Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Vanguard LifeStrategy Cnsrv Gr Inv  VSCGX Release date as of 2025-06-30. 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 2025-06-30 Out of 237 Global Moderately Conservative Allocation Funds Morningstar® Style Box™ What is this? As of 2025-05-31 As of 2025-05-31 Total Fund Assets ($ Mil) 10,270.6 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks current income and low to moderate capital appreciation. The fund invests in a mix of Vanguard mutual funds according to an asset-allocation strategy that reflects an allocation of approximately 60% of the fund’s assets to fixed-income securities and 40% 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: Global Moderately Conservative 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 moderately conservative strategies prioritize the preservation of capital over appreciation. They typically expect volatility similar to a strategic equity exposure between 30% and 50%. Funds in this global category are generally expected to have no more than 75% of their assets in US securities

Performance Growth of $10,000 (from 2015-01-01 to 2025-06-30) Investment: Vanguard LifeStrategy Cnsrv Gr Inv Benchmark 1: Morningstar Mod Tgt Risk TR USD Benchmark 2: Morningstar Mod Con Tgt Risk TR USD Category: Global Moderately Conservative 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 6.49 10.51 8.47 5.11 5.38 6.56 Morningstar Mod Tgt Risk TR USD 8.66 12.92 10.53 7.64 6.82 --- Morningstar Mod Con Tgt Risk TR USD 7.01 10.68 8.13 5.13 5.36 --- Category 6.02 9.41 7.69 5.41 4.66 6.04 Morningstar Rating --- --- --- # of compared Global Moderately Conservative Allocation funds covered (3 yrs : out of 237 funds) (5 yrs : out of 228 funds) (10 yrs : out of 170 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 0.12% Prospectus Net Expense Ratio 0.12% 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 24.3 Non-U.S. Stocks 16.3 Bonds 55.3 Cash 4.0 Other 0.1 Total 100.0 Data through 2025-05-31 Morningstar Equity Sectors % of Stocks Cyclical 34.93 Basic Materials 3.82 Consumer Cyclical 10.60 Financial Services 17.71 Real Estate 2.80 Sensitive 47.15 Communication Services 7.79 Energy 3.65 Industrials 11.84 Technology 23.87 Defensive 17.92 Consumer Defensive 5.94 Healthcare 9.29 Utilities 2.69 Data through 2025-05-31 Morningstar Fixed-Income Sectors % Fund Government 45.89 Corporate 17.13 Securitized 12.55 Municipal 0.25 Cash & Equivalents 5.48 Derivative 18.70 Data through 2025-05-31 Credit Analysis % Bonds AAA 57.22 AA 10.70 A 16.58 BBB 14.54 BB 0.00 B 0.00 Below B 0.00 Not Rated 0.96 Data through 2025-05-31 Holding Status Total Number of Stock Holdings 0 Total Number of Bond Holdings 0 % of Net Assets in Top 10 Holdings 99.35 Turnover % (as of 2024-10-31) 5.00 30 Day SEC Yield % 3.12 Top Holdings Sector Country Maturity Date Market Value ($000) % of Net Assets Vanguard Total Bond Market II Idx Inv --- USA --- 4,144,975 40.36 Vanguard Total Stock Mkt Idx Inv --- USA --- 2,512,408 24.47 Vanguard Total Intl Bd II Idx Investor --- USA --- 1,821,066 17.73 Vanguard Total Intl Stock Index Inv --- USA --- 1,723,948 16.79 Data through 2025-05-31

Principal Risks    Hedging Strategies, Credit and Counterparty, Prepayment (Call), Currency, Loss of Money, Not FDIC Insured, Country or Region, Income, Interest Rate, 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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