06/28/2022 | Press release | Distributed by Public on 06/28/2022 07:02
Fund Summary
|
1
|
Investing in Vanguard Target Retirement Funds
|
6
|
More on the Funds
|
7
|
The Funds and Vanguard
|
18
|
Investment Advisor
|
19
|
Dividends, Capital Gains, and Taxes
|
21
|
Share Price
|
23
|
Investing With Vanguard
|
25
|
Purchasing Shares
|
25
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Redeeming Shares
|
28
|
Exchanging Shares
|
32
|
Frequent-Trading Limitations
|
32
|
Other Rules You Should Know
|
35
|
Fund and Account Updates
|
39
|
Employer-Sponsored Plans
|
40
|
Contacting Vanguard
|
41
|
Additional Information
|
41
|
Glossary of Investment Terms
|
45
|
|
|
Sales Charge (Load) Imposed on Purchases
|
None
|
Purchase Fee
|
None
|
Sales Charge (Load) Imposed on Reinvested Dividends
|
None
|
Redemption Fee
|
None
|
Account Service Fee Per Year
(for certain fund account balances below $10,000)
|
$20
|
|
|
Management Fees
|
0.00%
|
12b-1 Distribution Fee
|
None
|
Other Expenses
|
0.00%
|
Acquired Fund Fees and Expenses
|
0.08%
|
Total Annual Fund Operating Expenses1
|
0.08%
|
1 Year
|
3 Years
|
$8
|
$26
|
• U.S. stocks
|
54%
|
• Foreign stocks
|
36%
|
• U.S. fixed income securities
|
7%
|
• Foreign fixed income securities
|
3%
|
Plain Talk About Costs of Investing
|
Costs are an important consideration in choosing a mutual fund. That is
because you, as a shareholder, pay a proportionate share of the costs of
operating a fund and any transaction costs incurred when the fund buys or
sells securities. These costs can erode a substantial portion of the gross
income or the capital appreciation a fund achieves. Even seemingly small
differences in expenses can, over time, have a dramatic effect on a
fund's performance.
|
|
Target Retirement Fund
|
|||||
Underlying Asset Class
|
Income
|
2015
|
2020
|
2025
|
2030
|
2035
|
U.S. stocks
|
18.0%
|
19.3%
|
27.9%
|
34.5%
|
39.4%
|
43.9%
|
Foreign stocks
|
12.0
|
12.9
|
18.6
|
23.0
|
26.2
|
29.2
|
U.S. fixed income securities
|
37.2
|
36.4
|
30.8
|
28.3
|
24.1
|
18.8
|
Foreign fixed income securities
|
16.0
|
15.6
|
13.2
|
12.2
|
10.3
|
8.1
|
Inflation-indexed securities
|
16.8
|
15.9
|
9.6
|
2.0
|
0.0
|
0.0
|
|
Target Retirement Fund
|
|
|||||
Underlying Asset Class
|
2040
|
2045
|
2050
|
2055
|
2060
|
2065
|
2070
|
U.S. stocks
|
48.4%
|
52.9%
|
54.0%
|
54.0%
|
54.0%
|
54.0%
|
54.0%
|
Foreign stocks
|
32.3
|
35.3
|
36.0
|
36.0
|
36.0
|
36.0
|
36.0
|
U.S. fixed income securities
|
13.6
|
8.3
|
7.0
|
7.0
|
7.0
|
7.0
|
7.0
|
Foreign fixed income securities
|
5.8
|
3.6
|
3.0
|
3.0
|
3.0
|
3.0
|
3.0
|
Inflation-indexed securities
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
|
Plain Talk About International Investing
|
U.S. investors who invest in foreign securities will encounter risks not
typically associated with U.S. companies because foreign stock and bond
markets operate differently from the U.S. markets. For instance, foreign
companies and governments may not be subject to the same or similar
auditing, legal, tax, regulatory, financial reporting, accounting, and
recordkeeping standards and practices as U.S. companies and the U.S.
government, and their stocks and bonds may not be as liquid as those of
similar U.S. entities. In addition, foreign stock exchanges, brokers,
companies, bond markets, and dealers may be subject to less government
supervision and regulation than their counterparts in the United States.
