplement to the Prospectus Dated January 28, 2013

Changes in Underlying Fund Allocations

The Vanguard Target Retirement Funds have implemented the following changes to the fixed income exposure of the Funds, as previously approved by the Funds' board of trustees.

Twenty percent of each Fund's fixed income exposure has been reallocated to foreign bonds through investment in Vanguard Total International Bond Index Fund.

The Target Retirement Income, Target Retirement 2010, and Target Retirement 2015 Funds now obtain their exposure to inflation-protected securities by investing in Vanguard Short-Term Inflation-Protected Securities Index Fund rather than Vanguard Inflation-Protected Securities Fund.

The Target Retirement Income and Target Retirement 2010 Funds no longer invest a portion of their assets in Vanguard Prime Money Market Fund.

The Funds' target allocations to the underlying fixed income funds are described in the following pages. Although these changes modified the mix of each Fund's fixed income investments, they did not affect each Fund's total fixed income exposure, and the Funds' expense ratios have remained unchanged. However, each Fund's total fixed income exposure (other than that of the Target Retirement Income Fund) will continue to shift in accordance with the Fund's strategy of becoming more conservative over time.

Prospectus Text Changes for Vanguard Target Retirement Income Fund

The text under 'Primary Investment Strategies' is replaced with the following:

The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Bond Market II Index Fund 39.2%

Vanguard Total Stock Market Index Fund 21.0%

Vanguard Short-Term Inflation-Protected Securities Index Fund 16.8%

Vanguard Total International Bond Index Fund 14.0%

Vanguard Total International Stock Index Fund 9.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The first bullet under 'Primary Risks' is replaced with the following:

With approximately 70% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2010 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Bond Market II Index Fund 35.1%

Vanguard Total Stock Market Index Fund 29.0%

Vanguard Total International Stock Index Fund 12.4%

Vanguard Short-Term Inflation-Protected Securities Index Fund 11.8%

Vanguard Total International Bond Index Fund 11.7%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.The second bullet under 'Primary Risks' is replaced with the following:

With approximately 59% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2015 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 37.8%

Vanguard Total Bond Market II Index Fund 32.0%

Vanguard Total International Stock Index Fund 16.2%

Vanguard Total International Bond Index Fund 9.2%

Vanguard Short-Term Inflation-Protected Securities Index Fund 4.8%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 46% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2020 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 44.1%

Vanguard Total Bond Market II Index Fund 29.6%

Vanguard Total International Stock Index Fund 18.9%

Vanguard Total International Bond Index Fund 7.4%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 37% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2025 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 49.3%

Vanguard Total Bond Market II Index Fund 23.6%

Vanguard Total International Stock Index Fund 21.2%

Vanguard Total International Bond Index Fund 5.9%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2030 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 54.6%

Vanguard Total International Stock Index Fund 23.4%

Vanguard Total Bond Market II Index Fund 17.6%

Vanguard Total International Bond Index Fund 4.4%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 22% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2035 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 59.8%

Vanguard Total International Stock Index Fund 25.7%

Vanguard Total Bond Market II Index Fund 11.6%

Vanguard Total International Bond Index Fund 2.9%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2040 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2045 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2050 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2055 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2060 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

(c) 2013 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor PS 308 062013
Participant | Vanguard Target Retirement 2020 Fund
  
Supplement Text  
Supplement Text:

[SHIP LOGO VANGUARD (r)]

Vanguard Target Retirement Funds

Supplement to the Prospectus Dated January 28, 2013

Changes in Underlying Fund Allocations

The Vanguard Target Retirement Funds have implemented the following changes to the fixed income exposure of the Funds, as previously approved by the Funds' board of trustees.

Twenty percent of each Fund's fixed income exposure has been reallocated to foreign bonds through investment in Vanguard Total International Bond Index Fund.

The Target Retirement Income, Target Retirement 2010, and Target Retirement 2015 Funds now obtain their exposure to inflation-protected securities by investing in Vanguard Short-Term Inflation-Protected Securities Index Fund rather than Vanguard Inflation-Protected Securities Fund.

The Target Retirement Income and Target Retirement 2010 Funds no longer invest a portion of their assets in Vanguard Prime Money Market Fund.

The Funds' target allocations to the underlying fixed income funds are described in the following pages. Although these changes modified the mix of each Fund's fixed income investments, they did not affect each Fund's total fixed income exposure, and the Funds' expense ratios have remained unchanged. However, each Fund's total fixed income exposure (other than that of the Target Retirement Income Fund) will continue to shift in accordance with the Fund's strategy of becoming more conservative over time.

Prospectus Text Changes for Vanguard Target Retirement Income Fund

The text under 'Primary Investment Strategies' is replaced with the following:

The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Bond Market II Index Fund 39.2%

Vanguard Total Stock Market Index Fund 21.0%

Vanguard Short-Term Inflation-Protected Securities Index Fund 16.8%

Vanguard Total International Bond Index Fund 14.0%

Vanguard Total International Stock Index Fund 9.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The first bullet under 'Primary Risks' is replaced with the following:

With approximately 70% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2010 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Bond Market II Index Fund 35.1%

Vanguard Total Stock Market Index Fund 29.0%

Vanguard Total International Stock Index Fund 12.4%

Vanguard Short-Term Inflation-Protected Securities Index Fund 11.8%

Vanguard Total International Bond Index Fund 11.7%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.The second bullet under 'Primary Risks' is replaced with the following:

With approximately 59% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2015 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 37.8%

Vanguard Total Bond Market II Index Fund 32.0%

Vanguard Total International Stock Index Fund 16.2%

Vanguard Total International Bond Index Fund 9.2%

Vanguard Short-Term Inflation-Protected Securities Index Fund 4.8%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 46% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2020 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 44.1%

Vanguard Total Bond Market II Index Fund 29.6%

Vanguard Total International Stock Index Fund 18.9%

Vanguard Total International Bond Index Fund 7.4%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 37% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2025 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 49.3%

Vanguard Total Bond Market II Index Fund 23.6%

Vanguard Total International Stock Index Fund 21.2%

Vanguard Total International Bond Index Fund 5.9%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2030 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 54.6%

Vanguard Total International Stock Index Fund 23.4%

Vanguard Total Bond Market II Index Fund 17.6%

Vanguard Total International Bond Index Fund 4.4%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 22% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2035 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 59.8%

Vanguard Total International Stock Index Fund 25.7%

Vanguard Total Bond Market II Index Fund 11.6%

Vanguard Total International Bond Index Fund 2.9%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2040 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2045 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2050 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2055 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2060 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

(c) 2013 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor PS 308 062013
Participant | Vanguard Target Retirement 2025 Fund
  
Supplement Text  
Supplement Text:

[SHIP LOGO VANGUARD (r)]

Vanguard Target Retirement Funds

Supplement to the Prospectus Dated January 28, 2013

Changes in Underlying Fund Allocations

The Vanguard Target Retirement Funds have implemented the following changes to the fixed income exposure of the Funds, as previously approved by the Funds' board of trustees.

Twenty percent of each Fund's fixed income exposure has been reallocated to foreign bonds through investment in Vanguard Total International Bond Index Fund.

The Target Retirement Income, Target Retirement 2010, and Target Retirement 2015 Funds now obtain their exposure to inflation-protected securities by investing in Vanguard Short-Term Inflation-Protected Securities Index Fund rather than Vanguard Inflation-Protected Securities Fund.

The Target Retirement Income and Target Retirement 2010 Funds no longer invest a portion of their assets in Vanguard Prime Money Market Fund.

The Funds' target allocations to the underlying fixed income funds are described in the following pages. Although these changes modified the mix of each Fund's fixed income investments, they did not affect each Fund's total fixed income exposure, and the Funds' expense ratios have remained unchanged. However, each Fund's total fixed income exposure (other than that of the Target Retirement Income Fund) will continue to shift in accordance with the Fund's strategy of becoming more conservative over time.

Prospectus Text Changes for Vanguard Target Retirement Income Fund

The text under 'Primary Investment Strategies' is replaced with the following:

The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Bond Market II Index Fund 39.2%

Vanguard Total Stock Market Index Fund 21.0%

Vanguard Short-Term Inflation-Protected Securities Index Fund 16.8%

Vanguard Total International Bond Index Fund 14.0%

Vanguard Total International Stock Index Fund 9.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The first bullet under 'Primary Risks' is replaced with the following:

With approximately 70% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2010 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Bond Market II Index Fund 35.1%

Vanguard Total Stock Market Index Fund 29.0%

Vanguard Total International Stock Index Fund 12.4%

Vanguard Short-Term Inflation-Protected Securities Index Fund 11.8%

Vanguard Total International Bond Index Fund 11.7%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.The second bullet under 'Primary Risks' is replaced with the following:

With approximately 59% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2015 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 37.8%

Vanguard Total Bond Market II Index Fund 32.0%

Vanguard Total International Stock Index Fund 16.2%

Vanguard Total International Bond Index Fund 9.2%

Vanguard Short-Term Inflation-Protected Securities Index Fund 4.8%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 46% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2020 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 44.1%

Vanguard Total Bond Market II Index Fund 29.6%

Vanguard Total International Stock Index Fund 18.9%

Vanguard Total International Bond Index Fund 7.4%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 37% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2025 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 49.3%

Vanguard Total Bond Market II Index Fund 23.6%

Vanguard Total International Stock Index Fund 21.2%

Vanguard Total International Bond Index Fund 5.9%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2030 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 54.6%

Vanguard Total International Stock Index Fund 23.4%

Vanguard Total Bond Market II Index Fund 17.6%

Vanguard Total International Bond Index Fund 4.4%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 22% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2035 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 59.8%

Vanguard Total International Stock Index Fund 25.7%

Vanguard Total Bond Market II Index Fund 11.6%

Vanguard Total International Bond Index Fund 2.9%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2040 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2045 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2050 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2055 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2060 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

(c) 2013 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor PS 308 062013
Participant | Vanguard Target Retirement 2030 Fund
  
Supplement Text  
Supplement Text:

[SHIP LOGO VANGUARD (r)]

Vanguard Target Retirement Funds

Supplement to the Prospectus Dated January 28, 2013

Changes in Underlying Fund Allocations

The Vanguard Target Retirement Funds have implemented the following changes to the fixed income exposure of the Funds, as previously approved by the Funds' board of trustees.

