| |
Sales Charge
(Load) Imposed on Purchases |
|
Purchase
Fee |
|
Sales Charge
(Load) Imposed on Reinvested Dividends |
|
Redemption
Fee |
|
Account
Service Fee Per Year
(for certain
fund account balances below $1,000,000) |
$ |
| |
Management
Fees |
|
12b-1
Distribution Fee |
|
Other
Expenses |
|
Acquired
Fund Fees and Expenses |
|
Total
Annual Fund Operating Expenses |
|
1
Year |
3
Years |
5
Years |
10
Years |
$ |
$ |
$ |
$ |
|
Total
Return |
Quarter |
|
|
|
|
- |
|
|
1
Year |
5
Years |
10
Years |
Vanguard
LifeStrategy Income Fund Investor Shares |
|
|
|
Return Before
Taxes |
- |
|
|
Return After
Taxes on Distributions |
- |
|
|
Return After
Taxes on Distributions and Sale of Fund Shares |
- |
|
|
Income
Composite Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
Bloomberg
U.S. Aggregate Bond Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
| |
Sales Charge
(Load) Imposed on Purchases |
|
Purchase
Fee |
|
Sales Charge
(Load) Imposed on Reinvested Dividends |
|
Redemption
Fee |
|
Account
Service Fee Per Year
(for certain
fund account balances below $1,000,000) |
$ |
| |
Management
Fees |
|
12b-1
Distribution Fee |
|
Other
Expenses |
|
Acquired
Fund Fees and Expenses |
|
Total
Annual Fund Operating Expenses |
|
1
Year |
3
Years |
5
Years |
10
Years |
$ |
$ |
$ |
$ |
|
Total
Return |
Quarter |
|
|
|
|
- |
|
|
1
Year |
5
Years |
10
Years |
Vanguard
LifeStrategy Conservative Growth Fund
Investor
Shares |
|
|
|
Return Before
Taxes |
- |
|
|
Return After
Taxes on Distributions |
- |
|
|
Return After
Taxes on Distributions and Sale of Fund Shares |
- |
|
|
Conservative
Growth Composite Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
Bloomberg
U.S. Aggregate Bond Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
Dow
Jones U.S. Total Stock Market Float Adjusted Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
| |
Sales Charge
(Load) Imposed on Purchases |
|
Purchase
Fee |
|
Sales Charge
(Load) Imposed on Reinvested Dividends |
|
Redemption
Fee |
|
Account
Service Fee Per Year
(for certain
fund account balances below $1,000,000) |
$ |
| |
Management
Fees |
|
12b-1
Distribution Fee |
|
Other
Expenses |
|
Acquired
Fund Fees and Expenses |
|
Total
Annual Fund Operating Expenses |
|
1
Year |
3
Years |
5
Years |
10
Years |
$ |
$ |
$ |
$ |
|
Total
Return |
Quarter |
|
|
|
|
- |
|
|
1
Year |
5
Years |
10
Years |
Vanguard
LifeStrategy Moderate Growth Fund
Investor
Shares |
|
|
|
Return Before
Taxes |
- |
|
|
Return After
Taxes on Distributions |
- |
|
|
Return After
Taxes on Distributions and Sale of Fund Shares |
- |
|
|
Moderate
Growth Composite Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
Bloomberg
U.S. Aggregate Bond Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
Dow
Jones U.S. Total Stock Market Float Adjusted Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
| |
Sales Charge
(Load) Imposed on Purchases |
|
Purchase
Fee |
|
Sales Charge
(Load) Imposed on Reinvested Dividends |
|
Redemption
Fee |
|
Account
Service Fee Per Year
(for certain
fund account balances below $1,000,000) |
$ |
| |
Management
Fees |
|
12b-1
Distribution Fee |
|
Other
Expenses |
|
Acquired
Fund Fees and Expenses |
|
Total
Annual Fund Operating Expenses |
|
1
Year |
3
Years |
5
Years |
10
Years |
$ |
$ |
$ |
$ |
|
Total
Return |
Quarter |
|
|
|
|
- |
|
|
1
Year |
5
Years |
10
Years |
Vanguard
LifeStrategy Growth Fund Investor Shares |
|
|
|
Return Before
Taxes |
- |
|
|
Return After
Taxes on Distributions |
- |
|
|
Return After
Taxes on Distributions and Sale of Fund Shares |
- |
|
|
Growth
Composite Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