Further, the imposition of economic or other sanctions on the United States
by a foreign country, or on a foreign country or issuer by the United States,
could impair a fund's ability to buy, sell, hold, receive, deliver, or otherwise
transact in certain investment securities or obtain exposure to foreign
securities and assets. These factors, among others, could negatively affect
the returns U.S. investors receive from foreign investments.
|
Plain Talk About Inflation-Indexed Securities
|
Unlike a conventional bond, whose issuer makes regular fixed interest
payments and repays the face value of the bond at maturity, an
inflation-indexed security (IIS) provides principal and interest payments that
are adjusted over time to reflect a rise (inflation) or a drop (deflation) in the
general price level for goods and services. This adjustment is a key feature of
an IIS. Even though historically the general price level for goods and services
has risen each year, there have been periods when the general price level for
goods and services has dropped (as measured by the Consumer Price Index
(CPI). Importantly, for shareholders of U.S. government issued
inflation-indexed securities, during such a period of deflation, the
U.S. Treasury has guaranteed that it will repay at least the face value of the
securities. However, if an IIS is purchased by a fund at a premium, a
deflationary period could cause the fund to experience a loss.
|
Inflation measurement and adjustment for an IIS have two important
features. There is a two-month lag between the time that inflation occurs in
the economy and when it is factored into IIS valuations. This is due to the
time required to measure and calculate the CPI and for the U.S. Treasury to
adjust the inflation accrual schedules for an IIS. For example, inflation that
occurs in January is calculated and announced during February and affects
IIS valuations throughout the month of March. In addition, the inflation index
used is the nonseasonally adjusted index. It differs from the CPI that is
reported by most news organizations, which is statistically smoothed to
overcome highs and lows observed at different points each year. The use of
the nonseasonally adjusted index can cause a fund's income level to
fluctuate.
|
Plain Talk About Bonds and Interest Rates
|
As a rule, when interest rates rise, bond prices fall. The opposite is also true:
Bond prices go up when interest rates fall. Why do bond prices and interest
rates move in opposite directions? Let's assume that you hold a bond
offering a 4% yield. A year later, interest rates are on the rise and bonds of
comparable quality and maturity are offered with a 5% yield. With
higher-yielding bonds available, you would have trouble selling your 4% bond
for the price you paid-you would probably have to lower your asking price.
On the other hand, if interest rates were falling and 3% bonds were being
offered, you should be able to sell your 4% bond for more than you paid.
|
How mortgage-backed securities are different: In general, declining interest
rates will not lift the prices of mortgage-backed securities-such as those
guaranteed by the Government National Mortgage Association-as much as
the prices of comparable bonds. Why? Because when interest rates fall, the
bond market tends to discount the prices of mortgage-backed securities for
prepayment risk-the possibility that homeowners will refinance their
mortgages at lower rates and cause the bonds to be paid off prior to
maturity. In part to compensate for this prepayment possibility,
mortgage-backed securities tend to offer higher yields than other bonds of
comparable credit quality and maturity. In contrast, when interest rates rise,
prepayments tend to slow down, subjecting mortgage-backed securities to
extension risk-the possibility that homeowners will repay their mortgages
at slower rates. This will lengthen the duration or average life of
mortgage-backed securities held by a fund and delay the fund's ability to
reinvest proceeds at higher interest rates, making the fund more sensitive to
changes in interest rates.
|
Plain Talk About Inflation-Indexed Securities and Interest Rates
|
Interest rates on conventional bonds have two primary components: a "real"
yield and an increment that reflects investor expectations of future inflation.
