Vanguard Target Retirement Funds
Supplement Dated July 18, 2022, to the Prospectus
Reorganization of Vanguard Target Retirement 2015 Fund into Vanguard Target Retirement Income Fund
Effective as of the close of business on July 8, 2022, the reorganization of Vanguard Target Retirement 2015 Fund (the 2015 Fund), a series of Vanguard Chester Funds (the Trust), with and into Vanguard Target Retirement Income Fund, a series of the Trust, is complete. Any references to the 2015 Fund in the Prospectus are hereby deleted.
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Vanguard Marketing Corporation, Distributor.PS 308G 072022