Vanguard Asset Allocation Fund

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Supplement to the Prospectuses and Summary Prospectuses

Vanguard updates its eligibility criteria for Admiral^™ Shares

Prospectus and Summary Prospectus Text Changes

Under Fund Summary, “Purchase and Sale of Fund Shares,” please change the account minimums to open and maintain an account to $50,000 for Admiral Shares.

Prospectus Text Changes

Under Investing With Vanguard, the following text replaces similar text:

Account Minimums for Admiral Shares

To open and maintain an account. $50,000 for new investors. If you request Admiral Shares when you open a new account, but the investment amount does not meet the account minimum for Admiral Shares, your investment will be placed in Investor Shares of the Fund. Institutional clients should contact Vanguard for information on special eligibility rules that may apply to them.

Other Purchase Rules You Should Know

Admiral Shares. Please note that Admiral Shares are not available for:

• SIMPLE IRAs and Section 403(b)(7) custodial accounts

• Other retirement plan accounts receiving special administrative services from Vanguard

Conversions From Investor Shares to Admiral Shares Self-directed conversions. If your account balance in the Fund is at least $50,000, you may ask Vanguard to convert your Investor Shares to Admiral Shares. You can request a conversion online (if you are a registered user of Vanguard.com), by telephone, or by mail. See Contacting Vanguard. Institutional clients should contact Vanguard for information on conversion rules that may apply to them.

Automatic conversions. Vanguard conducts periodic reviews of account balances and may, if your account balance in the Fund exceeds $50,000, automatically convert your Investor Shares to Admiral Shares. You will be notified before an automatic conversion occurs and will have an opportunity to instruct Vanguard not to effect the conversion. Institutional clients should contact Vanguard for information on conversion rules that may apply to them.

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