By contrast, interest rates on an IIS are adjusted for inflation and, therefore,
are not affected meaningfully by inflation expectations. This leaves only real
interest rates to influence the price of an IIS. A rise in real interest rates will
cause the price of an IIS to fall, while a decline in real interest rates will
boost the price of an IIS.
|
Plain Talk About Vanguard's Unique Corporate Structure
|
Vanguard is owned jointly by the funds it oversees and thus indirectly by the
shareholders in those funds. Most other mutual funds are operated by
management companies that are owned by third parties-either public or
private stockholders-and not by the funds they serve.
|
Plain Talk About Buying a Dividend
|
Unless you are a tax-exempt investor or investing through a tax-advantaged
account (such as an IRA or an employer-sponsored retirement or savings
plan), you should consider avoiding a purchase of fund shares shortly before
the fund makes a distribution, because doing so can cost you money in
taxes. This is known as "buying a dividend." For example: On December 15,
you invest $5,000, buying 250 shares for $20 each. If the fund pays a
distribution of $1 per share on December 16, its share price will drop to $19
(not counting market change). You still have only $5,000 (250 shares x $19 =
$4,750 in share value, plus 250 shares x $1 = $250 in distributions), but you
owe taxon the $250 distribution you received-even if you reinvest it in
more shares. To avoid buying a dividend, check a fund's distribution schedule
before you invest.
|
Web
|
|
Vanguard.com
|
For the most complete source of Vanguard news
For fund, account, and service information
For most account transactions
For literature requests
24 hours a day, 7 days a week
|
Phone
|
|
Vanguard Tele-Account®
800-662-6273
|
For automated fund and account information
Toll-free, 24 hours a day, 7 days a week
|
Investor Information 800-662-7447
(Text telephone for people with
hearing impairment at 800-749-7273)
|
For fund and service information
For literature requests
|
Client Services 800-662-2739
(Text telephone for people with
hearing impairment at 800-749-7273)
|
For account information
For most account transactions
|
Participant Services 800-523-1188
(Text telephone for people with
hearing impairment at 800-749-7273)
|
For information and services for participants in
employer-sponsored plans
|
Institutional Division
888-809-8102
|
For information and services for large institutional
investors
|
Financial Advisor and Intermediary
Sales Support 800-997-2798
|
For information and services for financial intermediaries
including financial advisors, broker-dealers, trust
institutions, and insurance companies
|
Financial Advisory and Intermediary
Trading Support 800-669-0498
|
For account information and trading support for
financial intermediaries including financial advisors,
broker-dealers, trust institutions, and insurance
companies
|
|
Inception
Date
|
Newspaper
Abbreviation
|
Vanguard
Fund Number
|
CUSIP
Number
|
Target Retirement Income Fund
|
10/27/2003
|
TgtRetInc
|
308
|
92202E102
|
Target Retirement 2015 Fund
|
10/27/2003
|
TgtRe2015
|
303
|
92202E300
|
Target Retirement 2020 Fund
|
6/7/2006
|
TgtRe2020
|
682
|
92202E805
|
Target Retirement 2025 Fund
|
10/27/2003
|
TgtRe2025
|
304
|
92202E409
|
Target Retirement 2030 Fund
|
6/7/2006
|
TgtRe2030
|
695
|
92202E888
|
Target Retirement 2035 Fund
|
10/27/2003
|
TgtRe2035
|
305
|
92202E508
|
Target Retirement 2040 Fund
|
6/7/2006
|
TgtRe2040
|
696
|
92202E870
|
Target Retirement 2045 Fund
|
10/27/2003
|
TgtRe2045
|
306
|
92202E607
|
Target Retirement 2050 Fund
|
6/7/2006
|
TgtRe2050
|
699
|
92202E862
|
Target Retirement 2055 Fund
|
8/18/2010
|
TgtRet2055
|
1487
|
92202E847
|
Target Retirement 2060 Fund
|
1/19/2012
|
TgtRe2060
|
1691
|
92202E839
|
Target Retirement 2065 Fund
|
7/12/2017
|
Van2065TRF
