VBCE

Vanguard Target Maturity 2031 Corporate Bond ETF (the "Fund") seeks to track the performance of a market-weighted index composed of U.S. dollar-dominated, investment-grade corporate bonds maturing in 2031. The Fund employs an indexing investment approach designed to track the performance of the ICE 2031 Maturity US Corporate Constrained Index (the "Target Index"). The Target Index has a planned liquidation on or about December 15, 2031, and includes U.S. dollar-denominated, investment-grade corporate bonds scheduled to mature between January 1, 2031 and December 15, 2031. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the components of the Target Index or in securities determined by the Fund's advisor to have economic characteristics substantially identical to those of the Target Index components. The Fund is a term fund that will liquidate on or about December 15, 2031 (the "Planned Liquidation Date").