Vanguard Target Retirement Funds Overview
Vanguard Target Retirement Funds OverviewObjective Seeks to provide growth of capital and current income consistent with theinvestor’s time horizon. Easy to use fund-of-funds structure that holds a portfolio of diversifiedstock, bond (including inflation-protected securities), and short-termreserves funds. Investors may choose to invest in any of the Target Retirement Funds. Eachare based on an asset allocation strategy designed for investors planning toretire in or within a few years of the target maturity year.FundInvestors who plan to retire betweenVanguard Target Retirement 2065 Fund2063 and 2067Vanguard Target Retirement 2060 Fund2058 and 2062Vanguard Target Retirement 2055 Fund2053 and 2057Automatically carries out investment selection, asset allocation, andrebalancing through retirement.Vanguard Target Retirement 2050 Fund2048 and 2052Vanguard Target Retirement 2045 Fund2043 and 2047Allocation between stock and bond funds automatically becomes moreconservative over time—reaching a final allocation during retirement.Vanguard Target Retirement 2040 Fund2038 and 2042Vanguard Target Retirement 2035 Fund2033 and 2037Vanguard Target Retirement 2030 Fund2028 and 2032Vanguard Target Retirement 2025 Fund2023 and 2027Vanguard Target Retirement 2020 Fund2018 and 2022Vanguard Target Retirement 2015 Fund2013 and 2017Vanguard Target Retirement Income FundInvestors in retirementTarget nsition806040200%45 2507 Years to target dateYears beyond target date*Target date is the year stated in the fund name and assumes retirement at age 65.Source: Vanguard.StocksBonds60% U.S. stocks70% U.S. nominal bonds40% International stocks30% International nominal bonds0%–24% of total fixed income Short-term TIPSFOR FINANCIAL ADVISORS AND INSTITUTIONS ONLY. NOT FOR PUBLIC DISTRIBUTION.
Vanguard Target Retirement Funds OverviewVanguard Target Retirement Funds deliver important benefits to plan sponsors and participantsFund characteristics:Portfolio construction: Consists of twelve different funds based on expected retirement dates. Fund automatically grows more conservative as retirement date approaches. Asset allocation changes are kept within narrow ranges around target allocations. Each fund is composed of index funds. No additional program fees above those of underlying funds. Funds are easy to explain to participants. Investors who prefer a broadly diversified one-fund solution that requires noinvestment decisions. Investors of any age or time horizon, including: Investors in the accumulation, transition, or withdrawal phases. Novice to sophisticated investors who lack the time or desire to monitortheir investments but who want professional management. Asset allocations become more conservative closer to retirement usingqualitative judgment based on: Historical return data for stocks, bonds, and cash 1926–2011. Simulated returns from real time path and Monte Carlo analysis basedon historical data 1926–2011. Given investors’ preferences and risk tolerance: Appropriate asset allocation choices. Broad diversification across asset classes and market segments.** Limited manager and active management risk through thepredominant use of index funds. No black-box tactical asset allocation moves. Quarterly incremental change in target allocation to reduce potential impact ofmarket conditions. Inflation protection through equities when young and through TIPS close toand after retirement.Investment rationale*:Benefits to investor: Asset allocation is the key decision in explaining performance variation. Tactical asset allocation and security selection, on average, increase risk andreduce return. Controlling costs allows investors to keep more of their returns. Sophisticated portfolio in a single fund. Transparency of returns, risks, and costs. Low cost leaves more of the return for the investor.Target audience:* Vanguard’s investment rationale is based on modern financial theory and Vanguard’s experience managing client portfolios in Personal Financial Planning and Asset Management ServicesSee supporting evidence in “Sources of Portfolio Performance: The Enduring Importance of Asset Allocation,” July 2003, Vanguard.**Diversification does not ensure a profit or protect against a loss.FOR FINANCIAL ADVISORS AND INSTITUTIONS ONLY. NOT FOR PUBLIC DISTRIBUTION.
