| |
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 $5,000,000) |
$ |
| |
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 $5,000,000) |
$ |
| |
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 $5,000,000) |
$ |
| |
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 $5,000,000) |
$ |
| |
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 different levels of
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% | |
Totals1 |
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. |
For a
Share Outstanding Throughout Each Period |
Year Ended October
31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net
Asset Value, Beginning of Period |
$14.09 |
$17.40 |
$16.73 |
$16.24 |
$15.08 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income1 |
.366 |
.368 |
.261 |
.393 |
.425 |
Capital
Gain Distributions Received1 |
.0002 |
.046 |
.092 |
— |
— |
Net
Realized and Unrealized Gain (Loss) on Investments |
(.004) |
(3.042) |
.656 |
.501 |
1.284 |
Total from
Investment Operations |
.362 |
(2.628) |
1.009 |
.894 |
1.709 |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(.362) |
(.365) |
(.264) |
(.401) |
(.435) |
Distributions
from Realized Capital Gains |
— |
(.317) |
(.075) |
(.003) |
(.114) |
Total
Distributions |
(.362) |
(.682) |
(.339) |
(.404) |
(.549) |
Net
Asset Value, End of Period |
$14.09 |
$14.09 |
$17.40 |
$16.73 |
$16.24 |
Total
Return3 |
2.52% |
-15.59% |
6.06% |
5.60% |
11.60% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$4,011 |
$4,479 |
$6,098 |
$5,603 |
$4,714 |
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 |
2.50% |
2.34% |
1.51% |
2.39% |
2.72% |
Portfolio
Turnover Rate |
4% |
26% |
7% |
17% |
6% |
|
|
|
|
|
|
|
|
1 |
Calculated
based on average shares outstanding. |
2 |
Distribution
was less than $.001 per share. |
3 |
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. |
For a
Share Outstanding Throughout Each Period |
Year Ended October
31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net
Asset Value, Beginning of Period |
$18.87 |
$23.66 |
$21.49 |
$20.79 |
$19.29 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income1 |
.476 |
.472 |
.360 |
.488 |
.521 |
Capital
Gain Distributions Received1 |
.0002 |
.044 |
.089 |
— |
— |
Net
Realized and Unrealized Gain (Loss) on Investments |
.363 |
(4.327) |
2.435 |
.715 |
1.715 |
Total from
Investment Operations |
.839 |
(3.811) |
2.884 |
1.203 |
2.236 |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(.468) |
(.471) |
(.362) |
(.494) |
(.531) |
Distributions
from Realized Capital Gains |
(.141) |
(.508) |
(.352) |
(.009) |
(.205) |
Total
Distributions |
(.609) |
(.979) |
(.714) |
(.503) |
(.736) |
Net
Asset Value, End of Period |
$19.10 |
$18.87 |
$23.66 |
$21.49 |
$20.79 |
Total
Return3 |
4.43% |
-16.67% |
13.57% |
5.89% |
11.94% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$9,538 |
$9,899 |
$12,746 |
$10,790 |
$10,473 |
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 |
2.40% |
2.23% |
1.55% |
2.32% |
2.61% |
Portfolio
Turnover Rate |
4% |
21% |
5% |
23% |
9% |
|
|
|
|
|
|
|
|
1 |
Calculated
based on average shares outstanding. |
2 |
Distribution
was less than $.001 per share. |
3 |
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. |
For a
Share Outstanding Throughout Each Period |
Year Ended October
31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net
Asset Value, Beginning of Period |
$27.13 |
$34.35 |
$29.27 |
$28.29 |
$26.26 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income1 |
.668 |
.660 |
.528 |
.633 |
.673 |
Capital
Gain Distributions Received1 |
.0002 |
.041 |
.082 |
— |
— |
Net
Realized and Unrealized Gain (Loss) on Investments |
1.025 |
(6.612) |
5.561 |
1.012 |
2.403 |
Total from
Investment Operations |
1.693 |
(5.911) |
6.171 |
1.645 |
3.076 |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(.627) |
(.655) |
(.537) |
(.647) |
(.684) |
Distributions
from Realized Capital Gains |
(.156) |
(.654) |
(.554) |
(.018) |
(.362) |
Total
Distributions |
(.783) |
(1.309) |
(1.091) |
(.665) |
(1.046) |
Net
Asset Value, End of Period |
$28.04 |
$27.13 |
$34.35 |
$29.27 |
$28.29 |
Total
Return3 |
6.26% |
-17.80% |
21.38% |
5.89% |
12.20% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$18,749 |
$17,718 |
$22,295 |
$17,658 |
$17,282 |
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 |
2.31% |
2.17% |
1.60% |
2.23% |
2.50% |
Portfolio
Turnover Rate |
5% |
15% |
5% |
21% |
9% |
|
|
|
|
|
|
|
|
1 |
Calculated
based on average shares outstanding. |
2 |
Distribution
was less than $.001 per share. |
3 |
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. |
For a
Share Outstanding Throughout Each Period |
Year Ended October
31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net
Asset Value, Beginning of Period |
$35.36 |
$45.26 |
$36.15 |
$34.92 |
$32.44 |
Investment
Operations |
|
|
|
|
|
Net
Investment Income1 |
.843 |
.845 |
.705 |
.740 |
.789 |
Capital
Gain Distributions Received1 |
.0002 |
.026 |
.051 |
— |
— |
Net
Realized and Unrealized Gain (Loss) on Investments |
1.990 |
(9.175) |
9.813 |
1.246 |
3.029 |
Total from
Investment Operations |
2.833 |
(8.304) |
10.569 |
1.986 |
3.818 |
Distributions |
|
|
|
|
|
Dividends
from Net Investment Income |
(.820) |
(.851) |
(.709) |
(.749) |
(.798) |
Distributions
from Realized Capital Gains |
(.043) |
(.745) |
(.750) |
(.007) |
(.540) |
Total
Distributions |
(.863) |
(1.596) |
(1.459) |
(.756) |
(1.338) |
Net
Asset Value, End of Period |
$37.33 |
$35.36 |
$45.26 |
$36.15 |
$34.92 |
Total
Return3 |
8.03% |
-18.92% |
29.69% |
5.74% |
12.34% |
Ratios/Supplemental
Data |
|
|
|
|
|
Net
Assets, End of Period (Millions) |
$18,038 |
$17,278 |
$21,449 |
$16,125 |
$15,906 |
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 |
2.20% |
2.12% |
1.65% |
2.12% |
2.38% |
Portfolio
Turnover Rate |
3% |
8% |
4% |
13% |
6% |
|
|
|
|
|
|
|
|
1 |
Calculated
based on average shares outstanding. |
2 |
Distribution
was less than $.001 per share. |
3 |
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
employer-sponsored
plans |
Institutional
Division
888-809-8102 |
For
information and services for large institutional
investors |
Financial
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 |
Financial
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 |