Vanguard® Institutional Target Retirement 2020 …

1 vanguard Institutional Target Retirement 2020 fund - InstitutionalSharesRelease 2020 Investment Objective & StrategyFrom the investment's prospectusThe investment seeks to provide capital appreciation and current income consistent with its current asset allocation. The fund invests in other vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2020 (the Target year). The fund 's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will and RiskVolatilityas of 06-30-20 LowModerateHighInvestmentCategoryRisk Measures as of 06-30-20 Port AvgRel S&P 500 Rel Cat3 Yr Std Yr RisksCurrency, Loss of Money, Not FDIC Insured, Country orRegion, Issuer, Interest Rate, Market/Market Volatility, EquitySecurities, Underlying fund / fund of Funds, Fixed-IncomeSecurities, Maturity/Duration, Management.

2 Target DateImportant InformationMorningstar Investment Profiles must be accompaniedby Morningstar Disclosure and or their affiliates may pay compensation to Voya affiliates offering a fund . Such compensation may be paid outof distribution, service and/or 12b-1 fees that are deductedfrom the fund 's assets, and/or may be paid directly by thefund's affiliates. Any fees deducted from fund assets arediscussed in the fund 's prospectus and disclosed in the fundfact sheet. Because these fees are paid on an on-going basis,over time these fees will increase the cost of your investmentand may cost you more than paying other types of salescharges. If offered through a Retirement program, additionalfees and expenses may be charged under that program.

3 NOTA DEPOSIT. NOT FDIC INSURED. NOT INSURED BY ANYFEDERAL GOVERNMENT AGENCY. NOT GUARANTEED BY THEINSTITUTION. MAY GO DOWN IN of Stocks and Bonds05040302010-10-20-30100806040200 Years Until Retirement % AllocationBondsStocksCashOtherPortfolio AnalysisComposition as of 06-30-20% Style Box as of 06-30-20(EQ) ; 03-31-20(F-I)LargeMidSmallValue Blend GrowthHighMedLowLtd Mod ExtTop 5 Holdings as of 06-30-20% AssetsVanguard Total Stock Market Idx Total Bond Market II Idx Total Intl Stock Index Total Intl Bd Idx Admiral Shrt-Term Infl-Prot Sec Idx Analysis: % Bonds as of 03-31-20 AAA61BB0AA9B0A13 Below B0 BBB18 Not Rated0 Morningstar Super Sectors as of 06-30-20% Fundh F-I Sectors as of 06-30-20% fund Cash/Cash Prosp Exp of fund assetsNet Prosp Exp of fund assetsManagement Fee(s) Inception Date06-26-15 Total fund Assets ($mil)24, Turnover Ratio % Family NameVanguardWaiver DataTypeExp.

4 Date%..Portfolio Manager(s)William Coleman, CFA. Since Nejman. Since Group 2020 Morningstar, Inc., Morningstar Investment Profiles 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2)may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising fromany use of information. Past performance is no guarantee of future performance. Visit our investment website at (07/20)CN1028811_1221