|
1791
|
92202E680
|
Target Retirement 2070 Fund
|
6/28/2022
|
Van2070TRF
|
V009
|
92202E664
|
Description of the Trust
|
B-1
|
Fundamental Policies
|
B-4
|
Investment Strategies, Risks, and Nonfundamental Policies
|
B-5
|
Share Price
|
B-33
|
Purchase and Redemption of Shares
|
B-33
|
Management of the Fund
|
B-35
|
Investment Advisory and Other Services
|
B-46
|
Portfolio Transactions
|
B-48
|
Proxy Voting
|
B-49
|
Financial Statements
|
B-49
|
Appendix A
|
B-49
|
|
Share Classes1
|
|
Vanguard Fund
|
Investor
|
Admiral
|
Vanguard PRIMECAP Fund
|
VPMCX
|
VPMAX
|
Vanguard Target Retirement 2015 Fund
|
VTXVX
|
-
|
Vanguard Target Retirement 2020 Fund
|
VTWNX
|
-
|
Vanguard Target Retirement 2025 Fund
|
VTTVX
|
-
|
Vanguard Target Retirement 2030 Fund
|
VTHRX
|
-
|
Vanguard Target Retirement 2035 Fund
|
VTTHX
|
-
|
Vanguard Target Retirement 2040 Fund
|
VFORX
|
-
|
Vanguard Target Retirement 2045 Fund
|
VTIVX
|
-
|
Vanguard Target Retirement 2050 Fund
|
VFIFX
|
-
|
Vanguard Target Retirement 2055 Fund
|
VFFVX
|
-
|
Vanguard Target Retirement 2060 Fund
|
VTTSX
|
-
|
Vanguard Target Retirement 2065 Fund
|
VLXVX
|
-
|
Vanguard Target Retirement 2070 Fund
|
VSVNX
|
-
|
Vanguard Target Retirement Income Fund
|
VTINX
|
-
|
Name, Year of Birth
|
Position(s)
Held With Fund
|
Vanguard
Funds' Trustee/
Officer Since
|
Principal Occupation(s)
During the Past Five Years,
Outside Directorships,
and Other Experience
|
Number of
Vanguard Funds
Overseen by
Trustee/Officer
|
Interested Trustee1
|
|
|
|
|
Mortimer J. Buckley
(1969)
|
Chairman of the
Board, Chief
Executive
Officer, and
President
|
January 2018
|
Chairman of the board (2019-present) of Vanguard and
of each of the investment companies served by
Vanguard; chief executive officer (2018-present) of
Vanguard; chief executive officer, president, and
trustee (2018-present) of each of the investment
companies served by Vanguard; president and director
(2017-present) of Vanguard; and president
(2018-present) of Vanguard Marketing Corporation.
Chief investment officer (2013-2017), managing
director (2002-2017), head of the Retail Investor Group
(2006-2012), and chief information officer (2001-2006)
of Vanguard. Trustee and vice chair of The Shipley
School. Member of the board of governors of the
Investment Company Institute and of FINRA.
|
207
|
1 Mr. Buckley is considered an "interested person" as defined in the 1940 Act because he is an officer of the Trust.
|
||||
Independent Trustees
|
|
|
|
|
Tara Bunch
(1962)
|
Trustee
|
November 2021
|
Head of Global Operations at Airbnb (2020-present).
Vice President of AppleCare (2012-2020). Member of
the board of Out & Equal (2002-2006), the University
of California, Berkeley School of Engineering
(2020-present), and Santa Clara University's School of
Business (2018-present).
|
207
|
Emerson U. Fullwood
(1948)
|
Trustee
|
January 2008
|
Executive chief staff and marketing officer for North
America and corporate vice president (retired 2008) of
Xerox Corporation (document management products
and services). Former president of the Worldwide
Channels Group, Latin America, and Worldwide
Customer Service and executive chief staff officer of
Developing Markets of Xerox. Executive in residence
and 2009-2010 Distinguished Minett Professor at the
Rochester Institute of Technology. Member of the
board of directors of the University of Rochester
Medical Center, the Monroe Community College
Foundation, the United Way of Rochester, North
Carolina A&T University, Roberts Wesleyan College,
and the Rochester Philharmonic Orchestra. Trustee of
the University of Rochester.
|
207
|
F. Joseph Loughrey
(1949)
|
Trustee
|
October 2009
|
President and chief operating officer (retired 2009) and
vice chairman of the board (2008-2009) of Cummins
Inc. (industrial machinery). Chairman of the board of
Hillenbrand, Inc. (specialized consumer services).