Dow
Jones U.S. Total Stock Market Float Adjusted Index
(reflects no
deduction for fees, expenses, or taxes) |
- |
|
|
Plain
Talk About Costs of Investing |
Costs
are an important consideration in choosing a mutual fund. That is
because
you, as a shareholder, pay a proportionate share of the costs of
operating
a fund and any transaction costs incurred when the fund buys or
sells
securities. These costs can erode a substantial portion of the gross
income
or the capital appreciation a fund achieves. Even seemingly small
differences
in expenses can, over time, have a dramatic effect on a
fund’s
performance. |
Vanguard
Fund |
Stocks |
Bonds |
Vanguard
LifeStrategy Income Fund |
20% |
80% |
Vanguard
LifeStrategy Conservative
Growth
Fund |
40% |
60% |
Vanguard
LifeStrategy Moderate Growth
Fund |
60% |
40% |
Vanguard
LifeStrategy Growth Fund |
80% |
20% |
Plain
Talk About International Investing |
U.S.
investors who invest in foreign securities will encounter risks not
typically
associated with U.S. companies because foreign stock and bond
markets
operate differently from the U.S. markets. For instance, foreign
companies
and governments may not be subject to the same or similar
auditing,
legal, tax, regulatory, financial reporting, accounting, and
recordkeeping
standards and practices as U.S. companies and the U.S.
government,
and their stocks and bonds may not be as liquid as those of
similar
U.S. entities. In addition, foreign stock exchanges, brokers,
companies,
bond markets, and dealers may be subject to less government
supervision
and regulation than their counterparts in the United States.
Further,
the imposition of economic or other sanctions on the United States
by a
foreign country, or on a foreign country or issuer by the United States,
could
impair a fund's ability to buy, sell, hold, receive, deliver, or otherwise
transact
in certain investment securities or obtain exposure to foreign
securities
and assets. These factors, among others, could negatively affect
the
returns U.S. investors receive from foreign investments.
|
Type
of Bond (Maturity) |
After
a 1%
Increase |
After
a 1%
Decrease |
After
a 2%
Increase |
After
a 2%
Decrease |
Short-Term
(2.5 years) |
$977 |
$1,024 |
$954 |
$1,049 |
Intermediate-Term
(10 years) |
922 |
1,086 |
851 |
1,180 |
Long-Term
(20 years) |
874 |
1,150 |
769 |
1,328 |
Plain
Talk About Bonds and Interest Rates |
As
a rule, when interest rates rise, bond prices fall. The opposite is also
true:
Bond
prices go up when interest rates fall. Why do bond prices and interest
rates
move in opposite directions? Let’s assume that you hold a bond
offering
a 4% yield. A year later, interest rates are on the rise and bonds of
comparable
quality and maturity are offered with a 5% yield. With
higher-yielding
bonds available, you would have trouble selling your 4% bond
for
the price you paid—you would probably have to lower your asking price.
On
the other hand, if interest rates were falling and 3% bonds were being
offered,
you should be able to sell your 4% bond for more than you
paid. |
How
mortgage-backed securities are different:
In general, declining interest
rates
will not lift the prices of mortgage-backed securities—such as those
guaranteed
by the Government National Mortgage Association—as much as
the
prices of comparable bonds. Why? Because when interest rates fall, the
bond
market tends to discount the prices of mortgage-backed securities for
prepayment
risk—the possibility that homeowners will refinance their
mortgages
at lower rates and cause the bonds to be paid off prior to
maturity.
