Vanguard ETF®

strategic model
portfolios
June 30, 2020
Broadly diversified, low-cost index portfolios
from a company you know and trust
Vanguard exchange-traded fund (ETF) strategic model Take advantage of the experience of an industry leader
portfolios offer: Vanguard ETF strategic model portfolios are created and maintained by our
• Broad-market stock and investment-grade1 bond exposure, encompassing Investment Strategy Group, which is responsible for overseeing Vanguard’s
more than 21,000 global stocks and bonds. investment methodology, including portfolio construction and asset
allocation modeling.
• Diversified index investments that can help alleviate active manager risk
in portfolios through lower return variability and low turnover. The group draws from Vanguard’s more than 40 years of indexing experience
• ETFs for transparency and potential tax efficiency. to ensure that our model portfolios reflect our investment philosophy. We
believe that investors maximize their chance of success when they select
• Low costs, with weighted average expense ratios ranging from 0.05% and stick with asset allocations—or mixes of stock, bond, and money market
to 0.12%2, enabling investors to keep more of their returns. funds—that reflect their goals, tolerance for risk, and time horizons; diversify
broadly within each asset class; and limit the costs of investing.
• Vanguard’s 40+ years of experience in portfolio construction and indexing.
A firm belief in a top-down approach
Vanguard models: A great foundation Asset allocation

Sub-asset allocation
Mutual fund

Features
(active)

• Broad-market exposure
Investment selection
• Low return variability
• High potential level of
tax efficiency To help investors and their advisors address diverse needs, we offer our
(passive)

• Multiple options that span ETF strategic model portfolios in a range of stock/bond allocations. All our
ETF

Vanguard the risk-reward spectrum balanced model portfolios provide exposure to U.S. and international stocks
ETF models and global investment-grade bonds, except for our Tax-Efficient Series,
whose fixed income allocation focuses on U.S. municipal bonds.
Strategic Tactical
To ensure broad diversification in each asset class, all the ETFs underlying
our model portfolios track broad-market or market-segment indexes. Each
index is capitalization-weighted, meaning that its components reflect the
makeup of the market or market segment it tracks. Employing an index
approach also helps to keep costs low relative to the average actively
1 A bond whose credit quality is considered to be among the highest by independent bond-rating agencies.
managed investment strategy.
2 As of June 30, 2020.
Core Series
Our most straightforward portfolios include broadly diversified domestic and international equity and fixed income
Vanguard ETFs®. In addition, each portfolio features low costs and the potential for few capital gains.
Asset allocation (%)1 Equity / Fixed income
Strategic asset allocation by product
As of June 30, 2020
Expense
Vanguard ETF Ticker ratio2 0/100 10/90 20/80 30/70 40/60 50/50 60/40 70/30 80/20 90/10 100/0
Domestic equity
Total Stock Market VTI 0.03% 0.0% 5.9% 11.8% 17.6% 23.5% 29.4% 35.3% 41.2% 47.0% 52.9% 58.8%
International equity
Total International Stock VXUS 0.08% 0.0% 3.9% 7.8% 11.8% 15.7% 19.6% 23.5% 27.4% 31.4% 35.3% 39.2%
Domestic fixed income
Total Bond Market BND 0.035% 68.6% 61.7% 54.9% 48.0% 41.2% 34.3% 27.4% 20.6% 13.7% 6.9% 0.0%
International fixed income
Total International Bond BNDX 0.08% 29.4% 26.5% 23.5% 20.6% 17.6% 14.7% 11.8% 8.8% 5.9% 2.9% 0.0%
Money market fund 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Weighted average expense ratio 0.05% 0.05% 0.05% 0.05% 0.05% 0.05% 0.05% 0.05% 0.05% 0.05% 0.05%

Model portfolio performance

Quarter 2.65% 4.32% 6.01% 7.71% 9.44% 11.17% 12.93% 14.70% 16.48% 18.28% 20.10%
Year-to-date 5.05 4.06 3.05 1.99 0.92 –0.19 –1.32 –2.48 –3.67 –4.88 –6.12
1 year 7.36 7.05 6.70 6.30 5.86 5.37 4.83 4.26 3.62 2.95 2.24
3 year (annualized) 5.18 5.43 5.66 5.84 6.01 6.15 6.26 6.34 6.38 6.40 6.39
5 year (annualized) 4.29 4.65 4.99 5.30 5.60 5.88 6.13 6.36 6.56 6.74 6.90
10 year (annualized) — — — — — — — — — — —
Since inception (annualized) 3.45 4.57 4.92 5.21 6.33 5.78 7.69 6.28 8.98 6.69 10.22
Inception date 1/1/2012 1/1/2014 1/1/2012 1/1/2014 1/1/2012 1/1/2014 1/1/2012 1/1/2014 1/1/2012 1/1/2014 1/1/2012