Twenty percent of each Fund's fixed income exposure has been reallocated to foreign bonds through investment in Vanguard Total International Bond Index Fund.

The Target Retirement Income, Target Retirement 2010, and Target Retirement 2015 Funds now obtain their exposure to inflation-protected securities by investing in Vanguard Short-Term Inflation-Protected Securities Index Fund rather than Vanguard Inflation-Protected Securities Fund.

The Target Retirement Income and Target Retirement 2010 Funds no longer invest a portion of their assets in Vanguard Prime Money Market Fund.

The Funds' target allocations to the underlying fixed income funds are described in the following pages. Although these changes modified the mix of each Fund's fixed income investments, they did not affect each Fund's total fixed income exposure, and the Funds' expense ratios have remained unchanged. However, each Fund's total fixed income exposure (other than that of the Target Retirement Income Fund) will continue to shift in accordance with the Fund's strategy of becoming more conservative over time.

Prospectus Text Changes for Vanguard Target Retirement Income Fund

The text under 'Primary Investment Strategies' is replaced with the following:

The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Bond Market II Index Fund 39.2%

Vanguard Total Stock Market Index Fund 21.0%

Vanguard Short-Term Inflation-Protected Securities Index Fund 16.8%

Vanguard Total International Bond Index Fund 14.0%

Vanguard Total International Stock Index Fund 9.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The first bullet under 'Primary Risks' is replaced with the following:

With approximately 70% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2010 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Bond Market II Index Fund 35.1%

Vanguard Total Stock Market Index Fund 29.0%

Vanguard Total International Stock Index Fund 12.4%

Vanguard Short-Term Inflation-Protected Securities Index Fund 11.8%

Vanguard Total International Bond Index Fund 11.7%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.The second bullet under 'Primary Risks' is replaced with the following:

With approximately 59% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2015 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 37.8%

Vanguard Total Bond Market II Index Fund 32.0%

Vanguard Total International Stock Index Fund 16.2%

Vanguard Total International Bond Index Fund 9.2%

Vanguard Short-Term Inflation-Protected Securities Index Fund 4.8%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 46% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2020 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 44.1%

Vanguard Total Bond Market II Index Fund 29.6%

Vanguard Total International Stock Index Fund 18.9%

Vanguard Total International Bond Index Fund 7.4%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 37% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2025 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 49.3%

Vanguard Total Bond Market II Index Fund 23.6%

Vanguard Total International Stock Index Fund 21.2%

Vanguard Total International Bond Index Fund 5.9%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2030 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 54.6%

Vanguard Total International Stock Index Fund 23.4%

Vanguard Total Bond Market II Index Fund 17.6%

Vanguard Total International Bond Index Fund 4.4%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 22% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2035 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 59.8%

Vanguard Total International Stock Index Fund 25.7%

Vanguard Total Bond Market II Index Fund 11.6%

Vanguard Total International Bond Index Fund 2.9%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2040 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2045 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2050 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2055 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2060 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

(c) 2013 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor PS 308 062013
Participant | Vanguard Target Retirement 2035 Fund
  
Supplement Text  
Supplement Text:

[SHIP LOGO VANGUARD (r)]

Vanguard Target Retirement Funds

Supplement to the Prospectus Dated January 28, 2013

Changes in Underlying Fund Allocations

The Vanguard Target Retirement Funds have implemented the following changes to the fixed income exposure of the Funds, as previously approved by the Funds' board of trustees.

Twenty percent of each Fund's fixed income exposure has been reallocated to foreign bonds through investment in Vanguard Total International Bond Index Fund.

The Target Retirement Income, Target Retirement 2010, and Target Retirement 2015 Funds now obtain their exposure to inflation-protected securities by investing in Vanguard Short-Term Inflation-Protected Securities Index Fund rather than Vanguard Inflation-Protected Securities Fund.

The Target Retirement Income and Target Retirement 2010 Funds no longer invest a portion of their assets in Vanguard Prime Money Market Fund.

The Funds' target allocations to the underlying fixed income funds are described in the following pages. Although these changes modified the mix of each Fund's fixed income investments, they did not affect each Fund's total fixed income exposure, and the Funds' expense ratios have remained unchanged. However, each Fund's total fixed income exposure (other than that of the Target Retirement Income Fund) will continue to shift in accordance with the Fund's strategy of becoming more conservative over time.

Prospectus Text Changes for Vanguard Target Retirement Income Fund

The text under 'Primary Investment Strategies' is replaced with the following:

The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Bond Market II Index Fund 39.2%

Vanguard Total Stock Market Index Fund 21.0%

Vanguard Short-Term Inflation-Protected Securities Index Fund 16.8%

Vanguard Total International Bond Index Fund 14.0%

Vanguard Total International Stock Index Fund 9.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The first bullet under 'Primary Risks' is replaced with the following:

With approximately 70% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2010 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Bond Market II Index Fund 35.1%

Vanguard Total Stock Market Index Fund 29.0%

Vanguard Total International Stock Index Fund 12.4%

Vanguard Short-Term Inflation-Protected Securities Index Fund 11.8%

Vanguard Total International Bond Index Fund 11.7%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.The second bullet under 'Primary Risks' is replaced with the following:

With approximately 59% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2015 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 37.8%

Vanguard Total Bond Market II Index Fund 32.0%

Vanguard Total International Stock Index Fund 16.2%

Vanguard Total International Bond Index Fund 9.2%

Vanguard Short-Term Inflation-Protected Securities Index Fund 4.8%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 46% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2020 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 44.1%

Vanguard Total Bond Market II Index Fund 29.6%

Vanguard Total International Stock Index Fund 18.9%

Vanguard Total International Bond Index Fund 7.4%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 37% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2025 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 49.3%

Vanguard Total Bond Market II Index Fund 23.6%

Vanguard Total International Stock Index Fund 21.2%

Vanguard Total International Bond Index Fund 5.9%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2030 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 54.6%

Vanguard Total International Stock Index Fund 23.4%

Vanguard Total Bond Market II Index Fund 17.6%

Vanguard Total International Bond Index Fund 4.4%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 22% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2035 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 59.8%

Vanguard Total International Stock Index Fund 25.7%

Vanguard Total Bond Market II Index Fund 11.6%

Vanguard Total International Bond Index Fund 2.9%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2040 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2045 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2050 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2055 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2060 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

(c) 2013 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor PS 308 062013
Participant | Vanguard Target Retirement 2040 Fund
  
Supplement Text  
Supplement Text:

[SHIP LOGO VANGUARD (r)]

Vanguard Target Retirement Funds

Supplement to the Prospectus Dated January 28, 2013

Changes in Underlying Fund Allocations

The Vanguard Target Retirement Funds have implemented the following changes to the fixed income exposure of the Funds, as previously approved by the Funds' board of trustees.

Twenty percent of each Fund's fixed income exposure has been reallocated to foreign bonds through investment in Vanguard Total International Bond Index Fund.

The Target Retirement Income, Target Retirement 2010, and Target Retirement 2015 Funds now obtain their exposure to inflation-protected securities by investing in Vanguard Short-Term Inflation-Protected Securities Index Fund rather than Vanguard Inflation-Protected Securities Fund.

The Target Retirement Income and Target Retirement 2010 Funds no longer invest a portion of their assets in Vanguard Prime Money Market Fund.

The Funds' target allocations to the underlying fixed income funds are described in the following pages. Although these changes modified the mix of each Fund's fixed income investments, they did not affect each Fund's total fixed income exposure, and the Funds' expense ratios have remained unchanged. However, each Fund's total fixed income exposure (other than that of the Target Retirement Income Fund) will continue to shift in accordance with the Fund's strategy of becoming more conservative over time.

Prospectus Text Changes for Vanguard Target Retirement Income Fund

The text under 'Primary Investment Strategies' is replaced with the following:

The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Bond Market II Index Fund 39.2%

Vanguard Total Stock Market Index Fund 21.0%

Vanguard Short-Term Inflation-Protected Securities Index Fund 16.8%

Vanguard Total International Bond Index Fund 14.0%

Vanguard Total International Stock Index Fund 9.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The first bullet under 'Primary Risks' is replaced with the following:

With approximately 70% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2010 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Bond Market II Index Fund 35.1%

Vanguard Total Stock Market Index Fund 29.0%

Vanguard Total International Stock Index Fund 12.4%

Vanguard Short-Term Inflation-Protected Securities Index Fund 11.8%

Vanguard Total International Bond Index Fund 11.7%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.The second bullet under 'Primary Risks' is replaced with the following:

With approximately 59% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2015 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 37.8%

Vanguard Total Bond Market II Index Fund 32.0%

Vanguard Total International Stock Index Fund 16.2%

Vanguard Total International Bond Index Fund 9.2%

Vanguard Short-Term Inflation-Protected Securities Index Fund 4.8%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 46% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2020 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 44.1%

Vanguard Total Bond Market II Index Fund 29.6%

Vanguard Total International Stock Index Fund 18.9%

Vanguard Total International Bond Index Fund 7.4%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 37% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2025 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 49.3%

Vanguard Total Bond Market II Index Fund 23.6%

Vanguard Total International Stock Index Fund 21.2%

Vanguard Total International Bond Index Fund 5.9%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2030 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 54.6%

Vanguard Total International Stock Index Fund 23.4%

Vanguard Total Bond Market II Index Fund 17.6%

Vanguard Total International Bond Index Fund 4.4%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 22% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2035 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 59.8%

Vanguard Total International Stock Index Fund 25.7%

Vanguard Total Bond Market II Index Fund 11.6%

Vanguard Total International Bond Index Fund 2.9%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2040 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2045 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2050 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2055 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2060 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

(c) 2013 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor PS 308 062013
Participant | Vanguard Target Retirement 2045 Fund
  
Supplement Text  
Supplement Text:

[SHIP LOGO VANGUARD (r)]

Vanguard Target Retirement Funds

Supplement to the Prospectus Dated January 28, 2013

Changes in Underlying Fund Allocations

The Vanguard Target Retirement Funds have implemented the following changes to the fixed income exposure of the Funds, as previously approved by the Funds' board of trustees.