Director of the V Foundation. Member of the advisory
council for the College of Arts and Letters at the
University of Notre Dame. Chairman of the board of
Saint Anselm College.
|
207
|
Mark Loughridge
(1953)
|
Lead
Independent
Trustee
|
March 2012
|
Senior vice president and chief financial officer (retired
2013) of IBM (information technology services).
Fiduciary member of IBM's Retirement Plan
Committee (2004-2013), senior vice president and
general manager (2002-2004) of IBM Global Financing,
vice president and controller (1998-2002) of IBM, and
a variety of other prior management roles at IBM.
Member of the Council on Chicago Booth.
|
207
|
Name, Year of Birth
|
Position(s)
Held With Fund
|
Vanguard
Funds' Trustee/
Officer Since
|
Principal Occupation(s)
During the Past Five Years,
Outside Directorships,
and Other Experience
|
Number of
Vanguard Funds
Overseen by
Trustee/Officer
|
Scott C. Malpass
(1962)
|
Trustee
|
March 2012
|
Adjunct professor of finance at Notre Dame
(2020-present). Chief investment officer and vice
president of the University of Notre Dame (retired
2020). Assistant professor of finance at the Mendoza
College of Business, University of Notre Dame (retired
2020), and member of the Notre Dame 403(b)
Investment Committee. Member of the board of
Catholic Investment Services, Inc. (investment
advisors), the board of superintendence of the Institute
for the Works of Religion, and the board of directors of
Paxos Trust Company (finance).
|
207
|
Deanna Mulligan
(1963)
|
Trustee
|
January 2018
|
Chief executive officer of Purposeful (2021-present).
Board chair (2020), chief executive officer (2011-2020),
and president (2010-2019) of The Guardian Life
Insurance Company of America. Chief operating officer
(2010-2011) and executive vice president (2008-2010)
of Individual Life and Disability of The Guardian Life
Insurance Company of America. Member of the board
of the Economic Club of New York. Trustee of the
Partnership for New York City (business leadership),
the Chief Executives for Corporate Purpose, and the
New York-Presbyterian Hospital.
|
207
|
André F. Perold
(1952)
|
Trustee
|
December 2004
|
George Gund Professor of Finance and Banking,
Emeritus at the Harvard Business School (retired
2011). Chief investment officer and co-managing
partner of HighVista Strategies LLC (private
investment firm). Board member (2018-present) of RIT
Capital Partners (investment firm); investment
committee member of Partners Health Care System.
|
207
|
Sarah Bloom Raskin
(1961)
|
Trustee
|
January 2018
|
Deputy secretary (2014-2017) of the United States
Department of the Treasury. Governor (2010-2014) of
the Federal Reserve Board. Commissioner
(2007-2010) of financial regulation for the State of
Maryland. Colin W. Brown Distinguished Professor of
the Practice (2021-present), Professor (2020-present),
Distinguished Fellow of the Global Financial Markets
Center (2020-present), and Rubenstein Fellow
(2017-2020) of Duke University; trustee
(2017-present) of Amherst College; member of the
Amherst College Investment Committee
(2019-present); and member of the Regenerative
Crisis Response Committee (2020-present).
|
207
|
David Thomas
(1956)
|
Trustee
|
July 2021
|
President of Morehouse College (2018-present).