Vanguard Target Retirement 2065 Fund (VLXVX)Investment approachKey facts Estimated Expense 16 bpsratio as of 07/12/2017 Simple fund of funds structureseeks to build appropriate assetallocation from preselectedstock and bond portfolios.The allocation between fundsand asset classes automaticallybecomes more conservativeover time.The fund handles investmentselection, asset allocation, andrebalancing through retirement.100% of assets invested inindex funds.Portfolio allocations to underlying funds (%)As reported in the most recent prospectus.DesignationTarget-Date 2051 Inception date07/12/2017Investor Sharesinception date07/12/201753.9% Vanguard Total Stock Market Index Fund InvestorShares36.1Vanguard Total International Stock Index FundInvestor Shares7.0Vanguard Total Bond Market II Index FundInvestor Shares3.0Vanguard Total International Bond Index FundInvestor SharesTotal net assets as 19of 09/30/2017 ( M)Net fund assets for 19VLXVX as of09/30/2017 ( M)Benchmarked toTarget 2065 ard Equity IndexGroupTarget 2065 Composite Index: Derived by applying the Target Retirement 2065 Fund’s target asset allocation to the results of the following benchmarks: the FTSE Global All Cap ex US Index for international stocks, the Bloomberg Barclays U.S. AggregateFloat Adjusted Index for U.S. bonds, the Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index for international bonds, and the CRSP US Total Market Index for U.S. stocks. International stock benchmark returns are adjusted forwithholding taxes.All data as of September 30, 2017, unless otherwise noted.FOR FINANCIAL ADVISORS AND INSTITUTIONS ONLY. NOT FOR PUBLIC DISTRIBUTION.
Vanguard Target Retirement 2060 Fund (VTTSX)Investment approachKey facts Simple fund of funds structureseeks to build appropriate assetallocation from preselectedstock and bond portfolios.Expense ratio as of 16 bps01/27/2017DesignationTarget-Date 2051 The allocation between fundsand asset classes automaticallybecomes more conservativeover time.Inception date01/19/2012Investor Sharesinception date01/19/2012 The fund handles investmentselection, asset allocation, andrebalancing through retirement.100% of assets invested inindex funds.Risk and volatilityR2BetaPrimary benchmark1.000.98Broad-based benchmark0.920.85PerformanceAs reported in the most recent prospectus.Total net assets as 2,081of 09/30/2017 ( M)Net fund assets for 2,081VTTSX as of09/30/2017 ( M)Benchmarked toTarget 2060 ard Equity IndexGroupR-squared and beta are calculated from trailing 36-monthfund returns relative to the associated benchmark.Broad-based benchmark: MSCI US Broad Market Index.20%10%0%AnnualizedQuarter-end 29%17.01%8.38%11.16%11.36%SplMixed-AssetTarget2055 Fds Avg4.65%15.24%16.62%7.80%10.13%9.98%* Since fund's inception, January 19, 2012.Portfolio allocations to underlying funds (%)54.2% Vanguard Total Stock Market Index Fund InvestorShares35.9Vanguard Total International Stock Index FundInvestor Shares7.0Vanguard Total Bond Market II Index FundInvestor Shares2.9Vanguard Total International Bond Index FundInvestor SharesThe performance data shown represent past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so investors’ shares, when sold, may be worth more or less than their original cost.Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Performance figures include the reinvestment of all dividends and any capital gains distributions. All returns are net of expenses.The performance of an index is not an exact representation of any particular investment, as you cannot invest directly in an index.Target 2060 Composite Index: Derived by applying the fund’s target asset allocation to the results of the following benchmarks: for international stocks of developed markets, the MSCI ACWI ex USA IMI Index through June 2, 2013, and the FTSE Global AllCap ex US Index thereafter; for emerging-market stocks, the MSCI ACWI ex USA IMI Index through June 2, 2013, and the FTSE Global All Cap ex US Index thereafter; for U.S. bonds, the Bloomberg Barclays U.S. Aggregate Float Adjusted Index; forinternational bonds, the Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index beginning June 3, 2013; and for U.S. stocks, the MSCI US Broad Market Index through June 2, 2013, and the CRSP US Total Market Index thereafter.International stock benchmark returns are adjusted for withholding taxes.All data as of September 30, 2017, unless otherwise noted.FOR FINANCIAL ADVISORS AND INSTITUTIONS ONLY. NOT FOR PUBLIC DISTRIBUTION.