In part to compensate for this prepayment possibility,
mortgage-backed
securities tend to offer higher yields than other bonds of
comparable
credit quality and maturity. In contrast, when interest rates rise,
prepayments
tend to slow down, subjecting mortgage-backed securities to
extension
risk—the possibility that homeowners will repay their mortgages
at
slower rates. This will lengthen the duration or average life of
mortgage-backed
securities held by a fund and delay the fund’s ability to
reinvest
proceeds at higher interest rates, making the fund more sensitive to
changes
in interest rates. |
Plain
Talk About Bond Maturities |
A
bond is issued with a specific maturity date—the date when the issuer
must
pay back the bond’s principal (face value). Bond maturities range from
less
than 1 year to more than 30 years. Typically, the longer a bond’s
maturity,
the
more price risk you, as a bond investor, will face as interest rates
rise—but
also the higher the potential yield you could receive. Longer-term
bonds
are generally more suitable for investors willing to take a greater risk
of
price fluctuations to get higher and more stable interest income.
Shorter-term
bond investors should be willing to accept lower yields and
greater
income variability in return for less fluctuation in the value of their
investment.
The stated maturity of a bond may differ from the effective
maturity
of a bond, which takes into consideration that an action such as a
call
or refunding may cause bonds to be repaid before their stated
maturity
dates. |
|
|
Vanguard
LifeStrategy Fund |
|
| |
Underlying
Asset Class |
Income |
Conservative
Growth |
Moderate
Growth |
Growth | |
U.S.
stocks |
12% |
24% |
36% |
48% | |
Foreign
stocks |
8% |
16% |
24% |
32% | |
U.S.
fixed income securities |
56% |
42% |
28% |
14% | |
Foreign
fixed income securities |
24% |
18% |
12% |
6% | |
Totals |
100% |
100% |
100% |
100%
|
Plain
Talk About Vanguard’s Unique Corporate Structure |
Vanguard
is owned jointly by the funds it oversees and thus indirectly by the
shareholders
in those funds. Most other mutual funds are operated by
management
companies that are owned by third parties—either public or
private
stockholders—and not by the funds they
serve. |
Plain
Talk About Buying a Dividend |
Unless
you are a tax-exempt investor or investing through a tax-advantaged
account
(such as an IRA or an employer-sponsored retirement or savings
plan),
you should consider avoiding a purchase of fund shares shortly before
the
fund makes a distribution, because doing so can cost you money in
taxes.
This is known as “buying a dividend.” For example: On December 15,
you
invest $5,000, buying 250 shares for $20 each. If the fund pays a
distribution
of $1 per share on December 16, its share price will drop to $19
(not
counting market change). You still have only $5,000 (250 shares x $19 =
$4,750
in share value, plus 250 shares x $1 = $250 in distributions), but you
owe
tax
on the $250 distribution you received—even if you reinvest it in
more
shares. To avoid buying a dividend, check a fund’s distribution schedule
before
you invest. |
|
Year Ended October
31, | ||||
For a
Share Outstanding Throughout Each Period |
2022 |
2021 |
2020 |
2019 |
2018 |
Net
Asset Value, Beginning of Period |
$17.40 |
$16.73 |
$16.24 |
$15.08 |
$15.56 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income1 |
.368 |
.261 |
.393 |
.425 |
.376 |
Capital
Gain Distributions Received1 |
.046 |
.092 |
— |
— |
.002 |
Net
Realized and Unrealized Gain (Loss) on Investments |
(3.042) |
.656 |
.501 |
1.284 |
(.470) |
Total from
Investment Operations |
(2.628) |
1.009 |
.894 |
1.709 |
(.092) |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(.365) |
(.264) |
(.401) |
