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VanguardTarget Retirement 2025 Fund

Fact sheet | December 31, 2021 Vanguard Vanguard Target Retirement 2025 FundBalanced fund (stocks and bonds) fund facts Risk level Low High Total net assets Expense ratio as of 01/31/21 Ticker symbol Turnover rate Inception date fund number 12345 $40,931 MM %*VTTVX %10/27/03 0304 Investment objectiveVanguard Target Retirement 2025 fund seeks to provide capital appreciation and current income consistent with its current asset allocation. BenchmarkTarget Retirement 2025 Composite Ix Growth of a $10,000 investment : January 31, 2012 December 31, 2021 $23,962 fund as of 12/31/21 $24,625 Benchmark as of 12/31/21 Annual returns* The acquired fund fees and expenses based on the fees and expenses of the underlying funds.

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 ex USA IMI Index through June 2, 2013, and the FTSE Global All Cap ex US Index thereafter; for U.S. bonds, the

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