Professor of Business Administration Emeritus at
Harvard University (2017-2018) and Dean (2011-2016)
and Professor of Management at Georgetown
University, McDonough School of Business
(2016-2017). Director of DTE Energy Company
(2013-present). Trustee of Common Fund
(2019-present).
|
207
|
Peter F. Volanakis
(1955)
|
Trustee
|
July 2009
|
President and chief operating officer (retired 2010) of
Corning Incorporated (communications equipment)
and director of Corning Incorporated (2000-2010) and
Dow Corning (2001-2010). Director (2012) of SPX
Corporation (multi-industry manufacturing). Overseer
of the Amos Tuck School of Business Administration,
Dartmouth College (2001-2013). Member of the BMW
Group Mobility Council.
|
207
|
Name, Year of Birth
|
Position(s)
Held With Fund
|
Vanguard
Funds' Trustee/
Officer Since
|
Principal Occupation(s)
During the Past Five Years,
Outside Directorships,
and Other Experience
|
Number of
Vanguard Funds
Overseen by
Trustee/Officer
|
Executive Officers
|
|
|
|
|
Christine M. Buchanan
(1970)
|
Chief Financial
Officer
|
November 2017
|
Principal of Vanguard. Chief financial officer
(2021-present) and treasurer (2017-2021) of each of
the investment companies served by Vanguard.
Partner (2005-2017) at KPMG (audit, tax, and advisory
services).
|
207
|
David Cermak
(1960)
|
Finance Director
|
October 2019
|
Principal of Vanguard. Finance director (2019-present)
of each of the investment companies served by
Vanguard. Managing director and head (2017-present)
of Vanguard Investments Singapore. Managing director
and head (2017-2019) of Vanguard Investments Hong
Kong. Representative director and head (2014-2017)
of Vanguard Investments Japan.
|
207
|
John Galloway
(1973)
|
Investment
Stewardship
Officer
|
September 2020
|
Principal of Vanguard. Investment stewardship officer
(2020-present) of each of the investment companies
served by Vanguard. Head of Investor Advocacy
(2020-present) and head of Marketing Strategy and
Planning (2017-2020) at Vanguard. Special Assistant to
the President of the United States (2015).
|
207
|
Ashley Grim
(1984)
|
Treasurer
|
February 2022
|
Treasurer (February 2022-present) of each of the
investment companies served by Vanguard. Fund
transfer agent controller (2019-2022) and director of
Audit Services (2017-2019) at Vanguard. Senior
manager (2015-2017) at PriceWaterhouseCoopers
(audit and assurance, consulting, and tax services).
|
207
|
Peter Mahoney
(1974)
|
Controller
|
May 2015
|
Principal of Vanguard. Controller (2015-present) of
each of the investment companies served by
Vanguard. Head of International Fund Services (2008-
2014) at Vanguard.
|
207
|
Anne E. Robinson
(1970)
|
Secretary
|
September 2016
|
General counsel (2016-present) of Vanguard.
Secretary (2016-present) of Vanguard and of each of
the investment companies served by Vanguard.
Managing director (2016-present) of Vanguard.
Managing director and general counsel of Global Cards
and Consumer Services (2014-2016) at Citigroup.
Counsel (2003-2014) at American Express.
Non-executive director of the board of National Grid
(energy).
|
207
|
Michael Rollings
(1963)
|
Finance Director
|
February 2017
|
Finance director (2017-present) and treasurer (2017)
of each of the investment companies served by
Vanguard. Managing director (2016-present) of
Vanguard. Chief financial officer (2016-present) of
Vanguard. Director (2016-present) of Vanguard
Marketing Corporation. Executive vice president and
chief financial officer (2006-2016) of MassMutual
Financial Group.
|
207
|
John E. Schadl
(1972)
|
Chief
Compliance
Officer
|
March 2019
|
Principal of Vanguard. Chief compliance officer
(2019-present) of Vanguard and of each of the
investment companies served by Vanguard. Assistant
vice president (2019-present) of Vanguard Marketing
Corporation.