Twenty percent of each Fund's fixed income exposure has been reallocated to foreign bonds through investment in Vanguard Total International Bond Index Fund.

The Target Retirement Income, Target Retirement 2010, and Target Retirement 2015 Funds now obtain their exposure to inflation-protected securities by investing in Vanguard Short-Term Inflation-Protected Securities Index Fund rather than Vanguard Inflation-Protected Securities Fund.

The Target Retirement Income and Target Retirement 2010 Funds no longer invest a portion of their assets in Vanguard Prime Money Market Fund.

The Funds' target allocations to the underlying fixed income funds are described in the following pages. Although these changes modified the mix of each Fund's fixed income investments, they did not affect each Fund's total fixed income exposure, and the Funds' expense ratios have remained unchanged. However, each Fund's total fixed income exposure (other than that of the Target Retirement Income Fund) will continue to shift in accordance with the Fund's strategy of becoming more conservative over time.

Prospectus Text Changes for Vanguard Target Retirement Income Fund

The text under 'Primary Investment Strategies' is replaced with the following:

The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Bond Market II Index Fund 39.2%

Vanguard Total Stock Market Index Fund 21.0%

Vanguard Short-Term Inflation-Protected Securities Index Fund 16.8%

Vanguard Total International Bond Index Fund 14.0%

Vanguard Total International Stock Index Fund 9.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The first bullet under 'Primary Risks' is replaced with the following:

With approximately 70% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2010 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Bond Market II Index Fund 35.1%

Vanguard Total Stock Market Index Fund 29.0%

Vanguard Total International Stock Index Fund 12.4%

Vanguard Short-Term Inflation-Protected Securities Index Fund 11.8%

Vanguard Total International Bond Index Fund 11.7%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.The second bullet under 'Primary Risks' is replaced with the following:

With approximately 59% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2015 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 37.8%

Vanguard Total Bond Market II Index Fund 32.0%

Vanguard Total International Stock Index Fund 16.2%

Vanguard Total International Bond Index Fund 9.2%

Vanguard Short-Term Inflation-Protected Securities Index Fund 4.8%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 46% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2020 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 44.1%

Vanguard Total Bond Market II Index Fund 29.6%

Vanguard Total International Stock Index Fund 18.9%

Vanguard Total International Bond Index Fund 7.4%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 37% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2025 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 49.3%

Vanguard Total Bond Market II Index Fund 23.6%

Vanguard Total International Stock Index Fund 21.2%

Vanguard Total International Bond Index Fund 5.9%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2030 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 54.6%

Vanguard Total International Stock Index Fund 23.4%

Vanguard Total Bond Market II Index Fund 17.6%

Vanguard Total International Bond Index Fund 4.4%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 22% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2035 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 59.8%

Vanguard Total International Stock Index Fund 25.7%

Vanguard Total Bond Market II Index Fund 11.6%

Vanguard Total International Bond Index Fund 2.9%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2040 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2045 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2050 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2055 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2060 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

(c) 2013 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor PS 308 062013
Participant | Vanguard Target Retirement 2050 Fund
  
Supplement Text  
Supplement Text:

[SHIP LOGO VANGUARD (r)]

Vanguard Target Retirement Funds

Supplement to the Prospectus Dated January 28, 2013

Changes in Underlying Fund Allocations

The Vanguard Target Retirement Funds have implemented the following changes to the fixed income exposure of the Funds, as previously approved by the Funds' board of trustees.

Twenty percent of each Fund's fixed income exposure has been reallocated to foreign bonds through investment in Vanguard Total International Bond Index Fund.

The Target Retirement Income, Target Retirement 2010, and Target Retirement 2015 Funds now obtain their exposure to inflation-protected securities by investing in Vanguard Short-Term Inflation-Protected Securities Index Fund rather than Vanguard Inflation-Protected Securities Fund.

The Target Retirement Income and Target Retirement 2010 Funds no longer invest a portion of their assets in Vanguard Prime Money Market Fund.

The Funds' target allocations to the underlying fixed income funds are described in the following pages. Although these changes modified the mix of each Fund's fixed income investments, they did not affect each Fund's total fixed income exposure, and the Funds' expense ratios have remained unchanged. However, each Fund's total fixed income exposure (other than that of the Target Retirement Income Fund) will continue to shift in accordance with the Fund's strategy of becoming more conservative over time.

Prospectus Text Changes for Vanguard Target Retirement Income Fund

The text under 'Primary Investment Strategies' is replaced with the following:

The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Bond Market II Index Fund 39.2%

Vanguard Total Stock Market Index Fund 21.0%

Vanguard Short-Term Inflation-Protected Securities Index Fund 16.8%

Vanguard Total International Bond Index Fund 14.0%

Vanguard Total International Stock Index Fund 9.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The first bullet under 'Primary Risks' is replaced with the following:

With approximately 70% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2010 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Bond Market II Index Fund 35.1%

Vanguard Total Stock Market Index Fund 29.0%

Vanguard Total International Stock Index Fund 12.4%

Vanguard Short-Term Inflation-Protected Securities Index Fund 11.8%

Vanguard Total International Bond Index Fund 11.7%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.The second bullet under 'Primary Risks' is replaced with the following:

With approximately 59% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2015 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 37.8%

Vanguard Total Bond Market II Index Fund 32.0%

Vanguard Total International Stock Index Fund 16.2%

Vanguard Total International Bond Index Fund 9.2%

Vanguard Short-Term Inflation-Protected Securities Index Fund 4.8%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 46% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2020 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 44.1%

Vanguard Total Bond Market II Index Fund 29.6%

Vanguard Total International Stock Index Fund 18.9%

Vanguard Total International Bond Index Fund 7.4%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 37% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2025 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 49.3%

Vanguard Total Bond Market II Index Fund 23.6%

Vanguard Total International Stock Index Fund 21.2%

Vanguard Total International Bond Index Fund 5.9%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2030 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 54.6%

Vanguard Total International Stock Index Fund 23.4%

Vanguard Total Bond Market II Index Fund 17.6%

Vanguard Total International Bond Index Fund 4.4%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 22% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2035 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 59.8%

Vanguard Total International Stock Index Fund 25.7%

Vanguard Total Bond Market II Index Fund 11.6%

Vanguard Total International Bond Index Fund 2.9%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2040 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2045 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2050 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2055 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2060 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

(c) 2013 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor PS 308 062013
Participant | Vanguard Target Retirement 2055 Fund
  
Supplement Text  
Supplement Text:

[SHIP LOGO VANGUARD (r)]

Vanguard Target Retirement Funds

Supplement to the Prospectus Dated January 28, 2013

Changes in Underlying Fund Allocations

The Vanguard Target Retirement Funds have implemented the following changes to the fixed income exposure of the Funds, as previously approved by the Funds' board of trustees.

Twenty percent of each Fund's fixed income exposure has been reallocated to foreign bonds through investment in Vanguard Total International Bond Index Fund.

The Target Retirement Income, Target Retirement 2010, and Target Retirement 2015 Funds now obtain their exposure to inflation-protected securities by investing in Vanguard Short-Term Inflation-Protected Securities Index Fund rather than Vanguard Inflation-Protected Securities Fund.

The Target Retirement Income and Target Retirement 2010 Funds no longer invest a portion of their assets in Vanguard Prime Money Market Fund.

The Funds' target allocations to the underlying fixed income funds are described in the following pages. Although these changes modified the mix of each Fund's fixed income investments, they did not affect each Fund's total fixed income exposure, and the Funds' expense ratios have remained unchanged. However, each Fund's total fixed income exposure (other than that of the Target Retirement Income Fund) will continue to shift in accordance with the Fund's strategy of becoming more conservative over time.

Prospectus Text Changes for Vanguard Target Retirement Income Fund

The text under 'Primary Investment Strategies' is replaced with the following:

The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Bond Market II Index Fund 39.2%

Vanguard Total Stock Market Index Fund 21.0%

Vanguard Short-Term Inflation-Protected Securities Index Fund 16.8%

Vanguard Total International Bond Index Fund 14.0%

Vanguard Total International Stock Index Fund 9.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The first bullet under 'Primary Risks' is replaced with the following:

With approximately 70% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2010 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Bond Market II Index Fund 35.1%

Vanguard Total Stock Market Index Fund 29.0%

Vanguard Total International Stock Index Fund 12.4%

Vanguard Short-Term Inflation-Protected Securities Index Fund 11.8%

Vanguard Total International Bond Index Fund 11.7%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.The second bullet under 'Primary Risks' is replaced with the following:

With approximately 59% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2015 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 37.8%

Vanguard Total Bond Market II Index Fund 32.0%

Vanguard Total International Stock Index Fund 16.2%

Vanguard Total International Bond Index Fund 9.2%

Vanguard Short-Term Inflation-Protected Securities Index Fund 4.8%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 46% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2020 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 44.1%

Vanguard Total Bond Market II Index Fund 29.6%

Vanguard Total International Stock Index Fund 18.9%

Vanguard Total International Bond Index Fund 7.4%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 37% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2025 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 49.3%

Vanguard Total Bond Market II Index Fund 23.6%

Vanguard Total International Stock Index Fund 21.2%

Vanguard Total International Bond Index Fund 5.9%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2030 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 54.6%

Vanguard Total International Stock Index Fund 23.4%

Vanguard Total Bond Market II Index Fund 17.6%

Vanguard Total International Bond Index Fund 4.4%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 22% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2035 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 59.8%

Vanguard Total International Stock Index Fund 25.7%

Vanguard Total Bond Market II Index Fund 11.6%

Vanguard Total International Bond Index Fund 2.9%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2040 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2045 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2050 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2055 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2060 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

(c) 2013 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor PS 308 062013
Participant | Vanguard Target Retirement 2060 Fund
  
Supplement Text  
Supplement Text:

[SHIP LOGO VANGUARD (r)]

Vanguard Target Retirement Funds

Supplement to the Prospectus Dated January 28, 2013

Changes in Underlying Fund Allocations

The Vanguard Target Retirement Funds have implemented the following changes to the fixed income exposure of the Funds, as previously approved by the Funds' board of trustees.