1 Across asset groups, portfolio weights reflect a combination of market characteristics, Vanguard portfolio construction philosophy, and the availability of the ETFs in the Vanguard lineup. Within each asset group, the allocations reflect the market
capitalizations of the ETFs’ benchmarks. Because of rounding, weights may not add up to 100%. Note that some of the investable universe may be lost when moving from a broad ETF to a group of narrower ETFs.
2 As reported in each ETF’s most recent prospectus as of June 30, 2020. The current expense ratio may be higher or lower than the figure shown.
Source: Vanguard calculations using data from FactSet.
The performance data shown represent past performance, which is not a guarantee of future results, and reflects the performance of the underlying products that comprise our strategies and our investment allocation methodology. Investment
returns and principal value will fluctuate, so an investor’s ETF shares, when sold, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data cited. Performance of the model ETF
components are based on net asset value (NAV) return and assumes a semiannual rebalance from January 2010 through December 2012, a quarterly rebalance from January 2013 through December 2013, and a monthly rebalance thereafter.
Performance figures assume the reinvestment of dividends and capital gains distributions; the figures are pre-tax and net of expenses of the underlying funds. All figures are for periods ended June 30, 2020, except where noted. Performance
figures for periods of less than one year are cumulative returns.
CRSP Series
The CRSP series of Vanguard ETF strategic model portfolios offers highly diversified, balanced investment options, distinguished by their
tracking of broad-market domestic stock indexes from the University of Chicago’s Center for Research in Security Prices (CRSP).
Asset allocation (%)1 Equity / Fixed income
Strategic asset allocation by product
As of June 30, 2020
Expense
Vanguard ETF Ticker ratio2 0/100 10/90 20/80 30/70 40/60 50/50 60/40 70/30 80/20 90/10 100/0
Domestic equity
Growth VUG 0.04% 0.0% 2.9% 5.8% 8.8% 11.7% 14.6% 17.5% 20.4% 23.3% 26.3% 29.2%
Value VTV 0.04 0.0 2.3 4.6 6.8 9.1 11.4 13.7 16.0 18.3 20.5 22.8
Small-Cap VB 0.05 0.0 0.7 1.4 2.0 2.7 3.4 4.1 4.8 5.4 6.1 6.8
International equity
FTSE Developed Markets VEA 0.05% 0.0% 2.9% 5.9% 8.8% 11.8% 14.7% 17.7% 20.6% 23.5% 26.5% 29.4%
FTSE Emerging Markets VWO 0.10 0.0 1.0 1.9 3.0 3.9 4.9 5.8 6.8 7.9 8.8 9.8
Domestic fixed income
Short-Term Bond BSV 0.05% 24.9% 22.4% 19.9% 17.4% 14.9% 12.4% 10.0% 7.5% 5.0% 2.5% 0.0%
Inter-Term Bond BIV 0.05 13.6 12.3 10.9 9.5 8.3 6.8 5.4 4.1 2.7 1.4 0.0
Long-Term Bond BLV 0.05 14.7 13.2 11.8 10.3 8.8 7.4 5.9 4.4 2.9 1.5 0.0
Mortgage-Backed Sec VMBS 0.05 15.4 13.8 12.3 10.08 9.2 7.7 6.1 4.6 3.1 1.5 0.0
International fixed income
Total International Bond BNDX 0.08% 29.4% 26.5% 23.5% 20.6% 17.6% 14.7% 11.8% 8.8% 5.9% 2.9% 0.0%
Money market fund 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Weighted average expense ratio 0.06% 0.06% 0.06% 0.06% 0.05% 0.05% 0.05% 0.05% 0.05% 0.05% 0.05%

Model portfolio performance

Quarter 2.62% 4.29% 5.97% 7.67% 9.39% 11.11% 12.86% 14.62% 16.39% 18.19% 19.99%
Year-to-date 5.06 4.08 3.08 2.05 0.98 -0.13 -1.26 -2.41 -3.59 -4.78 -6.02
1 year 7.40 7.09 6.76 6.38 5.94 5.46 4.92 4.35 3.73 3.09 2.36
3 year (annualized) 5.18 5.44 5.67 5.87 6.04 6.19 6.30 6.39 6.43 6.47 6.46
5 year (annualized) 4.29 4.66 5.00 5.32 5.62 5.90 6.16 6.39 6.59 6.79 6.95
10 year (annualized) 3.79 — 5.30 — 6.76 — 8.13 — 9.43 — 10.66
Since inception (annualized) 4.09 4.58 5.30 5.24 6.45 5.81 7.50 8.37 8.47 6.73 9.36
Inception date 1/1/2010 1/1/2014 1/1/2010 1/1/2014 1/1/2010 1/1/2014 1/1/2010 1/1/2012 1/1/2010 1/1/2014 1/1/2010

