coverletterxbrl497-instltar.htm - Generated by SEC Publisher for SEC Filing

0000932471-19-006604.txt : 20190313 0000932471-19-006604.hdr.sgml : 20190313 20190313102322 ACCESSION NUMBER: 0000932471-19-006604 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 15 FILED AS OF DATE: 20190313 DATE AS OF CHANGE: 20190313 EFFECTIVENESS DATE: 20190313 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: 19677316 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 S000049259 Vanguard Institutional Target Retirement 2055 Fund

C000155396 Institutional Shares VIVLX

0000752177 S000049260 Vanguard Institutional Target Retirement 2060 Fund

C000155397 Institutional Shares VILVX

0000752177 S000049261 Vanguard Institutional Target Retirement Income Fund

C000155398 Institutional Shares VITRX

0000752177 S000049262 Vanguard Institutional Target Retirement 2015 Fund

C000155399 Institutional Shares VITVX

0000752177 S000049263 Vanguard Institutional Target Retirement 2020 Fund

C000155400 Institutional Shares VITWX

0000752177 S000049264 Vanguard Institutional Target Retirement 2025 Fund

C000155401 Institutional Shares VRIVX

0000752177 S000049265 Vanguard Institutional Target Retirement 2030 Fund

C000155402 Institutional Shares VTTWX

0000752177 S000049266 Vanguard Institutional Target Retirement 2035 Fund

C000155403 Institutional Shares VITFX

0000752177 S000049267 Vanguard Institutional Target Retirement 2040 Fund

C000155404 Institutional Shares VIRSX

0000752177 S000049268 Vanguard Institutional Target Retirement 2045 Fund

C000155405 Institutional Shares VITLX

0000752177 S000049269 Vanguard Institutional Target Retirement 2050 Fund

C000155406 Institutional Shares VTRLX

0000752177 S000056747 Vanguard Institutional Target Retirement 2065 Fund

C000180146 Institutional Shares VSXFX

497 1 coverletterxbrl497-instltar.htm VANGUARD INSTITUTIONAL TARGET RETIREMENT FUNDS coverletterxbrl497-instltar.htm - Generated by SEC Publisher for SEC Filing


March 13, 2019




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 February 21, 2019, filed pursuant to Rule 497(e), for the
Vanguard Institutional Target Retirement Funds, series of the above mentioned Trust.

If you have any questions or comments concerning the foregoing, please contact me at
(610) 669-7310.


Sincerely,


Alexander F. Smith
Associate Counsel
The Vanguard Group, Inc.