Twenty percent of each Fund's fixed income exposure has been reallocated to foreign bonds through investment in Vanguard Total International Bond Index Fund.

The Target Retirement Income, Target Retirement 2010, and Target Retirement 2015 Funds now obtain their exposure to inflation-protected securities by investing in Vanguard Short-Term Inflation-Protected Securities Index Fund rather than Vanguard Inflation-Protected Securities Fund.

The Target Retirement Income and Target Retirement 2010 Funds no longer invest a portion of their assets in Vanguard Prime Money Market Fund.

The Funds' target allocations to the underlying fixed income funds are described in the following pages. Although these changes modified the mix of each Fund's fixed income investments, they did not affect each Fund's total fixed income exposure, and the Funds' expense ratios have remained unchanged. However, each Fund's total fixed income exposure (other than that of the Target Retirement Income Fund) will continue to shift in accordance with the Fund's strategy of becoming more conservative over time.

Prospectus Text Changes for Vanguard Target Retirement Income Fund

The text under 'Primary Investment Strategies' is replaced with the following:

The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Bond Market II Index Fund 39.2%

Vanguard Total Stock Market Index Fund 21.0%

Vanguard Short-Term Inflation-Protected Securities Index Fund 16.8%

Vanguard Total International Bond Index Fund 14.0%

Vanguard Total International Stock Index Fund 9.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The first bullet under 'Primary Risks' is replaced with the following:

With approximately 70% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2010 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Bond Market II Index Fund 35.1%

Vanguard Total Stock Market Index Fund 29.0%

Vanguard Total International Stock Index Fund 12.4%

Vanguard Short-Term Inflation-Protected Securities Index Fund 11.8%

Vanguard Total International Bond Index Fund 11.7%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.The second bullet under 'Primary Risks' is replaced with the following:

With approximately 59% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2015 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 37.8%

Vanguard Total Bond Market II Index Fund 32.0%

Vanguard Total International Stock Index Fund 16.2%

Vanguard Total International Bond Index Fund 9.2%

Vanguard Short-Term Inflation-Protected Securities Index Fund 4.8%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 46% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2020 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 44.1%

Vanguard Total Bond Market II Index Fund 29.6%

Vanguard Total International Stock Index Fund 18.9%

Vanguard Total International Bond Index Fund 7.4%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 37% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2025 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 49.3%

Vanguard Total Bond Market II Index Fund 23.6%

Vanguard Total International Stock Index Fund 21.2%

Vanguard Total International Bond Index Fund 5.9%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2030 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 54.6%

Vanguard Total International Stock Index Fund 23.4%

Vanguard Total Bond Market II Index Fund 17.6%

Vanguard Total International Bond Index Fund 4.4%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 22% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2035 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 59.8%

Vanguard Total International Stock Index Fund 25.7%

Vanguard Total Bond Market II Index Fund 11.6%

Vanguard Total International Bond Index Fund 2.9%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2040 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2045 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2050 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2055 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2060 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

(c) 2013 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor PS 308 062013
Participant | Vanguard Target Retirement Income Fund
  
Supplement Text  
Supplement Text:

[SHIP LOGO VANGUARD (r)]

Vanguard Target Retirement Funds

Supplement to the Prospectus Dated January 28, 2013

Changes in Underlying Fund Allocations

The Vanguard Target Retirement Funds have implemented the following changes to the fixed income exposure of the Funds, as previously approved by the Funds' board of trustees.

Twenty percent of each Fund's fixed income exposure has been reallocated to foreign bonds through investment in Vanguard Total International Bond Index Fund.

The Target Retirement Income, Target Retirement 2010, and Target Retirement 2015 Funds now obtain their exposure to inflation-protected securities by investing in Vanguard Short-Term Inflation-Protected Securities Index Fund rather than Vanguard Inflation-Protected Securities Fund.

The Target Retirement Income and Target Retirement 2010 Funds no longer invest a portion of their assets in Vanguard Prime Money Market Fund.

The Funds' target allocations to the underlying fixed income funds are described in the following pages. Although these changes modified the mix of each Fund's fixed income investments, they did not affect each Fund's total fixed income exposure, and the Funds' expense ratios have remained unchanged. However, each Fund's total fixed income exposure (other than that of the Target Retirement Income Fund) will continue to shift in accordance with the Fund's strategy of becoming more conservative over time.

Prospectus Text Changes for Vanguard Target Retirement Income Fund

The text under 'Primary Investment Strategies' is replaced with the following:

The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Bond Market II Index Fund 39.2%

Vanguard Total Stock Market Index Fund 21.0%

Vanguard Short-Term Inflation-Protected Securities Index Fund 16.8%

Vanguard Total International Bond Index Fund 14.0%

Vanguard Total International Stock Index Fund 9.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The first bullet under 'Primary Risks' is replaced with the following:

With approximately 70% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2010 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Bond Market II Index Fund 35.1%

Vanguard Total Stock Market Index Fund 29.0%

Vanguard Total International Stock Index Fund 12.4%

Vanguard Short-Term Inflation-Protected Securities Index Fund 11.8%

Vanguard Total International Bond Index Fund 11.7%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.The second bullet under 'Primary Risks' is replaced with the following:

With approximately 59% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2015 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 37.8%

Vanguard Total Bond Market II Index Fund 32.0%

Vanguard Total International Stock Index Fund 16.2%

Vanguard Total International Bond Index Fund 9.2%

Vanguard Short-Term Inflation-Protected Securities Index Fund 4.8%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 46% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2020 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 44.1%

Vanguard Total Bond Market II Index Fund 29.6%

Vanguard Total International Stock Index Fund 18.9%

Vanguard Total International Bond Index Fund 7.4%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 37% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2025 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 49.3%

Vanguard Total Bond Market II Index Fund 23.6%

Vanguard Total International Stock Index Fund 21.2%

Vanguard Total International Bond Index Fund 5.9%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2030 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 54.6%

Vanguard Total International Stock Index Fund 23.4%

Vanguard Total Bond Market II Index Fund 17.6%

Vanguard Total International Bond Index Fund 4.4%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 22% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2035 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 59.8%

Vanguard Total International Stock Index Fund 25.7%

Vanguard Total Bond Market II Index Fund 11.6%

Vanguard Total International Bond Index Fund 2.9%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2040 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2045 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2050 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2055 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2060 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

(c) 2013 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor PS 308 062013
Retail | Vanguard Target Retirement 2010 Fund
  
Supplement Text  
Supplement Text:

[SHIP LOGO VANGUARD (r)]

Vanguard Target Retirement Funds

Supplement to the Prospectus Dated January 28, 2013

Changes in Underlying Fund Allocations

The Vanguard Target Retirement Funds have implemented the following changes to the fixed income exposure of the Funds, as previously approved by the Funds' board of trustees.

Twenty percent of each Fund's fixed income exposure has been reallocated to foreign bonds through investment in Vanguard Total International Bond Index Fund.

The Target Retirement Income, Target Retirement 2010, and Target Retirement 2015 Funds now obtain their exposure to inflation-protected securities by investing in Vanguard Short-Term Inflation-Protected Securities Index Fund rather than Vanguard Inflation-Protected Securities Fund.

The Target Retirement Income and Target Retirement 2010 Funds no longer invest a portion of their assets in Vanguard Prime Money Market Fund.

The Funds' target allocations to the underlying fixed income funds are described in the following pages. Although these changes modified the mix of each Fund's fixed income investments, they did not affect each Fund's total fixed income exposure, and the Funds' expense ratios have remained unchanged. However, each Fund's total fixed income exposure (other than that of the Target Retirement Income Fund) will continue to shift in accordance with the Fund's strategy of becoming more conservative over time.