Vanguard Target Retirement 2060 Fund (VTTSX)Total returns: Investor SharesCalendar-year .548.12SplMixed-AssetTarget 2055 FdsAvgTarget 2060 Composite Index: Derived by applying the fund’s target asset allocation to the results of the following benchmarks: for international stocks of developed markets, the MSCI ACWI ex USA IMI Index through June 2, 2013, and the FTSE Global AllCap ex US Index thereafter; for emerging-market stocks, the MSCI ACWI ex USA IMI Index through June 2, 2013, and the FTSE Global All Cap ex US Index thereafter; for U.S. bonds, the Bloomberg Barclays U.S. Aggregate Float Adjusted Index; forinternational bonds, the Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index beginning June 3, 2013; and for U.S. stocks, the MSCI US Broad Market Index through June 2, 2013, and the CRSP US Total Market Index thereafter.International stock benchmark returns are adjusted for withholding taxes.* Since fund's inception, January 19, 2012.The performance data shown represent past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so investors’ shares, when sold, may be worth more or less than theiroriginal cost. Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Performance figures include the reinvestment of all dividends and any capital gains distributions. All returns are net of expenses.The performance of an index is not an exact representation of any particular investment, as you cannot invest directly in an index.FOR FINANCIAL ADVISORS AND INSTITUTIONS ONLY. NOT FOR PUBLIC DISTRIBUTION.
Vanguard Target Retirement 2055 Fund (VFFVX)Investment approachKey facts Simple fund of funds structureseeks to build appropriate assetallocation from preselectedstock and bond portfolios.Expense ratio as of 16 bps01/27/2017DesignationTarget-Date 2051 The allocation between fundsand asset classes automaticallybecomes more conservativeover time.Inception date08/18/2010Investor Sharesinception date08/18/2010 The fund handles investmentselection, asset allocation, andrebalancing through retirement.100% of assets invested inindex funds.Risk and volatilityR2BetaPrimary benchmark1.000.97Broad-based benchmark0.920.85PerformanceAs reported in the most recent prospectus.Total net assets as 5,600of 09/30/2017 ( M)Net fund assets for 5,600VFFVX as of09/30/2017 ( M)Benchmarked toTarget 2055 ard Equity IndexGroupR-squared and beta are calculated from trailing 36-monthfund returns relative to the associated benchmark.Broad-based benchmark: MSCI US Broad Market Index.20%10%0%AnnualizedQuarter-end 29%17.01%8.38%11.16%11.50%SplMixed-AssetTarget2055 Fds Avg4.65%15.24%16.62%7.80%10.13%10.03%* Since fund's inception, August 18, 2010.Portfolio allocations to underlying funds (%)54.2% Vanguard Total Stock Market Index Fund InvestorShares35.9Vanguard Total International Stock Index FundInvestor Shares7.0Vanguard Total Bond Market II Index FundInvestor Shares2.9Vanguard Total International Bond Index FundInvestor SharesThe performance data shown represent past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so investors’ shares, when sold, may be worth more or less than their original cost.Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Performance figures include the reinvestment of all dividends and any capital gains distributions. All returns are net of expenses.The performance of an index is not an exact representation of any particular investment, as you cannot invest directly in an index.Target 2055 Composite Index: Derived by applying the fund’s target asset allocation to the results of the following benchmarks: for international stocks of developed markets, the MSCI EAFE Index through December 15, 2010, the MSCI ACWI ex USA IMIIndex through June 2, 2013, and the FTSE Global All Cap ex US Index thereafter; for emerging-market stocks, the MSCI Emerging Markets Index through December 15, 2010, the MSCI ACWI ex USA IMI Index through June 2, 2013, and the FTSE Global AllCap ex US Index thereafter; for U.S. bonds, the Bloomberg Barclays U.S. Aggregate Float Adjusted Index; for international bonds, the Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index beginning June 3, 2013; and for U.S.stocks, the MSCI US Broad Market Index through June 2, 2013, and the CRSP US Total Market Index thereafter. International stock benchmark returns are adjusted for withholding taxes.All data as of September 30, 2017, unless otherwise noted.FOR FINANCIAL ADVISORS AND INSTITUTIONS ONLY. NOT FOR PUBLIC DISTRIBUTION.
Vanguard Target Retirement 2055 Fund (VFFVX)Total returns: Investor SharesCalendar-year Mixed-AssetTarget 2055 FdsAvgTarget 2055 Composite Index: Derived by applying the fund’s target asset allocation to the results of the following benchmarks: for international stocks of developed markets, the MSCI EAFE Index through December 15, 2010, the MSCI ACWI ex USA IMIIndex through June 2, 2013, and the FTSE Global All Cap ex US Index thereafter; for emerging-market stocks, the MSCI Emerging Markets Index through December 15, 2010, the MSCI ACWI ex USA IMI Index through June 2, 2013, and the FTSE Global AllCap ex US Index thereafter; for U.S. bonds, the Bloomberg Barclays U.S. Aggregate Float Adjusted Index; for international bonds, the Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index beginning June 3, 2013; and for U.S.stocks, the MSCI US Broad Market Index through June 2, 2013, and the CRSP US Total Market Index thereafter. International stock benchmark returns are adjusted for withholding taxes.* Since fund's inception, August 18, 2010.The performance data shown represent past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so investors’ shares, when sold, may be worth more or less than theiroriginal cost. Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Performance figures include the reinvestment of all dividends and any capital gains distributions. All returns are net of expenses.The performance of an index is not an exact representation of any particular investment, as you cannot invest directly in an index.FOR FINANCIAL ADVISORS AND INSTITUTIONS ONLY. NOT FOR PUBLIC DISTRIBUTION.