1 Across asset groups, portfolio weights reflect a combination of market characteristics, Vanguard portfolio construction philosophy, and the availability of the ETFs in the Vanguard lineup. Within each asset group, the allocations reflect the market
capitalizations of the ETFs’ benchmarks. Because of rounding, weights may not add up to 100%. Note that some of the investable universe may be lost when moving from a broad ETF to a group of narrower ETFs.
2 As reported in each ETF’s most recent prospectus as of June 30, 2020. The current expense ratio may be higher or lower than the figure shown.
Source: Vanguard calculations using data from FactSet.
The performance data shown represent past performance, which is not a guarantee of future results, and reflects the performance of the underlying products that comprise our strategies and our investment allocation methodology.
Investment returns and principal value will fluctuate, so an investor’s ETF shares, when sold, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data cited. Performance
of the model ETF components are based on net asset value (NAV) return and assumes a semiannual rebalance from January 2010 through December 2012, a quarterly rebalance from January 2013 through December 2013, and a monthly
rebalance thereafter. Performance figures assume the reinvestment of dividends and capital gains distributions; the figures are pre-tax and net of expenses of the underlying funds. All figures are for periods ended June 30, 2020, except
where noted. Performance figures for periods of less than one year are cumulative returns.
S&P Series
The S&P series of Vanguard ETF strategic model portfolios offers highly diversified, balanced investment options, distinguished by their tracking
of broad-market domestic stock indexes from Standard & Poor’s (S&P).
Asset allocation (%)1 Equity / Fixed income
Strategic asset allocation by product
As of June 30, 2020
Expense
Vanguard ETF Ticker ratio2 0/100 10/90 20/80 30/70 40/60 50/50 60/40 70/30 80/20 90/10 100/0
Domestic equity
S&P 500 VOO 0.03% 0.0% 4.9% 9.9% 14.8% 19.8% 24.7% 29.7% 34.6% 39.6% 44.5% 49.5%
Extended Market VXF 0.06 0.0 1.0 1.9 2.8 3.7 4.7 5.6 6.6 7.4 8.4 9.3
International equity
FTSE Developed Markets VEA 0.05% 0.0% 2.9% 5.9% 8.8% 11.8% 14.7% 17.7% 20.6% 23.5% 26.5% 29.4%
FTSE Emerging Markets VWO 0.10 0.0 1.0 1.9 3.0 3.9 4.9 5.8 6.8 7.9 8.8 9.8
Domestic fixed income
Short-Term Bond BSV 0.05% 24.9% 22.4% 19.9% 17.4% 14.9% 12.4% 10.0% 7.5% 5.0% 2.5% 0.0%
Inter-Term Bond BIV 0.05 13.6 12.3 10.9 9.5 8.3 6.8 5.4 4.1 2.7 1.4 0.0
Long-Term Bond BLV 0.05 14.7 13.2 11.8 10.3 8.8 7.4 5.9 4.4 2.9 1.5 0.0
Mortgage-Backed Sec VMBS 0.05 15.4 13.8 12.3 10.8 9.2 7.7 6.1 4.6 3.1 1.5 0.0
International fixed income
Total International Bond BNDX 0.08% 29.4% 26.5% 23.5% 20.6% 17.6% 14.7% 11.8% 8.8% 5.9% 2.9% 0.0%
Money market fund 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Weighted average expense ratio 0.06% 0.06% 0.06% 0.05% 0.05% 0.05% 0.05% 0.05% 0.05% 0.05% 0.04%

Model portfolio performance

Quarter 2.62% 4.30% 5.98% 7.68% 9.41% 11.14% 12.90% 14.67% 16.44% 18.25% 20.06%
Year-to-date 5.06 4.07 3.06 2.00 0.92 –0.19 –1.32 –2.49 –3.68 –4.89 –6.14
1 year 7.40 7.08 6.74 6.34 5.89 5.41 4.87 4.29 3.64 2.99 2.26
3 year (annualized) 5.18 5.42 5.65 5.84 6.00 6.14 6.24 6.32 6.35 6.38 6.36
5 year (annualized) 4.29 4.65 4.99 5.30 5.60 5.87 6.12 6.35 6.54 6.73 6.88
10 year (annualized) — — — — — — — — — — —
Since inception (annualized) 3.45 4.58 4.92 5.22 6.34 5.79 7.70 6.28 9.01 6.68 10.25
Inception date 1/1/2012 1/1/2014 1/1/2012 1/1/2014 1/1/2012 1/1/2014 1/1/2012 1/1/2014 1/1/2012 1/1/2014 1/1/2012

