Fact sheet | June 30, 2021 Vanguard® Vanguard Managed Allocation Fund

Balanced fund ( and bonds)

Fund facts Risk level Total net Expense ratio Ticker Inception Fund Low High assets as of 04/29/21 symbol date number 1 2 3 4 5 $1,374 MM 0.28% * VPGDX 05/02/08 1498

Investment objective Benchmark Vanguard Managed Allocation Fund seeks to Managed Allocation Composite deliver a targeted inflation-adjusted return through -term capital appreciation and Growth of a $10,000 investment : January 31, 2011—D ecember 31, 2020 moderate income. $19,067 Fund as of 12/31/20 The fund invests in Vanguard mutual funds and $20,239 other investments according to an asset Benchmark allocation strategy designed to provide as of 12/31/20 shareholders with capital appreciation and 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 income. The advisor uses quantitative analysis and professional judgment in an attempt to combine complementary asset classes and Annual returns investments across the risk/reward spectrum. The exact proportion of each asset class or investment may be changed to reflect shifts in the advisor’s risk and return expectations. The fund may invest in Vanguard Total Market , Vanguard Total International Annual returns 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Stock Index Fund, and Vanguard Global Minimum Fund to capture the Fund 0.69 11.02 15.97 5.83 -0.72 7.55 13.29 -5.67 15.64 6.89 investment returns of U.S. and foreign equity Benchmark -0.90 10.68 12.28 6.58 -2.04 7.80 15.06 -5.50 19.51 13.89 markets and in Vanguard Real Estate Index Fund to capture the returns of stocks issued by equity real estate investment trusts. In addition, the Total returns fund may invest in Vanguard Total Market Periods ended June 30, 2021 II Index Fund, Vanguard Intermediate-Term Total returns Quarter Year to date One year Three years Five years Ten years Investment-Grade Fund, and Vanguard Total International Bond Index Fund to capture the Fund 5.43% 9.83% 26.51% 8.86% 8.37% 7.26% investment returns of U.S. and foreign fixed Benchmark 5.52% 8.15% 25.85% 11.58% 10.65% 7.87% income markets and in Vanguard Inflation-Protected Securities Fund and Vanguard The performance data shown represent past performance, which is not a guarantee of future -Term Inflation-Protected Securities Index results. Investment returns and principal value will fluctuate, so investors’ shares, when sold, Fund to capture the investment returns of may be worth more or less than their original cost. Current performance may be lower or higher inflation-indexed securities issued by the U.S. than the performance data cited. For performance data current to the most recent month-end, government, its agencies and instrumentalities, visit our website at vanguard.com/performance . and corporations. Figures for periods of less than one year are cumulative returns. All other figures represent average annual returns. Performance figures include the reinvestment of all and any capital gains The fund may also invest in selected other distributions. All returns are net of expenses. investments that employ strategies that have historically generated capital appreciation over the long term while exhibiting low correlation with the returns of the U.S. stock and bond markets, including Vanguard Fund, Vanguard Alternative Strategies Fund, and Vanguard Commodity Strategy Fund.

* The acquired fund fees and expenses based on the fees and expenses of the underlying funds. Managed Allocation Composite Index: On May 21, 2020, Vanguard Managed Payout Fund was renamed Vanguard Managed Allocation Fund, and the Managed Payout Composite Index was renamed accordingly as the Managed Allocation Composite Index. Weighted 36% CRSP US Total Market Index, 24.5% Bloomberg U.S. Aggregate Float Adjusted Index, 24% FTSE Global All Cap ex US Index, 10.5% Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged), and 5% Bloomberg Commodity Index as of May 1, 2015. In prior periods, the composite was 42% CRSP US Total Market Index, 28% Barclays U.S. Aggregate Float Adjusted Index, 18% FTSE Global All Cap ex US Index, 7% Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged), and 5% Bloomberg Commodity Index (Dow Jones-UBS Commodity Index through June 30, 2014) through April 30, 2015; and 35% CRSP US Total Market Index (MSCI US Broad Market Index through May 31, 2013), 12% Barclays U.S. Aggregate Float Adjusted Index (Barclays U.S. Aggregate Bond Index through December 31, 2009), 15% FTSE Global All Cap ex US Index (MSCI All Country World ex USA Investable Market Index through May 31, 2013), 3% Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged), 15% Citigroup Three-Month U.S. Treasury Bill Index, 10% Dow Jones-UBS Commodity Index, and 10% REIT Spliced Index (MSCI US REIT Index adjusted to include a 2% cash position through April 30, 2009) through January 31, 2014. International stock benchmark returns are adjusted for withholding taxes. Prior to May 21, 2020, Vanguard Managed Allocation Fund was known as Vanguard Managed Payout Fund and F1498 062021 included a managed payout feature that made mandated monthly cash distributions. Fact sheet | June 30, 2021

Vanguard Managed Allocation Fund

Balanced fund (stocks and bonds)

Allocation of underlying funds†

Total Intl Stock Idx Fund 23.8% Small-Cap Value Index 5.9 Total Idx Fund 14.2 Market Neutral 5.0 Total Bond Mkt II Inx Fund 11.5 Value Index 4.9 Commodity Strategy 8.3 Total Intl Bond Idx Fund 4.0 Alternative Strategies 7.9 Appreciation Index 3.5 †Fund holdings are subject to change.

Connect with Vanguard ® > vanguard.com Plain talk about risk The fund invests its assets in Vanguard funds that represent a wide range of asset classes, each with specific risk and return characteristics. These risks include U.S. stock risks (including stock market risk and REIT stock risk), foreign stock risks (including currency risk, currency hedging risk, country/regional risk, and emerging markets risk), bond risks (including interest rate risk, income risk, credit risk, call risk, country/regional risk, currency hedging risk, and event risk), inflation-linked investment risk, commodity-linked investment risks, market neutral investment risk, investing risk, and derivatives risk. The risks of each asset class have the potential to hurt—sometimes significantly—the fund’s performance over both the short and the long term. The fund also is subject to manager risk and risk, the chance that investment selections and/or asset allocation decisions by the advisor will cause the fund to fail to achieve its objective or to generate lower returns than were possible from different investment selections and/or asset allocation decisions. For further details on all risks, please refer to the fund’s prospectus. Note on frequent trading restrictions Frequent trading policies may apply to those funds offered as investment options within your plan. Please log on to vanguard.com for your employer plans or contact Participant Services at 800-523-1188 for additional information. For more information about Vanguard funds or to obtain a prospectus, see below for which situation is right for you. If you receive your retirement plan statement from Vanguard or log on to Vanguard’s website to view your plan, visit vanguard.com or call 800-523-1188 . If you receive your retirement plan statement from a service provider other than Vanguard or log on to a recordkeeper’s website that is not Vanguard to view your plan, please call 855-402-2646 . Visit vanguard.com to obtain a prospectus or, if available, a summary prospectus . Investment objectives, risks, charges, expenses, and other important information about a fund are contained in the prospectus; read and consider it carefully before investing . Financial advisor clients: For more information about Vanguard funds, contact your financial advisor to obtain a prospectus.

Investment Products: Not FDIC Insured • No Bank Guarantee • May Lose Value

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