Vanguard Lifestrategy Funds Icvc: Annual Report and Financial Statements

Annual Report and Financial Statements | For the year ended 31 March 2022
Vanguard LifeStrategy® Funds ICVC
(An open-ended investment company incorporated with limited liability and

registered in England and Wales under registered number IC000904.)
Contents
Authorised Corporate Director’s Commentary

and Statement of Responsibilities 1
Report of the Depositary to the Shareholders 3
Independent Auditors’ Report 4
Vanguard LifeStrategy 20% Equity Fund 7
Vanguard Target Retirement 2015 Fund 37
Notes to the Financial Statements 103
Further Information* 123
Directory* Inside Back Cover
* The items with an asterisk, plus each Fund’s Investment Objective, Investment Strategy, Performance Summary, Performance Comparative Table, Summary of Significant Changes and Portfolio
Statement, collectively constitute the Authorised Corporate Director’s Report.
Vanguard LifeStrategy Funds ICVC Authorised
Corporate Director’s Commentary and Statement of Responsibilities
Year ended 31 March 2022
The Authorised Corporate Director (“ACD”) of Vanguard LifeStrategy Funds ICVC (the “Company”) is Vanguard Investments UK, Limited. The
ACD is the sole director of the Company. The Depositary is State Street Trustees Limited and the Independent Auditors are
PricewaterhouseCoopers LLP. The Company is an authorised open-ended investment company with variable capital under Regulation
14 (Authorisation) of the Open-Ended Investment Companies Regulations 2001 (as amended) (the “OEIC Regulations”), and the shareholders
are not liable for the debts of the Company.
The Company is an umbrella company and currently consists of 16 sub-funds (collectively "Funds"). New Funds may be formed by the ACD
subject to regulatory approval.
The Funds seek to achieve their investment objectives predominantly through investments consisting of related party (“affiliated”) collective
investment schemes; the Company’s policy for pursuing those objectives and a review of each Fund’s investment activities for the relevant
year are set out in this Annual Report and Financial Statements.
Important Events During theYear

With effect from 17 November 2021, Katie Smith resigned as a director of Vanguard Investments UK, Limited.
Events After the Balance Sheet Date

With effect from 30 April 2022, Robyn Laidlaw and Paul Jakubowski were appointed as directors and Kathleen Bock and Sean Hagerty
resigned as directors of Vanguard Investments UK, Limited.
Management has determined that no other events or transactions occurred subsequent to 31 March 2022 that would require recognition or
disclosure in these financial statements.
Potential Implications of Brexit

The United Kingdom is no longer a member state of the European Union. Despite the negotiation of the UK-EU Trade and Cooperation
Agreement in December 2020, the future economic and political relationship between the United Kingdom and the European Union (and
between the United Kingdom and other countries) remains uncertain and subject to further negotiation in many respects, and a period of
economic and political uncertainty may therefore continue in the United Kingdom and the European Union.
Political and economic uncertainty may lead to speculation and subsequent market volatility, particularly for assets denominated in British
pounds. Vanguard continues to encourage investors to follow its core investing principles, including maintaining long-term discipline.
The implications of Brexit extend beyond the UK economy and financial markets, affecting multinational organisations globally. The relevant
regulatory authorities in the United Kingdom may in the future make changes to their rules which deviate from the standards applicable in the
European Union. This could result in changes being made to the rules applicable in the European Union.
The nature and extent of the impact of these factors on the Funds is uncertain, but may be adverse. Vanguard remains committed to
safeguarding our investors' assets and their long-term interests and has devoted significant resources to developing plans to manage the
impact of Brexit.
Authorised Corporate Director's Statement of Responsibilities in Relation to the Financial Statements of the Company and Funds
The Financial Conduct Authority’s Collective Investment Schemes sourcebook (“COLL”) requires the ACD to prepare Financial Statements for
each annual and half-yearly accounting period, in accordance with United Kingdom Generally Accepted Accounting Practice, which give a true
and fair view of the financial position of the Company and Funds and of its net revenue and the net capital gains/(losses) on the property of
the Company and Funds for the year.
In preparing the Financial Statements the ACD is required to:
• prepare the Financial Statements on a going-concern basis;

• select suitable accounting policies and then apply them consistently;
• make judgements and accounting estimates that are reasonable and prudent;
• prepare Financial Statements in accordance with the Statement of Recommended Practice for Authorised Funds issued by the
Investment Management Association (now the Investment Association) in May 2014 (the “SORP 2014” as amended in 2017) and with
Financial Reporting Standard (“FRS”) 102;
• keep adequate accounting records that are sufficient to show and explain the Funds’ transactions and disclose with reasonable accuracy
at any time the financial position of the Company and Funds, and enable it to ensure that the Financial Statements comply with the
requirements above.
1
The ACD is responsible for the management of the Company in accordance with the Company’s Instrument of Incorporation, the Prospectus
and the COLL and for taking reasonable steps for the prevention and detection of fraud, error and noncompliance with law or regulations.
The ACD’s report and the Financial Statements for the year ended 31 March 2022 were signed on 25 July 2022 on behalf of the ACD by:
John Bendl, Robyn Laidlaw,

Director Director
Vanguard Investments UK, Limited Vanguard Investments UK, Limited
as Authorised Corporate Director of as Authorised Corporate Director of
Vanguard LifeStrategy Funds ICVC Vanguard LifeStrategy Funds ICVC
25 July 2022 25 July 2022
2
Vanguard LifeStrategy Funds ICVC
Report of the Depositary to the Shareholders
Year ended 31 March 2022
The Depositary must ensure that the Company is managed in accordance with the Financial Conduct Authority’s Collective Investment
Schemes Sourcebook, the Open-Ended Investment Companies Regulations 2001 (SI 2001/1228), as amended, the Financial Services and
Markets Act 2000, as amended (together “the Regulations”), and the Company’s Instrument of Incorporation and Prospectus (together “the
Scheme documents”) as detailed below.
The Depositary must in the context of its role act honestly, fairly, professionally, independently and in the interests of the Company and its
investors.
The Depositary is responsible for the safekeeping of all custodial assets and maintaining a record of all other assets of the Company in
accordance with the Regulations.
The Depositary must ensure that:
• the Company’s cash flows are properly monitored and that cash of the Company is booked in cash accounts in accordance with the
Regulations;
• the sale, issue, repurchase, redemption and cancellation of shares are carried out in accordance with the Regulations;
• the value of shares of the Company are calculated in accordance with the Regulations;
• any consideration relating to transactions in the Company’s assets is remitted to the Company within the usual time limits;
• the Company’s income is applied in accordance with the Regulations; and
• the instructions of the ACD, which is the UCITS Management Company, are carried out (unless they conflict with the Regulations).
The Depositary also has a duty to take reasonable care to ensure that the Company is managed in accordance with the Regulations and
Scheme documents in relation to the investment and borrowing powers applicable to the Company.
Having carried out such procedures as we consider necessary to discharge our responsibilities as Depositary of the Company, it is our opinion,
based on the information available to us and the explanations provided, that in all material respects the Company, acting through the ACD:
i) has carried out the issue, sale, redemption and cancellation, and calculation of the price of the Company’s shares and the application of the
Company’s income in accordance with the Regulations and the Scheme documents of the Company, and
ii) has observed the investment and borrowing powers and restrictions applicable to the Company.
State Street Trustees Limited