1 Across asset groups, portfolio weights reflect a combination of market characteristics, Vanguard portfolio construction philosophy, and the availability of the ETFs in the Vanguard lineup. Within each asset group, the allocations reflect the market
capitalizations of the ETFs’ benchmarks. Because of rounding, weights may not add up to 100%. Note that some of the investable universe may be lost when moving from a broad ETF to a group of narrower ETFs.
2 As reported in each ETF’s most recent prospectus as of June 30, 2020. The current expense ratio may be higher or lower than the figure shown.
Source: Vanguard calculations using data from FactSet.
The performance data shown represent past performance, which is not a guarantee of future results, and reflects the performance of the underlying products that comprise our strategies and our investment allocation methodology.
Investment returns and principal value will fluctuate, so an investor’s ETF shares, when sold, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data cited. Performance
of the model ETF components are based on net asset value (NAV) return and assumes a semiannual rebalance from January 2010 through December 2012, a quarterly rebalance from January 2013 through December 2013, and a monthly
rebalance thereafter. Performance figures assume the reinvestment of dividends and capital gains distributions; the figures are pre-tax and net of expenses of the underlying funds. All figures are for periods ended June 30, 2020, except
where noted. Performance figures for periods of less than one year are cumulative returns.
Russell Series
The Russell series of Vanguard ETF strategic model portfolios offers highly diversified, balanced investment options, distinguished by their
tracking of broad-market domestic stock indexes from Russell Investments.
Asset allocation (%)1 Equity / Fixed income
Strategic asset allocation by product
As of June 30, 2020
Expense
Vanguard ETF Ticker ratio2 0/100 10/90 20/80 30/70 40/60 50/50 60/40 70/30 80/20 90/10 100/0
Domestic equity
Russell 1000 Growth VONG 0.08% 0.0% 2.8% 5.6% 8.5% 11.3% 14.1% 16.9% 19.7% 22.5% 25.4% 28.2%
Russell 1000 Value VONV 0.08 0.0 2.7 5.4 8.2 10.9 13.6 16.3 19.1 21.8 24.5 27.2
Russell 2000 VTWO 0.10 0.0 0.4 0.8 0.9 1.3 1.7 2.1 2.4 2.7 3.0 3.4
International equity
FTSE Developed Markets VEA 0.05% 0.0% 2.9% 5.9% 8.8% 11.8% 14.7% 17.7% 20.6% 23.5% 26.5% 29.4%
FTSE Emerging Markets VWO 0.10 0.0 1.0 1.9 3.0 3.9 4.9 5.8 6.8 7.9 8.8 9.8
Domestic fixed income
Short-Term Bond BSV 0.05% 24.9% 22.4% 19.9% 17.4% 14.9% 12.4% 10.0% 7.5% 5.0% 2.5% 0.0%
Inter-Term Bond BIV 0.05 13.6 12.3 10.9 9.5 8.3 6.8 5.4 4.1 2.7 1.4 0.0
Long-Term Bond BLV 0.05 14.7 13.2 11.8 10.3 8.8 7.4 5.9 4.4 2.9 1.5 0.0
Mortgage-Backed Sec VMBS 0.05 15.4 13.8 12.3 10.8 9.2 7.7 6.1 4.6 3.1 1.5 0.0
International fixed income
Total International Bond BNDX 0.08% 29.4% 26.5% 23.5% 20.6% 17.6% 14.7% 11.8% 8.8% 5.9% 2.9% 0.0%
Money market fund 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Weighted average expense ratio 0.06% 0.06% 0.06% 0.06% 0.06% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07%

Model portfolio performance

Quarter 2.62% 4.29% 5.98% 7.67% 9.39% 11.12% 12.87% 14.63% 16.40% 18.20% 20.01%
Year-to-date 5.06 4.06 3.06 2.00 0.93 –0.20 –1.32 –2.49 –3.69 –4.89 –6.14
1 year 7.40 7.08 6.75 6.35 5.91 5.42 4.89 4.31 3.66 3.02 2.29
3 year (annualized) 5.18 5.42 5.65 5.83 6.01 6.14 6.25 6.32 6.35 6.38 6.36
5 year (annualized) 4.29 4.65 4.99 5.29 5.59 5.85 6.10 6.32 6.51 6.70 6.85
10 year (annualized) — — — — — — — — — — —
Since inception (annualized) 3.45 4.57 4.91 5.21 6.32 5.77 7.67 6.25 8.97 6.66 10.20
Inception date 1/1/2012 1/1/2014 1/1/2012 1/1/2014 1/1/2012 1/1/2014 1/1/2012 1/1/2014 1/1/2012 1/1/2014 1/1/2012

1 Across asset groups, portfolio weights reflect a combination of market characteristics, Vanguard portfolio construction philosophy, and the availability of the ETFs in the Vanguard lineup. Within each asset group, the allocations reflect the market
capitalizations of the ETFs’ benchmarks. Because of rounding, weights may not add up to 100%. Note that some of the investable universe may be lost when moving from a broad ETF to a group of narrower ETFs.
2 As reported in each ETF’s most recent prospectus as of June 30, 2020. The current expense ratio may be higher or lower than the figure shown.
Source: Vanguard calculations using data from FactSet.
The performance data shown represent past performance, which is not a guarantee of future results, and reflects the performance of the underlying products that comprise our strategies and our investment allocation methodology.
Investment returns and principal value will fluctuate, so an investor’s ETF shares, when sold, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data cited. Performance
of the model ETF components are based on net asset value (NAV) return and assumes a semiannual rebalance from January 2010 through December 2012, a quarterly rebalance from January 2013 through December 2013, and a monthly
rebalance thereafter. Performance figures assume the reinvestment of dividends and capital gains distributions; the figures are pre-tax and net of expenses of the underlying funds. All figures are for periods ended June 30, 2020, except
where noted. Performance figures for periods of less than one year are cumulative returns.
Income Series
The Income series of Vanguard ETF strategic model portfolios offers highly diversified, balanced investment options, distinguished by their broad
market core portfolio and strategic tilt designed to generate risk controlled income.
Asset allocation (%)1 Equity / Fixed income
Strategic asset allocation by product
As of June 30, 2020
Expense
Vanguard ETF Ticker ratio2 0/100 10/90 20/80 30/70 40/60 50/50 60/40 70/30 80/20 90/10 100/0
Domestic equity
Total Stock Market VTI 0.03% 0.0% 1.5% 3.0% 4.4% 5.9% 7.3% 8.8% 10.3% 11.7% 13.2% 14.7%
High Dividend Yield VYM 0.06% 0.0 4.4 8.8 13.2 17.6 22.1 26.5 30.9 35.3 39.7 44.1
International equity
Total International Stock VXUS 0.08% 0.0% 1.0% 1.9% 3.0% 3.9% 4.9% 5.9% 6.8% 7.9% 8.8% 9.8%
International High Dividend Yield VYMI 0.27% 0.0 2.9 5.9 8.8 11.8 14.7 17.6 20.6 23.5 26.5 29.4
Domestic fixed income
Total Bond Market BND 0.035% 17.1% 15.4% 13.7% 12.0% 10.3% 8.6% 6.8% 5.2% 3.4% 1.8% 0.0%
Total Corporate Bond VTC 0.05% 51.5 46.3 41.2 36.0 30.9 25.7 20.6 15.4 10.3 5.1 0.0
International fixed income
Total International Bond BNDX 0.08% 29.4% 26.5% 23.5% 20.6% 17.6% 14.7% 11.8% 8.8% 5.9% 2.9% 0.0%
Money market fund 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Weighted average expense ratio 0.06% 0.06% 0.07% 0.07% 0.08% 0.09% 0.09% 0.10% 0.11% 0.11% 0.12%