Vanguard Target Retirement 2050 Fund (VFIFX)Investment approachKey facts Simple fund of funds structureseeks to build appropriate assetallocation from preselectedstock and bond portfolios.Expense ratio as of 16 bps01/27/2017DesignationTarget-Date 2046-2050The allocation between fundsand asset classes automaticallybecomes more conservativeover time.Inception date06/07/2006 The fund handles investmentselection, asset allocation, andrebalancing through retirement.100% of assets invested inindex funds.Risk and volatilityR2BetaPrimary benchmark1.000.97Broad-based benchmark0.920.85PerformanceAs reported in the most recent prospectus.Investor Sharesinception date20%10%0%AnnualizedQuarter-end Year-to-date06/07/2006Total net assets as 13,407of 09/30/2017 ( M)Net fund assets for 13,407VFIFX as of09/30/2017 ( %5.92%Mixed-AssetTarget 2050Funds Avg4.55%14.65%15.80%7.52%9.78%4.51%Benchmarked toTarget 2050 CompositeIndexCUSIP92202E86254.2% Vanguard Total Stock Market Index Fund InvestorSharesInvestmentmanagerVanguard Equity IndexGroup35.9R-squared and beta are calculated from trailing 36-monthfund returns relative to the associated benchmark.Broad-based benchmark: MSCI US Broad Market Index.Portfolio allocations to underlying funds (%)Vanguard Total International Stock Index FundInvestor Shares7.0Vanguard Total Bond Market II Index FundInvestor Shares2.9Vanguard Total International Bond Index FundInvestor SharesThe performance data shown represent past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so investors’ shares, when sold, may be worth more or less than their original cost.Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Performance figures include the reinvestment of all dividends and any capital gains distributions. All returns are net of expenses.The performance of an index is not an exact representation of any particular investment, as you cannot invest directly in an index.Target 2050 Composite Index: Derived by applying the fund’s target asset allocation to the results of the following benchmarks: for international stocks of developed markets, the MSCI EAFE Index through December 15, 2010, the MSCI ACWI ex USA IMIIndex through June 2, 2013, and the FTSE Global All Cap ex US Index thereafter; for emerging-market stocks, the Select Emerging Markets Index through August 23, 2006, the MSCI Emerging Markets Index through December 15, 2010, the MSCI ACWI exUSA IMI Index through June 2, 2013, and the FTSE Global All Cap ex US Index thereafter; for U.S. bonds, the Bloomberg Barclays U.S. Aggregate Bond Index through December 31, 2009, and the Bloomberg Barclays U.S. Aggregate Float Adjusted Indexthereafter; for international bonds, the Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index beginning June 3, 2013; and for U.S. stocks, the MSCI US Broad Market Index through June 2, 2013, and the CRSP US Total Market Indexthereafter. International stock benchmark returns are adjusted for withholding taxes.All data as of September 30, 2017, unless otherwise noted.FOR FINANCIAL ADVISORS AND INSTITUTIONS ONLY. NOT FOR PUBLIC DISTRIBUTION.
Vanguard Target Retirement 2050 Fund (VFIFX)Total returns: Investor SharesCalendar-year 3-2.1115.5824.797.61-1.259.13Mixed-AssetTarget 2050Funds 6Target 2050 Composite Index: Derived by applying the fund’s target asset allocation to the results of the following benchmarks: for international stocks of developed markets, the MSCI EAFE Index through December 15, 2010, the MSCI ACWI ex USA IMIIndex through June 2, 2013, and the FTSE Global All Cap ex US Index thereafter; for emerging-market stocks, the Select Emerging Markets Index through August 23, 2006, the MSCI Emerging Markets Index through December 15, 2010, the MSCI ACWI exUSA IMI Index through June 2, 2013, and the FTSE Global All Cap ex US Index thereafter; for U.S. bonds, the Bloomberg Barclays U.S. Aggregate Bond Index through December 31, 2009, and the Bloomberg Barclays U.S. Aggregate Float Adjusted Indexthereafter; for international bonds, the Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index beginning June 3, 2013; and for U.S. stocks, the MSCI US Broad Market Index through June 2, 2013, and the CRSP US Total Market Indexthereafter. International stock benchmark returns are adjusted for withholding taxes.The performance data shown represent past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so investors’ shares, when sold, may be worth more or less than theiroriginal cost. Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Performance figures include the reinvestment of all dividends and any capital gains distributions. All returns are net of expenses.The performance of an index is not an exact representation of any particular investment, as you cannot invest directly in an index.FOR FINANCIAL ADVISORS AND INSTITUTIONS ONLY. NOT FOR PUBLIC DISTRIBUTION.