|
207
|
Vanguard Fund
|
Trustee
|
Dollar Range
of Fund Shares
Owned by Trustee
|
Aggregate Dollar Range of
Vanguard Fund Shares
Owned by Trustee
|
Vanguard Target Retirement 2070 Fund
|
Mortimer J. Buckley
|
-
|
Over $100,000
|
|
Tara Bunch
|
-
|
-
|
|
Emerson U. Fullwood
|
-
|
Over $100,000
|
|
Amy Gutmann
|
-
|
Over $100,000
|
|
F. Joseph Loughrey
|
-
|
Over $100,000
|
|
Mark Loughridge
|
-
|
Over $100,000
|
|
Scott C. Malpass
|
-
|
Over $100,000
|
|
Deanna Mulligan
|
-
|
Over $100,000
|
|
André F. Perold
|
-
|
Over $100,000
|
|
Sarah Bloom Raskin
|
-
|
Over $100,000
|
|
David A. Thomas
|
-
|
-
|
|
Peter F. Volanakis
|
-
|
Over $100,000
|
Portfolio Managers
|
|
No. of
accounts
|
Total assets
|
No. of accounts with
performance-based
fees
|
Total assets in
accounts with
performance-based
fees
|
William Coleman
|
Registered investment companies1
|
42
|
$1.13T
|
0
|
$0
|
|
Other pooled investment vehicles
|
12
|
$88B
|
0
|
$0
|
|
Other accounts
|
0
|
$0
|
0
|
$0
|
Walter Nejman
|
Registered investment companies1
|
44
|
$2.51T
|
0
|
$0
|
|
Other pooled investment vehicles
|
17
|
$106B
|
0
|
$0
|
|
Other accounts
|
0
|
$0
|
0
|
$0
|
(a)
|
Articles of Incorporation, Amended and Restated Agreement and Declaration of Trust, is filed herewith.
|
(b)
|
By-Laws, Amended and Restated By-Laws, filed with Post-Effective Amendment No. 89, dated January 31, 2021, is
hereby incorporated by reference.
|
(c)
|
Instruments Defining Rights of Security Holders, reference is made to Articles III and V of the Registrant's
Amended and Restated Agreement and Declaration of Trust, refer to Exhibit (a) above.
|
(d)
|
Investment Advisory Contracts, for PRIMECAP Management Company, filed with Post- Effective Amendment No.
37 dated January 31, 2007, is hereby incorporated by reference. The Vanguard Group, Inc., provides investment
advisory services to Vanguard Target Retirement Funds and Vanguard Institutional Target Retirement Funds pursuant
to the Fifth Amended and Restated Funds' Service Agreement, refer to Exhibit (h) below.
|
(e)
|
Underwriting Contracts, not applicable.
|
(f)
|
Bonus or Profit Sharing Contracts, reference is made to the section entitled "Management of the Funds" in Part B
of this Registration Statement.
|
(g)
|
Custodian Agreements, for The Bank of New York Mellon, filed with Post-Effective Amendment No. 87, dated
January 31, 2020, is hereby incorporated by reference. For JPMorgan Chase Bank, is filed herewith.
|
(h)
|
Other Material Contracts, Fifth Amended and Restated Funds' Service Agreement, filed with Post-Effective
Amendment No. 89, dated January 31, 2021, is hereby incorporated by reference.
|
(i)
|
Legal Opinion, not applicable.
|
(j)
|
Other Opinions, Consent of Independent Registered Public Accounting Firm, not applicable.
|
(k)
|
Omitted Financial Statements, not applicable.
|
(l)
|
Initial Capital Agreements, not applicable.
|
(m)
|
Rule 12b-1 Plan, not applicable.
|
(n)
|
Rule 18f-3 Plan, is filed herewith.
|
(o)
|
Reserved.
|
(p)
|
January 31, 2021, is hereby incorporated by reference. For The Vanguard Group, Inc., is filed herewith.