Model portfolio performance

Quarter 5.53% 6.42% 7.33% 8.23% 9.14% 10.04% 10.96% 11.88% 12.80% 13.72% 14.66%
Year-to-date 4.38 2.61 0.83 –0.94 –2.72 –4.49 –6.25 –8.01 –9.77 –11.52 –13.27
1 year 7.64 6.34 5.02 3.67 2.31 0.92 –0.47 –1.89 –3.32 –4.77 –6.23
3 year (annualized) — — — — — — — — — — —
5 year (annualized) — — — — — — — — — — —
10 year (annualized) — — — — — — — — — — —
Since inception (annualized) 6.01 5.42 4.80 4.14 3.48 2.79 2.08 1.35 0.59 –0.18 –0.98
Inception date 1/1/2018 1/1/2018 1/1/2018 1/1/2018 1/1/2018 1/1/2018 1/1/2018 1/1/2018 1/1/2018 1/1/2018 1/1/2018

1 Across asset groups, portfolio weights reflect a combination of market characteristics, Vanguard portfolio construction philosophy, and the availability of the ETFs in the Vanguard lineup. Within each asset group, the allocations reflect the market
capitalizations of the ETFs’ benchmarks. Because of rounding, weights may not add up to 100%. Note that some of the investable universe may be lost when moving from a broad ETF to a group of narrower ETFs.
2 As reported in each ETF’s most recent prospectus as of June 30, 2020. The current expense ratio may be higher or lower than the figure shown.
Source: Vanguard calculations using data from FactSet.
The performance data shown represent past performance, which is not a guarantee of future results, and reflects the performance of the underlying products that comprise our strategies and our investment allocation methodology.
Investment returns and principal value will fluctuate, so an investor’s ETF shares, when sold, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data cited. Performance
of the model ETF components are based on net asset value (NAV) return and assumes a monthly rebalance. Performance figures assume the reinvestment of dividends and capital gains distributions; the figures are pre-tax and net of
expenses of the underlying funds. All figures are for periods ended June 30, 2020, except where noted. Performance figures for periods of less than one year are cumulative returns.
Tax-Efficient Series
The Tax-efficient series of Vanguard ETF strategic model portfolios offers highly diversified, balanced investment options, distinguished by an
index-centric framework that leverages municipal bonds to help increase tax-efficiency.
Asset allocation (%)1 Equity / Fixed income
Strategic asset allocation by product
As of June 30, 2020
Expense
Vanguard ETF Ticker ratio2 10/90 20/80 30/70 40/60 50/50 60/40 70/30 80/20 90/10
Domestic equity
Growth VUG 0.04% 2.9% 5.8% 8.8% 11.7% 14.6% 17.5% 20.4% 23.3% 26.3%
Value VTV 0.04 2.3 4.6 6.8 9.1 11.4 13.7 16.0 18.3 20.5
Small-Cap VB 0.05 0.7 1.4 2.0 2.7 3.4 4.1 4.8 5.4 6.1
International equity
FTSE Developed Markets VEA 0.05% 2.9% 5.9% 8.8% 11.8% 14.7% 17.7% 20.6% 23.5% 26.5%
FTSE Emerging Markets VWO 0.10 1.0 1.9 3.0 3.9 4.9 5.8 6.8 7.9 8.8
Domestic fixed income
Tax-Exempt Bond VTEB 0.06% 88.2% 78.4% 68.6% 58.8% 49.0% 39.2% 29.4% 19.6% 9.8%
Money market fund 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Weighted average expense ratio 0.06% 0.06% 0.06% 0.05% 0.05% 0.05% 0.05% 0.05% 0.05%