Enclosures

cc: Lisa N. Larkin
	U. S. Securities and Exchange Commission

EX-101.INS 2 chester1-20190221.xml INSTANCE 0000752177 2019-01-28 2019-01-28 0000752177 chester1:S000049261Member 2019-01-28 2019-01-28 0000752177 chester1:S000049262Member 2019-01-28 2019-01-28 0000752177 chester1:S000049263Member 2019-01-28 2019-01-28 0000752177 chester1:S000049264Member 2019-01-28 2019-01-28 0000752177 chester1:S000049265Member 2019-01-28 2019-01-28 0000752177 chester1:S000049266Member 2019-01-28 2019-01-28 0000752177 chester1:S000049267Member 2019-01-28 2019-01-28 0000752177 chester1:S000049268Member 2019-01-28 2019-01-28 0000752177 chester1:S000049269Member 2019-01-28 2019-01-28 0000752177 chester1:S000049259Member 2019-01-28 2019-01-28 0000752177 chester1:S000049260Member 2019-01-28 2019-01-28 0000752177 chester1:S000056747Member 2019-01-28 2019-01-28 2019-01-28 497 2018-09-30 VANGUARD CHESTER FUNDS 0000752177 false 2019-02-21 2019-02-21 [SHIP LOGO VANGUARD (R)]<br/><br/><p style="text-align: left">Vanguard Institutional Target Retirement Funds</p> <p style="text-align: left">Supplement Dated February 21, 2019, to the Prospectus Dated January 28, 2019</p> <p style="text-align: left">Prospectus Text Changes</p> <p style="text-align: left">The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement Income Fund is replaced with the following:</p> <table cellspacing="0" border="0"> <tr> <td width="69%"></td> <td width="16%"></td> <td width="13%"></td></tr> <tr valign="bottom"> <td colspan="2" align="left">Average Annual Total Returns for Periods Ended December 31, 2018</td> <td align="left"> </td></tr> <tr valign="bottom"> <td align="left"> </td> <td align="left"> </td> <td align="right">Since</td></tr> <tr valign="bottom"> <td align="left"> </td> <td align="left"> </td> <td align="right">Inception</td></tr> <tr valign="bottom"> <td align="left"> </td> <td align="left"> </td> <td align="right">(Jun. 26,</td></tr> <tr valign="bottom"> <td style="border-bottom: #000000 1px solid" align="left"> </td> <td style="border-bottom: #000000 1px solid" align="right">1 Year</td> <td style="border-bottom: #000000 1px solid" align="right">2015)</td></tr> <tr valign="bottom"> <td style="border-bottom: #000000 1px solid; text-indent: 0pt" colspan="2" align="left">Vanguard Institutional Target Retirement Income Fund Institutional Shares</td> <td style="border-bottom: #000000 1px solid" align="left"> </td></tr> <tr valign="bottom"> <td style="border-bottom: #000000 1px solid; text-indent: 0pt" align="left">Return Before Taxes</td> <td style="border-bottom: #000000 1px solid" align="right">–1.98%</td> <td style="border-bottom: #000000 1px solid" align="right">2.91%</td></tr> <tr valign="bottom"> <td style="border-bottom: #000000 1px solid; text-indent: 0pt" align="left">Return After Taxes on Distributions</td> <td style="border-bottom: #000000 1px solid" align="right">–2.94</td> <td style="border-bottom: #000000 1px solid" align="right">2.10</td></tr> <tr valign="bottom"> <td style="border-bottom: #000000 1px solid; text-indent: 0pt" align="left">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: #000000 1px solid" align="right">–1.05</td> <td style="border-bottom: #000000 1px solid" align="right">1.94</td></tr> <tr valign="bottom"> <td style="text-indent: 0pt" align="left">Comparative Indexes</td> <td align="left"> </td> <td align="left"> </td></tr> <tr valign="bottom"> <td style="border-bottom: #000000 1px solid; text-indent: 0pt" align="left">(reflect no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: #000000 1px solid" align="left"> </td> <td style="border-bottom: #000000 1px solid" align="left"> </td></tr> <tr valign="bottom"> <td style="border-bottom: #000000 1px solid; text-indent: 0pt" align="left">Bloomberg Barclays U.S. Aggregate Bond Index</td> <td style="border-bottom: #000000 1px solid" align="right">0.01%</td> <td style="border-bottom: #000000 1px solid" align="right">2.12%</td></tr> <tr valign="bottom"> <td style="border-bottom: #000000 1px solid; text-indent: 0pt" align="left">MSCI US Broad Market Index</td> <td style="border-bottom: #000000 1px solid" align="right">–5.28</td> <td style="border-bottom: #000000 1px solid" align="right">—</td></tr> <tr valign="bottom"> <td style="border-bottom: #000000 1px solid; text-indent: 0pt" align="left">Target Income Composite Index</td> <td style="border-bottom: #000000 1px solid" align="right">–1.98</td> <td style="border-bottom: #000000 1px solid" align="right">3.03</td></tr></table><p style="margin: 0px"> </p> <p style="text-align: left;"> The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2015 Fund is replaced with the following:</p> <table border="0" cellspacing="0"> <tr> <td width="70%"></td> <td width="16%"></td> <td width="12%"></td></tr> <tr valign="bottom"> <td align="left" colspan="2" style="text-indent:0.000656pt"> Average Annual Total Returns for Periods Ended December 31, 2018</td> <td align="left">  </td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> Since</td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> Inception</td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> (Jun. 26,</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;">  </td> <td align="left" style="border-bottom:1px solid #000000;"> 1 Year</td> <td align="right" style="border-bottom:1px solid #000000;"> 2015)</td> </tr> <tr valign="bottom"> <td align="left" colspan="2" style="border-bottom:1px solid #000000;"> Vanguard Institutional Target Retirement 2015 Fund Institutional Shares</td> <td align="left" style="border-bottom:1px solid #000000;">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return Before Taxes</td> <td align="left" style="border-bottom:1px solid #000000;"> –2.91%</td> <td align="right" style="border-bottom:1px solid #000000;"> 3.29%</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return After Taxes on Distributions</td> <td align="left" style="border-bottom:1px solid #000000;"> –3.97</td> <td align="right" style="border-bottom:1px solid #000000;"> 2.49</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return After Taxes on Distributions and Sale of Fund Shares</td> <td align="left" style="border-bottom:1px solid #000000;"> –1.47</td> <td align="right" style="border-bottom:1px solid #000000;"> 2.28</td> </tr> <tr valign="bottom"> <td align="left"> Comparative Indexes</td> <td align="left">  </td> <td align="left">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> (reflect no deduction for fees, expenses, or taxes)</td> <td align="left" style="border-bottom:1px solid #000000;">  </td> <td align="left" style="border-bottom:1px solid #000000;">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Bloomberg Barclays U.S. Aggregate Bond Index</td> <td align="left" style="border-bottom:1px solid #000000;"> 0.01%</td> <td align="right" style="border-bottom:1px solid #000000;"> —%</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> MSCI US Broad Market Index</td> <td align="left" style="border-bottom:1px solid #000000;"> –5.28</td> <td align="right" style="border-bottom:1px solid #000000;"> 6.60</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Target 2015 Composite Index</td> <td align="left" style="border-bottom:1px solid #000000;"> –2.88</td> <td align="right" style="border-bottom:1px solid #000000;"> 3.43</td> </tr> </table> <p style="margin:0px"> </p> <p style="text-align: left;"> The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2020 Fund is replaced with the following:</p> <table border="0" cellspacing="0"> <tr> <td width="70%"></td> <td width="16%"></td> <td width="12%"></td></tr> <tr valign="bottom"> <td align="left" colspan="2"> Average Annual Total Returns for Periods Ended December 31, 2018</td> <td align="left">  </td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> Since</td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> Inception</td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> (Jun. 26,</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;">  </td> <td align="left" style="border-bottom:1px solid #000000;"> 1 Year</td> <td align="right" style="border-bottom:1px solid #000000;"> 2015)</td> </tr> <tr valign="bottom"> <td align="left" colspan="2" style="border-bottom:1px solid #000000;"> Vanguard Institutional Target Retirement 2020 Fund Institutional Shares</td> <td align="left" style="border-bottom:1px solid #000000;">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return Before Taxes</td> <td align="left" style="border-bottom:1px solid #000000;"> –4.21%</td> <td align="left" style="border-bottom:1px solid #000000;"> 3.60%</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return After Taxes on Distributions</td> <td align="left" style="border-bottom:1px solid #000000;"> –5.01</td> <td align="right" style="border-bottom:1px solid #000000;"> 2.89</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return After Taxes on Distributions and Sale of Fund Shares</td> <td align="left" style="border-bottom:1px solid #000000;"> –2.30</td> <td align="right" style="border-bottom:1px solid #000000;"> 2.57</td> </tr> <tr valign="bottom"> <td align="left"> Comparative Indexes</td> <td align="left">  </td> <td align="left">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> (reflect no deduction for fees, expenses, or taxes)</td> <td align="left" style="border-bottom:1px solid #000000;">  </td> <td align="left" style="border-bottom:1px solid #000000;">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> MSCI US Broad Market Index</td> <td align="left" style="border-bottom:1px solid #000000;"> –5.28%</td> <td align="left" style="border-bottom:1px solid #000000;"> 6.60%</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Bloomberg Barclays U.S. Aggregate Bond Index</td> <td align="right" style="border-bottom:1px solid #000000;"> 0.01</td> <td align="right" style="border-bottom:1px solid #000000;"> —</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Target 2020 Composite Index</td> <td align="left" style="border-bottom:1px solid #000000;"> –4.13</td> <td align="right" style="border-bottom:1px solid #000000;"> 3.76</td> </tr> </table> <p style="margin:0px"> </p> <p style="text-align: left;"> The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2025 Fund is replaced with the following:</p> <table border="0" cellspacing="0"> <tr> <td width="70%"></td> <td width="16%"></td> <td width="12%"></td></tr> <tr valign="bottom"> <td align="left" colspan="2"> Average Annual Total Returns for Periods Ended December 31, 2018</td> <td align="left">  </td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> Since</td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> Inception</td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> (Jun. 26,</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;">  </td> <td align="left" style="border-bottom:1px solid #000000;"> 1 Year</td> <td align="right" style="border-bottom:1px solid #000000;"> 2015)</td> </tr> <tr valign="bottom"> <td align="left" colspan="2" style="border-bottom:1px solid #000000;"> Vanguard Institutional Target Retirement 2025 Fund Institutional Shares</td> <td align="left" style="border-bottom:1px solid #000000;">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return Before Taxes</td> <td align="left" style="border-bottom:1px solid #000000;"> –5.02%</td> <td align="left" style="border-bottom:1px solid #000000;"> 3.77%</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return After Taxes on Distributions</td> <td align="left" style="border-bottom:1px solid #000000;"> –5.76</td> <td align="right" style="border-bottom:1px solid #000000;"> 3.10</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return After Taxes on Distributions and Sale of Fund Shares</td> <td align="left" style="border-bottom:1px solid #000000;"> –2.75</td> <td align="right" style="border-bottom:1px solid #000000;"> 2.73</td> </tr> <tr valign="bottom"> <td align="left" style="text-indent:0.000046pt"> Comparative Indexes</td> <td align="left">  </td> <td align="left">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> (reflect no deduction for fees, expenses, or taxes)</td> <td align="left" style="border-bottom:1px solid #000000;">  </td> <td align="left" style="border-bottom:1px solid #000000;">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> MSCI US Broad Market Index</td> <td align="left" style="border-bottom:1px solid #000000;"> –5.28%</td> <td align="left" style="border-bottom:1px solid #000000;"> 6.60%</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Bloomberg Barclays U.S. Aggregate Bond Index</td> <td align="right" style="border-bottom:1px solid #000000;"> 0.01</td> <td align="right" style="border-bottom:1px solid #000000;"> —</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Target 2025 Composite Index</td> <td align="left" style="border-bottom:1px solid #000000;"> –5.01</td> <td align="right" style="border-bottom:1px solid #000000;"> 3.93</td> </tr> </table> <p style="margin:0px"> </p> <p style="text-align: left;"> The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2030 Fund is replaced with the following:</p> <table border="0" cellspacing="0"> <tr> <td width="70%"></td> <td width="16%"></td> <td width="12%"></td></tr> <tr valign="bottom"> <td align="left" colspan="2" style="text-indent:0.000656pt"> Average Annual Total Returns for Periods Ended December 31, 2018</td> <td align="left">  </td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> Since</td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> Inception</td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> (Jun. 26,</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;">  </td> <td align="left" style="border-bottom:1px solid #000000;"> 1 Year</td> <td align="right" style="border-bottom:1px solid #000000;"> 2015)</td> </tr> <tr valign="bottom"> <td align="left" colspan="2" style="border-bottom:1px solid #000000;"> Vanguard Institutional Target Retirement 2030 Fund Institutional Shares</td> <td align="left" style="border-bottom:1px solid #000000;">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return Before Taxes</td> <td align="left" style="border-bottom:1px solid #000000;"> –5.82%</td> <td align="left" style="border-bottom:1px solid #000000;"> 3.85%</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return After Taxes on Distributions</td> <td align="left" style="border-bottom:1px solid #000000;"> –6.50</td> <td align="right" style="border-bottom:1px solid #000000;"> 3.21</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return After Taxes on Distributions and Sale of Fund Shares</td> <td align="left" style="border-bottom:1px solid #000000;"> –3.19</td> <td align="right" style="border-bottom:1px solid #000000;"> 2.82</td> </tr> <tr valign="bottom"> <td align="left"> Comparative Indexes</td> <td align="left">  </td> <td align="left">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> (reflect no deduction for fees, expenses, or taxes)</td> <td align="left" style="border-bottom:1px solid #000000;">  </td> <td align="left" style="border-bottom:1px solid #000000;">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> MSCI US Broad Market Index</td> <td align="left" style="border-bottom:1px solid #000000;"> –5.28%</td> <td align="left" style="border-bottom:1px solid #000000;"> 6.60%</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Bloomberg Barclays U.S. Aggregate Bond Index</td> <td align="right" style="border-bottom:1px solid #000000;"> 0.01</td> <td align="right" style="border-bottom:1px solid #000000;"> —</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Target 2030 Composite Index</td> <td align="left" style="border-bottom:1px solid #000000;"> –5.74</td> <td align="right" style="border-bottom:1px solid #000000;"> 4.04</td> </tr> </table> <p style="margin:0px"> </p> <p style="text-align: left;"> The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2035 Fund is replaced with the following:</p> <table border="0" cellspacing="0"> <tr> <td width="70%"></td> <td width="16%"></td> <td width="12%"></td></tr> <tr valign="bottom"> <td align="left" colspan="2"> Average Annual Total Returns for Periods Ended December 31, 2018</td> <td align="left">  </td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> Since</td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> Inception</td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> (Jun. 26,</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;">  </td> <td align="right" style="border-bottom:1px solid #000000;"> 1 Year</td> <td align="right" style="border-bottom:1px solid #000000;"> 2015)</td> </tr> <tr valign="bottom"> <td align="left" colspan="2" style="border-bottom:1px solid #000000;"> Vanguard Institutional Target Retirement 2035 Fund Institutional Shares</td> <td align="left" style="border-bottom:1px solid #000000;">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return Before Taxes</td> <td align="left" style="border-bottom:1px solid #000000;"> –6.56%</td> <td align="left" style="border-bottom:1px solid #000000;"> 3.93%</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return After Taxes on Distributions</td> <td align="right" style="border-bottom:1px solid #000000;"> –7.21</td> <td align="right" style="border-bottom:1px solid #000000;"> 3.32</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return After Taxes on Distributions and Sale of Fund Shares</td> <td align="right" style="border-bottom:1px solid #000000;"> –3.60</td> <td align="right" style="border-bottom:1px solid #000000;"> 2.91</td> </tr> <tr valign="bottom"> <td align="left" style="text-indent:0.000046pt"> Comparative Indexes</td> <td align="left">  </td> <td align="left">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> (reflect no deduction for fees, expenses, or taxes)</td> <td align="left" style="border-bottom:1px solid #000000;">  </td> <td align="left" style="border-bottom:1px solid #000000;">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> MSCI US Broad Market Index</td> <td align="left" style="border-bottom:1px solid #000000;"> –5.28%</td> <td align="left" style="border-bottom:1px solid #000000;"> 6.60%</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Bloomberg Barclays U.S. Aggregate Bond Index</td> <td align="right" style="border-bottom:1px solid #000000;"> 0.01</td> <td align="right" style="border-bottom:1px solid #000000;"> —</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Target 2035 Composite Index</td> <td align="right" style="border-bottom:1px solid #000000;"> –6.48</td> <td align="right" style="border-bottom:1px solid #000000;"> 4.14</td> </tr> </table> <p style="margin:0px"> </p> <p style="text-align: left;"> The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2040 Fund is replaced with the following:</p> <table border="0" cellspacing="0"> <tr> <td width="70%"></td> <td width="16%"></td> <td width="12%"></td></tr> <tr valign="bottom"> <td align="left" colspan="2"> Average Annual Total Returns for Periods Ended December 31, 2018</td> <td align="left">  </td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> Since</td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> Inception</td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> (Jun. 26,</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;">  </td> <td align="right" style="border-bottom:1px solid #000000;"> 1 Year</td> <td align="right" style="border-bottom:1px solid #000000;"> 2015)</td> </tr> <tr valign="bottom"> <td