|
(a)
|
Vanguard Marketing Corporation, a wholly owned subsidiary of The Vanguard Group, Inc., is the principal underwriter
of each fund within the Vanguard group of investment companies, a family of over 200 funds.
|
(b)
|
The principal business address of each named director and officer of Vanguard Marketing Corporation is 100
Vanguard Boulevard, Malvern, PA 19355.
|
Name
|
Positions and Office with Underwriter
|
Positions and Office with Funds
|
Matthew J. Benchener
|
Chairman, Vice President, and Chief Executive
Officer Designee
|
None
|
Karin A. Risi
|
Vice President
|
None
|
Thomas M. Rampulla
|
Vice President
|
None
|
Michael Rollings
|
Vice President
|
Finance Director
|
John Bisordi
|
General Counsel and Vice President
|
None
|
Tara Buckley
|
Vice President and Assistant Secretary
|
None
|
Matthew C. Brancato
|
Vice President
|
None
|
Mortimer J. Buckley
|
President
|
Chairman of the Board of Trustees, Chief
Executive Officer, and President
|
John E. Schadl
|
Assistant Vice President
|
Chief Compliance Officer
|
Beth Morales Singh
|
Secretary
|
None
|
Erica Green
|
Chief Compliance Officer
|
None
|
Sarah Green
|
Anti-Money Laundering Officer
|
None
|
Nitin Tandon
|
Chief Information Officer
|
None
|
Manish Nagar
|
Chief Information Security Officer
|
None
|
Salvatore L. Pantalone
|
Financial and Operations Principal and
Treasurer
|
None
|
Celeste Hagerty
|
Financial and Operations Principal
|
None
|
Danielle Corey
|
Annuity and Insurance Officer
|
None
|
Jeff Seglem
|
Annuity and Insurance Officer
|
None
|
Barbara Bock
|
Controller
|
None
|
Jason Botzler
|
Vice President
|
None
|
John Cleborne
|
Vice President
|
None
|
Kaitlyn Holmes
|
Vice President
|
None
|
Name
|
Positions and Office with Underwriter
|
Positions and Office with Funds
|
Andrew Kadjeski
|
Vice President
|
None
|
Amy M. Laursen
|
Vice President
|
None
|
Paul M. Jakubowski
|
Vice President
|
None
|
John James
|
Vice President
|
None
|
Douglas R. Mento
|
Vice President
|
None
|
Jodi Miller
|
Vice President
|
None
|
David Petty
|
Vice President
|
None
|
David MacBride
|
Vice President
|
None
|
Massy Williams
|
Vice President
|
None
|
(c)
|
Not applicable.
|
Signature
|
Title
|
Date
|
/s/ Mortimer J. Buckley*
Mortimer J. Buckley
|
Chairman and Chief Executive Officer
|
June 28, 2022
|
/s/ Tara Bunch*
Tara Bunch
|
Trustee
|
June 28, 2022
|
/s/ Emerson U. Fullwood*
Emerson U. Fullwood
|
Trustee
|
June 28, 2022
|
/s/ F. Joseph Loughrey*
F. Joseph Loughrey
|
Trustee
|
June 28, 2022
|
/s/ Mark Loughridge*
Mark Loughridge
|
Trustee
|
June 28, 2022
|
/s/ Scott C. Malpass*
Scott C. Malpass
|
Trustee
|
June 28, 2022
|
/s/ Deanna Mulligan*
Deanna Mulligan
|
Trustee
|
June 28, 2022
|
/s/ André F. Perold*
André F. Perold
|
Trustee
|
June 28, 2022
|
/s/ Sarah Bloom Raskin*
Sarah Bloom Raskin
|
Trustee
|
June 28, 2022
|
/s/ David Thomas*
David Thomas
|
Trustee
|
June 28, 2022
|
/s/ Peter F. Volanakis*
Peter F. Volanakis
|
Trustee
|
June 28, 2022
|
/s/ Christine Buchanan*
Christine Buchanan
|
Chief Financial Officer
|
June 28, 2022
|