Vanguard Target Retirement 2045 Fund (VTIVX)Investment approachKey facts Simple fund of funds structureseeks to build appropriate assetallocation from preselectedstock and bond portfolios.Expense ratio as of 16 bps01/27/2017DesignationTarget-Date 2041-2045The allocation between fundsand asset classes automaticallybecomes more conservativeover time.Inception date10/27/2003 The fund handles investmentselection, asset allocation, andrebalancing through retirement.100% of assets invested inindex funds.Risk and volatilityR2BetaPrimary benchmark1.000.98Broad-based benchmark0.920.85PerformanceAs reported in the most recent prospectus.Investor Sharesinception date20%10%0%AnnualizedQuarter-end Year-to-date10/27/2003Total net assets as 20,413of 09/30/2017 ( M)Net fund assets for 20,413VTIVX as of09/30/2017 ( %5.92%Mixed-AssetTarget 2045Funds Avg4.52%14.83%16.08%7.52%9.86%4.62%Benchmarked toTarget 2045 CompositeIndexCUSIP92202E60754.1% Vanguard Total Stock Market Index Fund InvestorSharesInvestmentmanagerVanguard Equity IndexGroup35.9R-squared and beta are calculated from trailing 36-monthfund returns relative to the associated benchmark.Broad-based benchmark: MSCI US Broad Market Index.Portfolio allocations to underlying funds (%)Vanguard Total International Stock Index FundInvestor Shares7.0Vanguard Total Bond Market II Index FundInvestor Shares3.0Vanguard Total International Bond Index FundInvestor SharesThe performance data shown represent past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so investors’ shares, when sold, may be worth more or less than their original cost.Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Performance figures include the reinvestment of all dividends and any capital gains distributions. All returns are net of expenses.The performance of an index is not an exact representation of any particular investment, as you cannot invest directly in an index.Target 2045 Composite Index: Derived by applying the fund’s target asset allocation to the results of the following benchmarks: for international stocks of developed markets, the MSCI EAFE Index through December 15, 2010, the MSCI ACWI ex USA IMIIndex through June 2, 2013, and the FTSE Global All Cap ex US Index thereafter; for emerging-market stocks, the Select Emerging Markets Index through August 23, 2006, the MSCI Emerging Markets Index through December 15, 2010, the MSCI ACWI exUSA IMI Index through June 2, 2013, and the FTSE Global All Cap ex US Index thereafter; for U.S. bonds, the Bloomberg Barclays U.S. Aggregate Bond Index through December 31, 2009, and the Bloomberg Barclays U.S. Aggregate Float Adjusted Indexthereafter; for international bonds, the Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index beginning June 3, 2013; and for U.S. stocks, the Dow Jones U.S. Total Stock Market Index (formerly known as the Dow Jones Wilshire5000 Index) through April 22, 2005, the MSCI US Broad Market Index through June 2, 2013, and the CRSP US Total Market Index thereafter. International stock benchmark returns are adjusted for withholding taxes.All data as of September 30, 2017, unless otherwise noted.FOR FINANCIAL ADVISORS AND INSTITUTIONS ONLY. NOT FOR PUBLIC DISTRIBUTION.
