Vanguard LifeStrategy Income Fund 

Vanguard's LifeStrategy Funds comprise a suite of broadly diversified, cost-effective investment options. Each fund in this series utilizes an all-index, fixed allocation approach, aiming to provide a complete portfolio within a single holding. The collection features four distinct funds, each structured with a different asset allocation to meet various risk-based goals. The Vanguard LifeStrategy Income Fund (VASIX) is the most conservative choice in this lineup. It primarily seeks to deliver current income while also pursuing some capital growth. The fund's holdings are strategically divided, with 80% allocated to bonds (including international fixed income) and 20% to stocks (also incorporating international equities). This fund may be appropriate for investors with a short-to-intermediate time horizon who can accept limited fluctuations in its share price. Please be aware that all Lifestrategy funds are subject to the inherent risks of their underlying investments. Additionally, as of May 12, 2026, the fund's name will change from the Vanguard LifeStrategy Income Fund to the Vanguard LifeStrategy 20/80 Fund. This renaming will not alter the fund's investment objective, strategies, or policies.