Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Vanguard LifeStrategy Cnsrv Gr Inv  VSCGX Release date as of 2019-10-31. 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 2019-10-31 Out of 491 Allocation--30% to 50% Equity Funds Morningstar® Style Box™ What is this? As of 2019-09-30 As of 2019-08-31 Total Fund Assets ($ Mil) 10,472.55 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 other Vanguard mutual funds according to a fixed formula that reflects an allocation of approximately 60% of the fund's assets to bonds and 40% to common stocks. Its indirect bond 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 (but hedged by Vanguard to minimize foreign currency exposure).

Morningstar Category: Allocation--30% to 50% Equity Funds in allocation categories seek to provide both income and capital appreciation by investing in multiple asset classes, including stocks, bonds, and cash. These portfolios are dominated by domestic holdings and have equity exposures between 30% and 50%.

Performance Growth of $10,000 (from 2009-01-01 to 2019-10-31) Investment: Vanguard LifeStrategy Cnsrv Gr Inv Benchmark 1: Morningstar Mod Tgt Risk TR USD Benchmark 2: Morningstar Mod Con Tgt Risk TR USD Category: Allocation--30% to 50% Equity 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 13.13 11.94 6.94 5.36 6.70 6.89 Morningstar Mod Tgt Risk TR USD 14.99 12.45 8.55 6.02 7.81 --- Morningstar Mod Con Tgt Risk TR USD 12.53 11.66 6.80 5.06 6.28 --- Category 12.09 9.38 5.88 4.15 6.34 5.60 Morningstar Rating --- --- --- # of compared Allocation--30% to 50% Equity funds covered (3 yrs : out of 491 funds) (5 yrs : out of 399 funds) (10 yrs : out of 263 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 23.9 Non-U.S. Stocks 15.5 Bonds 59.0 Cash 1.4 Other 0.4 Data through 2019-09-30 Morningstar Equity Sectors % of Stocks Cyclical 38.24 Basic Materials 4.83 Consumer Cyclical 11.98 Financial Services 17.02 Real Estate 4.41 Sensitive 38.27 Communication Services 3.35 Energy 5.01 Industrials 11.23 Technology 18.68 Defensive 23.50 Consumer Defensive 8.42 Healthcare 11.69 Utilities 3.39 Data through 2019-09-30 Morningstar Fixed-Income Sectors % Fund Government 55.82 Corporate 23.34 Securitized 18.15 Municipal 0.46 Cash & Equivalents 2.22 Other 0.00 Data through 2019-09-30 Credit Analysis % Bonds AAA 52.93 AA 10.44 A 16.27 BBB 20.36 BB 0.00 B 0.00 Below B 0.00 Not Rated 0.00 Data through 2019-08-31 Holding Status Total Number of Stock Holdings 0 Total Number of Bond Holdings 0 % of Net Assets in Top 10 Holdings 100.00 Turnover % (as of 2018-10-31) 11.00 30 Day SEC Yield % 2.12 Top Holdings Sector Country Maturity Date Market Value ($000) % of Net Assets Vanguard Total Bond Market II Idx Inv --- USA --- 4,341,251 42.04 Vanguard Total Stock Mkt Idx Inv --- USA --- 2,488,526 24.10 Vanguard Total Intl Bd Idx Investor --- USA --- 1,851,227 17.93 Vanguard Total Intl Stock Index Inv --- USA --- 1,640,306 15.88 Cmt Market Liquidity Rate --- --- --- 5,162 0.05 Data through 2019-09-30

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) Management Team   (1994-09-30) Team Managed Investment Advisor(s) Vanguard Group Inc Issuer Vanguard

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