Prospectus Text Changes for Vanguard Target Retirement Income Fund

The text under 'Primary Investment Strategies' is replaced with the following:

The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Bond Market II Index Fund 39.2%

Vanguard Total Stock Market Index Fund 21.0%

Vanguard Short-Term Inflation-Protected Securities Index Fund 16.8%

Vanguard Total International Bond Index Fund 14.0%

Vanguard Total International Stock Index Fund 9.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The first bullet under 'Primary Risks' is replaced with the following:

With approximately 70% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2010 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Bond Market II Index Fund 35.1%

Vanguard Total Stock Market Index Fund 29.0%

Vanguard Total International Stock Index Fund 12.4%

Vanguard Short-Term Inflation-Protected Securities Index Fund 11.8%

Vanguard Total International Bond Index Fund 11.7%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.The second bullet under 'Primary Risks' is replaced with the following:

With approximately 59% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2015 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 37.8%

Vanguard Total Bond Market II Index Fund 32.0%

Vanguard Total International Stock Index Fund 16.2%

Vanguard Total International Bond Index Fund 9.2%

Vanguard Short-Term Inflation-Protected Securities Index Fund 4.8%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 46% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2020 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 44.1%

Vanguard Total Bond Market II Index Fund 29.6%

Vanguard Total International Stock Index Fund 18.9%

Vanguard Total International Bond Index Fund 7.4%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 37% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2025 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 49.3%

Vanguard Total Bond Market II Index Fund 23.6%

Vanguard Total International Stock Index Fund 21.2%

Vanguard Total International Bond Index Fund 5.9%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2030 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 54.6%

Vanguard Total International Stock Index Fund 23.4%

Vanguard Total Bond Market II Index Fund 17.6%

Vanguard Total International Bond Index Fund 4.4%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 22% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2035 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 59.8%

Vanguard Total International Stock Index Fund 25.7%

Vanguard Total Bond Market II Index Fund 11.6%

Vanguard Total International Bond Index Fund 2.9%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2040 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2045 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2050 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2055 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2060 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

(c) 2013 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor PS 308 062013
Retail | Vanguard Target Retirement 2015 Fund
  
Supplement Text  
Supplement Text:

[SHIP LOGO VANGUARD (r)]

Vanguard Target Retirement Funds

Supplement to the Prospectus Dated January 28, 2013

Changes in Underlying Fund Allocations

The Vanguard Target Retirement Funds have implemented the following changes to the fixed income exposure of the Funds, as previously approved by the Funds' board of trustees.

Twenty percent of each Fund's fixed income exposure has been reallocated to foreign bonds through investment in Vanguard Total International Bond Index Fund.

The Target Retirement Income, Target Retirement 2010, and Target Retirement 2015 Funds now obtain their exposure to inflation-protected securities by investing in Vanguard Short-Term Inflation-Protected Securities Index Fund rather than Vanguard Inflation-Protected Securities Fund.

The Target Retirement Income and Target Retirement 2010 Funds no longer invest a portion of their assets in Vanguard Prime Money Market Fund.

The Funds' target allocations to the underlying fixed income funds are described in the following pages. Although these changes modified the mix of each Fund's fixed income investments, they did not affect each Fund's total fixed income exposure, and the Funds' expense ratios have remained unchanged. However, each Fund's total fixed income exposure (other than that of the Target Retirement Income Fund) will continue to shift in accordance with the Fund's strategy of becoming more conservative over time.

Prospectus Text Changes for Vanguard Target Retirement Income Fund

The text under 'Primary Investment Strategies' is replaced with the following:

The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Bond Market II Index Fund 39.2%

Vanguard Total Stock Market Index Fund 21.0%

Vanguard Short-Term Inflation-Protected Securities Index Fund 16.8%

Vanguard Total International Bond Index Fund 14.0%

Vanguard Total International Stock Index Fund 9.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The first bullet under 'Primary Risks' is replaced with the following:

With approximately 70% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2010 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Bond Market II Index Fund 35.1%

Vanguard Total Stock Market Index Fund 29.0%

Vanguard Total International Stock Index Fund 12.4%

Vanguard Short-Term Inflation-Protected Securities Index Fund 11.8%

Vanguard Total International Bond Index Fund 11.7%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.The second bullet under 'Primary Risks' is replaced with the following:

With approximately 59% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2015 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 37.8%

Vanguard Total Bond Market II Index Fund 32.0%

Vanguard Total International Stock Index Fund 16.2%

Vanguard Total International Bond Index Fund 9.2%

Vanguard Short-Term Inflation-Protected Securities Index Fund 4.8%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 46% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2020 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 44.1%

Vanguard Total Bond Market II Index Fund 29.6%

Vanguard Total International Stock Index Fund 18.9%

Vanguard Total International Bond Index Fund 7.4%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 37% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2025 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 49.3%

Vanguard Total Bond Market II Index Fund 23.6%

Vanguard Total International Stock Index Fund 21.2%

Vanguard Total International Bond Index Fund 5.9%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2030 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 54.6%

Vanguard Total International Stock Index Fund 23.4%

Vanguard Total Bond Market II Index Fund 17.6%

Vanguard Total International Bond Index Fund 4.4%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 22% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2035 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 59.8%

Vanguard Total International Stock Index Fund 25.7%

Vanguard Total Bond Market II Index Fund 11.6%

Vanguard Total International Bond Index Fund 2.9%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2040 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2045 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2050 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2055 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2060 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

(c) 2013 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor PS 308 062013
Retail | Vanguard Target Retirement 2020 Fund
  
Supplement Text  
Supplement Text:

[SHIP LOGO VANGUARD (r)]

Vanguard Target Retirement Funds

Supplement to the Prospectus Dated January 28, 2013

Changes in Underlying Fund Allocations

The Vanguard Target Retirement Funds have implemented the following changes to the fixed income exposure of the Funds, as previously approved by the Funds' board of trustees.

Twenty percent of each Fund's fixed income exposure has been reallocated to foreign bonds through investment in Vanguard Total International Bond Index Fund.

The Target Retirement Income, Target Retirement 2010, and Target Retirement 2015 Funds now obtain their exposure to inflation-protected securities by investing in Vanguard Short-Term Inflation-Protected Securities Index Fund rather than Vanguard Inflation-Protected Securities Fund.

The Target Retirement Income and Target Retirement 2010 Funds no longer invest a portion of their assets in Vanguard Prime Money Market Fund.

The Funds' target allocations to the underlying fixed income funds are described in the following pages. Although these changes modified the mix of each Fund's fixed income investments, they did not affect each Fund's total fixed income exposure, and the Funds' expense ratios have remained unchanged. However, each Fund's total fixed income exposure (other than that of the Target Retirement Income Fund) will continue to shift in accordance with the Fund's strategy of becoming more conservative over time.

Prospectus Text Changes for Vanguard Target Retirement Income Fund

The text under 'Primary Investment Strategies' is replaced with the following:

The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Bond Market II Index Fund 39.2%

Vanguard Total Stock Market Index Fund 21.0%

Vanguard Short-Term Inflation-Protected Securities Index Fund 16.8%

Vanguard Total International Bond Index Fund 14.0%

Vanguard Total International Stock Index Fund 9.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The first bullet under 'Primary Risks' is replaced with the following:

With approximately 70% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2010 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Bond Market II Index Fund 35.1%

Vanguard Total Stock Market Index Fund 29.0%

Vanguard Total International Stock Index Fund 12.4%

Vanguard Short-Term Inflation-Protected Securities Index Fund 11.8%

Vanguard Total International Bond Index Fund 11.7%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.The second bullet under 'Primary Risks' is replaced with the following:

With approximately 59% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2015 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 37.8%

Vanguard Total Bond Market II Index Fund 32.0%

Vanguard Total International Stock Index Fund 16.2%

Vanguard Total International Bond Index Fund 9.2%

Vanguard Short-Term Inflation-Protected Securities Index Fund 4.8%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 46% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2020 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 44.1%

Vanguard Total Bond Market II Index Fund 29.6%

Vanguard Total International Stock Index Fund 18.9%

Vanguard Total International Bond Index Fund 7.4%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 37% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2025 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 49.3%

Vanguard Total Bond Market II Index Fund 23.6%

Vanguard Total International Stock Index Fund 21.2%

Vanguard Total International Bond Index Fund 5.9%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2030 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 54.6%

Vanguard Total International Stock Index Fund 23.4%

Vanguard Total Bond Market II Index Fund 17.6%

Vanguard Total International Bond Index Fund 4.4%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 22% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2035 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 59.8%

Vanguard Total International Stock Index Fund 25.7%

Vanguard Total Bond Market II Index Fund 11.6%

Vanguard Total International Bond Index Fund 2.9%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2040 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2045 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2050 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2055 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2060 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

(c) 2013 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor PS 308 062013
Retail | Vanguard Target Retirement 2025 Fund
  
Supplement Text  
Supplement Text:

[SHIP LOGO VANGUARD (r)]

Vanguard Target Retirement Funds

Supplement to the Prospectus Dated January 28, 2013

Changes in Underlying Fund Allocations

The Vanguard Target Retirement Funds have implemented the following changes to the fixed income exposure of the Funds, as previously approved by the Funds' board of trustees.

Twenty percent of each Fund's fixed income exposure has been reallocated to foreign bonds through investment in Vanguard Total International Bond Index Fund.

The Target Retirement Income, Target Retirement 2010, and Target Retirement 2015 Funds now obtain their exposure to inflation-protected securities by investing in Vanguard Short-Term Inflation-Protected Securities Index Fund rather than Vanguard Inflation-Protected Securities Fund.

The Target Retirement Income and Target Retirement 2010 Funds no longer invest a portion of their assets in Vanguard Prime Money Market Fund.

The Funds' target allocations to the underlying fixed income funds are described in the following pages. Although these changes modified the mix of each Fund's fixed income investments, they did not affect each Fund's total fixed income exposure, and the Funds' expense ratios have remained unchanged. However, each Fund's total fixed income exposure (other than that of the Target Retirement Income Fund) will continue to shift in accordance with the Fund's strategy of becoming more conservative over time.