align="left" colspan="2" style="border-bottom:1px solid #000000;"> Vanguard Institutional Target Retirement 2040 Fund Institutional Shares</td> <td align="left" style="border-bottom:1px solid #000000;">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return Before Taxes</td> <td align="right" style="border-bottom:1px solid #000000;"> –7.31%</td> <td align="left" style="border-bottom:1px solid #000000;"> 3.99%</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return After Taxes on Distributions</td> <td align="right" style="border-bottom:1px solid #000000;"> –7.91</td> <td align="right" style="border-bottom:1px solid #000000;"> 3.42</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return After Taxes on Distributions and Sale of Fund Shares</td> <td align="right" style="border-bottom:1px solid #000000;"> –4.02</td> <td align="right" style="border-bottom:1px solid #000000;"> 2.99</td> </tr> <tr valign="bottom"> <td align="left" style="text-indent:0.000046pt"> Comparative Indexes</td> <td align="left">  </td> <td align="left">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> (reflect no deduction for fees, expenses, or taxes)</td> <td align="left" style="border-bottom:1px solid #000000;">  </td> <td align="left" style="border-bottom:1px solid #000000;">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> MSCI US Broad Market Index</td> <td align="right" style="border-bottom:1px solid #000000;"> –5.28%</td> <td align="left" style="border-bottom:1px solid #000000;"> 6.60%</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Bloomberg Barclays U.S. Aggregate Bond Index</td> <td align="right" style="border-bottom:1px solid #000000;"> 0.01</td> <td align="right" style="border-bottom:1px solid #000000;"> —</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Target 2040 Composite Index</td> <td align="right" style="border-bottom:1px solid #000000;"> –7.23</td> <td align="right" style="border-bottom:1px solid #000000;"> 4.23</td> </tr> </table> <p style="margin:0px"> </p> <p style="text-align: left;"> The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2045 Fund is replaced with the following:</p> <table border="0" cellspacing="0"> <tr> <td width="70%"></td> <td width="16%"></td> <td width="12%"></td></tr> <tr valign="bottom"> <td align="left" colspan="2"> Average Annual Total Returns for Periods Ended December 31, 2018</td> <td align="left">  </td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> Since</td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> Inception</td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> (Jun. 26,</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;">  </td> <td align="right" style="border-bottom:1px solid #000000;"> 1 Year</td> <td align="right" style="border-bottom:1px solid #000000;"> 2015)</td> </tr> <tr valign="bottom"> <td align="left" colspan="2" style="border-bottom:1px solid #000000;"> Vanguard Institutional Target Retirement 2045 Fund Institutional Shares</td> <td align="left" style="border-bottom:1px solid #000000;">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return Before Taxes</td> <td align="right" style="border-bottom:1px solid #000000;"> –7.87%</td> <td align="left" style="border-bottom:1px solid #000000;"> 4.03%</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return After Taxes on Distributions</td> <td align="right" style="border-bottom:1px solid #000000;"> –8.43</td> <td align="right" style="border-bottom:1px solid #000000;"> 3.48</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return After Taxes on Distributions and Sale of Fund Shares</td> <td align="right" style="border-bottom:1px solid #000000;"> –4.34</td> <td align="right" style="border-bottom:1px solid #000000;"> 3.04</td> </tr> <tr valign="bottom"> <td align="left"> Comparative Indexes</td> <td align="left">  </td> <td align="left">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> (reflect no deduction for fees, expenses, or taxes)</td> <td align="left" style="border-bottom:1px solid #000000;">  </td> <td align="left" style="border-bottom:1px solid #000000;">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> MSCI US Broad Market Index</td> <td align="right" style="border-bottom:1px solid #000000;"> –5.28%</td> <td align="left" style="border-bottom:1px solid #000000;"> 6.60%</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Bloomberg Barclays U.S. Aggregate Bond Index</td> <td align="right" style="border-bottom:1px solid #000000;"> 0.01</td> <td align="right" style="border-bottom:1px solid #000000;"> —</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Target 2045 Composite Index</td> <td align="right" style="border-bottom:1px solid #000000;"> –7.77</td> <td align="right" style="border-bottom:1px solid #000000;"> 4.26</td> </tr> </table> <p style="margin:0px"> </p> <p style="text-align: left;"> The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2050 Fund is replaced with the following:</p> <table border="0" cellspacing="0"> <tr> <td width="70%"></td> <td width="16%"></td> <td width="12%"></td></tr> <tr valign="bottom"> <td align="left" colspan="2"> Average Annual Total Returns for Periods Ended December 31, 2018</td> <td align="left">  </td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> Since</td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> Inception</td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> (Jun. 26,</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;">  </td> <td align="right" style="border-bottom:1px solid #000000;"> 1 Year</td> <td align="right" style="border-bottom:1px solid #000000;"> 2015)</td> </tr> <tr valign="bottom"> <td align="left" colspan="2" style="border-bottom:1px solid #000000;"> Vanguard Institutional Target Retirement 2050 Fund Institutional Shares</td> <td align="left" style="border-bottom:1px solid #000000;">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return Before Taxes</td> <td align="right" style="border-bottom:1px solid #000000;"> –7.87%</td> <td align="left" style="border-bottom:1px solid #000000;"> 4.03%</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return After Taxes on Distributions</td> <td align="right" style="border-bottom:1px solid #000000;"> –8.42</td> <td align="right" style="border-bottom:1px solid #000000;"> 3.49</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return After Taxes on Distributions and Sale of Fund Shares</td> <td align="right" style="border-bottom:1px solid #000000;"> –4.34</td> <td align="right" style="border-bottom:1px solid #000000;"> 3.03</td> </tr> <tr valign="bottom"> <td align="left" style="text-indent:0.000046pt"> Comparative Indexes</td> <td align="left">  </td> <td align="left">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> (reflect no deduction for fees, expenses, or taxes)</td> <td align="left" style="border-bottom:1px solid #000000;">  </td> <td align="left" style="border-bottom:1px solid #000000;">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> MSCI US Broad Market Index</td> <td align="right" style="border-bottom:1px solid #000000;"> –5.28%</td> <td align="left" style="border-bottom:1px solid #000000;"> 6.60%</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Bloomberg Barclays U.S. Aggregate Bond Index</td> <td align="right" style="border-bottom:1px solid #000000;"> 0.01</td> <td align="right" style="border-bottom:1px solid #000000;"> —</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Target 2050 Composite Index</td> <td align="right" style="border-bottom:1px solid #000000;"> –7.77</td> <td align="right" style="border-bottom:1px solid #000000;"> 4.26</td> </tr> </table> <p style="margin:0px"> </p> <p style="text-align: left;"> The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2055 Fund is replaced with the following:</p> <table border="0" cellspacing="0"> <tr> <td width="70%"></td> <td width="16%"></td> <td width="12%"></td></tr> <tr valign="bottom"> <td align="left" colspan="2"> Average Annual Total Returns for Periods Ended December 31, 2018</td> <td align="left">  </td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> Since</td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> Inception</td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> (Jun. 26,</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;">  </td> <td align="right" style="border-bottom:1px solid #000000;"> 1 Year</td> <td align="right" style="border-bottom:1px solid #000000;"> 2015)</td> </tr> <tr valign="bottom"> <td align="left" colspan="2" style="border-bottom:1px solid #000000;"> Vanguard Institutional Target Retirement 2055 Fund Institutional Shares</td> <td align="left" style="border-bottom:1px solid #000000;">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return Before Taxes</td> <td align="right" style="border-bottom:1px solid #000000;"> –7.84%</td> <td align="left" style="border-bottom:1px solid #000000;"> 4.04%</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return After Taxes on Distributions</td> <td align="right" style="border-bottom:1px solid #000000;"> –8.37</td> <td align="right" style="border-bottom:1px solid #000000;"> 3.51</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return After Taxes on Distributions and Sale of Fund Shares</td> <td align="right" style="border-bottom:1px solid #000000;"> –4.33</td> <td align="right" style="border-bottom:1px solid #000000;"> 3.04</td> </tr> <tr valign="bottom"> <td align="left" style="text-indent:0.000092pt"> Comparative Indexes</td> <td align="left">  </td> <td align="left">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> (reflect no deduction for fees, expenses, or taxes)</td> <td align="left" style="border-bottom:1px solid #000000;">  </td> <td align="left" style="border-bottom:1px solid #000000;">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> MSCI US Broad Market Index</td> <td align="right" style="border-bottom:1px solid #000000;"> –5.28%</td> <td align="left" style="border-bottom:1px solid #000000;"> 6.60%</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Bloomberg Barclays U.S. Aggregate Bond Index</td> <td align="right" style="border-bottom:1px solid #000000;"> 0.01</td> <td align="right" style="border-bottom:1px solid #000000;"> —</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Target 2055 Composite Index</td> <td align="right" style="border-bottom:1px solid #000000;"> –7.77</td> <td align="right" style="border-bottom:1px solid #000000;"> 4.26</td> </tr> </table> <p style="margin:0px"> </p> <p style="text-align: left;"> The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2060 Fund is replaced with the following:</p> <table border="0" cellspacing="0"> <tr> <td width="70%"></td> <td width="16%"></td> <td width="12%"></td></tr> <tr valign="bottom"> <td align="left" colspan="2" style="text-indent:0.000656pt"> Average Annual Total Returns for Periods Ended December 31, 2018</td> <td align="left">  </td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> Since</td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> Inception</td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> (Jun. 26,</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;">  </td> <td align="right" style="border-bottom:1px solid #000000;"> 1 Year</td> <td align="right" style="border-bottom:1px solid #000000;"> 2015)</td> </tr> <tr valign="bottom"> <td align="left" colspan="2" style="border-bottom:1px solid #000000;"> Vanguard Institutional Target Retirement 2060 Fund Institutional Shares</td> <td align="left" style="border-bottom:1px solid #000000;">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return Before Taxes</td> <td align="right" style="border-bottom:1px solid #000000;"> –7.88%</td> <td align="right" style="border-bottom:1px solid #000000;"> 4.01%</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return After Taxes on Distributions</td> <td align="right" style="border-bottom:1px solid #000000;"> –8.40</td> <td align="right" style="border-bottom:1px solid #000000;"> 3.49</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return After Taxes on Distributions and Sale of Fund Shares</td> <td align="right" style="border-bottom:1px solid #000000;"> –4.37</td> <td align="right" style="border-bottom:1px solid #000000;"> 3.02</td> </tr> <tr valign="bottom"> <td align="left"> Comparative Indexes</td> <td align="left">  </td> <td align="left">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> (reflect no deduction for fees, expenses, or taxes)</td> <td align="left" style="border-bottom:1px solid #000000;">  </td> <td align="left" style="border-bottom:1px solid #000000;">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> MSCI US Broad Market Index</td> <td align="right" style="border-bottom:1px solid #000000;"> –5.28%</td> <td align="right" style="border-bottom:1px solid #000000;"> 6.60%</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Bloomberg Barclays U.S. Aggregate Bond Index</td> <td align="right" style="border-bottom:1px solid #000000;"> 0.01</td> <td align="right" style="border-bottom:1px solid #000000;"> —</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Target 2060 Composite Index</td> <td align="right" style="border-bottom:1px solid #000000;"> –7.77</td> <td align="right" style="border-bottom:1px solid #000000;"> 4.26</td> </tr> </table> <p style="margin:0px"> </p> <p style="text-align: left;"> The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2065 Fund is replaced with the following:</p> <table border="0" cellspacing="0"> <tr> <td width="70%"></td> <td width="16%"></td> <td width="12%"></td></tr> <tr valign="bottom"> <td align="left" colspan="2"> Average Annual Total Returns for Periods Ended December 31, 2018</td> <td align="left">  </td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> Since</td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> Inception</td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> (Jul. 12,</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;">  </td> <td align="right" style="border-bottom:1px solid #000000;"> 1 Year</td> <td align="right" style="border-bottom:1px solid #000000;"> 2017)</td> </tr> <tr valign="bottom"> <td align="left" colspan="2" style="border-bottom:1px solid #000000;"> Vanguard Institutional Target Retirement 2065 Fund Institutional Shares</td> <td align="left" style="border-bottom:1px solid #000000;">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return Before Taxes</td> <td align="right" style="border-bottom:1px solid #000000;"> –7.84%</td> <td align="left" style="border-bottom:1px solid #000000;"> 0.58%</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return After Taxes on Distributions</td> <td align="right" style="border-bottom:1px solid #000000;"> –8.26</td> <td align="right" style="border-bottom:1px solid #000000;"> 0.11</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return After Taxes on Distributions and Sale of Fund Shares</td> <td align="right" style="border-bottom:1px solid #000000;"> –4.40</td> <td align="right" style="border-bottom:1px solid #000000;"> 0.40</td> </tr> <tr valign="bottom"> <td align="left"> Comparative Indexes</td> <td align="left">  </td> <td align="left">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> (reflects no deduction for fees, expenses, or taxes)</td> <td align="left" style="border-bottom:1px solid #000000;">  </td> <td align="left" style="border-bottom:1px solid #000000;">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> MSCI US Broad Market Index</td> <td align="right" style="border-bottom:1px solid #000000;"> –5.28%</td> <td align="left" style="border-bottom:1px solid #000000;"> 2.98%</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Bloomberg Barclays U.S. Aggregate Bond Index</td> <td align="right" style="border-bottom:1px solid #000000;"> 0.01</td> <td align="right" style="border-bottom:1px solid #000000;"> —</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Target Retirement 2065 Composite Index</td> <td align="right" style="border-bottom:1px solid #000000;"> –7.77</td> <td align="right" style="border-bottom:1px solid #000000;"> 0.65</td> </tr> </table> <p style="margin:0px"> </p> <div style="page-break-before: always"> </div> <p style="text-align: left;"> © 2019 The Vanguard Group, Inc. All rights reserved.<br/> Vanguard Marketing Corporation, Distributor.</p> <div style="text-align: left;"> PSI 1673 022019</div> [SHIP LOGO VANGUARD (R)]<br/><br/><p style="text-align: left">Vanguard Institutional Target Retirement Funds</p> <p style="text-align: left">Supplement Dated February 21, 2019, to the Prospectus Dated January 28, 2019</p> <p style="text-align: left">Prospectus Text Changes</p><p style="text-align: left">The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement Income Fund is replaced with the following:</p> <table cellspacing="0" border="0"> <tr> <td width="69%"></td> <td width="16%"></td> <td width="13%"></td></tr> <tr valign="bottom"> <td colspan="2" align="left">Average Annual Total Returns for Periods Ended December 31, 2018</td> <td align="left"> </td></tr> <tr valign="bottom"> <td align="left"> </td> <td align="left"> </td> <td align="right">Since</td></tr> <tr valign="bottom"> <td align="left"> </td> <td align="left"> </td> <td align="right">Inception</td></tr> <tr valign="bottom"> <td align="left"> </td> <td align="left"> </td> <td align="right">(Jun. 26,</td></tr> <tr valign="bottom"> <td style="border-bottom: #000000 1px solid" align="left"> </td> <td style="border-bottom: #000000 1px solid" align="right">1 Year</td> <td style="border-bottom: #000000 1px solid" align="right">2015)</td></tr> <tr valign="bottom"> <td style="border-bottom: #000000 1px solid; text-indent: 0pt" colspan="2" align="left">Vanguard Institutional Target Retirement Income Fund Institutional Shares</td> <td style="border-bottom: #000000 1px solid" align="left"> </td></tr> <tr valign="bottom"> <td style="border-bottom: #000000 1px solid; text-indent: 0pt" align="left">Return Before Taxes</td> <td style="border-bottom: #000000 1px solid" align="right">–1.98%</td> <td style="border-bottom: #000000 1px solid" align="right">2.91%</td></tr> <tr valign="bottom"> <td style="border-bottom: #000000 1px solid; text-indent: 0pt" align="left">Return After Taxes on Distributions</td> <td style="border-bottom: #000000 1px solid" align="right">–2.94</td> <td style="border-bottom: #000000 1px solid" align="right">2.10</td></tr> <tr valign="bottom"> <td style="border-bottom: #000000 1px solid; text-indent: 0pt" align="left">Return After Taxes on Distributions and Sale of Fund Shares</td> <td style="border-bottom: #000000 1px solid" align="right">–1.05</td> <td style="border-bottom: #000000 1px solid" align="right">1.94</td></tr> <tr valign="bottom"> <td style="text-indent: 0pt" align="left">Comparative Indexes</td> <td align="left"> </td> <td align="left"> </td></tr> <tr valign="bottom"> <td style="border-bottom: #000000 1px solid; text-indent: 0pt" align="left">(reflect no deduction for fees, expenses, or taxes)</td> <td style="border-bottom: #000000 1px solid" align="left"> </td> <td style="border-bottom: #000000 1px solid" align="left"> </td></tr> <tr valign="bottom"> <td style="border-bottom: #000000 1px solid; text-indent: 0pt" align="left">Bloomberg Barclays U.S. Aggregate Bond Index</td> <td style="border-bottom: #000000 1px solid" align="right">0.01%</td> <td style="border-bottom: #000000 1px solid" align="right">2.12%</td></tr> <tr valign="bottom"> <td style="border-bottom: #000000 1px solid; text-indent: 0pt" align="left">MSCI US Broad Market Index</td> <td style="border-bottom: #000000 1px solid" align="right">–5.28</td> <td style="border-bottom: #000000 1px solid" align="right">—</td></tr> <tr valign="bottom"> <td style="border-bottom: #000000 1px solid; text-indent: 0pt" align="left">Target Income Composite Index</td> <td style="border-bottom: #000000 1px solid" align="right">–1.98</td> <td style="border-bottom: #000000 1px solid" align="right">3.03</td></tr></table><p style="margin:0px"> </p> <div style="page-break-before: always"> </div> <p style="text-align: left;"> © 2019 The Vanguard Group, Inc. All rights reserved.