Edinburgh
25 July 2022
3
Independent Auditors’ Report to the Shareholders of
Vanguard LifeStrategy Funds ICVC
Report on the audit of the financial statements

Opinion
In our opinion, the financial statements of Vanguard LifeStrategy Funds ICVC (the “Company”):
• give a true and fair view of the financial position of the Company and each of the sub-funds as at 31 March 2022 and of the net revenue and
the net capital gains on the scheme property of the Company and each of the sub-funds for the year then ended; and
• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting
Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law), the
Statement of Recommended Practice for UK Authorised Funds, the Collective Investment Schemes sourcebook and the Instrument of
Incorporation.
Vanguard LifeStrategy Funds ICVC is an Open Ended Investment Company ("OEIC") with 16 sub-funds. The financial statements of the
Company comprise the financial statements of each of the sub-funds. We have audited the financial statements, included within the Annual
Report and Financial Statements (the “Annual Report”), which comprise: the Balance Sheets as at 31 March 2022; the Statements of Total
Return and the Statements of Change in Net Assets Attributable to Shareholders for the year then ended; the Distribution Tables; and the
notes to the financial statements, which include a description of the significant accounting policies.
Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities
under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We remained independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial
statements in the UK, which includes the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with
these requirements.
Conclusions relating to going concern

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or
collectively, may cast significant doubt on the Company’s or any sub-fund’s ability to continue as a going concern for a period of at least
twelve months from the date on which the financial statements are authorised for issue.
In auditing the financial statements, we have concluded that the Authorised Corporate Director’s use of the going concern basis of
accounting in the preparation of the financial statements is appropriate.
However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Company’s or any of the
sub-funds’ ability to continue as a going concern.
Our responsibilities and the responsibilities of the Authorised Corporate Director with respect to going concern are described in the relevant
sections of this report.
Reporting on other information

The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report
thereon. The Authorised Corporate Director is responsible for the other information. Our opinion on the financial statements does not cover
the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report,
any form of assurance thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether
the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to
be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures
to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. If,
based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to
report that fact. We have nothing to report based on these responsibilities.
Authorised Corporate Director’s Report

In our opinion, the information given in the Authorised Corporate Director’s Report for the financial year for which the financial statements are
prepared is consistent with the financial statements.
4
Responsibilities for the financial statements and the audit
Responsibilities of the Authorised Corporate Director for the financial statements

As explained more fully in the Statement of the Authorised Corporate Director’s Responsibilities in Relation to the Financial Statements of
the Funds, the Authorised Corporate Director is responsible for the preparation of the financial statements in accordance with the applicable
framework and for being satisfied that they give a true and fair view. The Authorised Corporate Director is also responsible for such internal
control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether
due to fraud or error.
In preparing the financial statements, the Authorised Corporate Director is responsible for assessing the Company’s and each of the sub-
funds ability to continue as a going concern, disclosing as applicable, matters related to going concern and using the going concern basis of
accounting unless the Authorised Corporate Director either intends to wind up or terminate the Company or individual sub-fund, or has no
realistic alternative but to do so.
Auditors’ responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement,
whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our
responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our
procedures are capable of detecting irregularities, including fraud, is detailed below.
Based on our understanding of the Company/industry, we identified that the principal risks of non-compliance with laws and regulations
related to breaches of the Collective Investment Schemes sourcebook, and we considered the extent to which non-compliance might have a
material effect on the financial statements, in particular those parts of the sourcebook which may directly impact on the determination of
amounts and disclosures in the financial statements. We evaluated management’s incentives and opportunities for fraudulent manipulation of
the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting
inappropriate journal entries to increase revenue or to increase the net asset value of the Company or the sub-funds.
Audit procedures performed included:
• Discussions with the Authorised Corporate Director, including consideration of known or suspected instances of non-compliance with
laws and regulation and fraud;
• Reviewing relevant meeting minutes, including those of the Authorised Corporate Director’s board of directors;
• Identifying and testing journal entries, specifically any journals posted as part of the financial year end close process; and
• Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance
with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not
detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve
deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website
at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.
Use of this report

This report, including the opinions, has been prepared for and only for the Company’s shareholders as a body in accordance with paragraph
4.5.12 of the Collective Investment Schemes sourcebook as required by paragraph 67(2) of the Open-Ended Investment Companies
Regulations 2001 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to
any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in
writing.
5
Other required reporting
Opinion on matter required by the Collective Investment Schemes sourcebook
In our opinion, we have obtained all the information and explanations we consider necessary for the purposes of the audit.
Collective Investment Schemes sourcebook exception reporting

Under the Collective Investment Schemes sourcebook we are also required to report to you if, in our opinion:
• proper accounting records have not been kept; or

• the financial statements are not in agreement with the accounting records.
We have no exceptions to report arising from this responsibility.
PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
Edinburgh
25 July 2022
6
Vanguard LifeStrategy 20% Equity Fund
Managed by Vanguard Global Advisers, LLC.
Investment Objective
The Fund’s investment objective is to hold investments that will pay out money and increase in value through exposure to a diversified portfolio composed of
approximately 20% by value of shares and 80% by value of bonds and other similar fixed income investments.
Investment Strategy
The Fund will seek to achieve its investment objective by investing more than 90% of its assets in passive funds that track an index, which are managed or
operated by the ACD or its associates.
Synthetic Risk and Reward Indicator
Lower risk Higher risk