Prospectus Text Changes for Vanguard Target Retirement Income Fund

The text under 'Primary Investment Strategies' is replaced with the following:

The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Bond Market II Index Fund 39.2%

Vanguard Total Stock Market Index Fund 21.0%

Vanguard Short-Term Inflation-Protected Securities Index Fund 16.8%

Vanguard Total International Bond Index Fund 14.0%

Vanguard Total International Stock Index Fund 9.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The first bullet under 'Primary Risks' is replaced with the following:

With approximately 70% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2010 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Bond Market II Index Fund 35.1%

Vanguard Total Stock Market Index Fund 29.0%

Vanguard Total International Stock Index Fund 12.4%

Vanguard Short-Term Inflation-Protected Securities Index Fund 11.8%

Vanguard Total International Bond Index Fund 11.7%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.The second bullet under 'Primary Risks' is replaced with the following:

With approximately 59% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2015 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 37.8%

Vanguard Total Bond Market II Index Fund 32.0%

Vanguard Total International Stock Index Fund 16.2%

Vanguard Total International Bond Index Fund 9.2%

Vanguard Short-Term Inflation-Protected Securities Index Fund 4.8%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 46% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2020 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 44.1%

Vanguard Total Bond Market II Index Fund 29.6%

Vanguard Total International Stock Index Fund 18.9%

Vanguard Total International Bond Index Fund 7.4%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 37% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2025 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 49.3%

Vanguard Total Bond Market II Index Fund 23.6%

Vanguard Total International Stock Index Fund 21.2%

Vanguard Total International Bond Index Fund 5.9%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2030 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 54.6%

Vanguard Total International Stock Index Fund 23.4%

Vanguard Total Bond Market II Index Fund 17.6%

Vanguard Total International Bond Index Fund 4.4%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 22% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2035 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 59.8%

Vanguard Total International Stock Index Fund 25.7%

Vanguard Total Bond Market II Index Fund 11.6%

Vanguard Total International Bond Index Fund 2.9%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2040 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2045 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2050 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2055 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2060 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

(c) 2013 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor PS 308 062013
Retail | Vanguard Target Retirement 2030 Fund
  
Supplement Text  
Supplement Text:

[SHIP LOGO VANGUARD (r)]

Vanguard Target Retirement Funds

Supplement to the Prospectus Dated January 28, 2013

Changes in Underlying Fund Allocations

The Vanguard Target Retirement Funds have implemented the following changes to the fixed income exposure of the Funds, as previously approved by the Funds' board of trustees.

Twenty percent of each Fund's fixed income exposure has been reallocated to foreign bonds through investment in Vanguard Total International Bond Index Fund.

The Target Retirement Income, Target Retirement 2010, and Target Retirement 2015 Funds now obtain their exposure to inflation-protected securities by investing in Vanguard Short-Term Inflation-Protected Securities Index Fund rather than Vanguard Inflation-Protected Securities Fund.

The Target Retirement Income and Target Retirement 2010 Funds no longer invest a portion of their assets in Vanguard Prime Money Market Fund.

The Funds' target allocations to the underlying fixed income funds are described in the following pages. Although these changes modified the mix of each Fund's fixed income investments, they did not affect each Fund's total fixed income exposure, and the Funds' expense ratios have remained unchanged. However, each Fund's total fixed income exposure (other than that of the Target Retirement Income Fund) will continue to shift in accordance with the Fund's strategy of becoming more conservative over time.

Prospectus Text Changes for Vanguard Target Retirement Income Fund

The text under 'Primary Investment Strategies' is replaced with the following:

The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Bond Market II Index Fund 39.2%

Vanguard Total Stock Market Index Fund 21.0%

Vanguard Short-Term Inflation-Protected Securities Index Fund 16.8%

Vanguard Total International Bond Index Fund 14.0%

Vanguard Total International Stock Index Fund 9.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The first bullet under 'Primary Risks' is replaced with the following:

With approximately 70% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2010 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Bond Market II Index Fund 35.1%

Vanguard Total Stock Market Index Fund 29.0%

Vanguard Total International Stock Index Fund 12.4%

Vanguard Short-Term Inflation-Protected Securities Index Fund 11.8%

Vanguard Total International Bond Index Fund 11.7%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.The second bullet under 'Primary Risks' is replaced with the following:

With approximately 59% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2015 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 37.8%

Vanguard Total Bond Market II Index Fund 32.0%

Vanguard Total International Stock Index Fund 16.2%

Vanguard Total International Bond Index Fund 9.2%

Vanguard Short-Term Inflation-Protected Securities Index Fund 4.8%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 46% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2020 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 44.1%

Vanguard Total Bond Market II Index Fund 29.6%

Vanguard Total International Stock Index Fund 18.9%

Vanguard Total International Bond Index Fund 7.4%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 37% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2025 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 49.3%

Vanguard Total Bond Market II Index Fund 23.6%

Vanguard Total International Stock Index Fund 21.2%

Vanguard Total International Bond Index Fund 5.9%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2030 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 54.6%

Vanguard Total International Stock Index Fund 23.4%

Vanguard Total Bond Market II Index Fund 17.6%

Vanguard Total International Bond Index Fund 4.4%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 22% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2035 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 59.8%

Vanguard Total International Stock Index Fund 25.7%

Vanguard Total Bond Market II Index Fund 11.6%

Vanguard Total International Bond Index Fund 2.9%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2040 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2045 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2050 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2055 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2060 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

(c) 2013 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor PS 308 062013
Retail | Vanguard Target Retirement 2035 Fund
  
Supplement Text  
Supplement Text:

[SHIP LOGO VANGUARD (r)]

Vanguard Target Retirement Funds

Supplement to the Prospectus Dated January 28, 2013

Changes in Underlying Fund Allocations

The Vanguard Target Retirement Funds have implemented the following changes to the fixed income exposure of the Funds, as previously approved by the Funds' board of trustees.

Twenty percent of each Fund's fixed income exposure has been reallocated to foreign bonds through investment in Vanguard Total International Bond Index Fund.

The Target Retirement Income, Target Retirement 2010, and Target Retirement 2015 Funds now obtain their exposure to inflation-protected securities by investing in Vanguard Short-Term Inflation-Protected Securities Index Fund rather than Vanguard Inflation-Protected Securities Fund.

The Target Retirement Income and Target Retirement 2010 Funds no longer invest a portion of their assets in Vanguard Prime Money Market Fund.

The Funds' target allocations to the underlying fixed income funds are described in the following pages. Although these changes modified the mix of each Fund's fixed income investments, they did not affect each Fund's total fixed income exposure, and the Funds' expense ratios have remained unchanged. However, each Fund's total fixed income exposure (other than that of the Target Retirement Income Fund) will continue to shift in accordance with the Fund's strategy of becoming more conservative over time.

Prospectus Text Changes for Vanguard Target Retirement Income Fund

The text under 'Primary Investment Strategies' is replaced with the following:

The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Bond Market II Index Fund 39.2%

Vanguard Total Stock Market Index Fund 21.0%

Vanguard Short-Term Inflation-Protected Securities Index Fund 16.8%

Vanguard Total International Bond Index Fund 14.0%

Vanguard Total International Stock Index Fund 9.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The first bullet under 'Primary Risks' is replaced with the following:

With approximately 70% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2010 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Bond Market II Index Fund 35.1%

Vanguard Total Stock Market Index Fund 29.0%

Vanguard Total International Stock Index Fund 12.4%

Vanguard Short-Term Inflation-Protected Securities Index Fund 11.8%

Vanguard Total International Bond Index Fund 11.7%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.The second bullet under 'Primary Risks' is replaced with the following:

With approximately 59% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2015 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 37.8%

Vanguard Total Bond Market II Index Fund 32.0%

Vanguard Total International Stock Index Fund 16.2%

Vanguard Total International Bond Index Fund 9.2%

Vanguard Short-Term Inflation-Protected Securities Index Fund 4.8%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 46% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2020 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 44.1%

Vanguard Total Bond Market II Index Fund 29.6%

Vanguard Total International Stock Index Fund 18.9%

Vanguard Total International Bond Index Fund 7.4%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 37% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2025 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 49.3%

Vanguard Total Bond Market II Index Fund 23.6%

Vanguard Total International Stock Index Fund 21.2%

Vanguard Total International Bond Index Fund 5.9%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2030 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 54.6%

Vanguard Total International Stock Index Fund 23.4%

Vanguard Total Bond Market II Index Fund 17.6%

Vanguard Total International Bond Index Fund 4.4%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 22% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2035 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 59.8%

Vanguard Total International Stock Index Fund 25.7%

Vanguard Total Bond Market II Index Fund 11.6%

Vanguard Total International Bond Index Fund 2.9%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2040 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2045 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2050 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2055 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2060 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

(c) 2013 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor PS 308 062013
Retail | Vanguard Target Retirement 2040 Fund
  
Supplement Text  
Supplement Text:

[SHIP LOGO VANGUARD (r)]

Vanguard Target Retirement Funds

Supplement to the Prospectus Dated January 28, 2013

Changes in Underlying Fund Allocations

The Vanguard Target Retirement Funds have implemented the following changes to the fixed income exposure of the Funds, as previously approved by the Funds' board of trustees.

Twenty percent of each Fund's fixed income exposure has been reallocated to foreign bonds through investment in Vanguard Total International Bond Index Fund.

The Target Retirement Income, Target Retirement 2010, and Target Retirement 2015 Funds now obtain their exposure to inflation-protected securities by investing in Vanguard Short-Term Inflation-Protected Securities Index Fund rather than Vanguard Inflation-Protected Securities Fund.

The Target Retirement Income and Target Retirement 2010 Funds no longer invest a portion of their assets in Vanguard Prime Money Market Fund.

The Funds' target allocations to the underlying fixed income funds are described in the following pages. Although these changes modified the mix of each Fund's fixed income investments, they did not affect each Fund's total fixed income exposure, and the Funds' expense ratios have remained unchanged. However, each Fund's total fixed income exposure (other than that of the Target Retirement Income Fund) will continue to shift in accordance with the Fund's strategy of becoming more conservative over time.