<br/> Vanguard Marketing Corporation, Distributor.</p> <div style="text-align: left;"> PSI 1673 022019</div> [SHIP LOGO VANGUARD (R)]<br/><br/><p style="text-align: left">Vanguard Institutional Target Retirement Funds</p> <p style="text-align: left">Supplement Dated February 21, 2019, to the Prospectus Dated January 28, 2019</p> <p style="text-align: left">Prospectus Text Changes</p><p style="text-align: left;"> The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2015 Fund is replaced with the following:</p> <table border="0" cellspacing="0"> <tr> <td width="70%"></td> <td width="16%"></td> <td width="12%"></td></tr> <tr valign="bottom"> <td align="left" colspan="2" style="text-indent:0.000656pt"> Average Annual Total Returns for Periods Ended December 31, 2018</td> <td align="left">  </td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> Since</td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> Inception</td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> (Jun. 26,</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;">  </td> <td align="left" style="border-bottom:1px solid #000000;"> 1 Year</td> <td align="right" style="border-bottom:1px solid #000000;"> 2015)</td> </tr> <tr valign="bottom"> <td align="left" colspan="2" style="border-bottom:1px solid #000000;"> Vanguard Institutional Target Retirement 2015 Fund Institutional Shares</td> <td align="left" style="border-bottom:1px solid #000000;">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return Before Taxes</td> <td align="left" style="border-bottom:1px solid #000000;"> –2.91%</td> <td align="right" style="border-bottom:1px solid #000000;"> 3.29%</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return After Taxes on Distributions</td> <td align="left" style="border-bottom:1px solid #000000;"> –3.97</td> <td align="right" style="border-bottom:1px solid #000000;"> 2.49</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return After Taxes on Distributions and Sale of Fund Shares</td> <td align="left" style="border-bottom:1px solid #000000;"> –1.47</td> <td align="right" style="border-bottom:1px solid #000000;"> 2.28</td> </tr> <tr valign="bottom"> <td align="left"> Comparative Indexes</td> <td align="left">  </td> <td align="left">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> (reflect no deduction for fees, expenses, or taxes)</td> <td align="left" style="border-bottom:1px solid #000000;">  </td> <td align="left" style="border-bottom:1px solid #000000;">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Bloomberg Barclays U.S. Aggregate Bond Index</td> <td align="left" style="border-bottom:1px solid #000000;"> 0.01%</td> <td align="right" style="border-bottom:1px solid #000000;"> —%</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> MSCI US Broad Market Index</td> <td align="left" style="border-bottom:1px solid #000000;"> –5.28</td> <td align="right" style="border-bottom:1px solid #000000;"> 6.60</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Target 2015 Composite Index</td> <td align="left" style="border-bottom:1px solid #000000;"> –2.88</td> <td align="right" style="border-bottom:1px solid #000000;"> 3.43</td> </tr> </table><p style="margin:0px"> </p> <div style="page-break-before: always"> </div> <p style="text-align: left;"> © 2019 The Vanguard Group, Inc. All rights reserved.<br/> Vanguard Marketing Corporation, Distributor.</p> <div style="text-align: left;"> PSI 1673 022019</div> [SHIP LOGO VANGUARD (R)]<br/><br/><p style="text-align: left">Vanguard Institutional Target Retirement Funds</p> <p style="text-align: left">Supplement Dated February 21, 2019, to the Prospectus Dated January 28, 2019</p> <p style="text-align: left">Prospectus Text Changes</p><p style="text-align: left;"> The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2020 Fund is replaced with the following:</p> <table border="0" cellspacing="0"> <tr> <td width="70%"></td> <td width="16%"></td> <td width="12%"></td></tr> <tr valign="bottom"> <td align="left" colspan="2"> Average Annual Total Returns for Periods Ended December 31, 2018</td> <td align="left">  </td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> Since</td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> Inception</td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> (Jun. 26,</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;">  </td> <td align="left" style="border-bottom:1px solid #000000;"> 1 Year</td> <td align="right" style="border-bottom:1px solid #000000;"> 2015)</td> </tr> <tr valign="bottom"> <td align="left" colspan="2" style="border-bottom:1px solid #000000;"> Vanguard Institutional Target Retirement 2020 Fund Institutional Shares</td> <td align="left" style="border-bottom:1px solid #000000;">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return Before Taxes</td> <td align="left" style="border-bottom:1px solid #000000;"> –4.21%</td> <td align="left" style="border-bottom:1px solid #000000;"> 3.60%</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return After Taxes on Distributions</td> <td align="left" style="border-bottom:1px solid #000000;"> –5.01</td> <td align="right" style="border-bottom:1px solid #000000;"> 2.89</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return After Taxes on Distributions and Sale of Fund Shares</td> <td align="left" style="border-bottom:1px solid #000000;"> –2.30</td> <td align="right" style="border-bottom:1px solid #000000;"> 2.57</td> </tr> <tr valign="bottom"> <td align="left"> Comparative Indexes</td> <td align="left">  </td> <td align="left">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> (reflect no deduction for fees, expenses, or taxes)</td> <td align="left" style="border-bottom:1px solid #000000;">  </td> <td align="left" style="border-bottom:1px solid #000000;">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> MSCI US Broad Market Index</td> <td align="left" style="border-bottom:1px solid #000000;"> –5.28%</td> <td align="left" style="border-bottom:1px solid #000000;"> 6.60%</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Bloomberg Barclays U.S. Aggregate Bond Index</td> <td align="right" style="border-bottom:1px solid #000000;"> 0.01</td> <td align="right" style="border-bottom:1px solid #000000;"> —</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Target 2020 Composite Index</td> <td align="left" style="border-bottom:1px solid #000000;"> –4.13</td> <td align="right" style="border-bottom:1px solid #000000;"> 3.76</td> </tr> </table><p style="margin:0px"> </p> <div style="page-break-before: always"> </div> <p style="text-align: left;"> © 2019 The Vanguard Group, Inc. All rights reserved.<br/> Vanguard Marketing Corporation, Distributor.</p> <div style="text-align: left;"> PSI 1673 022019</div> [SHIP LOGO VANGUARD (R)]<br/><br/><p style="text-align: left">Vanguard Institutional Target Retirement Funds</p> <p style="text-align: left">Supplement Dated February 21, 2019, to the Prospectus Dated January 28, 2019</p> <p style="text-align: left">Prospectus Text Changes</p><p style="text-align: left;"> The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2025 Fund is replaced with the following:</p> <table border="0" cellspacing="0"> <tr> <td width="70%"></td> <td width="16%"></td> <td width="12%"></td></tr> <tr valign="bottom"> <td align="left" colspan="2"> Average Annual Total Returns for Periods Ended December 31, 2018</td> <td align="left">  </td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> Since</td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> Inception</td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> (Jun. 26,</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;">  </td> <td align="left" style="border-bottom:1px solid #000000;"> 1 Year</td> <td align="right" style="border-bottom:1px solid #000000;"> 2015)</td> </tr> <tr valign="bottom"> <td align="left" colspan="2" style="border-bottom:1px solid #000000;"> Vanguard Institutional Target Retirement 2025 Fund Institutional Shares</td> <td align="left" style="border-bottom:1px solid #000000;">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return Before Taxes</td> <td align="left" style="border-bottom:1px solid #000000;"> –5.02%</td> <td align="left" style="border-bottom:1px solid #000000;"> 3.77%</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return After Taxes on Distributions</td> <td align="left" style="border-bottom:1px solid #000000;"> –5.76</td> <td align="right" style="border-bottom:1px solid #000000;"> 3.10</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return After Taxes on Distributions and Sale of Fund Shares</td> <td align="left" style="border-bottom:1px solid #000000;"> –2.75</td> <td align="right" style="border-bottom:1px solid #000000;"> 2.73</td> </tr> <tr valign="bottom"> <td align="left" style="text-indent:0.000046pt"> Comparative Indexes</td> <td align="left">  </td> <td align="left">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> (reflect no deduction for fees, expenses, or taxes)</td> <td align="left" style="border-bottom:1px solid #000000;">  </td> <td align="left" style="border-bottom:1px solid #000000;">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> MSCI US Broad Market Index</td> <td align="left" style="border-bottom:1px solid #000000;"> –5.28%</td> <td align="left" style="border-bottom:1px solid #000000;"> 6.60%</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Bloomberg Barclays U.S. Aggregate Bond Index</td> <td align="right" style="border-bottom:1px solid #000000;"> 0.01</td> <td align="right" style="border-bottom:1px solid #000000;"> —</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Target 2025 Composite Index</td> <td align="left" style="border-bottom:1px solid #000000;"> –5.01</td> <td align="right" style="border-bottom:1px solid #000000;"> 3.93</td> </tr> </table> <p style="margin:0px"> </p> <div style="page-break-before: always"> </div> <p style="text-align: left;"> © 2019 The Vanguard Group, Inc. All rights reserved.<br/> Vanguard Marketing Corporation, Distributor.</p> <div style="text-align: left;"> PSI 1673 022019</div> [SHIP LOGO VANGUARD (R)]<br/><br/><p style="text-align: left">Vanguard Institutional Target Retirement Funds</p> <p style="text-align: left">Supplement Dated February 21, 2019, to the Prospectus Dated January 28, 2019</p> <p style="text-align: left">Prospectus Text Changes</p><p style="text-align: left;"> The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2030 Fund is replaced with the following:</p> <table border="0" cellspacing="0"> <tr> <td width="70%"></td> <td width="16%"></td> <td width="12%"></td></tr> <tr valign="bottom"> <td align="left" colspan="2" style="text-indent:0.000656pt"> Average Annual Total Returns for Periods Ended December 31, 2018</td> <td align="left">  </td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> Since</td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> Inception</td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> (Jun. 26,</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;">  </td> <td align="left" style="border-bottom:1px solid #000000;"> 1 Year</td> <td align="right" style="border-bottom:1px solid #000000;"> 2015)</td> </tr> <tr valign="bottom"> <td align="left" colspan="2" style="border-bottom:1px solid #000000;"> Vanguard Institutional Target Retirement 2030 Fund Institutional Shares</td> <td align="left" style="border-bottom:1px solid #000000;">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return Before Taxes</td> <td align="left" style="border-bottom:1px solid #000000;"> –5.82%</td> <td align="left" style="border-bottom:1px solid #000000;"> 3.85%</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return After Taxes on Distributions</td> <td align="left" style="border-bottom:1px solid #000000;"> –6.50</td> <td align="right" style="border-bottom:1px solid #000000;"> 3.21</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return After Taxes on Distributions and Sale of Fund Shares</td> <td align="left" style="border-bottom:1px solid #000000;"> –3.19</td> <td align="right" style="border-bottom:1px solid #000000;"> 2.82</td> </tr> <tr valign="bottom"> <td align="left"> Comparative Indexes</td> <td align="left">  </td> <td align="left">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> (reflect no deduction for fees, expenses, or taxes)</td> <td align="left" style="border-bottom:1px solid #000000;">  </td> <td align="left" style="border-bottom:1px solid #000000;">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> MSCI US Broad Market Index</td> <td align="left" style="border-bottom:1px solid #000000;"> –5.28%</td> <td align="left" style="border-bottom:1px solid #000000;"> 6.60%</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Bloomberg Barclays U.S. Aggregate Bond Index</td> <td align="right" style="border-bottom:1px solid #000000;"> 0.01</td> <td align="right" style="border-bottom:1px solid #000000;"> —</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Target 2030 Composite Index</td> <td align="left" style="border-bottom:1px solid #000000;"> –5.74</td> <td align="right" style="border-bottom:1px solid #000000;"> 4.04</td> </tr> </table> <p style="margin:0px"> </p> <div style="page-break-before: always"> </div> <p style="text-align: left;"> © 2019 The Vanguard Group, Inc. All rights reserved.<br/> Vanguard Marketing Corporation, Distributor.</p> <div style="text-align: left;"> PSI 1673 022019</div> [SHIP LOGO VANGUARD (R)]<br/><br/><p style="text-align: left">Vanguard Institutional Target Retirement Funds</p> <p style="text-align: left">Supplement Dated February 21, 2019, to the Prospectus Dated January 28, 2019</p> <p style="text-align: left">Prospectus Text Changes</p><p style="text-align: left;"> The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2035 Fund is replaced with the following:</p> <table border="0" cellspacing="0"> <tr> <td width="70%"></td> <td width="16%"></td> <td width="12%"></td></tr> <tr valign="bottom"> <td align="left" colspan="2"> Average Annual Total Returns for Periods Ended December 31, 2018</td> <td align="left">  </td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> Since</td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> Inception</td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> (Jun. 26,</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;">  </td> <td align="right" style="border-bottom:1px solid #000000;"> 1 Year</td> <td align="right" style="border-bottom:1px solid #000000;"> 2015)</td> </tr> <tr valign="bottom"> <td align="left" colspan="2" style="border-bottom:1px solid #000000;"> Vanguard Institutional Target Retirement 2035 Fund Institutional Shares</td> <td align="left" style="border-bottom:1px solid #000000;">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return Before Taxes</td> <td align="left" style="border-bottom:1px solid #000000;"> –6.56%</td> <td align="left" style="border-bottom:1px solid #000000;"> 3.93%</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return After Taxes on Distributions</td> <td align="right" style="border-bottom:1px solid #000000;"> –7.21</td> <td align="right" style="border-bottom:1px solid #000000;"> 3.32</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return After Taxes on Distributions and Sale of Fund Shares</td> <td align="right" style="border-bottom:1px solid #000000;"> –3.60</td> <td align="right" style="border-bottom:1px solid #000000;"> 2.91</td> </tr> <tr valign="bottom"> <td align="left" style="text-indent:0.000046pt"> Comparative Indexes</td> <td align="left">  </td> <td align="left">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> (reflect no deduction for fees, expenses, or taxes)</td> <td align="left" style="border-bottom:1px solid #000000;">  </td> <td align="left" style="border-bottom:1px solid #000000;">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> MSCI US Broad Market Index</td> <td align="left" style="border-bottom:1px solid #000000;"> –5.28%</td> <td align="left" style="border-bottom:1px solid #000000;"> 6.60%</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Bloomberg Barclays U.S. Aggregate Bond Index</td> <td align="right" style="border-bottom:1px solid #000000;"> 0.01</td> <td align="right" style="border-bottom:1px solid #000000;"> —</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Target 2035 Composite Index</td> <td align="right" style="border-bottom:1px solid #000000;"> –6.48</td> <td align="right" style="border-bottom:1px solid #000000;"> 4.14</td> </tr> </table><p style="margin:0px"> </p> <div style="page-break-before: always"> </div> <p style="text-align: left;"> © 2019 The Vanguard Group, Inc. All rights reserved.<br/> Vanguard Marketing Corporation, Distributor.</p> <div style="text-align: left;"> PSI 1673 022019</div> [SHIP LOGO VANGUARD (R)]<br/><br/><p style="text-align: left">Vanguard Institutional Target Retirement Funds</p> <p style="text-align: left">Supplement Dated February 21, 2019, to the Prospectus Dated January 28, 2019</p> <p style="text-align: left">Prospectus Text Changes</p><p style="text-align: left;"> The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2040 Fund is replaced with the following:</p> <table border="0" cellspacing="0"> <tr> <td width="70%"></td> <td width="16%"></td> <td width="12%"></td></tr> <tr valign="bottom"> <td align="left" colspan="2"> Average Annual Total Returns for Periods Ended December 31, 2018</td> <td align="left">  </td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> Since</td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> Inception</td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> (Jun. 26,</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;">  </td> <td align="right" style="border-bottom:1px solid #000000;"> 1 Year</td> <td align="right" style="border-bottom:1px solid #000000;"> 2015)</td> </tr> <tr valign="bottom"> <td align="left" colspan="2" style="border-bottom:1px solid #000000;"> Vanguard Institutional Target Retirement 2040 Fund Institutional Shares</td> <td align="left" style="border-bottom:1px solid #000000;">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return Before Taxes</td> <td align="right" style="border-bottom:1px solid #000000;"> –7.31%</td> <td align="left" style="border-bottom:1px solid #000000;"> 3.99%</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return After Taxes on Distributions</td> <td align="right" style="border-bottom:1px solid #000000;"> –7.91</td> <td align="right" style="border-bottom:1px solid #000000;"> 3.42</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return After Taxes on Distributions and Sale of Fund Shares</td> <td align="right" style="border-bottom:1px solid #000000;"> –4.02</td> <td align="right" style="border-bottom:1px solid #000000;"> 2.99</td> </tr> <tr valign="bottom"> <td align="left" style="text-indent:0.000046pt"> Comparative Indexes</td> <td align="left">  </td> <td align="left">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> (reflect no deduction for fees, expenses, or taxes)</td> <td align="left" style="border-bottom:1px solid #000000;">  </td> <td align="left" style="border-bottom:1px solid #000000;">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> MSCI US Broad Market Index</td> <td align="right" style="border-bottom:1px solid #000000;"> –5.28%</td> <td align="left" style="border-bottom:1px solid #000000;"> 6.60%</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Bloomberg Barclays U.S. Aggregate Bond Index</td> <td align="right" style="border-bottom:1px solid #000000;"> 0.01</td> <td align="right" style="border-bottom:1px solid #000000;"> —</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Target 2040 Composite Index</td> <td align="right" style="border-bottom:1px solid #000000;"> –7.23</td> <td align="right" style="border-bottom:1px solid #000000;"> 4.23</td> </tr> </table> <p style="margin:0px"> </p> <div style="page-break-before: always"> </div> <p style="text-align: left;"> © 2019 The Vanguard Group, Inc. All rights reserved.