Typically lower rewards Typically higher rewards
1 2 3 4 5 6 7
The Synthetic Risk and Reward Indicator (SRRI) measures the volatility of the Fund. The risk and reward category (which may range from 1 to 7) is calculated
using historical data and may not be a reliable indicator of the Fund’s future risk profile. The risk and reward category may shift over time and is not a target or
guarantee. The lowest category (i.e. category 1) does not mean “risk free”. The Fund appears in the lower range of the risk and reward indicator because the
values of the Fund’s investments have experienced a lower rate of change in the past.
Performance Summary
The Performance Summary does not form part of the Financial Statements.
• The investment environment grew considerably more challenging over the 12 months ended 31 March 2022. Early on, the global economy was continuing to
heal from the pandemic, bolstered by reopening economies, improving labour markets and sustained consumer demand.
• However, ongoing supply disruptions and labour shortages in some sectors and the subsequent surge in oil prices following Russia’s invasion of Ukraine
contributed to inflation readings that climbed to multidecade highs across much of the world and a more muted outlook for growth.
• To combat inflation, some central banks, including those in the United States and the United Kingdom, raised short-term interest rates. The European Central
Bank continued to reduce its bond purchases and seemed likely to raise rates later in 2022.
• Vanguard LifeStrategy 20% Equity Fund returned –1.02% for both share classes for the 12-month period, reflecting its global equity and fixed income
exposure.
• With monetary policy turning less accommodative, the Bloomberg Global Aggregate Float Adjusted and Scaled Index hedged in British pounds, a proxy for
global bonds, declined by close to 5%. US bonds, which had the largest country weighting in the index, held up a little better than the index overall, as did
Japan and China. The United Kingdom, Italy and France underperformed.
• Bonds on the bottom of the investment-grade ladder underperformed their higher-quality counterparts. By maturity, long-dated bonds dampened performance
the most.
• Global stocks slumped in the first quarter of 2022 but finished the 12 months up almost 12%, as measured by the FTSE Global All Cap Index. Energy
performed especially well as the price of oil had been recovering even before the conflict in Ukraine.
• UK stocks rose a little more, returning about 13%, as measured by the FTSE All-Share Index.
Total Returns
Total Returns
Periods Ended 31 March 2022
(Annualised for periods over one year)
One Year Five Years Ten Years
A GBP Gross Accumulation -1.02% 3.00% 4.48%
A GBP Gross Income -1.02 3.00 4.47
Returns are based on NAV with income reinvested.
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the Fund. For performance data current to the most recent month-end,
which may be higher or lower than that cited, visit our website at http://global.vanguard.com. Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s shares,
when sold, could be worth more or less than their original cost.
The Fund is not managed to a benchmark and there is not a benchmark against which the performance of the Fund can appropriately be assessed. However, investors may compare the performance
of the Fund against other funds within the Morningstar GBP Moderately Cautious Allocation category or the Investment Association Mixed Investment 0-35% Shares category.
7
Performance Comparative Table
For the Year Ended For the Year Ended For the Year Ended
A GBP Gross Accumulation 31 March 2022 31 March 2021 31 March 2020
Change in Net Assets Per Share
Opening Net Asset Value Per Share1 £170.22 £158.26 £154.48
Return Before Operating Charges*,2 (£1.34) £12.33 £4.14
Operating Charges2 (£0.40) (£0.37) (£0.36)
Return After Operating Charges*,2 (£1.74) £11.96 £3.78
Distributions3 (£2.16) (£1.97) (£2.42)
Retained Distributions on Accumulation Shares3 £2.16 £1.97 £2.42
Closing Net Asset Value Per Share1 £168.48 £170.22 £158.26
*Net of Direct Transaction Costs of:4 £0.00 £0.00 £0.00
Performance
Return After Operating Charges2,5 (1.02%) 7.56% 2.45%
Other Information
Closing Net Asset Value £2,033,485,950 £2,054,005,611 £1,407,725,555
Closing Number of Shares 12,069,765 12,066,661 8,895,267
Operating Charges2 0.22% 0.22% 0.22%
Direct Transaction Costs6 0.00% 0.00% 0.00%
Prices
Highest Share Price7 £180.53 £174.86 £167.23
Lowest Share Price7 £166.71 £157.52 £151.15
A GBP Gross Income

Return Before Operating Charges*,2 (£1.17) £10.82 £3.69
Return After Operating Charges*,2 (£1.51) £10.49 £3.37
Distributions3 (£1.87) (£1.73) (£2.16)
Performance
Return After Operating Charges2,5 (1.02%) 7.55% 2.45%
Other Information
Closing Net Asset Value £173,503,470 £180,055,458 £122,591,264
Closing Number of Shares 1,201,981 1,218,825 882,167
Prices
1 The net asset value per share shown may diverge from the net asset value per share used for dealing purposes as at 31 March 2022 because of any adjustments for trade date accounting and any
adjustments in valuation to bid prices. The quoted price for underlying collective investment schemes may be inclusive of any applicable swing pricing adjustments.
2 Operating charges include indirect costs incurred in the maintenance and running of the Fund, as disclosed in the detailed expenses within the Statement of Total Return and Note 9.
3 The distribution on Income and Accumulation Shares includes distribution paid and payable in the financial year.
4 Direct transaction costs have been calculated against the average shares for the financial year.
5 Returns have been calculated using methods prescribed in the SORP 2014 as amended in 2017 regulations. They may differ slightly from returns shown in the Fund Performance Summary.
6 Direct transaction costs have been calculated against the average net asset value for the financial year.
7 Share prices represent the net asset value per share used for dealing purposes.
8
Summary of Significant Changes

For the year ended 31 March 2022
Cost Proceeds
(£) (£)
Largest Purchases Largest Sales
Vanguard Global Aggregate Bond UCITS ETF 99,639,695 Vanguard FTSE Developed World ex-U.K. Equity Index Fund 79,353,878
Vanguard Global Bond Index Fund 45,271,480 Vanguard FTSE U.K. All Share Index Unit Trust 29,655,562
Vanguard FTSE Developed World ex-U.K. Equity Index Fund 35,734,096 Vanguard Global Bond Index Fund 29,116,944
Vanguard U.K. Inflation-Linked Gilt Index Fund 26,684,096 Vanguard Euro Government Bond Index Fund 28,398,892
Vanguard U.K. Government Bond Index Fund 18,775,163 Vanguard U.S. Investment Grade Credit Index Fund 25,667,190
Total 226,104,530 Total 192,192,466
Total Purchases for theYear 273,839,819 Total Sales for theYear 276,917,048
9
Portfolio Statement
As at 31 March 2022
The holdings displayed are affiliated collective investment schemes, through which the Fund seeks to achieve its investment objective.
The prospectus and other information about the collective investment schemes are available at vanguard.co.uk.
Market % of
Value Total Net
Holding (£) Assets
Equity Collective Investment Schemes 20.22% (31 March 2021: 20.24%)
Vanguard FTSE Developed World ex-U.K. Equity Index Fund 555,452 296,184,156 13.42
Vanguard FTSE U.K. All Share Index Unit Trust 486,985 114,850,811 5.20
Vanguard Emerging Markets Stock Index Fund 139,361 35,308,345 1.60
446,343,312 20.22
Fixed Income Collective Investment Schemes 79.83% (31 March 2021: 79.75%)
Vanguard Global Bond Index Fund 2,760,438 424,074,984 19.21
Vanguard Global Aggregate Bond UCITS ETF 10,826,284 268,500,504 12.17
Vanguard U.K. Government Bond Index Fund 1,426,659 237,936,622 10.78
Vanguard U.K. Inflation-Linked Gilt Index Fund 859,946 187,129,393 8.48
Vanguard U.K. Investment Grade Bond Index Fund 1,625,558 163,280,329 7.40
Vanguard U.S. Investment Grade Credit Index Fund 1,042,094 127,498,697 5.78
Vanguard U.S. Government Bond Index Fund 1,149,262 125,456,305 5.68
Vanguard Euro Government Bond Index Fund 919,899 114,821,973 5.20
Vanguard Euro Investment Grade Bond Index Fund 487,833 57,730,287 2.62
Vanguard Japan Government Bond Index Fund 488,672 55,377,746 2.51
1,761,806,840 79.83
Portfolio of Investments 2,208,150,152 100.05
Net Other Liabilities (1,160,732) (0.05)
Net Assets Attributable to Shareholders 2,206,989,420 100.00
10
Balance Sheet
As at As at
31 March 2022 31 March 2021
Note1 (£) (£)
Assets:
Financial Assets 2,208,150,152 2,233,943,945
Current Assets
Debtors 12 3,180,090 2,853,819
Cash and Bank Balances 13 1,244,632 2,418,169
Total Assets 2,212,574,874 2,239,215,933
Liabilities:
Creditors
Distribution Payable 2,253,485 2,113,045
Other Creditors 14 3,331,969 3,041,819
Total Liabilities 5,585,454 5,154,864
Net Assets Attributable to Shareholders 2,206,989,420 2,234,061,069
1 See the Notes to the Financial Statements.
Statement of Total Return