(.435) |
(.368) |
Distributions
from Realized Capital Gains |
(.317) |
(.075) |
(.003) |
(.114) |
(.020) |
Total
Distributions |
(.682) |
(.339) |
(.404) |
(.549) |
(.388) |
Net
Asset Value, End of Period |
$14.09 |
$17.40 |
$16.73 |
$16.24 |
$15.08 |
Total
Return2 |
-15.59% |
6.06% |
5.60% |
11.60% |
-0.63% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$4,479 |
$6,098 |
$5,603 |
$4,714 |
$4,012 |
Ratio of
Total Expenses to Average Net Assets |
— |
— |
— |
— |
— |
Acquired
Fund Fees and Expenses |
0.11% |
0.11% |
0.11% |
0.11% |
0.11% |
Ratio of
Net Investment Income to Average Net Assets |
2.34% |
1.51% |
2.39% |
2.72% |
2.43% |
Portfolio
Turnover Rate |
26% |
7% |
17% |
6% |
9% |
|
|
1 |
Calculated
based on average shares outstanding. |
2 |
Total
returns do not include account service fees that may have applied in the
periods shown. Fund prospectuses
provide
information about any applicable account service
fees. |
|
Year Ended October
31, | ||||
For a
Share Outstanding Throughout Each Period |
2022 |
2021 |
2020 |
2019 |
2018 |
Net
Asset Value, Beginning of Period |
$23.66 |
$21.49 |
$20.79 |
$19.29 |
$19.85 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income1 |
.472 |
.360 |
.488 |
.521 |
.466 |
Capital
Gain Distributions Received1 |
.044 |
.089 |
— |
— |
.002 |
Net
Realized and Unrealized Gain (Loss) on Investments |
(4.327) |
2.435 |
.715 |
1.715 |
(.520) |
Total from
Investment Operations |
(3.811) |
2.884 |
1.203 |
2.236 |
(.052) |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(.471) |
(.362) |
(.494) |
(.531) |
(.457) |
Distributions
from Realized Capital Gains |
(.508) |
(.352) |
(.009) |
(.205) |
(.051) |
Total
Distributions |
(.979) |
(.714) |
(.503) |
(.736) |
(.508) |
Net
Asset Value, End of Period |
$18.87 |
$23.66 |
$21.49 |
$20.79 |
$19.29 |
Total
Return2 |
-16.67% |
13.57% |
5.89% |
11.94% |
-0.33% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$9,899 |
$12,746 |
$10,790 |
$10,473 |
$9,248 |
Ratio of
Total Expenses to Average Net Assets |
— |
— |
— |
— |
— |
Acquired
Fund Fees and Expenses |
0.12% |
0.12% |
0.12% |
0.12% |
0.12% |
Ratio of
Net Investment Income to Average Net Assets |
2.23% |
1.55% |
2.32% |
2.61% |
2.34% |
Portfolio
Turnover Rate |
21% |
5% |
23% |
9% |
11% |
|
|
1 |
Calculated
based on average shares outstanding. |
2 |
Total
returns do not include account service fees that may have applied in the
periods shown. Fund prospectuses
provide
information about any applicable account service
fees. |
|
Year Ended October
31, | ||||
For a
Share Outstanding Throughout Each Period |
2022 |
2021 |
2020 |
2019 |
2018 |
Net
Asset Value, Beginning of Period |
$34.35 |
$29.27 |
$28.29 |
$26.26 |
$26.90 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income1 |
.660 |
.528 |
.633 |
.673 |
.616 |
Capital
Gain Distributions Received1 |
.041 |
.082 |
— |
— |
.002 |
Net
Realized and Unrealized Gain (Loss) on Investments |
(6.612) |
5.561 |
1.012 |
2.403 |
(.622) |
Total from
Investment Operations |
(5.911) |
6.171 |
1.645 |
3.076 |
(.004) |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(.655) |
(.537) |
(.647) |
(.684) |
(.593) |
Distributions
from Realized Capital Gains |
(.654) |
(.554) |
(.018) |
(.362) |
(.043) |
Total
Distributions |
(1.309) |
(1.091) |
(.665) |
(1.046) |
(.636) |
Net
Asset Value, End of Period |
$27.13 |
$34.35 |
$29.27 |
$28.29 |
$26.26 |
Total
Return2 |
-17.80% |
21.38% |
5.89% |
12.20% |
-0.08% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$17,718 |
$22,295 |
$17,658 |
$17,282 |
$15,395 |
Ratio of
Total Expenses to Average Net Assets |
— |
— |
— |
— |
— |
Acquired
Fund Fees and Expenses |
0.13% |
0.13% |
0.13% |
0.13% |
0.13% |
Ratio of
Net Investment Income to Average Net Assets |