<br/> Vanguard Marketing Corporation, Distributor.</p> <div style="text-align: left;"> PSI 1673 022019</div> [SHIP LOGO VANGUARD (R)]<br/><br/><p style="text-align: left">Vanguard Institutional Target Retirement Funds</p> <p style="text-align: left">Supplement Dated February 21, 2019, to the Prospectus Dated January 28, 2019</p> <p style="text-align: left">Prospectus Text Changes</p><p style="text-align: left;"> The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2045 Fund is replaced with the following:</p> <table border="0" cellspacing="0"> <tr> <td width="70%"></td> <td width="16%"></td> <td width="12%"></td></tr> <tr valign="bottom"> <td align="left" colspan="2"> Average Annual Total Returns for Periods Ended December 31, 2018</td> <td align="left">  </td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> Since</td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> Inception</td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> (Jun. 26,</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;">  </td> <td align="right" style="border-bottom:1px solid #000000;"> 1 Year</td> <td align="right" style="border-bottom:1px solid #000000;"> 2015)</td> </tr> <tr valign="bottom"> <td align="left" colspan="2" style="border-bottom:1px solid #000000;"> Vanguard Institutional Target Retirement 2045 Fund Institutional Shares</td> <td align="left" style="border-bottom:1px solid #000000;">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return Before Taxes</td> <td align="right" style="border-bottom:1px solid #000000;"> –7.87%</td> <td align="left" style="border-bottom:1px solid #000000;"> 4.03%</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return After Taxes on Distributions</td> <td align="right" style="border-bottom:1px solid #000000;"> –8.43</td> <td align="right" style="border-bottom:1px solid #000000;"> 3.48</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return After Taxes on Distributions and Sale of Fund Shares</td> <td align="right" style="border-bottom:1px solid #000000;"> –4.34</td> <td align="right" style="border-bottom:1px solid #000000;"> 3.04</td> </tr> <tr valign="bottom"> <td align="left"> Comparative Indexes</td> <td align="left">  </td> <td align="left">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> (reflect no deduction for fees, expenses, or taxes)</td> <td align="left" style="border-bottom:1px solid #000000;">  </td> <td align="left" style="border-bottom:1px solid #000000;">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> MSCI US Broad Market Index</td> <td align="right" style="border-bottom:1px solid #000000;"> –5.28%</td> <td align="left" style="border-bottom:1px solid #000000;"> 6.60%</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Bloomberg Barclays U.S. Aggregate Bond Index</td> <td align="right" style="border-bottom:1px solid #000000;"> 0.01</td> <td align="right" style="border-bottom:1px solid #000000;"> —</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Target 2045 Composite Index</td> <td align="right" style="border-bottom:1px solid #000000;"> –7.77</td> <td align="right" style="border-bottom:1px solid #000000;"> 4.26</td> </tr> </table> <p style="margin:0px"> </p> <div style="page-break-before: always"> </div> <p style="text-align: left;"> © 2019 The Vanguard Group, Inc. All rights reserved.<br/> Vanguard Marketing Corporation, Distributor.</p> <div style="text-align: left;"> PSI 1673 022019</div> [SHIP LOGO VANGUARD (R)]<br/><br/><p style="text-align: left">Vanguard Institutional Target Retirement Funds</p> <p style="text-align: left">Supplement Dated February 21, 2019, to the Prospectus Dated January 28, 2019</p> <p style="text-align: left">Prospectus Text Changes</p><p style="text-align: left;"> The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2050 Fund is replaced with the following:</p> <table border="0" cellspacing="0"> <tr> <td width="70%"></td> <td width="16%"></td> <td width="12%"></td></tr> <tr valign="bottom"> <td align="left" colspan="2"> Average Annual Total Returns for Periods Ended December 31, 2018</td> <td align="left">  </td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> Since</td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> Inception</td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> (Jun. 26,</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;">  </td> <td align="right" style="border-bottom:1px solid #000000;"> 1 Year</td> <td align="right" style="border-bottom:1px solid #000000;"> 2015)</td> </tr> <tr valign="bottom"> <td align="left" colspan="2" style="border-bottom:1px solid #000000;"> Vanguard Institutional Target Retirement 2050 Fund Institutional Shares</td> <td align="left" style="border-bottom:1px solid #000000;">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return Before Taxes</td> <td align="right" style="border-bottom:1px solid #000000;"> –7.87%</td> <td align="left" style="border-bottom:1px solid #000000;"> 4.03%</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return After Taxes on Distributions</td> <td align="right" style="border-bottom:1px solid #000000;"> –8.42</td> <td align="right" style="border-bottom:1px solid #000000;"> 3.49</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return After Taxes on Distributions and Sale of Fund Shares</td> <td align="right" style="border-bottom:1px solid #000000;"> –4.34</td> <td align="right" style="border-bottom:1px solid #000000;"> 3.03</td> </tr> <tr valign="bottom"> <td align="left" style="text-indent:0.000046pt"> Comparative Indexes</td> <td align="left">  </td> <td align="left">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> (reflect no deduction for fees, expenses, or taxes)</td> <td align="left" style="border-bottom:1px solid #000000;">  </td> <td align="left" style="border-bottom:1px solid #000000;">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> MSCI US Broad Market Index</td> <td align="right" style="border-bottom:1px solid #000000;"> –5.28%</td> <td align="left" style="border-bottom:1px solid #000000;"> 6.60%</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Bloomberg Barclays U.S. Aggregate Bond Index</td> <td align="right" style="border-bottom:1px solid #000000;"> 0.01</td> <td align="right" style="border-bottom:1px solid #000000;"> —</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Target 2050 Composite Index</td> <td align="right" style="border-bottom:1px solid #000000;"> –7.77</td> <td align="right" style="border-bottom:1px solid #000000;"> 4.26</td> </tr> </table> <p style="margin:0px"> </p> <div style="page-break-before: always"> </div> <p style="text-align: left;"> © 2019 The Vanguard Group, Inc. All rights reserved.<br/> Vanguard Marketing Corporation, Distributor.</p> <div style="text-align: left;"> PSI 1673 022019</div> [SHIP LOGO VANGUARD (R)]<br/><br/><p style="text-align: left">Vanguard Institutional Target Retirement Funds</p> <p style="text-align: left">Supplement Dated February 21, 2019, to the Prospectus Dated January 28, 2019</p> <p style="text-align: left">Prospectus Text Changes</p><p style="text-align: left;"> The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2055 Fund is replaced with the following:</p> <table border="0" cellspacing="0"> <tr> <td width="70%"></td> <td width="16%"></td> <td width="12%"></td></tr> <tr valign="bottom"> <td align="left" colspan="2"> Average Annual Total Returns for Periods Ended December 31, 2018</td> <td align="left">  </td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> Since</td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> Inception</td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> (Jun. 26,</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;">  </td> <td align="right" style="border-bottom:1px solid #000000;"> 1 Year</td> <td align="right" style="border-bottom:1px solid #000000;"> 2015)</td> </tr> <tr valign="bottom"> <td align="left" colspan="2" style="border-bottom:1px solid #000000;"> Vanguard Institutional Target Retirement 2055 Fund Institutional Shares</td> <td align="left" style="border-bottom:1px solid #000000;">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return Before Taxes</td> <td align="right" style="border-bottom:1px solid #000000;"> –7.84%</td> <td align="left" style="border-bottom:1px solid #000000;"> 4.04%</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return After Taxes on Distributions</td> <td align="right" style="border-bottom:1px solid #000000;"> –8.37</td> <td align="right" style="border-bottom:1px solid #000000;"> 3.51</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return After Taxes on Distributions and Sale of Fund Shares</td> <td align="right" style="border-bottom:1px solid #000000;"> –4.33</td> <td align="right" style="border-bottom:1px solid #000000;"> 3.04</td> </tr> <tr valign="bottom"> <td align="left" style="text-indent:0.000092pt"> Comparative Indexes</td> <td align="left">  </td> <td align="left">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> (reflect no deduction for fees, expenses, or taxes)</td> <td align="left" style="border-bottom:1px solid #000000;">  </td> <td align="left" style="border-bottom:1px solid #000000;">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> MSCI US Broad Market Index</td> <td align="right" style="border-bottom:1px solid #000000;"> –5.28%</td> <td align="left" style="border-bottom:1px solid #000000;"> 6.60%</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Bloomberg Barclays U.S. Aggregate Bond Index</td> <td align="right" style="border-bottom:1px solid #000000;"> 0.01</td> <td align="right" style="border-bottom:1px solid #000000;"> —</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Target 2055 Composite Index</td> <td align="right" style="border-bottom:1px solid #000000;"> –7.77</td> <td align="right" style="border-bottom:1px solid #000000;"> 4.26</td> </tr> </table> <p style="margin:0px"> </p> <div style="page-break-before: always"> </div> <p style="text-align: left;"> © 2019 The Vanguard Group, Inc. All rights reserved.<br/> Vanguard Marketing Corporation, Distributor.</p> <div style="text-align: left;"> PSI 1673 022019</div> [SHIP LOGO VANGUARD (R)]<br/><br/><p style="text-align: left">Vanguard Institutional Target Retirement Funds</p> <p style="text-align: left">Supplement Dated February 21, 2019, to the Prospectus Dated January 28, 2019</p> <p style="text-align: left">Prospectus Text Changes</p><p style="text-align: left;"> The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2060 Fund is replaced with the following:</p> <table border="0" cellspacing="0"> <tr> <td width="70%"></td> <td width="16%"></td> <td width="12%"></td></tr> <tr valign="bottom"> <td align="left" colspan="2" style="text-indent:0.000656pt"> Average Annual Total Returns for Periods Ended December 31, 2018</td> <td align="left">  </td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> Since</td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> Inception</td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> (Jun. 26,</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;">  </td> <td align="right" style="border-bottom:1px solid #000000;"> 1 Year</td> <td align="right" style="border-bottom:1px solid #000000;"> 2015)</td> </tr> <tr valign="bottom"> <td align="left" colspan="2" style="border-bottom:1px solid #000000;"> Vanguard Institutional Target Retirement 2060 Fund Institutional Shares</td> <td align="left" style="border-bottom:1px solid #000000;">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return Before Taxes</td> <td align="right" style="border-bottom:1px solid #000000;"> –7.88%</td> <td align="right" style="border-bottom:1px solid #000000;"> 4.01%</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return After Taxes on Distributions</td> <td align="right" style="border-bottom:1px solid #000000;"> –8.40</td> <td align="right" style="border-bottom:1px solid #000000;"> 3.49</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return After Taxes on Distributions and Sale of Fund Shares</td> <td align="right" style="border-bottom:1px solid #000000;"> –4.37</td> <td align="right" style="border-bottom:1px solid #000000;"> 3.02</td> </tr> <tr valign="bottom"> <td align="left"> Comparative Indexes</td> <td align="left">  </td> <td align="left">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> (reflect no deduction for fees, expenses, or taxes)</td> <td align="left" style="border-bottom:1px solid #000000;">  </td> <td align="left" style="border-bottom:1px solid #000000;">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> MSCI US Broad Market Index</td> <td align="right" style="border-bottom:1px solid #000000;"> –5.28%</td> <td align="right" style="border-bottom:1px solid #000000;"> 6.60%</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Bloomberg Barclays U.S. Aggregate Bond Index</td> <td align="right" style="border-bottom:1px solid #000000;"> 0.01</td> <td align="right" style="border-bottom:1px solid #000000;"> —</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Target 2060 Composite Index</td> <td align="right" style="border-bottom:1px solid #000000;"> –7.77</td> <td align="right" style="border-bottom:1px solid #000000;"> 4.26</td> </tr> </table> <p style="margin:0px"> </p> <div style="page-break-before: always"> </div> <p style="text-align: left;"> © 2019 The Vanguard Group, Inc. All rights reserved.<br/> Vanguard Marketing Corporation, Distributor.</p> <div style="text-align: left;"> PSI 1673 022019</div> [SHIP LOGO VANGUARD (R)]<br/><br/><p style="text-align: left">Vanguard Institutional Target Retirement Funds</p> <p style="text-align: left">Supplement Dated February 21, 2019, to the Prospectus Dated January 28, 2019</p> <p style="text-align: left">Prospectus Text Changes</p><p style="text-align: left;"> The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2065 Fund is replaced with the following:</p> <table border="0" cellspacing="0"> <tr> <td width="70%"></td> <td width="16%"></td> <td width="12%"></td></tr> <tr valign="bottom"> <td align="left" colspan="2"> Average Annual Total Returns for Periods Ended December 31, 2018</td> <td align="left">  </td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> Since</td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> Inception</td> </tr> <tr valign="bottom"> <td align="left">  </td> <td align="left">  </td> <td align="right"> (Jul. 12,</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;">  </td> <td align="right" style="border-bottom:1px solid #000000;"> 1 Year</td> <td align="right" style="border-bottom:1px solid #000000;"> 2017)</td> </tr> <tr valign="bottom"> <td align="left" colspan="2" style="border-bottom:1px solid #000000;"> Vanguard Institutional Target Retirement 2065 Fund Institutional Shares</td> <td align="left" style="border-bottom:1px solid #000000;">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return Before Taxes</td> <td align="right" style="border-bottom:1px solid #000000;"> –7.84%</td> <td align="left" style="border-bottom:1px solid #000000;"> 0.58%</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return After Taxes on Distributions</td> <td align="right" style="border-bottom:1px solid #000000;"> –8.26</td> <td align="right" style="border-bottom:1px solid #000000;"> 0.11</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Return After Taxes on Distributions and Sale of Fund Shares</td> <td align="right" style="border-bottom:1px solid #000000;"> –4.40</td> <td align="right" style="border-bottom:1px solid #000000;"> 0.40</td> </tr> <tr valign="bottom"> <td align="left"> Comparative Indexes</td> <td align="left">  </td> <td align="left">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> (reflects no deduction for fees, expenses, or taxes)</td> <td align="left" style="border-bottom:1px solid #000000;">  </td> <td align="left" style="border-bottom:1px solid #000000;">  </td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> MSCI US Broad Market Index</td> <td align="right" style="border-bottom:1px solid #000000;"> –5.28%</td> <td align="left" style="border-bottom:1px solid #000000;"> 2.98%</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Bloomberg Barclays U.S. Aggregate Bond Index</td> <td align="right" style="border-bottom:1px solid #000000;"> 0.01</td> <td align="right" style="border-bottom:1px solid #000000;"> —</td> </tr> <tr valign="bottom"> <td align="left" style="border-bottom:1px solid #000000;"> Target Retirement 2065 Composite Index</td> <td align="right" style="border-bottom:1px solid #000000;"> –7.77</td> <td align="right" style="border-bottom:1px solid #000000;"> 0.65</td> </tr> </table> <p style="margin:0px"> </p> <div style="page-break-before: always"> </div> <p style="text-align: left;"> © 2019 The Vanguard Group, Inc. 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Price) Maximum Deferred Sales Charge (as a percentage) Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage) Redemption Fee (as a percentage of Amount Redeemed) Redemption Fee (as a percentage of Amount Redeemed) Redemption Fee Redemption Fee Exchange Fee (as a percentage of Amount Redeemed) Exchange Fee Maximum Account Fee (as a percentage of Assets) Maximum Account Fee Shareholder Fee, Other Operating Expenses Caption [Text] Operating Expenses Column [Text] Management Fees (as a percentage of Assets) Distribution and Service (12b-1) Fees Distribution or Similar (Non 12b-1) Fees Component1 Other Expenses Component2 Other Expenses Component3 Other Expenses Other Expenses (as a percentage of Assets): Other Expenses Acquired Fund Fees and Expenses Expenses (as a percentage of Assets) Total Annual Fund Operating Expenses Fee Waiver or Reimbursement Fee Waiver or Reimbursement Net Expenses (as a percentage of Assets) Net Expenses Fee Waiver or Reimbursement over 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Registrant Name	dei_EntityRegistrantName	VANGUARD CHESTER FUNDS
Central Index Key	dei_EntityCentralIndexKey	0000752177
Amendment Flag	dei_AmendmentFlag	false
Document Creation Date	dei_DocumentCreationDate	Feb. 21, 2019
Document Effective Date	dei_DocumentEffectiveDate	Feb. 21, 2019
Prospectus Date	rr_ProspectusDate	Jan. 28, 2019
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Jan. 28, 2019