Year Ended Year Ended
31 March 2022 31 March 2022 31 March 2021 31 March 2021
Note1 (£) (£) (£) (£)
Income
Net Capital Gains/(Losses) 6 (53,426,451) 93,252,036
Revenue 8 30,710,148 25,411,730
Expenses 9 (2,186,398) (1,819,653)
Net Revenue Before Taxation 28,523,750 23,592,077
Taxation 10 (262) —
Net Revenue After Taxation 28,523,488 23,592,077
Total Return Before Distributions (24,902,963) 116,844,113
Distributions2 11 (28,523,485) (23,592,079)
Change in Net Assets Attributable to
Shareholders From Investment Activities (53,426,448) 93,252,034
2 Includes adjustments for equalisation.
Statement of Change in Net Assets Attributable to Shareholders

(£) (£) (£) (£)
Opening Net Assets Attributable to Shareholders 2,234,061,069 1,530,316,819
Amounts Received on Issue of Shares 181,554,360 628,362,258
Amounts Paid on Cancellation of Shares (181,272,643) (41,690,620)
281,717 586,671,638
Shareholders From Investment Activities (53,426,448) 93,252,034
Retained Distribution on Accumulation Shares 26,073,082 23,820,578
Closing Net Assets Attributable to Shareholders 2,206,989,420 2,234,061,069
11
Distribution Table
Final distribution payable 31 May 2022
Distribution Payable Distribution Paid

Net Income Equalisation 31 May 2022 28 May 2021
Pence Per Share Pence Per Share Pence Per Share Pence Per Share
A GBP Gross Accumulation
Group 1 216.0198 — 216.0198 197.4082
Group 2 139.8741 76.1457 216.0198 197.4082
A GBP Gross Income
Group 1 187.4810 — 187.4810 173.3674
Group 2 120.1873 67.2937 187.4810 173.3674
Group 1—Shares purchased before 1 April 2021.
Group 2—Shares purchased between 1 April 2021 and 31 March 2022.
Note: Equalisation applies only to shares purchased during the distribution period (Group 2 shares). It is the average amount of income included in the purchase price of all Group 2 shares and is
refunded to holders of these shares as a return of capital. Being capital, it is not liable to income tax but must be deducted from the cost of shares for capital gains tax purposes.
12
approximately 40% by value of shares; and 60% by value of bonds and other similar fixed income investments.
Investment Strategy

1 2 3 4 5 6 7
guarantee. The lowest category (i.e. category 1) does not mean “risk free”. The Fund appears in the middle range of the risk and reward indicator because the
values of the Fund’s investments have experienced a moderate rate of change in the past.
Performance Summary
• Vanguard LifeStrategy 40% Equity Fund returned 1.97% for both share classes for the 12-month period, reflecting its global equity and fixed income exposure.
global bonds, declined by close to 5%. U.S. bonds, which had the largest country weighting in the index, held up a little better than the index overall, as did
• Bonds on the bottom of the investment-grade ladder underperformed their higher-quality counterparts. By maturity, long-dated bonds dampened performance
the most.
• Global stocks slumped in the first quarter of 2022 but finished the 12 months up almost 12%, as measured by the FTSE Global All Cap Index. Energy
performed especially well as the price of oil had been recovering even before the conflict in Ukraine. UK stocks rose a little more, returning about 13% as
measured by the FTSE All-Share Index, although returns varied significantly across industry sectors.
Total Returns
Total Returns
A GBP Accumulation 1.97% 4.46% 6.15%
A GBP Income 1.97 4.46 6.15
of the Fund against other funds within the Morningstar GBP Moderately Cautious Allocation category or the Investment Association Mixed Investment 20-60% Shares category.
13
A GBP Accumulation 31 March 2022 31 March 2021 31 March 2020
Return Before Operating Charges*,2 £4.23 £24.18 (£0.49)
Return After Operating Charges*,2 £3.79 £23.77 (£0.88)
Distributions3 (£2.40) (£2.08) (£2.64)
Performance
Return After Operating Charges2,5 1.97% 14.13% (0.52%)
Other Information
Prices
A GBP Income
Distributions3 (£2.07) (£1.82) (£2.34)
Performance
Other Information
Prices
14

