Vanguard To Add Target Retirement 2065 Fund For The Youngest Millennial Investors

Vanguard Target Retirement 2010 Fund Is Retiring

Vanguard TRFs are designed to reach their most conservative asset allocation seven years after their stated target dates. The asset allocation of Vanguard Target Retirement 2010 Fund is nearing 70% bonds and 30% stocks, mirroring that of the Vanguard Retirement Income Fund. As such, the 2010 Fund has reached the end of its lifecycle and will close to new investors effective immediately. The two funds will merge in mid-summer 2017.

Investments in Target Retirement Funds are subject to the risks of their underlying funds. The year in the fund name refers to the approximate year (the target date) when an investor in the fund would retire and leave the workforce. The fund will gradually shift its emphasis from more aggressive investments to more conservative ones based on its target date. An investment in a Target Retirement Fund is not guaranteed at any time, including on or after the target date.

About Vanguard

Vanguard is one of the world's largest investment management companies. As of December 31, 2016, Vanguard managed more than $3.9 trillion in global assets. The firm, headquartered in Valley Forge, Pennsylvania, offers more than 350 funds to its more than 20 million investors worldwide. For more information, visit vanguard.com.

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All figures as of December 31, 2016, unless otherwise noted.

All investing is subject to risks, including possible loss of principal. Be aware that fluctuations in the financial markets and other factors may cause declines in the value of your account. There is no guarantee that any particular asset allocation or mix of funds will meet your investment objectives or provide you with a given level of income. Diversification does not ensure a profit or protect against a loss.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

For more information about Vanguard funds and ETFs, visit vanguard.com or call 800-662-7447 to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information about a fund are contained in the prospectus; read and consider it carefully before investing. Copies of the final prospectus can be obtained from Vanguard. Please note that a preliminary prospectus is subject to change.

Vanguard Marketing Corporation, Distributor.

1 Source: Pensions & Investments, based on largest number of target-date assets under management.
2 Source: Morningstar
3 Source: Morningstar
4 Source: Vanguard, Morningstar
5 Source: Lipper

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