Vanguard Target Retirement 2045 Fund (VTIVX)Total returns: Investor SharesCalendar-year 3-2.1115.5824.797.61-1.259.13Mixed-AssetTarget 2045Funds 7Target 2045 Composite Index: Derived by applying the fund’s target asset allocation to the results of the following benchmarks: for international stocks of developed markets, the MSCI EAFE Index through December 15, 2010, the MSCI ACWI ex USA IMIIndex through June 2, 2013, and the FTSE Global All Cap ex US Index thereafter; for emerging-market stocks, the Select Emerging Markets Index through August 23, 2006, the MSCI Emerging Markets Index through December 15, 2010, the MSCI ACWI exUSA IMI Index through June 2, 2013, and the FTSE Global All Cap ex US Index thereafter; for U.S. bonds, the Bloomberg Barclays U.S. Aggregate Bond Index through December 31, 2009, and the Bloomberg Barclays U.S. Aggregate Float Adjusted Indexthereafter; for international bonds, the Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index beginning June 3, 2013; and for U.S. stocks, the Dow Jones U.S. Total Stock Market Index (formerly known as the Dow Jones Wilshire5000 Index) through April 22, 2005, the MSCI US Broad Market Index through June 2, 2013, and the CRSP US Total Market Index thereafter. International stock benchmark returns are adjusted for withholding taxes.The performance data shown represent past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so investors’ shares, when sold, may be worth more or less than theiroriginal cost. Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Performance figures include the reinvestment of all dividends and any capital gains distributions. All returns are net of expenses.The performance of an index is not an exact representation of any particular investment, as you cannot invest directly in an index.FOR FINANCIAL ADVISORS AND INSTITUTIONS ONLY. NOT FOR PUBLIC DISTRIBUTION.
Vanguard Target Retirement 2040 Fund (VFORX)Investment approachKey facts Simple fund of funds structureseeks to build appropriate assetallocation from preselectedstock and bond portfolios.Expense ratio as of 16 bps01/27/2017DesignationTarget-Date 2036-2040The allocation between fundsand asset classes automaticallybecomes more conservativeover time.Inception date06/07/2006 The fund handles investmentselection, asset allocation, andrebalancing through retirement.100% of assets invested inindex funds.Risk and volatilityR2BetaPrimary benchmark1.000.98Broad-based benchmark0.920.84PerformanceAs reported in the most recent prospectus.Investor Sharesinception date20%10%0%AnnualizedQuarter-end Year-to-date06/07/2006Total net assets as 22,324of 09/30/2017 ( M)Net fund assets for 22,324VFORX as of09/30/2017 ( %5.87%Mixed-AssetTarget 2040Funds Avg4.30%13.92%14.90%7.13%9.20%4.27%Benchmarked toTarget 2040 CompositeIndexCUSIP92202E87052.0% Vanguard Total Stock Market Index Fund InvestorSharesInvestmentmanagerVanguard Equity IndexGroup34.5R-squared and beta are calculated from trailing 36-monthfund returns relative t
Vanguard Target Retirement 2040 Fund 2038 and 2042 Vanguard Target Retirement 2035 Fund 2033 and 2037 . 7.0 Vanguard Total Bond Market II Index Fund Investor Shares 2.9 Vanguard Total International Bond Index Fund Invest
Providing an annual plan audit by a CPA. Swarthmore College. . Horizons TIAA Real Estate TIAA‐CREF . Vanguard Target Retirement 2025 Vanguard Target Retirement 2030 Vanguard Target Retirement 2035 Vanguard Target Retirement 2040 Vanguard Target Retirement 2045 Vanguard Target Retirement 2050
1973 – 1977 Vanguard Target Retirement 2040 Trust II 1978 – 1982 Vanguard Target Retirement 2045 Trust II 1983 – 1987 Vanguard Target Retirement 2050 Trust II 1988 – 1992 Vanguard Target Retirement 2055 Trust II 1993 – 1997 Vanguard Target Retirement 2060 Trust II On or after 1998 Vanguard Targ
1973 – 1977 Vanguard Target Retirement 2040 Trust II 0.08% 1978 – 1982 Vanguard Target Retirement 2045 Trust II 0.08% 1983 – 1987 Vanguard Target Retirement 2050 Trust II 0.08% 1988 – 1992 Vanguard Target Retirement 2055 Trust II 0.08% 1993 – 1997 Vanguard Target Ret
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Vanguard Target Retirement 2050 Trust Plus : 01/01/1988 – 12/31/1992 Vanguard Target Retirement 2055 Trust Plus 01/01/1993 – 12/31/1997 . Vanguard Target Retirement 2060 Trust Plus : 01/01/1998 and later Vanguard Target Retirement 2065 Trust Plus
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Vanguard Target Retirement 2050 Target Date 107,445,530 6.6% 0.055% 3,751 . Vanguard Target Retire 2050 Trust Plus Vanguard Target Retire 2055 Trust Plus Vanguard Target Retire 2060 Trust Plus Aggressive Vanguard Target Retire 2065 Trust Plus
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