2.17% |
1.60% |
2.23% |
2.50% |
2.26% |
Portfolio
Turnover Rate |
15% |
5% |
21% |
9% |
12% |
|
|
1 |
Calculated
based on average shares outstanding. |
2 |
Total
returns do not include account service fees that may have applied in the
periods shown. Fund prospectuses
provide
information about any applicable account service
fees. |
|
Year Ended October
31, | ||||
For a
Share Outstanding Throughout Each Period |
2022 |
2021 |
2020 |
2019 |
2018 |
Net
Asset Value, Beginning of Period |
$45.26 |
$36.15 |
$34.92 |
$32.44 |
$33.11 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income1 |
.845 |
.705 |
.740 |
.789 |
.742 |
Capital
Gain Distributions Received1 |
.026 |
.051 |
— |
— |
.001 |
Net
Realized and Unrealized Gain (Loss) on Investments |
(9.175) |
9.813 |
1.246 |
3.029 |
(.685) |
Total from
Investment Operations |
(8.304) |
10.569 |
1.986 |
3.818 |
.058 |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(.851) |
(.709) |
(.749) |
(.798) |
(.714) |
Distributions
from Realized Capital Gains |
(.745) |
(.750) |
(.007) |
(.540) |
(.014) |
Total
Distributions |
(1.596) |
(1.459) |
(.756) |
(1.338) |
(.728) |
Net
Asset Value, End of Period |
$35.36 |
$45.26 |
$36.15 |
$34.92 |
$32.44 |
Total
Return2 |
-18.92% |
29.69% |
5.74% |
12.34% |
0.09% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$17,278 |
$21,449 |
$16,125 |
$15,906 |
$14,140 |
Ratio of
Total Expenses to Average Net Assets |
— |
— |
— |
— |
— |
Acquired
Fund Fees and Expenses |
0.14% |
0.14% |
0.14% |
0.14% |
0.14% |
Ratio of
Net Investment Income to Average Net Assets |
2.12% |
1.65% |
2.12% |
2.38% |
2.19% |
Portfolio
Turnover Rate |
8% |
4% |
13% |
6% |
10% |
|
|
1 |
Calculated
based on average shares outstanding. |
2 |
Total
returns do not include account service fees that may have applied in the
periods shown. Fund prospectuses
provide
information about any applicable account service
fees. |
Web |
|
Vanguard.com |
For
the most complete source of Vanguard news
For
fund, account, and service information
For
most account transactions
For
literature requests
24
hours a day, 7 days a week |
Phone | |
Investor
Information 800-662-7447
(Text
telephone for people with
hearing
impairment at 800-749-7273) |
For fund and
service information
For
literature requests |
Client
Services 800-662-2739
(Text
telephone for people with
hearing
impairment at 800-749-7273) |
For account
information
For most
account transactions |
Participant
Services 800-523-1188
(Text
telephone for people with
hearing
impairment at 800-749-7273) |
For
information and services for participants in
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plans |
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Division
888-809-8102 |
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investors |
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Advisor and Intermediary
Sales Support
800-997-2798 |
For
information and services for financial intermediaries
including
financial advisors, broker-dealers, trust
institutions,
and insurance companies |
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Advisory and Intermediary
Trading
Support 800-669-0498 |
For account
information and trading support for
financial
intermediaries including financial advisors,
broker-dealers,
trust institutions, and insurance
companies |
Vanguard
Fund |
Inception
Date |
Newspaper
Abbreviation |
Vanguard
Fund
Number |
CUSIP
Number |
Vanguard
LifeStrategy Income
Fund |
9/30/1994 |
LifeInc |
723 |
921909206 |
Vanguard
LifeStrategy
Conservative
Growth Fund |
9/30/1994 |
LifeCon |
724 |
921909305 |
Vanguard
LifeStrategy Moderate
Growth
Fund |
9/30/1994 |
LifeMod |
914 |
921909404 |
Vanguard
LifeStrategy Growth
Fund |
9/30/1994 |
LifeGro |
122 |
921909503 |