Model portfolio performance 10/90 20/80 30/70 40/60 50/50 60/40 70/30 80/20 90/10
Quarter Pre-tax 4.12% 5.84% 7.56% 9.31% 11.06% 12.83% 14.60% 16.39% 18.19%
After-tax 4.11 5.81 7.53 9.26 11.00 12.75 14.51 16.28 18.07
Year-to-date Pre-tax 1.36 0.66 –0.06 –0.82 –1.62 –2.44 –3.29 –4.17 –5.07
After-tax 1.33 0.62 –0.12 –0.91 –1.72 –2.57 –3.44 –4.34 –5.26
1 year Pre-tax 4.26 4.22 4.15 4.02 3.85 3.63 3.39 3.09 2.76
After-tax 4.20 4.11 3.98 3.80 3.57 3.30 3.00 2.65 2.26
3 year (annualized) Pre-tax 4.38 4.72 5.03 5.32 5.58 5.81 6.01 6.19 6.34
After-tax 4.32 4.60 4.86 5.09 5.29 5.46 5.61 5.73 5.82
5 year (annualized) Pre-tax — — — — — — — — —
After-tax — — — — — — — — —
10 year (annualized) Pre-tax — — — — — — — — —
After-tax — — — — — — — — —
Since inception Pre-tax 4.05 4.65 5.24 5.81 6.35 6.88 7.39 7.87 8.35
After-tax 3.99 4.54 5.06 5.57 6.06 6.53 6.98 7.40 7.81
Inception date 1/1/2016 1/1/2016 1/1/2016 1/1/2016 1/1/2016 1/1/2016 1/1/2016 1/1/2016 1/1/2016
1 Across asset groups, portfolio weights reflect a combination of market characteristics, Vanguard portfolio construction philosophy, and the availability of the ETFs in the Vanguard lineup. Within each asset group, the allocations reflect the market
capitalizations of the ETFs’ benchmarks. Because of rounding, weights may not add up to 100%. Note that some of the investable universe may be lost when moving from a broad ETF to a group of narrower ETFs.
2 As reported in each ETF’s most recent prospectus as of June 30, 2020. The current expense ratio may be higher or lower than the figure shown.
Source: Vanguard calculations using data from FactSet.
The performance data shown represent past performance, which is not a guarantee of future results, and reflects the performance of the underlying products that comprise our strategies and our investment allocation methodology.
Investment returns and principal value will fluctuate, so an investor’s ETF shares, when sold, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data cited. Performance
of the model ETF components are based on net asset value (NAV) return and assumes a monthly rebalance. Performance figures assume the reinvestment of dividends and capital gains distributions and are net of expenses of the underlying
funds. All figures are for periods ended June 30, 2020, except where noted. Performance figures for periods of less than one year are cumulative returns. Please see inside back cover for important information about after-tax returns.
Underlying funds

Underlying fund performance

Annualized
As of June 30, 2020
Expense Since Inception
Vanguard ETF Ticker ratio1 Quarter Year-to-date 1 year 3 year 5 year 10 year inception date
Total Stock Market VTI 0.03% NAV 22.09% –3.41% 6.44% 10.04% 10.02% 13.73% 7.21% 5/24/2001
Market price 22.06 –3.39 6.47 10.03 10.02 13.74 7.21
Growth VUG 0.04% NAV 29.04 11.30 24.77 18.05 14.93 16.78 10.11 1/26/2004
Market price 29.07 11.34 24.83 18.05 14.93 16.78 10.11
Value VTV 0.04% NAV 12.74 –15.48 –7.48 3.88 6.44 11.22 7.08 1/26/2004
Market price 12.82 –15.42 –7.40 3.88 6.45 11.23 7.08
S&P 500 VOO 0.03% NAV 20.54 –3.12 7.45 10.69 10.69 — 13.52 9/7/2010
Market price 20.55 –3.10 7.51 10.69 10.68 — 13.52
Small-Cap VB 0.05% NAV 26.66 –11.44 –5.62 3.99 5.40 11.59 8.18 1/26/2004
Market price 26.86 –11.42 –5.55 4.00 5.40 11.60 8.18
High Dividend Yield VYM 0.06% NAV 12.54 –14.42 –6.58 3.59 6.56 11.81 6.65 11/10/2006
Market price 12.65 –14.36 –6.52 3.60 6.56 11.81 6.65
Extended Market VXF 0.06% NAV 31.14 –5.58 1.16 6.42 6.76 12.36 8.99 12/27/2001
Market price 31.29 –5.57 1.24 6.44 6.76 12.36 8.99
Russell 1000 Growth VONG 0.08% NAV 27.81 9.74 23.16 18.88 15.77 — 16.14 9/20/2010
Market price 27.92 9.78 23.27 18.89 15.76 — 16.15
Russell 1000 Value VONV 0.08% NAV 14.28 –16.31 –8.90 1.76 4.53 — 9.37 9/20/2010
Market price 14.36 –16.24 –8.80 1.76 4.52 — 9.37
Russell 2000 VTWO 0.10% NAV 25.44 –12.94 –6.55 2.07 4.33 — 9.66 9/20/2010
Market price 25.84 –12.90 –6.39 2.09 4.32 — 9.66
Total International Stock VXUS 0.08% NAV 18.12 –10.58 –4.05 1.12 2.44 — 2.83 1/26/2011
Market price 17.34 –10.95 –4.34 0.96 2.37 — 2.8
FTSE Developed Markets VEA 0.05% NAV 17.45 –10.75 –4.26 0.90 2.48 6.10 1.11 7/20/2007
Market price 16.96 –11.05 –4.46 0.77 2.46 6.13 1.07

1 As reported in each ETF’s most recent prospectus as of June 30, 2020. The current expense ratio may be higher or lower than the figure shown.
The performance data shown represent past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so investors’ ETF shares, when sold, may be worth more or less than their
original cost. Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.
Note: The model portfolio performance data referenced in each of the series on the previous pages are calculated by obtaining the weighted monthly returns of the strategy component holdings for each period and is based upon the historical asset
allocations at the beginning of each month during the periods shown, which may differ from the current allocation. The holdings comprising the strategies and the allocations to those holdings have changed over time and may change in the future.
The historical model performance has not been adjusted to reflect current allocations. Model performance does not reflect any transaction costs that an investor may incur in implementing the models.
Underlying funds (continued)