Cost Proceeds
(£) (£)
Vanguard Global Bond Index Fund 356,036,835 Vanguard FTSE Developed World ex-U.K. Equity Index Fund 234,387,093
Vanguard FTSE Developed World ex-U.K. Equity Index Fund 163,388,313 Vanguard FTSE U.K. All Share Index Unit Trust 124,721,897
Vanguard U.K. Government Bond Index Fund 148,153,069 Vanguard U.S. Investment Grade Credit Index Fund 98,846,000
Vanguard Global Aggregate Bond UCITS ETF 131,741,843 Vanguard U.K. Government Bond Index Fund 60,480,294
Vanguard USD Corporate Bond UCITS ETF 126,833,044 Vanguard Global Bond Index Fund 54,528,709
Total 926,153,104 Total 572,963,993
Total Purchases for theYear 1,462,686,310 Total Sales for theYear 686,737,206
15
Portfolio Statement
As at 31 March 2022
Market % of
Value Total Net
Holding (£) Assets
Vanguard FTSE Developed World ex-U.K. Equity Index Fund 2,946,797 1,571,324,240 18.99
Vanguard FTSE U.K. All Share Index Unit Trust 3,575,362 843,215,772 10.19
Vanguard U.S. Equity Index Fund 620,846 468,637,869 5.67
Vanguard Emerging Markets Stock Index Fund 1,043,965 264,497,422 3.20
Vanguard FTSE Developed Europe ex-U.K. Equity Index Fund 287,410 92,713,036 1.12
Vanguard Japan Stock Index Fund 180,699 47,395,603 0.57
Vanguard Pacific ex-Japan Stock Index Fund 71,980 25,278,877 0.31
3,313,062,819 40.05
Vanguard Global Bond Index Fund 10,369,817 1,593,073,453 19.26
Vanguard U.K. Inflation-Linked Gilt Index Fund 2,420,746 526,768,619 6.37
Vanguard Euro Government Bond Index Fund 2,523,716 315,010,763 3.81
Vanguard Euro Investment Grade Bond Index Fund 1,325,528 156,863,439 1.89
Vanguard Japan Government Bond Index Fund 1,322,642 149,885,660 1.81
Vanguard USD Corporate Bond UCITS ETF 2,505,254 117,227,962 1.41
4,966,405,220 60.03
16
Balance Sheet
As at As at
31 March 2022 31 March 2021
Note1 (£) (£)
Assets:
Current Assets
Debtors 12 32,089,481 17,913,749
Total Assets 8,315,376,825 7,379,695,377
Liabilities:
Creditors
Other Creditors 14 34,438,593 19,915,096

Note1 (£) (£) (£) (£)
Income
Net Capital Gains/(Losses) 6 31,550,440 671,016,367
Revenue 8 117,349,508 85,705,481
Expenses 9 (7,710,097) (5,869,910)
Taxation 10 (10,248,825) (7,863,747)
Total Return Before Distributions 130,941,026 742,988,191
Distributions2 11 (99,390,581) (71,971,815)
Shareholders From Investment Activities 31,550,445 671,016,376

(£) (£) (£) (£)
Amounts Received on Issue of Shares 886,571,161 1,677,196,147
794,544,883 1,639,769,369
17
Distribution Table

A GBP Accumulation
Group 1 239.6777 — 239.6777 208.3353
Group 2 156.5651 83.1126 239.6777 208.3353
A GBP Income
Group 1 207.3257 — 207.3257 182.1303
Group 2 131.2750 76.0507 207.3257 182.1303
18
Investment Strategy

1 2 3 4 5 6 7
Performance Summary
heal from the pandemic, bolstered by reopening economies, improving labour markets and sustained consumer demand. However, ongoing supply
disruptions and labour shortages in some sectors and the subsequent surge in oil prices following Russia’s invasion of Ukraine contributed to inflation
readings that climbed to multidecade highs across much of the world and a more muted outlook for growth.
• Vanguard LifeStrategy 60% Equity Fund returned 5.06% for both share classes for the 12-month period, reflecting its global equity and fixed income
exposure.
• Global stocks slumped in the first quarter of 2022, but finished the 12 months up almost 12%, as measured by the FTSE Global All Cap Index. Energy
• UK stocks rose a little more, about 13% as measured by the FTSE All-Share Index, although returns varied significantly across industry sectors. Energy,
utilities, health care and basic materials were up more than 30%, while consumer discretionary and technology finished in negative territory.
Total Returns
Total Returns
A GBP Income 5.06 6.05 7.86
of the Fund against other funds within the Morningstar GBP Moderate Allocation category or the Investment Association Mixed Investment 40-85% Shares category.
19
Distributions3 (£3.04) (£2.62) (£3.25)
Performance
Other Information
Prices
A GBP Income
Distributions3 (£2.61) (£2.28) (£2.88)
Performance
Other Information
Closing Net Asset Value £1,117,189,733 £898,729,546 £553,009,293
Prices
20

Cost Proceeds
(£) (£)
Vanguard Global Bond Index Fund 864,199,894 Vanguard FTSE Developed World ex-U.K. Equity Index Fund 159,143,543
Vanguard U.S. Equity Index Fund 330,828,626 Vanguard FTSE U.K. All Share Index Unit Trust 130,943,000
Vanguard FTSE U.K. All Share Index Unit Trust 319,470,178 Vanguard U.S. Equity Index Fund 79,537,194
Vanguard U.K. Government Bond Index Fund 248,540,637 Vanguard U.K. Government Bond Index Fund 65,672,399
Total 2,107,549,910 Total 582,373,204
21
Portfolio Statement
As at 31 March 2022
Market % of
Value Total Net
Holding (£) Assets
Vanguard U.S. Equity Index Fund 2,870,301 2,166,611,773 15.47
Vanguard FTSE U.K. All Share Index Unit Trust 8,969,747 2,115,431,482 15.11
Vanguard FTSE Developed Europe ex-U.K. Equity Index Fund 1,360,902 439,000,728 3.14
8,400,273,778 60.00
Vanguard U.K. Inflation-Linked Gilt Index Fund 2,662,074 579,283,040 4.14
Vanguard Euro Government Bond Index Fund 1,246,517 155,590,480 1.11
Vanguard Euro Investment Grade Bond Index Fund 656,471 77,686,931 0.55
Vanguard Japan Government Bond Index Fund 679,533 77,006,704 0.55
5,611,534,248 40.08
22
Balance Sheet
As at As at
31 March 2022 31 March 2021
Note1 (£) (£)
Assets:
Current Assets
Debtors 12 66,653,809 38,295,224
Total Assets 14,085,123,693 11,293,133,664
Liabilities:
Creditors
Other Creditors 14 69,185,625 40,427,503

Note1 (£) (£) (£) (£)
Income
Net Capital Gains/(Losses) 6 388,742,289 1,531,110,159
Revenue 8 201,949,052 137,786,411
Expenses 9 (12,689,365) (8,898,715)
Taxation 10 (10,098,256) (7,165,801)
Total Return Before Distributions 567,903,720 1,652,832,054
Distributions2 11 (179,161,427) (121,721,866)
Shareholders From Investment Activities 388,742,293 1,531,110,188

(£) (£) (£) (£)
Amounts Received on Issue of Shares 2,243,227,830 2,434,381,476
2,197,304,284 2,403,004,244
Shareholders From Investment Activities 388,742,293 1,531,110,188
23
Distribution Table