Prospectus Text Changes for Vanguard Target Retirement Income Fund

The text under 'Primary Investment Strategies' is replaced with the following:

The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Bond Market II Index Fund 39.2%

Vanguard Total Stock Market Index Fund 21.0%

Vanguard Short-Term Inflation-Protected Securities Index Fund 16.8%

Vanguard Total International Bond Index Fund 14.0%

Vanguard Total International Stock Index Fund 9.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The first bullet under 'Primary Risks' is replaced with the following:

With approximately 70% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2010 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Bond Market II Index Fund 35.1%

Vanguard Total Stock Market Index Fund 29.0%

Vanguard Total International Stock Index Fund 12.4%

Vanguard Short-Term Inflation-Protected Securities Index Fund 11.8%

Vanguard Total International Bond Index Fund 11.7%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.The second bullet under 'Primary Risks' is replaced with the following:

With approximately 59% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2015 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 37.8%

Vanguard Total Bond Market II Index Fund 32.0%

Vanguard Total International Stock Index Fund 16.2%

Vanguard Total International Bond Index Fund 9.2%

Vanguard Short-Term Inflation-Protected Securities Index Fund 4.8%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 46% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2020 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 44.1%

Vanguard Total Bond Market II Index Fund 29.6%

Vanguard Total International Stock Index Fund 18.9%

Vanguard Total International Bond Index Fund 7.4%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 37% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2025 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 49.3%

Vanguard Total Bond Market II Index Fund 23.6%

Vanguard Total International Stock Index Fund 21.2%

Vanguard Total International Bond Index Fund 5.9%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2030 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 54.6%

Vanguard Total International Stock Index Fund 23.4%

Vanguard Total Bond Market II Index Fund 17.6%

Vanguard Total International Bond Index Fund 4.4%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 22% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2035 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 59.8%

Vanguard Total International Stock Index Fund 25.7%

Vanguard Total Bond Market II Index Fund 11.6%

Vanguard Total International Bond Index Fund 2.9%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2040 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2045 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2050 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2055 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2060 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

(c) 2013 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor PS 308 062013
Retail | Vanguard Target Retirement 2045 Fund
  
Supplement Text  
Supplement Text:

[SHIP LOGO VANGUARD (r)]

Vanguard Target Retirement Funds

Supplement to the Prospectus Dated January 28, 2013

Changes in Underlying Fund Allocations

The Vanguard Target Retirement Funds have implemented the following changes to the fixed income exposure of the Funds, as previously approved by the Funds' board of trustees.

Twenty percent of each Fund's fixed income exposure has been reallocated to foreign bonds through investment in Vanguard Total International Bond Index Fund.

The Target Retirement Income, Target Retirement 2010, and Target Retirement 2015 Funds now obtain their exposure to inflation-protected securities by investing in Vanguard Short-Term Inflation-Protected Securities Index Fund rather than Vanguard Inflation-Protected Securities Fund.

The Target Retirement Income and Target Retirement 2010 Funds no longer invest a portion of their assets in Vanguard Prime Money Market Fund.

The Funds' target allocations to the underlying fixed income funds are described in the following pages. Although these changes modified the mix of each Fund's fixed income investments, they did not affect each Fund's total fixed income exposure, and the Funds' expense ratios have remained unchanged. However, each Fund's total fixed income exposure (other than that of the Target Retirement Income Fund) will continue to shift in accordance with the Fund's strategy of becoming more conservative over time.

Prospectus Text Changes for Vanguard Target Retirement Income Fund

The text under 'Primary Investment Strategies' is replaced with the following:

The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Bond Market II Index Fund 39.2%

Vanguard Total Stock Market Index Fund 21.0%

Vanguard Short-Term Inflation-Protected Securities Index Fund 16.8%

Vanguard Total International Bond Index Fund 14.0%

Vanguard Total International Stock Index Fund 9.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The first bullet under 'Primary Risks' is replaced with the following:

With approximately 70% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2010 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Bond Market II Index Fund 35.1%

Vanguard Total Stock Market Index Fund 29.0%

Vanguard Total International Stock Index Fund 12.4%

Vanguard Short-Term Inflation-Protected Securities Index Fund 11.8%

Vanguard Total International Bond Index Fund 11.7%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.The second bullet under 'Primary Risks' is replaced with the following:

With approximately 59% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2015 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 37.8%

Vanguard Total Bond Market II Index Fund 32.0%

Vanguard Total International Stock Index Fund 16.2%

Vanguard Total International Bond Index Fund 9.2%

Vanguard Short-Term Inflation-Protected Securities Index Fund 4.8%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 46% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2020 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 44.1%

Vanguard Total Bond Market II Index Fund 29.6%

Vanguard Total International Stock Index Fund 18.9%

Vanguard Total International Bond Index Fund 7.4%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 37% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2025 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 49.3%

Vanguard Total Bond Market II Index Fund 23.6%

Vanguard Total International Stock Index Fund 21.2%

Vanguard Total International Bond Index Fund 5.9%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2030 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 54.6%

Vanguard Total International Stock Index Fund 23.4%

Vanguard Total Bond Market II Index Fund 17.6%

Vanguard Total International Bond Index Fund 4.4%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 22% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2035 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 59.8%

Vanguard Total International Stock Index Fund 25.7%

Vanguard Total Bond Market II Index Fund 11.6%

Vanguard Total International Bond Index Fund 2.9%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2040 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2045 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2050 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2055 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2060 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

(c) 2013 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor PS 308 062013
Retail | Vanguard Target Retirement 2050 Fund
  
Supplement Text  
Supplement Text:

[SHIP LOGO VANGUARD (r)]

Vanguard Target Retirement Funds

Supplement to the Prospectus Dated January 28, 2013

Changes in Underlying Fund Allocations

The Vanguard Target Retirement Funds have implemented the following changes to the fixed income exposure of the Funds, as previously approved by the Funds' board of trustees.

Twenty percent of each Fund's fixed income exposure has been reallocated to foreign bonds through investment in Vanguard Total International Bond Index Fund.

The Target Retirement Income, Target Retirement 2010, and Target Retirement 2015 Funds now obtain their exposure to inflation-protected securities by investing in Vanguard Short-Term Inflation-Protected Securities Index Fund rather than Vanguard Inflation-Protected Securities Fund.

The Target Retirement Income and Target Retirement 2010 Funds no longer invest a portion of their assets in Vanguard Prime Money Market Fund.

The Funds' target allocations to the underlying fixed income funds are described in the following pages. Although these changes modified the mix of each Fund's fixed income investments, they did not affect each Fund's total fixed income exposure, and the Funds' expense ratios have remained unchanged. However, each Fund's total fixed income exposure (other than that of the Target Retirement Income Fund) will continue to shift in accordance with the Fund's strategy of becoming more conservative over time.

Prospectus Text Changes for Vanguard Target Retirement Income Fund

The text under 'Primary Investment Strategies' is replaced with the following:

The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Bond Market II Index Fund 39.2%

Vanguard Total Stock Market Index Fund 21.0%

Vanguard Short-Term Inflation-Protected Securities Index Fund 16.8%

Vanguard Total International Bond Index Fund 14.0%

Vanguard Total International Stock Index Fund 9.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The first bullet under 'Primary Risks' is replaced with the following:

With approximately 70% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2010 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Bond Market II Index Fund 35.1%

Vanguard Total Stock Market Index Fund 29.0%

Vanguard Total International Stock Index Fund 12.4%

Vanguard Short-Term Inflation-Protected Securities Index Fund 11.8%

Vanguard Total International Bond Index Fund 11.7%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.The second bullet under 'Primary Risks' is replaced with the following:

With approximately 59% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2015 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 37.8%

Vanguard Total Bond Market II Index Fund 32.0%

Vanguard Total International Stock Index Fund 16.2%

Vanguard Total International Bond Index Fund 9.2%

Vanguard Short-Term Inflation-Protected Securities Index Fund 4.8%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 46% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2020 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 44.1%

Vanguard Total Bond Market II Index Fund 29.6%

Vanguard Total International Stock Index Fund 18.9%

Vanguard Total International Bond Index Fund 7.4%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 37% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2025 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 49.3%

Vanguard Total Bond Market II Index Fund 23.6%

Vanguard Total International Stock Index Fund 21.2%

Vanguard Total International Bond Index Fund 5.9%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2030 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 54.6%

Vanguard Total International Stock Index Fund 23.4%

Vanguard Total Bond Market II Index Fund 17.6%

Vanguard Total International Bond Index Fund 4.4%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 22% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2035 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 59.8%

Vanguard Total International Stock Index Fund 25.7%

Vanguard Total Bond Market II Index Fund 11.6%

Vanguard Total International Bond Index Fund 2.9%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2040 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2045 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2050 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2055 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2060 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

(c) 2013 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor PS 308 062013
Retail | Vanguard Target Retirement 2055 Fund
  
Supplement Text  
Supplement Text:

[SHIP LOGO VANGUARD (r)]

Vanguard Target Retirement Funds

Supplement to the Prospectus Dated January 28, 2013

Changes in Underlying Fund Allocations

The Vanguard Target Retirement Funds have implemented the following changes to the fixed income exposure of the Funds, as previously approved by the Funds' board of trustees.

Twenty percent of each Fund's fixed income exposure has been reallocated to foreign bonds through investment in Vanguard Total International Bond Index Fund.

The Target Retirement Income, Target Retirement 2010, and Target Retirement 2015 Funds now obtain their exposure to inflation-protected securities by investing in Vanguard Short-Term Inflation-Protected Securities Index Fund rather than Vanguard Inflation-Protected Securities Fund.

The Target Retirement Income and Target Retirement 2010 Funds no longer invest a portion of their assets in Vanguard Prime Money Market Fund.

The Funds' target allocations to the underlying fixed income funds are described in the following pages. Although these changes modified the mix of each Fund's fixed income investments, they did not affect each Fund's total fixed income exposure, and the Funds' expense ratios have remained unchanged. However, each Fund's total fixed income exposure (other than that of the Target Retirement Income Fund) will continue to shift in accordance with the Fund's strategy of becoming more conservative over time.

