Vanguard LifeStrategy 20/80 Fund Investor Shares

The LifeStrategy Funds are a series of broadly diversified, low-cost funds with an all-index, fixed allocation approach that may provide a complete portfolio in a single fund. The four funds, each with a different allocation, target various risk-based objectives. The Income Fund is the most conservative and seeks to provide current income and some capital appreciation. The fund holds 80% of its assets in bonds, a portion of which is allocated to international bonds and 20% in stocks, a portion of which is allocated to international stocks. Investors with a short- to medium-term time horizon who can accept modest movement in share price may wish to consider this fund.