[SHIP LOGO VANGUARD (R)]

Vanguard Institutional Target Retirement Funds

Supplement Dated February 21, 2019, to the Prospectus Dated January 28, 2019

Prospectus Text Changes

The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement Income Fund is replaced with the following:


Average Annual Total Returns for Periods Ended December 31, 2018
		Since
		Inception
		(Jun. 26,
	1 Year	2015)
Vanguard Institutional Target Retirement Income Fund Institutional Shares
Return Before Taxes	–1.98%	2.91%
Return After Taxes on Distributions	–2.94	2.10
Return After Taxes on Distributions and Sale of Fund Shares	–1.05	1.94
Comparative Indexes
(reflect no deduction for fees, expenses, or taxes)
Bloomberg Barclays U.S. Aggregate Bond Index	0.01%	2.12%
MSCI US Broad Market Index	–5.28	—
Target Income Composite Index	–1.98	3.03

The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2015 Fund is replaced with the following:


Average Annual Total Returns for Periods Ended December 31, 2018
		Since
		Inception
		(Jun. 26,
	1 Year	2015)
Vanguard Institutional Target Retirement 2015 Fund Institutional Shares
Return Before Taxes	–2.91%	3.29%
Return After Taxes on Distributions	–3.97	2.49
Return After Taxes on Distributions and Sale of Fund Shares	–1.47	2.28
Comparative Indexes
(reflect no deduction for fees, expenses, or taxes)
Bloomberg Barclays U.S. Aggregate Bond Index	0.01%	—%
MSCI US Broad Market Index	–5.28	6.60
Target 2015 Composite Index	–2.88	3.43

The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2020 Fund is replaced with the following:


Average Annual Total Returns for Periods Ended December 31, 2018
		Since
		Inception
		(Jun. 26,
	1 Year	2015)
Vanguard Institutional Target Retirement 2020 Fund Institutional Shares
Return Before Taxes	–4.21%	3.60%
Return After Taxes on Distributions	–5.01	2.89
Return After Taxes on Distributions and Sale of Fund Shares	–2.30	2.57
Comparative Indexes
(reflect no deduction for fees, expenses, or taxes)
MSCI US Broad Market Index	–5.28%	6.60%
Bloomberg Barclays U.S. Aggregate Bond Index	0.01	—
Target 2020 Composite Index	–4.13	3.76

The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2025 Fund is replaced with the following:


Average Annual Total Returns for Periods Ended December 31, 2018
		Since
		Inception
		(Jun. 26,
	1 Year	2015)
Vanguard Institutional Target Retirement 2025 Fund Institutional Shares
Return Before Taxes	–5.02%	3.77%
Return After Taxes on Distributions	–5.76	3.10
Return After Taxes on Distributions and Sale of Fund Shares	–2.75	2.73
Comparative Indexes
(reflect no deduction for fees, expenses, or taxes)
MSCI US Broad Market Index	–5.28%	6.60%
Bloomberg Barclays U.S. Aggregate Bond Index	0.01	—
Target 2025 Composite Index	–5.01	3.93

The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2030 Fund is replaced with the following:


Average Annual Total Returns for Periods Ended December 31, 2018
		Since
		Inception
		(Jun. 26,
	1 Year	2015)
Vanguard Institutional Target Retirement 2030 Fund Institutional Shares
Return Before Taxes	–5.82%	3.85%
Return After Taxes on Distributions	–6.50	3.21
Return After Taxes on Distributions and Sale of Fund Shares	–3.19	2.82
Comparative Indexes
(reflect no deduction for fees, expenses, or taxes)
MSCI US Broad Market Index	–5.28%	6.60%
Bloomberg Barclays U.S. Aggregate Bond Index	0.01	—
Target 2030 Composite Index	–5.74	4.04

The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2035 Fund is replaced with the following:


Average Annual Total Returns for Periods Ended December 31, 2018
		Since
		Inception
		(Jun. 26,
	1 Year	2015)
Vanguard Institutional Target Retirement 2035 Fund Institutional Shares
Return Before Taxes	–6.56%	3.93%
Return After Taxes on Distributions	–7.21	3.32
Return After Taxes on Distributions and Sale of Fund Shares	–3.60	2.91
Comparative Indexes
(reflect no deduction for fees, expenses, or taxes)
MSCI US Broad Market Index	–5.28%	6.60%
Bloomberg Barclays U.S. Aggregate Bond Index	0.01	—
Target 2035 Composite Index	–6.48	4.14

The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2040 Fund is replaced with the following:


Average Annual Total Returns for Periods Ended December 31, 2018
		Since
		Inception
		(Jun. 26,
	1 Year	2015)
Vanguard Institutional Target Retirement 2040 Fund Institutional Shares
Return Before Taxes	–7.31%	3.99%
Return After Taxes on Distributions	–7.91	3.42
Return After Taxes on Distributions and Sale of Fund Shares	–4.02	2.99
Comparative Indexes
(reflect no deduction for fees, expenses, or taxes)
MSCI US Broad Market Index	–5.28%	6.60%
Bloomberg Barclays U.S. Aggregate Bond Index	0.01	—
Target 2040 Composite Index	–7.23	4.23

The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2045 Fund is replaced with the following:


Average Annual Total Returns for Periods Ended December 31, 2018
		Since
		Inception
		(Jun. 26,
	1 Year	2015)
Vanguard Institutional Target Retirement 2045 Fund Institutional Shares
Return Before Taxes	–7.87%	4.03%
Return After Taxes on Distributions	–8.43	3.48
Return After Taxes on Distributions and Sale of Fund Shares	–4.34	3.04
Comparative Indexes
(reflect no deduction for fees, expenses, or taxes)
MSCI US Broad Market Index	–5.28%	6.60%
Bloomberg Barclays U.S. Aggregate Bond Index	0.01	—
Target 2045 Composite Index	–7.77	4.26

