![]() 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 work force. Investments in Target Retirement Funds are subject to the risks of their underlying funds. ![]() Sources: Vanguard and Morningstar, Inc., as of March 31, 2023. Industry average expense ratio for comparable target-date funds: 0.48%. *Vanguard Target Retirement Funds average expense ratio: 0.08%.
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