Underlying fund performance

Annualized
As of June 30, 2020
Expense Since Inception
Vanguard ETF Ticker ratio1 Quarter Year-to-date 1 year 3 year 5 year 10 year inception date
FTSE Emerging Markets VWO 0.10% NAV 19.90% –9.53% –2.89% 2.14% 2.18% 3.15% 5.64% 3/4/2005
Market price 18.65 –10.37 –3.75 1.82 2.10 3.13 5.58
International High VYMI 0.27% NAV 13.95 –18.25 –13.20 –2.67 — — 4.29 2/25/2016
Dividend Yield 14.14 –18.48 –13.43 –2.82 — — 4.28
Market price
FTSE AW ex-US Small-Cap2 VSS 0.11% NAV 24.10 –12.74 –5.29 –0.81 1.83 5.50 8.58 4/2/2009
Market price 23.42 –13.09 –5.84 –1.05 1.72 5.52 8.53
Total Bond Market BND 0.035% NAV 2.93 6.35 8.96 5.35 4.33 3.77 4.51 4/3/2007
Market price 3.34 6.42 9.12 5.40 4.38 3.78 4.53
Total Corporate Bond VTC 0.05% NAV 8.57 4.95 9.42 — — — 6.39 11/7/2017
Market price 8.43 5.05 9.57 — — — 6.45
Short-Term Bond BSV 0.05% NAV 1.78 3.99 5.41 3.44 2.57 2.13 3.00 4/3/2007
Market price 1.64 4.04 5.48 3.46 2.58 2.12 3.01
Inter-Term Bond BIV 0.05% NAV 4.61 7.83 10.34 6.19 5.01 4.79 5.56 4/3/2007
Market price 4.87 7.97 10.57 6.22 5.06 4.78 5.57
Long-Term Bond BLV 0.05% NAV 6.34 13.06 19.10 10.28 9.00 7.79 7.91 4/3/2007
Market price 6.06 13.25 19.50 10.39 9.16 7.77 7.94
Mortgage-Back Sec VMBS 0.05% NAV 0.17 3.38 5.63 3.80 3.06 2.93 3.10 11/19/2009
Market price 0.31 3.25 5.51 3.74 3.06 2.92 3.09
Tax-Exempt Bond VTEB 0.06% NAV 2.46 2.04 4.30 4.05 — — 3.68 8/21/2015
Market price 2.90 2.03 4.33 4.10 — — 3.69
Total International Bond BNDX 0.08% NAV 2.17 2.35 4.06 4.99 4.42 — 4.20 5/31/2013
Market price 2.86 2.43 4.10 4.99 4.43 — 4.24
Money market fund3 0.14 0.52 1.56 1.72 1.15 0.60 —

1 As reported in each ETF’s most recent prospectus as of June 30, 2020. The current expense ratio may be higher or lower than the figure shown.
2 Vanguard FTSE All-World ex-US Small-Cap ETF (VSS) was removed from the CRSP, Russell, and S&P series of the model portfolios effective December 31, 2015. The performance of VSS through that date is embedded in historical model
portfolio performance.
3 The FTSE 3-Month U.S. Treasury Bill Index is used to represent performance of a money market fund. The model performance does not include performance of any specific money market fund.
The performance data shown represent past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so investors’ ETF shares, when sold, may be worth more or less than their
original cost. Current performance may be lower or higher than the performance data cited. For performance data current to the most recent month-end, visit our website at vanguard.com/performance.
Whether your objective is to generate income or
long-term growth, to achieve greater diversification,
or to limit portfolio volatility, an investment in a
Vanguard ETF strategic model portfolio can be a
good choice.

Before investing, you should understand your objectives and time horizon.
You also should understand the risks and your tolerance for those risks.
Your financial advisor can help you answer the critical questions that will lead
to a model portfolio designed to meet your needs. Talk to your advisor today
and put your investment program on a solid foundation for years to come.

Important after-tax performance information

Vanguard after-tax returns
After-tax returns are calculated using the highest individual federal income tax rates in effect at the time of each distribution. They do not reflect the impact of state and local
taxes. You also should know that:
• Your after-tax return depends on your individual tax situation and may differ from the figures presented here.
• If you own fund or exchange-traded fund (ETF) shares in a tax-deferred account such as an IRA or 401(k) plan, this information does not apply to your investment because
these accounts are not subject to current taxes.
• After-tax returns for Vanguard funds and ETFs reflect the reduced tax rates on ordinary income, qualified dividend income, and short-term and long-term capital gains that
went into effect in 2003.
• After-tax returns for non-Vanguard funds and ETFs are provided by Morningstar, Inc., based on data provided by the fund companies. Recent changes in tax law may cause
after-tax returns to be calculated inconsistently across different fund families. Accordingly, after-tax returns for peer groups have been removed.
• Past performance, whether before or after taxes, does not guarantee future results.
• If a fund or ETF incurs a loss that generates a tax benefit, the post-liquidation after-tax return may exceed the fund’s or ETF’s other return figures.
• After-tax returns are quarter-end adjusted for fees and loads, if applicable.
After-tax returns for most funds and ETFs are calculated using the tax liability implied by each fund’s or ETF’s declared distribution. However, the exact tax characteristics
of many distributions are not known until after the close of the calendar year.
Financial advisors: Visit advisors.vanguard.com or call 800-997-2798.