A GBP Accumulation
Group 1 304.4921 — 304.4921 262.4604
Group 2 194.5364 109.9557 304.4921 262.4604
A GBP Income
Group 1 261.3097 — 261.3097 227.9783
Group 2 167.2188 94.0909 261.3097 227.9783
24
Investment Strategy

1 2 3 4 5 6 7
Performance Summary
• Vanguard LifeStrategy 80% Equity Fund returned 8.42% for both share classes for the 12-month period, reflecting its global equity and fixed income
exposure.
• UK stocks rose a little more, returning about 13%, as measured by the FTSE All-Share Index, although returns varied significantly across industry sectors.
Energy, utilities, health care and basic materials were up more than 30%, while consumer discretionary and technology finished in negative territory.
global bonds, declined by close to 5%.
Total Returns
Total Returns
A GBP Income 8.42 7.60 9.55
of the Fund against other funds within the Morningstar GBP Moderately Adventurous Allocation category or the Investment Association Mixed Investment 40-85% Shares category.
25
Distributions3 (£3.94) (£3.24) (£4.00)
Performance
Other Information
Prices
A GBP Income
Distributions3 (£3.35) (£2.79) (£3.52)
Performance
Other Information
Prices
26

Cost Proceeds
(£) (£)
Vanguard FTSE U.K. All Share Index Unit Trust 337,142,342 Vanguard Global Bond Index Fund 45,000,000
Vanguard FTSE Developed World ex-U.K. Equity Index Fund 272,449,657 Vanguard U.K. Gilt UCITS ETF 43,000,000
Vanguard U.S. Equity Index Fund 267,321,635 Vanguard FTSE Developed World ex-U.K. Equity Index Fund 10,000,000
Vanguard S&P 500 UCITS ETF 155,485,822 Vanguard U.K. Government Bond Index Fund 6,395,000
Total 1,457,304,578 Total 160,895,000
27
Portfolio Statement
As at 31 March 2022
Market % of
Value Total Net
Holding (£) Assets
Vanguard FTSE U.K. All Share Index Unit Trust 6,417,107 1,513,414,962 19.27
Vanguard U.S. Equity Index Fund 2,003,395 1,512,238,437 19.26
Vanguard S&P 500 UCITS ETF 7,325,514 462,819,594 5.89
Vanguard FTSE Developed Europe ex-U.K. Equity Index Fund 1,244,280 401,380,909 5.11
Vanguard FTSE 100 UCITS ETF 1,589,548 54,903,147 0.70
Vanguard FTSE 250 UCITS ETF 238,871 8,302,869 0.11
6,260,296,980 79.72
Vanguard U.K. Inflation-Linked Gilt Index Fund 772,525 168,105,924 2.14
1,590,574,895 20.25
Net Other Assets 2,583,748 0.03
28
Balance Sheet
As at As at
31 March 2022 31 March 2021
Note1 (£) (£)
Assets:
Current Assets
Debtors 12 34,403,187 21,153,409
Total Assets 7,888,456,043 5,639,672,912
Liabilities:
Creditors
Other Creditors 14 27,349,378 23,239,226

Note1 (£) (£) (£) (£)
Income
Revenue 8 118,190,646 71,807,957
Expenses 9 (7,051,724) (4,473,456)
Taxation 10 (1,903,561) (1,302,884)
Total Return Before Distributions 502,979,290 1,041,621,744
Distributions2 11 (109,235,357) (66,031,630)

(£) (£) (£) (£)
Amounts Received on Issue of Shares 1,746,825,983 1,298,346,908
1,736,879,159 1,275,554,358
29
Distribution Table

A GBP Accumulation
Group 1 393.9783 — 393.9783 323.5470
Group 2 238.9716 155.0067 393.9783 323.5470
A GBP Income
Group 1 334.7410 — 334.7410 278.6527
Group 2 206.7670 127.9740 334.7410 278.6527
30
approximately 100% by value of shares.
Investment Strategy

1 2 3 4 5 6 7
guarantee. The lowest category (i.e. category 1) does not mean “risk free”. The Fund appears in the higher range of the risk and reward indicator because the
values of the Fund’s investments have experienced a higher rate of change in the past.
Performance Summary
• Vanguard LifeStrategy 100% Equity Fund returned 11.97% for both share classes for the 12-month period, reflecting its global equity exposure.
Total Returns
Total Returns
A GBP Income 11.97 9.13 11.20
of the Fund against other funds within the Morningstar Global Large Cap Blend Equity category or the Investment Association Global category.
31
Distributions3 (£5.46) (£3.92) (£4.92)
Performance
Other Information
Prices
A GBP Income
Distributions3 (£4.59) (£3.34) (£4.31)
Performance
Other Information
Closing Number of Shares 1,286,433 1,089,012 960,629
Prices
32

Cost Proceeds
(£) (£)
Vanguard FTSE U.K. All Share Index Unit Trust 251,978,888 Vanguard FTSE U.K. All Share Index Unit Trust 42,000,000
Vanguard U.S. Equity Index Fund 202,040,960 Vanguard U.S. Equity Index Fund 27,388,996
Vanguard S&P 500 UCITS ETF 194,498,963 Vanguard FTSE Developed World ex-U.K. Equity Index Fund 3,739,361
Vanguard FTSE Developed World ex-U.K. Equity Index Fund 193,874,842 Vanguard FTSE Developed Europe ex-U.K. Equity Index Fund 657,644
Vanguard Emerging Markets Stock Index Fund 113,178,285 Vanguard FTSE 100 UCITS ETF 500,801
Total 955,571,938 Total 74,286,802
33
Portfolio Statement
As at 31 March 2022
Market % of
Value Total Net
Holding (£) Assets
Vanguard FTSE U.K. All Share Index Unit Trust 3,544,047 835,830,529 19.61
Vanguard U.S. Equity Index Fund 1,089,968 822,748,757 19.31
Vanguard FTSE Developed World ex-U.K. Equity Index Fund 1,533,634 817,781,425 19.19
Vanguard S&P 500 UCITS ETF 10,644,803 672,529,382 15.78
4,265,414,144 100.09
34
Balance Sheet
As at As at
31 March 2022 31 March 2021
Note1 (£) (£)
Assets:
Current Assets
Debtors 12 13,395,484 14,678,890
Total Assets 4,281,129,722 2,828,201,557
Liabilities:
Creditors
Other Creditors 14 13,490,484 14,278,152

Note1 (£) (£) (£) (£)
Income
Revenue 8 74,766,599 38,617,443
Expenses 9 (3,966,653) (2,369,315)
Taxation 10 (31,850) (47,521)
Distributions2 11 (70,768,089) (36,200,604)

(£) (£) (£) (£)
Amounts Received on Issue of Shares 1,091,646,645 650,231,237
1,076,037,842 611,149,820
35
Distribution Table