The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2050 Fund is replaced with the following:


Average Annual Total Returns for Periods Ended December 31, 2018
		Since
		Inception
		(Jun. 26,
	1 Year	2015)
Vanguard Institutional Target Retirement 2050 Fund Institutional Shares
Return Before Taxes	–7.87%	4.03%
Return After Taxes on Distributions	–8.42	3.49
Return After Taxes on Distributions and Sale of Fund Shares	–4.34	3.03
Comparative Indexes
(reflect no deduction for fees, expenses, or taxes)
MSCI US Broad Market Index	–5.28%	6.60%
Bloomberg Barclays U.S. Aggregate Bond Index	0.01	—
Target 2050 Composite Index	–7.77	4.26

The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2055 Fund is replaced with the following:


Average Annual Total Returns for Periods Ended December 31, 2018
		Since
		Inception
		(Jun. 26,
	1 Year	2015)
Vanguard Institutional Target Retirement 2055 Fund Institutional Shares
Return Before Taxes	–7.84%	4.04%
Return After Taxes on Distributions	–8.37	3.51
Return After Taxes on Distributions and Sale of Fund Shares	–4.33	3.04
Comparative Indexes
(reflect no deduction for fees, expenses, or taxes)
MSCI US Broad Market Index	–5.28%	6.60%
Bloomberg Barclays U.S. Aggregate Bond Index	0.01	—
Target 2055 Composite Index	–7.77	4.26

The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2060 Fund is replaced with the following:


Average Annual Total Returns for Periods Ended December 31, 2018
		Since
		Inception
		(Jun. 26,
	1 Year	2015)
Vanguard Institutional Target Retirement 2060 Fund Institutional Shares
Return Before Taxes	–7.88%	4.01%
Return After Taxes on Distributions	–8.40	3.49
Return After Taxes on Distributions and Sale of Fund Shares	–4.37	3.02
Comparative Indexes
(reflect no deduction for fees, expenses, or taxes)
MSCI US Broad Market Index	–5.28%	6.60%
Bloomberg Barclays U.S. Aggregate Bond Index	0.01	—
Target 2060 Composite Index	–7.77	4.26

The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2065 Fund is replaced with the following:


Average Annual Total Returns for Periods Ended December 31, 2018
		Since
		Inception
		(Jul. 12,
	1 Year	2017)
Vanguard Institutional Target Retirement 2065 Fund Institutional Shares
Return Before Taxes	–7.84%	0.58%
Return After Taxes on Distributions	–8.26	0.11
Return After Taxes on Distributions and Sale of Fund Shares	–4.40	0.40
Comparative Indexes
(reflects no deduction for fees, expenses, or taxes)
MSCI US Broad Market Index	–5.28%	2.98%
Bloomberg Barclays U.S. Aggregate Bond Index	0.01	—
Target Retirement 2065 Composite Index	–7.77	0.65

PSI 1673 022019

XML 9 R3.htm IDEA: XBRL DOCUMENT

Label

Element

Value

Risk/Return:

rr_RiskReturnAbstract

Registrant Name

dei_EntityRegistrantName

VANGUARD CHESTER FUNDS

Prospectus Date

rr_ProspectusDate

Jan. 28, 2019

Supplement to Prospectus [Text Block]

rr_SupplementToProspectusTextBlock

[SHIP LOGO VANGUARD (R)]

Vanguard Institutional Target Retirement Funds

Supplement Dated February 21, 2019, to the Prospectus Dated January 28, 2019

Prospectus Text Changes

The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement Income Fund is replaced with the following:


Average Annual Total Returns for Periods Ended December 31, 2018
		Since
		Inception
		(Jun. 26,
	1 Year	2015)
Vanguard Institutional Target Retirement Income Fund Institutional Shares
Return Before Taxes	–1.98%	2.91%
Return After Taxes on Distributions	–2.94	2.10
Return After Taxes on Distributions and Sale of Fund Shares	–1.05	1.94
Comparative Indexes
(reflect no deduction for fees, expenses, or taxes)
Bloomberg Barclays U.S. Aggregate Bond Index	0.01%	2.12%
MSCI US Broad Market Index	–5.28	—
Target Income Composite Index	–1.98	3.03

The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2015 Fund is replaced with the following:


Average Annual Total Returns for Periods Ended December 31, 2018
		Since
		Inception
		(Jun. 26,
	1 Year	2015)
Vanguard Institutional Target Retirement 2015 Fund Institutional Shares
Return Before Taxes	–2.91%	3.29%
Return After Taxes on Distributions	–3.97	2.49
Return After Taxes on Distributions and Sale of Fund Shares	–1.47	2.28
Comparative Indexes
(reflect no deduction for fees, expenses, or taxes)
Bloomberg Barclays U.S. Aggregate Bond Index	0.01%	—%
MSCI US Broad Market Index	–5.28	6.60
Target 2015 Composite Index	–2.88	3.43

The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2020 Fund is replaced with the following:


Average Annual Total Returns for Periods Ended December 31, 2018
		Since
		Inception
		(Jun. 26,
	1 Year	2015)
Vanguard Institutional Target Retirement 2020 Fund Institutional Shares
Return Before Taxes	–4.21%	3.60%
Return After Taxes on Distributions	–5.01	2.89
Return After Taxes on Distributions and Sale of Fund Shares	–2.30	2.57
Comparative Indexes
(reflect no deduction for fees, expenses, or taxes)
MSCI US Broad Market Index	–5.28%	6.60%
Bloomberg Barclays U.S. Aggregate Bond Index	0.01	—
Target 2020 Composite Index	–4.13	3.76

The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2025 Fund is replaced with the following:


Average Annual Total Returns for Periods Ended December 31, 2018
		Since
		Inception
		(Jun. 26,
	1 Year	2015)
Vanguard Institutional Target Retirement 2025 Fund Institutional Shares
Return Before Taxes	–5.02%	3.77%
Return After Taxes on Distributions	–5.76	3.10
Return After Taxes on Distributions and Sale of Fund Shares	–2.75	2.73
Comparative Indexes
(reflect no deduction for fees, expenses, or taxes)
MSCI US Broad Market Index	–5.28%	6.60%
Bloomberg Barclays U.S. Aggregate Bond Index	0.01	—
Target 2025 Composite Index	–5.01	3.93

The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2030 Fund is replaced with the following:


Average Annual Total Returns for Periods Ended December 31, 2018
		Since
		Inception
		(Jun. 26,
	1 Year	2015)
Vanguard Institutional Target Retirement 2030 Fund Institutional Shares
Return Before Taxes	–5.82%	3.85%
Return After Taxes on Distributions	–6.50	3.21
Return After Taxes on Distributions and Sale of Fund Shares	–3.19	2.82
Comparative Indexes
(reflect no deduction for fees, expenses, or taxes)
MSCI US Broad Market Index	–5.28%	6.60%
Bloomberg Barclays U.S. Aggregate Bond Index	0.01	—
Target 2030 Composite Index	–5.74	4.04

The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2035 Fund is replaced with the following:


Average Annual Total Returns for Periods Ended December 31, 2018
		Since
		Inception
		(Jun. 26,
	1 Year	2015)
Vanguard Institutional Target Retirement 2035 Fund Institutional Shares
Return Before Taxes	–6.56%	3.93%
Return After Taxes on Distributions	–7.21	3.32
Return After Taxes on Distributions and Sale of Fund Shares	–3.60	2.91
Comparative Indexes
(reflect no deduction for fees, expenses, or taxes)
MSCI US Broad Market Index	–5.28%	6.60%
Bloomberg Barclays U.S. Aggregate Bond Index	0.01	—
Target 2035 Composite Index	–6.48	4.14

The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2040 Fund is replaced with the following:


Average Annual Total Returns for Periods Ended December 31, 2018
		Since
		Inception
		(Jun. 26,
	1 Year	2015)
Vanguard Institutional Target Retirement 2040 Fund Institutional Shares
Return Before Taxes	–7.31%	3.99%
Return After Taxes on Distributions	–7.91	3.42
Return After Taxes on Distributions and Sale of Fund Shares	–4.02	2.99
Comparative Indexes
(reflect no deduction for fees, expenses, or taxes)
MSCI US Broad Market Index	–5.28%	6.60%
Bloomberg Barclays U.S. Aggregate Bond Index	0.01	—
Target 2040 Composite Index	–7.23	4.23

The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2045 Fund is replaced with the following:


Average Annual Total Returns for Periods Ended December 31, 2018
		Since
		Inception
		(Jun. 26,
	1 Year	2015)
Vanguard Institutional Target Retirement 2045 Fund Institutional Shares
Return Before Taxes	–7.87%	4.03%
Return After Taxes on Distributions	–8.43	3.48
Return After Taxes on Distributions and Sale of Fund Shares	–4.34	3.04
Comparative Indexes
(reflect no deduction for fees, expenses, or taxes)
MSCI US Broad Market Index	–5.28%	6.60%
Bloomberg Barclays U.S. Aggregate Bond Index	0.01	—
Target 2045 Composite Index	–7.77	4.26

The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2050 Fund is replaced with the following:


Average Annual Total Returns for Periods Ended December 31, 2018
		Since
		Inception
		(Jun. 26,
	1 Year	2015)
Vanguard Institutional Target Retirement 2050 Fund Institutional Shares
Return Before Taxes	–7.87%	4.03%
Return After Taxes on Distributions	–8.42	3.49
Return After Taxes on Distributions and Sale of Fund Shares	–4.34	3.03
Comparative Indexes
(reflect no deduction for fees, expenses, or taxes)
MSCI US Broad Market Index	–5.28%	6.60%
Bloomberg Barclays U.S. Aggregate Bond Index	0.01	—
Target 2050 Composite Index	–7.77	4.26

The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2055 Fund is replaced with the following:


Average Annual Total Returns for Periods Ended December 31, 2018
		Since
		Inception
		(Jun. 26,
	1 Year	2015)
Vanguard Institutional Target Retirement 2055 Fund Institutional Shares
Return Before Taxes	–7.84%	4.04%
Return After Taxes on Distributions	–8.37	3.51
Return After Taxes on Distributions and Sale of Fund Shares	–4.33	3.04
Comparative Indexes
(reflect no deduction for fees, expenses, or taxes)
MSCI US Broad Market Index	–5.28%	6.60%
Bloomberg Barclays U.S. Aggregate Bond Index	0.01	—
Target 2055 Composite Index	–7.77	4.26

The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2060 Fund is replaced with the following:


Average Annual Total Returns for Periods Ended December 31, 2018
		Since
		Inception
		(Jun. 26,
	1 Year	2015)
Vanguard Institutional Target Retirement 2060 Fund Institutional Shares
Return Before Taxes	–7.88%	4.01%
Return After Taxes on Distributions	–8.40	3.49
Return After Taxes on Distributions and Sale of Fund Shares	–4.37	3.02
Comparative Indexes
(reflect no deduction for fees, expenses, or taxes)
MSCI US Broad Market Index	–5.28%	6.60%
Bloomberg Barclays U.S. Aggregate Bond Index	0.01	—
Target 2060 Composite Index	–7.77	4.26

The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2065 Fund is replaced with the following:


Average Annual Total Returns for Periods Ended December 31, 2018
		Since
		Inception
		(Jul. 12,
	1 Year	2017)
Vanguard Institutional Target Retirement 2065 Fund Institutional Shares
Return Before Taxes	–7.84%	0.58%
Return After Taxes on Distributions	–8.26	0.11
Return After Taxes on Distributions and Sale of Fund Shares	–4.40	0.40
Comparative Indexes
(reflects no deduction for fees, expenses, or taxes)
MSCI US Broad Market Index	–5.28%	2.98%
Bloomberg Barclays U.S. Aggregate Bond Index	0.01	—
Target Retirement 2065 Composite Index	–7.77	0.65

PSI 1673 022019

Vanguard Institutional Target Retirement Income Fund

Risk/Return:

rr_RiskReturnAbstract

Supplement to Prospectus [Text Block]

rr_SupplementToProspectusTextBlock

[SHIP LOGO VANGUARD (R)]

Vanguard Institutional Target Retirement Funds

Supplement Dated February 21, 2019, to the Prospectus Dated January 28, 2019

Prospectus Text Changes

The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement Income Fund is replaced with the following:


Average Annual Total Returns for Periods Ended December 31, 2018
		Since
		Inception
		(Jun. 26,
	1 Year	2015)
Vanguard Institutional Target Retirement Income Fund Institutional Shares
Return Before Taxes	–1.98%	2.91%
Return After Taxes on Distributions	–2.94	2.10
Return After Taxes on Distributions and Sale of Fund Shares	–1.05	1.94
Comparative Indexes
(reflect no deduction for fees, expenses, or taxes)
Bloomberg Barclays U.S. Aggregate Bond Index	0.01%	2.12%
MSCI US Broad Market Index	–5.28	—
Target Income Composite Index	–1.98	3.03

