Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Vanguard LifeStrategy Mod Gr Inv Shrs  VSMGX Release date as of 2024-03-31. Data on page is subject to change. Snapshot Total Returns Ratings & Risk Portfolio Nuts & Bolts

Morningstar Report Overall Morningstar Rating™ What is this? As of 2024-03-31 Out of 686 Moderate Allocation Funds Morningstar® Style Box™ What is this? As of 2024-03-31 As of 2024-02-29 Total Fund Assets ($ Mil) 21,001.04 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks capital appreciation and a low to moderate level of current income. The fund invests in a mix of Vanguard mutual funds according to an asset-allocation strategy that reflects an allocation of approximately 40% of the fund’s assets to fixed-income securities and 60% to common stocks. The fund’s indirect fixed-income holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar.

Morningstar Category: Moderate Allocation Funds in allocation categories seek to provide both income and capital appreciation by primarily investing in multiple asset classes, including stocks, bonds, and cash. These moderate strategies seek to balance preservation of capital with appreciation. They typically expect volatility similar to a strategic equity exposure between 50% and 70%.

Performance Growth of $10,000 (from 2014-01-01 to 2024-03-31) Investment: Vanguard LifeStrategy Mod Gr Inv Shrs Benchmark 1: Morningstar Mod Tgt Risk TR USD Benchmark 2: Morningstar Mod Tgt Risk TR USD Category: Moderate Allocation This graph presents historical performance for the investment as well as an index and/or peer group. If the investment, index and/or peer group have performed similarly, the line representing the fund will overlay the index and/or peer group. Therefore, the line(s) representing the index and/or peer group history may be hidden. Total Annualized Returns % YTD 1 Year 3 Year 5 Year 10 Year Since Inception Investment 4.37 14.24 3.02 6.83 6.36 7.41 Morningstar Mod Tgt Risk TR USD 3.91 12.77 2.64 6.42 5.91 --- Morningstar Mod Tgt Risk TR USD 3.91 12.77 2.64 6.42 5.91 --- Category 5.32 15.19 4.05 7.45 6.46 6.79 Morningstar Rating --- --- --- # of compared Moderate Allocation funds covered (3 yrs : out of 686 funds) (5 yrs : out of 646 funds) (10 yrs : out of 487 funds) Ratings reflect risk-adjusted performance and are derived from a weighted average of the performance figures associated with its three, five and ten-year (if applicable) time periods. Investment results shown represent historical performance and do not guarantee future results. Investment returns and principal values fluctuate with changes in interest rates and other market conditions so the value, when redeemed may be worth more or less than original costs. Current performance may be lower or higher than the performance data shown. Fees and Expenses Total Annual Operating Expense 0.13% Prospectus Net Expense Ratio 0.13% Maximum Sales Charge --- The total annual operating expense shown is before management fee waivers or expense caps. For more information on waivers/reimbursements, please see the prospectus. The total annual operating expense is also referred to as the prospectus gross expense ratio. Waiver Data Type Date % --- --- --- ---

Portfolio Profile Asset Allocation % of Net Assets U.S. Stocks 35.8 Non-U.S. Stocks 23.5 Bonds 38.6 Cash 2.0 Other 0.1 Total 100.0 Data through 2024-03-31 Morningstar Equity Sectors % of Stocks Cyclical 33.98 Basic Materials 4.36 Consumer Cyclical 11.11 Financial Services 15.59 Real Estate 2.92 Sensitive 46.28 Communication Services 6.99 Energy 4.44 Industrials 11.70 Technology 23.15 Defensive 19.74 Consumer Defensive 6.16 Healthcare 11.16 Utilities 2.42 Data through 2024-03-31 Morningstar Fixed-Income Sectors % Fund Government 47.21 Corporate 18.14 Securitized 13.54 Municipal 0.34 Cash & Equivalents 4.15 Derivative 16.62 Data through 2024-03-31 Credit Analysis % Bonds AAA 57.69 AA 10.02 A 16.77 BBB 14.69 BB 0.00 B 0.00 Below B 0.48 Not Rated 0.35 Data through 2024-02-29 Holding Status Total Number of Stock Holdings 0 Total Number of Bond Holdings 0 % of Net Assets in Top 10 Holdings 99.24 Turnover % (as of 2023-10-31) 5.00 30 Day SEC Yield % 2.66 Top Holdings Sector Country Maturity Date Market Value ($000) % of Net Assets Vanguard Total Stock Mkt Idx Inv --- USA --- 7,533,241 35.86 Vanguard Total Bond Market II Idx Inv --- USA --- 5,767,030 27.45 Vanguard Total Intl Stock Index Inv --- USA --- 5,080,403 24.18 Vanguard Total Intl Bd II Idx Investor --- USA --- 2,468,556 11.75 Data through 2024-03-31

Principal Risks    Hedging Strategies, Currency, Loss of Money, Not FDIC Insured, Country or Region, Market/Market Volatility, Equity Securities, Underlying Fund/Fund of Funds, Fixed-Income Securities, Management Show Risk Definitions

Other Information Inception Date: 1994-09-30 Portfolio Manager(s) Michael R. Roach   (2023-02-17) Michael R. Roach, CFA, Portfolio Manager. He has been with the Vanguard Group, Inc. since 1998; has worked in investment management since 2001. Education: B.S., Bloomsburg University; M.S., Drexel University. Walter Nejman   (2022-02-25) Walter Nejman, Portfolio Manager at Vanguard. He has been with Vanguard since 2005; has worked in investment management since 2008; and has co-managed the Communication Services Index, Health Care Index, Industrials Index, and Information Technology Index Funds since 2015. Education: B.A., Arcadia University; M.B.A., Villanova University. Aurélie Denis   (2023-02-17) Aurélie Denis, CFA, Portfolio Manager at Vanguard. She has been with Vanguard since 2016, has worked in investment management since 2017, has managed investment portfolios since 2023, and has co-managed the Fund since February 2023. Education: B.S., Pennsylvania State University. Roger Aliaga-Diaz   (2023-02-17) Roger A. Aliaga-Díaz, Ph.D., is a senior economist with the Investment Strategy Group at Vanguard. Mr. Aliaga-Díaz's areas of expertise are monetary policy and global financial markets. He has published studies on investment and macroeconomic issues and most recently presented his research to the board of governors of the Federal Reserve System, the American Enterprise Institute for Public Policy Research, and the American Economic Association. Before joining Vanguard in 2007, Mr. Aliaga-Díaz was a visiting professor of macroeconomics at Drexel University's LeBow College of Business. He earned his Ph.D. in economics from North Carolina State University and his B.A. in economics from Universidad Nacional de Córdoba, Argentina Investment Advisor(s) Vanguard Group Inc Issuer Vanguard

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