For more information about Vanguard funds or trademarks of Standard & Poor’s Financial Services LLC, a division of because of rising interest rates or negative perceptions of
Vanguard ETFs, contact your financial advisor to S&P Global (“S&P”); Dow Jones® is a registered trademark of Dow an issuer’s ability to make payments.
Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks
obtain a prospectus or, if available, a summary have been licensed for use by SPDJI and sublicensed for certain Investors cannot invest directly in an index. Diversification
prospectus. Investment objectives, risks, charges, purposes by Vanguard. Vanguard S&P 500 ETF is not sponsored, does not ensure a profit or protect against a loss.
expenses, and other important information are endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective
contained in the prospectus; read and consider it affiliates, and none of such parties make any representation regarding Model portfolio performance data are calculated by obtaining the
the advisability of investing in such product(s) nor do they have any weighted monthly returns of the strategy component holdings for each
carefully before investing. period and are based on the historical asset allocations at the beginning
liability for any errors, omissions, or interruptions of the S&P 500 Index.
Vanguard ETF Shares are not redeemable with the issuing of each month during the periods shown, which may differ from the
The Russell Indexes and Russell® are registered trademarks of Russell current allocation. The holdings making up the strategies and the
Fund other than in very large aggregations worth millions Investments and have been licensed for use by The Vanguard Group, Inc. allocations to those holdings have changed over time and may change in
of dollars. Instead, investors must buy and sell Vanguard The products are not sponsored, endorsed, sold or promoted by Russell the future. The historical model performance has not been adjusted to
ETF Shares in the secondary market and hold those shares Investments and Russell Investments makes no representation regarding reflect current fund allocations. Model performance does not reflect any
the advisability of investing in the products.
in a brokerage account. In doing so, the investor may incur transaction costs that an investor may incur in implementing the models.
brokerage commissions and may pay more than net asset It is possible that the funds will not meet their objective of being All model portfolio performance results are composite returns showing
value when buying and receive less than net asset value tax-efficient. total returns that are calculated assuming reinvestment of dividends,
when selling. Although the income from municipal bonds held by a fund is exempt from income, and capital appreciation. While the managers believe this
federal tax, you may owe taxes on any capital gains realized through performance accurately reflects the past performance of their
London Stock Exchange Group companies include FTSE International investment strategy, past performance is no guarantee of future results.
the fund’s trading or through your own redemption of shares. For some
Limited ("FTSE"), Frank Russell Company ("Russell"), MTS Next Limited
investors, a portion of the fund’s income may be subject to state and Model performance results are hypothetical and may have inherent
("MTS"), and FTSE TMX Global Debt Capital Markets Inc. ("FTSE TMX").
local taxes, as well as to the federal Alternative Minimum Tax. limitations, some of which are described in this brochure. No
All rights reserved. "FTSE®", "Russell®", "MTS®", "FTSE TMX®" and
"FTSE Russell" and other service marks and trademarks related to the representation is being made that any account will or is likely to achieve
Please remember that all investments involve some risk.
FTSE or Russell indexes are trademarks of the London Stock Exchange profits or losses similar to those shown. There are numerous other
Be aware that fluctuations in the financial markets and factors related to the markets in general or to the implementation of
Group companies and are used by FTSE, MTS, FTSE TMX and Russell
under license. All information is provided for information purposes only. other factors may cause declines in the value of your any specific trading strategy which cannot be fully accounted for in the
No responsibility or liability can be accepted by the London Stock account. There is no guarantee that any particular asset preparation of model performance results and all of which can adversely
Exchange Group companies nor its licensors for any errors or for any loss allocation or mix of funds will meet your investment affect actual trading results.
from use of this publication. Neither the London Stock Exchange Group objectives or provide you with a given level of income. Vanguard does not, and will not, make any representations about the
companies nor any of its licensors make any claim, prediction, warranty
Prices of mid- and small-cap stocks often fluctuate more suitability of a model portfolio for any investor; is not, and will not be,
or representation whatsoever, expressly or impliedly, either as to the responsible for the suitability of a model portfolio for any investor; and is
results to be obtained from the use of the FTSE Indexes or the fitness than those of large-company stocks. Investments in stocks
not acting as an investment advisor to any investor.
or suitability of the Indexes for any particular purpose to which they or bonds issued by non-U.S. companies are subject to
might be put. risks including country/regional risk and currency risk.
The S&P 500 Index is a product of S&P Dow Jones Indices LLC, a These risks are especially high in emerging markets. Bond
division of S&P Global, or its affiliates (“SPDJI”), and has been licensed funds are subject to the risk that an issuer will fail to
for use by Vanguard. Standard & Poor’s®, and S&P ® are registered make payments on time, and that bond prices will decline

© 2020 The Vanguard Group, Inc. All rights reserved.

U.S. Patent Nos. 6,879,964; 7,337,138; 7,720,749;
7,925,573; 8,090,646; 8,417,623; and 8,626,636.
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