PSI 1673 022019

Vanguard Institutional Target Retirement 2015 Fund

Risk/Return:

rr_RiskReturnAbstract

Supplement to Prospectus [Text Block]

rr_SupplementToProspectusTextBlock

[SHIP LOGO VANGUARD (R)]

Vanguard Institutional Target Retirement Funds

Supplement Dated February 21, 2019, to the Prospectus Dated January 28, 2019

Prospectus Text Changes

The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2015 Fund is replaced with the following:


Average Annual Total Returns for Periods Ended December 31, 2018
		Since
		Inception
		(Jun. 26,
	1 Year	2015)
Vanguard Institutional Target Retirement 2015 Fund Institutional Shares
Return Before Taxes	–2.91%	3.29%
Return After Taxes on Distributions	–3.97	2.49
Return After Taxes on Distributions and Sale of Fund Shares	–1.47	2.28
Comparative Indexes
(reflect no deduction for fees, expenses, or taxes)
Bloomberg Barclays U.S. Aggregate Bond Index	0.01%	—%
MSCI US Broad Market Index	–5.28	6.60
Target 2015 Composite Index	–2.88	3.43

PSI 1673 022019

Vanguard Institutional Target Retirement 2020 Fund

Risk/Return:

rr_RiskReturnAbstract

Supplement to Prospectus [Text Block]

rr_SupplementToProspectusTextBlock

[SHIP LOGO VANGUARD (R)]

Vanguard Institutional Target Retirement Funds

Supplement Dated February 21, 2019, to the Prospectus Dated January 28, 2019

Prospectus Text Changes

The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2020 Fund is replaced with the following:


Average Annual Total Returns for Periods Ended December 31, 2018
		Since
		Inception
		(Jun. 26,
	1 Year	2015)
Vanguard Institutional Target Retirement 2020 Fund Institutional Shares
Return Before Taxes	–4.21%	3.60%
Return After Taxes on Distributions	–5.01	2.89
Return After Taxes on Distributions and Sale of Fund Shares	–2.30	2.57
Comparative Indexes
(reflect no deduction for fees, expenses, or taxes)
MSCI US Broad Market Index	–5.28%	6.60%
Bloomberg Barclays U.S. Aggregate Bond Index	0.01	—
Target 2020 Composite Index	–4.13	3.76

PSI 1673 022019

Vanguard Institutional Target Retirement 2025 Fund

Risk/Return:

rr_RiskReturnAbstract

Supplement to Prospectus [Text Block]

rr_SupplementToProspectusTextBlock

[SHIP LOGO VANGUARD (R)]

Vanguard Institutional Target Retirement Funds

Supplement Dated February 21, 2019, to the Prospectus Dated January 28, 2019

Prospectus Text Changes

The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2025 Fund is replaced with the following:


Average Annual Total Returns for Periods Ended December 31, 2018
		Since
		Inception
		(Jun. 26,
	1 Year	2015)
Vanguard Institutional Target Retirement 2025 Fund Institutional Shares
Return Before Taxes	–5.02%	3.77%
Return After Taxes on Distributions	–5.76	3.10
Return After Taxes on Distributions and Sale of Fund Shares	–2.75	2.73
Comparative Indexes
(reflect no deduction for fees, expenses, or taxes)
MSCI US Broad Market Index	–5.28%	6.60%
Bloomberg Barclays U.S. Aggregate Bond Index	0.01	—
Target 2025 Composite Index	–5.01	3.93

PSI 1673 022019

Vanguard Institutional Target Retirement 2030 Fund

Risk/Return:

rr_RiskReturnAbstract

Supplement to Prospectus [Text Block]

rr_SupplementToProspectusTextBlock

[SHIP LOGO VANGUARD (R)]

Vanguard Institutional Target Retirement Funds

Supplement Dated February 21, 2019, to the Prospectus Dated January 28, 2019

Prospectus Text Changes

The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2030 Fund is replaced with the following:


Average Annual Total Returns for Periods Ended December 31, 2018
		Since
		Inception
		(Jun. 26,
	1 Year	2015)
Vanguard Institutional Target Retirement 2030 Fund Institutional Shares
Return Before Taxes	–5.82%	3.85%
Return After Taxes on Distributions	–6.50	3.21
Return After Taxes on Distributions and Sale of Fund Shares	–3.19	2.82
Comparative Indexes
(reflect no deduction for fees, expenses, or taxes)
MSCI US Broad Market Index	–5.28%	6.60%
Bloomberg Barclays U.S. Aggregate Bond Index	0.01	—
Target 2030 Composite Index	–5.74	4.04

PSI 1673 022019

Vanguard Institutional Target Retirement 2035 Fund

Risk/Return:

rr_RiskReturnAbstract

Supplement to Prospectus [Text Block]

rr_SupplementToProspectusTextBlock

[SHIP LOGO VANGUARD (R)]

Vanguard Institutional Target Retirement Funds

Supplement Dated February 21, 2019, to the Prospectus Dated January 28, 2019

Prospectus Text Changes

The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2035 Fund is replaced with the following:


Average Annual Total Returns for Periods Ended December 31, 2018
		Since
		Inception
		(Jun. 26,
	1 Year	2015)
Vanguard Institutional Target Retirement 2035 Fund Institutional Shares
Return Before Taxes	–6.56%	3.93%
Return After Taxes on Distributions	–7.21	3.32
Return After Taxes on Distributions and Sale of Fund Shares	–3.60	2.91
Comparative Indexes
(reflect no deduction for fees, expenses, or taxes)
MSCI US Broad Market Index	–5.28%	6.60%
Bloomberg Barclays U.S. Aggregate Bond Index	0.01	—
Target 2035 Composite Index	–6.48	4.14

PSI 1673 022019

Vanguard Institutional Target Retirement 2040 Fund

Risk/Return:

rr_RiskReturnAbstract

Supplement to Prospectus [Text Block]

rr_SupplementToProspectusTextBlock

[SHIP LOGO VANGUARD (R)]

Vanguard Institutional Target Retirement Funds

Supplement Dated February 21, 2019, to the Prospectus Dated January 28, 2019

Prospectus Text Changes

The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2040 Fund is replaced with the following:


Average Annual Total Returns for Periods Ended December 31, 2018
		Since
		Inception
		(Jun. 26,
	1 Year	2015)
Vanguard Institutional Target Retirement 2040 Fund Institutional Shares
Return Before Taxes	–7.31%	3.99%
Return After Taxes on Distributions	–7.91	3.42
Return After Taxes on Distributions and Sale of Fund Shares	–4.02	2.99
Comparative Indexes
(reflect no deduction for fees, expenses, or taxes)
MSCI US Broad Market Index	–5.28%	6.60%
Bloomberg Barclays U.S. Aggregate Bond Index	0.01	—
Target 2040 Composite Index	–7.23	4.23

PSI 1673 022019

Vanguard Institutional Target Retirement 2045 Fund

Risk/Return:

rr_RiskReturnAbstract

Supplement to Prospectus [Text Block]

rr_SupplementToProspectusTextBlock

[SHIP LOGO VANGUARD (R)]

Vanguard Institutional Target Retirement Funds

Supplement Dated February 21, 2019, to the Prospectus Dated January 28, 2019

Prospectus Text Changes

The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2045 Fund is replaced with the following:


Average Annual Total Returns for Periods Ended December 31, 2018
		Since
		Inception
		(Jun. 26,
	1 Year	2015)
Vanguard Institutional Target Retirement 2045 Fund Institutional Shares
Return Before Taxes	–7.87%	4.03%
Return After Taxes on Distributions	–8.43	3.48
Return After Taxes on Distributions and Sale of Fund Shares	–4.34	3.04
Comparative Indexes
(reflect no deduction for fees, expenses, or taxes)
MSCI US Broad Market Index	–5.28%	6.60%
Bloomberg Barclays U.S. Aggregate Bond Index	0.01	—
Target 2045 Composite Index	–7.77	4.26

PSI 1673 022019

Vanguard Institutional Target Retirement 2050 Fund

Risk/Return:

rr_RiskReturnAbstract

Supplement to Prospectus [Text Block]

rr_SupplementToProspectusTextBlock

[SHIP LOGO VANGUARD (R)]

Vanguard Institutional Target Retirement Funds

Supplement Dated February 21, 2019, to the Prospectus Dated January 28, 2019

Prospectus Text Changes

The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2050 Fund is replaced with the following:


Average Annual Total Returns for Periods Ended December 31, 2018
		Since
		Inception
		(Jun. 26,
	1 Year	2015)
Vanguard Institutional Target Retirement 2050 Fund Institutional Shares
Return Before Taxes	–7.87%	4.03%
Return After Taxes on Distributions	–8.42	3.49
Return After Taxes on Distributions and Sale of Fund Shares	–4.34	3.03
Comparative Indexes
(reflect no deduction for fees, expenses, or taxes)
MSCI US Broad Market Index	–5.28%	6.60%
Bloomberg Barclays U.S. Aggregate Bond Index	0.01	—
Target 2050 Composite Index	–7.77	4.26

PSI 1673 022019

Vanguard Institutional Target Retirement 2055 Fund

Risk/Return:

rr_RiskReturnAbstract

Supplement to Prospectus [Text Block]

rr_SupplementToProspectusTextBlock

[SHIP LOGO VANGUARD (R)]

Vanguard Institutional Target Retirement Funds

Supplement Dated February 21, 2019, to the Prospectus Dated January 28, 2019

Prospectus Text Changes

The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2055 Fund is replaced with the following:


Average Annual Total Returns for Periods Ended December 31, 2018
		Since
		Inception
		(Jun. 26,
	1 Year	2015)
Vanguard Institutional Target Retirement 2055 Fund Institutional Shares
Return Before Taxes	–7.84%	4.04%
Return After Taxes on Distributions	–8.37	3.51
Return After Taxes on Distributions and Sale of Fund Shares	–4.33	3.04
Comparative Indexes
(reflect no deduction for fees, expenses, or taxes)
MSCI US Broad Market Index	–5.28%	6.60%
Bloomberg Barclays U.S. Aggregate Bond Index	0.01	—
Target 2055 Composite Index	–7.77	4.26

PSI 1673 022019

Vanguard Institutional Target Retirement 2060 Fund

Risk/Return:

rr_RiskReturnAbstract

Supplement to Prospectus [Text Block]

rr_SupplementToProspectusTextBlock

[SHIP LOGO VANGUARD (R)]

Vanguard Institutional Target Retirement Funds

Supplement Dated February 21, 2019, to the Prospectus Dated January 28, 2019

Prospectus Text Changes

The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2060 Fund is replaced with the following:


Average Annual Total Returns for Periods Ended December 31, 2018
		Since
		Inception
		(Jun. 26,
	1 Year	2015)
Vanguard Institutional Target Retirement 2060 Fund Institutional Shares
Return Before Taxes	–7.88%	4.01%
Return After Taxes on Distributions	–8.40	3.49
Return After Taxes on Distributions and Sale of Fund Shares	–4.37	3.02
Comparative Indexes
(reflect no deduction for fees, expenses, or taxes)
MSCI US Broad Market Index	–5.28%	6.60%
Bloomberg Barclays U.S. Aggregate Bond Index	0.01	—
Target 2060 Composite Index	–7.77	4.26

PSI 1673 022019

Vanguard Institutional Target Retirement 2065 Fund

Risk/Return:

rr_RiskReturnAbstract

Supplement to Prospectus [Text Block]

rr_SupplementToProspectusTextBlock

[SHIP LOGO VANGUARD (R)]

Vanguard Institutional Target Retirement Funds

Supplement Dated February 21, 2019, to the Prospectus Dated January 28, 2019

Prospectus Text Changes

The “Average Annual Total Returns” table for Vanguard Institutional Target Retirement 2065 Fund is replaced with the following:


Average Annual Total Returns for Periods Ended December 31, 2018
		Since
		Inception
		(Jul. 12,
	1 Year	2017)
Vanguard Institutional Target Retirement 2065 Fund Institutional Shares
Return Before Taxes	–7.84%	0.58%
Return After Taxes on Distributions	–8.26	0.11
Return After Taxes on Distributions and Sale of Fund Shares	–4.40	0.40
Comparative Indexes
(reflects no deduction for fees, expenses, or taxes)
MSCI US Broad Market Index	–5.28%	2.98%
Bloomberg Barclays U.S. Aggregate Bond Index	0.01	—
Target Retirement 2065 Composite Index	–7.77	0.65

PSI 1673 022019

XML 10 R4.htm IDEA: XBRL DOCUMENT

Label	Element	Value
Risk/Return:	rr_RiskReturnAbstract
Registrant Name	dei_EntityRegistrantName	VANGUARD CHESTER FUNDS
Prospectus Date	rr_ProspectusDate	Jan. 28, 2019
Document Creation Date	dei_DocumentCreationDate	Feb. 21, 2019

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