A GBP Accumulation
Group 1 545.9288 — 545.9288 391.6196
Group 2 324.5280 221.4008 545.9288 391.6196
A GBP Income
Group 1 458.7485 — 458.7485 333.9140
Group 2 283.5417 175.2068 458.7485 333.9140
36
Vanguard Target Retirement 2015 Fund
The Fund’s investment objective is to hold investments that will pay out money and have some increase in value for investors planning to retire in or within
approximately five years after 2015.
Investment Strategy

1 2 3 4 5 6 7
Performance Summary
• Vanguard Target Retirement 2015 Fund returned 2.31% for the 12-month period, reflecting its global equity and fixed income exposure.
Total Returns
Total Returns
Ten Years or
One Year Five Years Since Inception1
of the Fund against other funds within the Morningstar EEA Fund Target Date 2011-2015 category or the Investment Association Mixed Investment 20-60% Shares category.
1 Since-inception returns: A GBP Accumulation, 17 December 2015.
37
Distributions3 (£2.65) (£1.15) (£1.40)
Performance
Other Information
Closing Number of Shares 60,021 46,238 33,762
Prices
3 The distribution on Accumulation Shares includes distribution paid and payable in the financial year.
38

Cost Proceeds
(£) (£)
Vanguard Global Bond Index Fund 1,152,407 Vanguard Global Bond Index Fund 624,796
Vanguard FTSE Developed World ex-U.K. Equity Index Fund 728,781 Vanguard FTSE Developed World ex-U.K. Equity Index Fund 522,282
Vanguard Global Aggregate Bond UCITS ETF 434,259 Vanguard FTSE U.K. All Share Index Unit Trust 242,031
Vanguard FTSE U.K. All Share Index Unit Trust 287,270 Vanguard U.S. Equity Index Fund 132,881
UK Treasury 0.125% Index-Linked Gilt 22/03/2024 187,723 UK Treasury 0.125% Index-Linked Gilt 22/03/2024 80,498
Total 2,790,440 Total 1,602,488
39
Portfolio Statement
As at 31 March 2022
The holdings displayed are primarily affiliated collective investment schemes, through which the Fund seeks to achieve its investment objective.
Market % of
Maturity Value Total Net
Coupon Date Holding (£) Assets
Vanguard FTSE U.K. All Share Index Unit Trust 2,210 521,187 5.98
Vanguard Emerging Markets Stock Index Fund 832 210,774 2.42
Vanguard FTSE 100 UCITS ETF 4,700 162,338 1.86
Vanguard U.S. Equity Index Fund 103 77,658 0.89
Vanguard FTSE North America UCITS ETF 650 53,863 0.62
Vanguard FTSE Developed Europe ex-U.K. Equity Index Fund 80 25,802 0.30
Vanguard Japan Stock Index Fund 49 12,907 0.15
Vanguard Pacific ex-Japan Stock Index Fund 22 7,754 0.09
2,708,290 31.10
Vanguard Global Bond Index Fund 10,927 1,678,670 19.28
Vanguard Global Aggregate Bond UCITS ETF 64,041 1,588,268 18.24
Vanguard U.S. Investment Grade Credit Index Fund 1,929 236,040 2.71
Vanguard U.S. Government Bond Index Fund 2,146 234,309 2.69
Vanguard Euro Government Bond Index Fund 1,769 220,774 2.54
Vanguard U.K. Government Bond Index Fund 1,243 207,263 2.38
Vanguard U.K. Investment Grade Bond Index Fund 1,415 142,123 1.63
Vanguard Euro Investment Grade Bond Index Fund 981 116,121 1.33
Vanguard Japan Government Bond Index Fund 844 95,693 1.10
4,519,261 51.90
Government Bonds 16.76% (31 March 2021: 15.24%)
United Kingdom Inflation-Linked Gilt 1.875% 22/11/22 £242,370 401,820 4.61
1,458,815 16.76
Portfolio of Investments 8,686,366 99.76

Net Other Assets 21,109 0.24
Net Assets Attributable to Shareholders 8,707,475 100.00
40
Balance Sheet
As at As at
31 March 2022 31 March 2021
Note1 (£) (£)
Assets:
Financial Assets 8,686,366 6,538,621
Current Assets
Debtors 12 220,258 267,990
Cash and Bank Balances 13 3,369 180
Total Assets 8,909,993 6,806,791
Liabilities:
Creditors
Other Creditors 14 202,518 259,954
Total Liabilities 202,518 259,954
Net Assets Attributable to Shareholders 8,707,475 6,546,837

Note1 (£) (£) (£) (£)
Income
Net Capital Gains/(Losses) 6 (3,704) 536,621
Revenue 8 156,657 60,457
Expenses 9 (10,307) (7,241)
Net Revenue Before Taxation 146,350 53,216
Taxation 10 (3) (2,543)
Net Revenue After Taxation 146,347 50,673
Total Return Before Distributions 142,643 587,294
Distributions2 11 (146,347) (50,672)
Shareholders From Investment Activities (3,704) 536,622

(£) (£) (£) (£)
Opening Net Assets Attributable to Shareholders 6,546,837 4,242,413
2,005,187 1,714,525
Shareholders From Investment Activities (3,704) 536,622
Retained Distribution on Accumulation Shares 159,155 53,277
Closing Net Assets Attributable to Shareholders 8,707,475 6,546,837
41
Distribution Table

A GBP Accumulation
Group 1 265.1633 — 265.1633 115.2253
Group 2 184.7562 80.4071 265.1633 115.2253
42
The Fund’s investment objective is to achieve an increase in value and, consistent with a gradually changing investment allocation, hold investments that will pay
out money for investors planning to retire in or within approximately five years after 2020.
Investment Strategy

1 2 3 4 5 6 7
Performance Summary
Total Returns
Total Returns
Ten Years or
of the Fund against other funds within the Morningstar EEA Fund Target Date 2016-2020 category or the Investment Association Mixed Investment 40-85% Shares category.
43
Distributions3 (£2.26) (£1.55) (£2.07)
Performance
Return After Operating Charges2, 5 3.86% 17.26% (2.20%)
Other Information
Prices
44