Prospectus Text Changes for Vanguard Target Retirement Income Fund

The text under 'Primary Investment Strategies' is replaced with the following:

The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Bond Market II Index Fund 39.2%

Vanguard Total Stock Market Index Fund 21.0%

Vanguard Short-Term Inflation-Protected Securities Index Fund 16.8%

Vanguard Total International Bond Index Fund 14.0%

Vanguard Total International Stock Index Fund 9.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The first bullet under 'Primary Risks' is replaced with the following:

With approximately 70% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2010 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Bond Market II Index Fund 35.1%

Vanguard Total Stock Market Index Fund 29.0%

Vanguard Total International Stock Index Fund 12.4%

Vanguard Short-Term Inflation-Protected Securities Index Fund 11.8%

Vanguard Total International Bond Index Fund 11.7%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.The second bullet under 'Primary Risks' is replaced with the following:

With approximately 59% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2015 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 37.8%

Vanguard Total Bond Market II Index Fund 32.0%

Vanguard Total International Stock Index Fund 16.2%

Vanguard Total International Bond Index Fund 9.2%

Vanguard Short-Term Inflation-Protected Securities Index Fund 4.8%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 46% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2020 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 44.1%

Vanguard Total Bond Market II Index Fund 29.6%

Vanguard Total International Stock Index Fund 18.9%

Vanguard Total International Bond Index Fund 7.4%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 37% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2025 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 49.3%

Vanguard Total Bond Market II Index Fund 23.6%

Vanguard Total International Stock Index Fund 21.2%

Vanguard Total International Bond Index Fund 5.9%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2030 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 54.6%

Vanguard Total International Stock Index Fund 23.4%

Vanguard Total Bond Market II Index Fund 17.6%

Vanguard Total International Bond Index Fund 4.4%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 22% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2035 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 59.8%

Vanguard Total International Stock Index Fund 25.7%

Vanguard Total Bond Market II Index Fund 11.6%

Vanguard Total International Bond Index Fund 2.9%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2040 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2045 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2050 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2055 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2060 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

(c) 2013 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor PS 308 062013
Retail | Vanguard Target Retirement 2060 Fund
  
Supplement Text  
Supplement Text:

[SHIP LOGO VANGUARD (r)]

Vanguard Target Retirement Funds

Supplement to the Prospectus Dated January 28, 2013

Changes in Underlying Fund Allocations

The Vanguard Target Retirement Funds have implemented the following changes to the fixed income exposure of the Funds, as previously approved by the Funds' board of trustees.

Twenty percent of each Fund's fixed income exposure has been reallocated to foreign bonds through investment in Vanguard Total International Bond Index Fund.

The Target Retirement Income, Target Retirement 2010, and Target Retirement 2015 Funds now obtain their exposure to inflation-protected securities by investing in Vanguard Short-Term Inflation-Protected Securities Index Fund rather than Vanguard Inflation-Protected Securities Fund.

The Target Retirement Income and Target Retirement 2010 Funds no longer invest a portion of their assets in Vanguard Prime Money Market Fund.

The Funds' target allocations to the underlying fixed income funds are described in the following pages. Although these changes modified the mix of each Fund's fixed income investments, they did not affect each Fund's total fixed income exposure, and the Funds' expense ratios have remained unchanged. However, each Fund's total fixed income exposure (other than that of the Target Retirement Income Fund) will continue to shift in accordance with the Fund's strategy of becoming more conservative over time.

Prospectus Text Changes for Vanguard Target Retirement Income Fund

The text under 'Primary Investment Strategies' is replaced with the following:

The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Bond Market II Index Fund 39.2%

Vanguard Total Stock Market Index Fund 21.0%

Vanguard Short-Term Inflation-Protected Securities Index Fund 16.8%

Vanguard Total International Bond Index Fund 14.0%

Vanguard Total International Stock Index Fund 9.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The first bullet under 'Primary Risks' is replaced with the following:

With approximately 70% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2010 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Bond Market II Index Fund 35.1%

Vanguard Total Stock Market Index Fund 29.0%

Vanguard Total International Stock Index Fund 12.4%

Vanguard Short-Term Inflation-Protected Securities Index Fund 11.8%

Vanguard Total International Bond Index Fund 11.7%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.The second bullet under 'Primary Risks' is replaced with the following:

With approximately 59% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2015 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 37.8%

Vanguard Total Bond Market II Index Fund 32.0%

Vanguard Total International Stock Index Fund 16.2%

Vanguard Total International Bond Index Fund 9.2%

Vanguard Short-Term Inflation-Protected Securities Index Fund 4.8%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 46% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2020 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 44.1%

Vanguard Total Bond Market II Index Fund 29.6%

Vanguard Total International Stock Index Fund 18.9%

Vanguard Total International Bond Index Fund 7.4%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 37% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2025 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 49.3%

Vanguard Total Bond Market II Index Fund 23.6%

Vanguard Total International Stock Index Fund 21.2%

Vanguard Total International Bond Index Fund 5.9%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2030 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 54.6%

Vanguard Total International Stock Index Fund 23.4%

Vanguard Total Bond Market II Index Fund 17.6%

Vanguard Total International Bond Index Fund 4.4%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 22% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2035 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 59.8%

Vanguard Total International Stock Index Fund 25.7%

Vanguard Total Bond Market II Index Fund 11.6%

Vanguard Total International Bond Index Fund 2.9%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2040 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2045 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2050 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2055 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2060 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

(c) 2013 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor PS 308 062013
Retail | Vanguard Target Retirement Income Fund
  
Supplement Text  
Supplement Text:

[SHIP LOGO VANGUARD (r)]

Vanguard Target Retirement Funds

Supplement to the Prospectus Dated January 28, 2013

Changes in Underlying Fund Allocations

The Vanguard Target Retirement Funds have implemented the following changes to the fixed income exposure of the Funds, as previously approved by the Funds' board of trustees.

Twenty percent of each Fund's fixed income exposure has been reallocated to foreign bonds through investment in Vanguard Total International Bond Index Fund.

The Target Retirement Income, Target Retirement 2010, and Target Retirement 2015 Funds now obtain their exposure to inflation-protected securities by investing in Vanguard Short-Term Inflation-Protected Securities Index Fund rather than Vanguard Inflation-Protected Securities Fund.

The Target Retirement Income and Target Retirement 2010 Funds no longer invest a portion of their assets in Vanguard Prime Money Market Fund.

The Funds' target allocations to the underlying fixed income funds are described in the following pages. Although these changes modified the mix of each Fund's fixed income investments, they did not affect each Fund's total fixed income exposure, and the Funds' expense ratios have remained unchanged. However, each Fund's total fixed income exposure (other than that of the Target Retirement Income Fund) will continue to shift in accordance with the Fund's strategy of becoming more conservative over time.

Prospectus Text Changes for Vanguard Target Retirement Income Fund

The text under 'Primary Investment Strategies' is replaced with the following:

The Fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Bond Market II Index Fund 39.2%

Vanguard Total Stock Market Index Fund 21.0%

Vanguard Short-Term Inflation-Protected Securities Index Fund 16.8%

Vanguard Total International Bond Index Fund 14.0%

Vanguard Total International Stock Index Fund 9.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The first bullet under 'Primary Risks' is replaced with the following:

With approximately 70% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2010 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Bond Market II Index Fund 35.1%

Vanguard Total Stock Market Index Fund 29.0%

Vanguard Total International Stock Index Fund 12.4%

Vanguard Short-Term Inflation-Protected Securities Index Fund 11.8%

Vanguard Total International Bond Index Fund 11.7%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.The second bullet under 'Primary Risks' is replaced with the following:

With approximately 59% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2015 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 37.8%

Vanguard Total Bond Market II Index Fund 32.0%

Vanguard Total International Stock Index Fund 16.2%

Vanguard Total International Bond Index Fund 9.2%

Vanguard Short-Term Inflation-Protected Securities Index Fund 4.8%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation-protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 46% 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 an 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2020 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 44.1%

Vanguard Total Bond Market II Index Fund 29.6%

Vanguard Total International Stock Index Fund 18.9%

Vanguard Total International Bond Index Fund 7.4%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 37% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2025 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 49.3%

Vanguard Total Bond Market II Index Fund 23.6%

Vanguard Total International Stock Index Fund 21.2%

Vanguard Total International Bond Index Fund 5.9%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2030 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 54.6%

Vanguard Total International Stock Index Fund 23.4%

Vanguard Total Bond Market II Index Fund 17.6%

Vanguard Total International Bond Index Fund 4.4%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

With approximately 22% 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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2035 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 59.8%

Vanguard Total International Stock Index Fund 25.7%

Vanguard Total Bond Market II Index Fund 11.6%

Vanguard Total International Bond Index Fund 2.9%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2040 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2045 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2050 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2055 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

Prospectus Text Changes for Vanguard Target Retirement 2060 Fund

The text under 'Primary Investment Strategies' is replaced with the following:

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 over a period of many years 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. The targeted percentage of the Fund's assets allocated to each of the underlying funds is:

Vanguard Total Stock Market Index Fund 63.0%

Vanguard Total International Stock Index Fund 27.0%

Vanguard Total Bond Market II Index Fund 8.0%

Vanguard Total International Bond Index Fund 2.0%

At any given time, the Fund's asset allocation may be affected by a variety of factors, such as whether the underlying funds are accepting additional investments.

The Fund's indirect stock holdings are a diversified mix of U.S. and foreign large-, mid-, and small-capitalization stocks.

The Fund's indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar (but hedged by Vanguard to minimize currency exposures).

The second bullet under 'Primary Risks' is replaced with the following:

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 an 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. 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. The Fund is also subject to the following risks associated with investments in currency-hedged foreign bonds: 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 securities issued by foreign governments, government agencies, or companies; and currency hedging risk, which is the risk that the currency hedging transactions entered into by the underlying international bond fund may not perfectly offset the fund's foreign currency exposures.

(c) 2013 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor PS 308 062013