Cost Proceeds
(£) (£)
Vanguard Global Bond Index Fund 11,536,249 Vanguard Global Bond Index Fund 2,567,676
Vanguard Global Aggregate Bond UCITS ETF 9,425,775 Vanguard FTSE Developed World ex-U.K. Equity Index Fund 2,135,725
Vanguard FTSE U.K. All Share Index Unit Trust 3,961,226 Vanguard U.S. Equity Index Fund 943,076
Vanguard U.S. Equity Index Fund 2,790,348 Vanguard Global Aggregate Bond UCITS ETF 347,804
Total 36,143,286 Total 7,253,584
45
Portfolio Statement
As at 31 March 2022
Market % of
Vanguard FTSE North America UCITS ETF 19,995 1,656,902 2.21
Vanguard Japan Stock Index Fund 2,591 679,494 0.91
Vanguard Pacific ex-Japan Stock Index Fund 1,036 363,691 0.49
34,030,090 45.39
Vanguard U.K. Government Bond Index Fund 18,204 3,035,962 4.05
Vanguard U.K. Investment Grade Bond Index Fund 20,905 2,099,787 2.80
33,801,729 45.09
United Kingdom Inflation-Linked Gilt 1.875% 22/11/22 £1,189,794 1,972,535 2.63
United Kingdom Inflation-Linked Gilt 2.500% 17/07/24 £518,800 1,935,752 2.58
7,098,241 9.47

46
Balance Sheet
As at As at
31 March 2022 31 March 2021
Note1 (£) (£)
Assets:
Current Assets
Debtors 12 1,025,188 728,457
Cash and Bank Balances 13 20,206 35,447
Total Assets 75,975,454 34,626,580
Liabilities:
Creditors
Other Creditors 14 1,006,338 744,215
Total Liabilities 1,006,338 744,215

Note1 (£) (£) (£) (£)
Income
Net Capital Gains/(Losses) 6 101,588 3,195,615
Revenue 8 1,063,775 325,521
Expenses 9 (76,579) (30,808)
Taxation 10 (11,149) (16,789)
Distributions2 11 (976,047) (277,923)
Shareholders From Investment Activities 101,588 3,195,616

(£) (£) (£) (£)
39,906,970 11,255,507
Shareholders From Investment Activities 101,588 3,195,616
Retained Distribution on Accumulation Shares 1,078,193 347,276
47
Distribution Table

A GBP Accumulation
Group 1 226.0987 — 226.0987 155.1398
Group 2 173.4838 52.6149 226.0987 155.1398
48
Investment Strategy

1 2 3 4 5 6 7
Performance Summary
Total Returns
Total Returns
Ten Years or
All of the returns in this report represent past performance, which is not a guarantee of future results that may be achieved by the Fund. For performance data current to the most recent month-
end, which may be higher or lower than that cited, visit our website at http://global.vanguard.com. Note, too, that both investment returns and principal value can fluctuate widely, so an investor’s
shares, when sold, could be worth more or less than their original cost.
The Fund is not managed to a benchmark and there is not a benchmark against which the performance of the Fund can appropriately be assessed. However, investors may compare the
performance of the Fund against other funds within the Morningstar EEA Fund Target Date 2021-2025 category or the Investment Association Mixed Investment 40-85% Shares category.
49
Distributions3 (£2.35) (£1.87) (£2.37)
Performance
Other Information
Closing Number of Shares 1,147,386 590,935 303,128
Prices
50

Cost Proceeds
(£) (£)
Vanguard FTSE Developed World ex-U.K. Equity Index Fund 15,827,075 Vanguard FTSE Developed World ex-U.K. Equity Index Fund 1,023,574
Vanguard Global Aggregate Bond UCITS ETF 13,159,709 Vanguard U.S. Equity Index Fund 951,001
Vanguard U.S. Equity Index Fund 8,890,550 Vanguard FTSE U.K. All Share Index Unit Trust 720,617
Vanguard FTSE U.K. All Share Index Unit Trust 8,885,274 Vanguard FTSE 100 UCITS ETF 444,218
Total 69,999,192 Total 5,921,342
51
Portfolio Statement
As at 31 March 2022
Market % of
106,664,511 56.66
77,464,752 41.15
4,121,102 2.19

52
Balance Sheet
As at As at
31 March 2022 31 March 2021
Note1 (£) (£)
Assets:
Current Assets
Debtors 12 1,124,533 568,533
Total Assets 189,414,117 93,314,215
Liabilities:
Creditors
Other Creditors 14 1,157,614 688,872

Note1 (£) (£) (£) (£)
Income
Revenue 8 2,474,145 948,280
Expenses 9 (170,593) (72,822)
Net Revenue Before Taxation 2,303,552 875,458
Taxation 10 (116,588) (56,045)
Net Revenue After Taxation 2,186,964 819,413
Distributions2 11 (2,186,964) (819,413)

(£) (£) (£) (£)
90,909,528 43,043,942
53
Distribution Table

A GBP Accumulation
Group 1 234.5181 — 234.5181 186.5450
Group 2 138.3450 96.1731 234.5181 186.5450
54
Investment Strategy

1 2 3 4 5 6 7
Performance Summary
Total Returns
Total Returns
Ten Years or
55
Distributions3 (£2.38) (£1.86) (£2.40)
Performance
Other Information
Prices
56

Cost Proceeds
(£) (£)
Vanguard U.S. Equity Index Fund 11,495,170 Vanguard FTSE Developed World ex-U.K. Equity Index Fund 695,307
Vanguard FTSE U.K. All Share Index Unit Trust 11,396,101 Vanguard U.S. Equity Index Fund 625,030
Vanguard Global Aggregate Bond UCITS ETF 8,224,273 Vanguard Global Aggregate Bond UCITS ETF 496,837
Total 73,486,059 Total 5,417,080
57
Portfolio Statement
As at 31 March 2022
Market % of
Value Total Net
Holding (£) Assets
137,586,235 63.32
79,795,315 36.73
Net Other Liabilities (100,184) (0.05)
58
Balance Sheet
As at As at
31 March 2022 31 March 2021
Note1 (£) (£)
Assets:
Current Assets
Debtors 12 1,281,483 1,316,228
Total Assets 218,715,368 113,440,872
Liabilities:
Creditors
Other Creditors 14 1,434,002 1,335,790

Note1 (£) (£) (£) (£)
Income
Revenue 8 2,889,071 1,037,632
Expenses 9 (200,115) (80,809)
Taxation 10 (136,008) (54,065)
Distributions2 11 (2,552,949) (902,758)

(£) (£) (£) (£)
98,376,964 60,973,154
59
Distribution Table

A GBP Accumulation
Group 1 238.4051 — 238.4051 186.1220
Group 2 145.1288 93.2763 238.4051 186.1220
60
Investment Strategy

1 2 3 4 5 6 7
Performance Summary
• UK stocks rose a little more, about 13% as measured by the FTSE All-Share Index, although returns varied significantly across industry sectors. Energy,
utilities, health care and basic materials were up more than 30%, while consumer discretionary and technology finished in negative territory.
Total Returns
Total Returns
Ten Years or
61
Distributions3 (£2.54) (£1.90) (£2.60)
Performance
Other Information
Prices
62

Cost Proceeds
(£) (£)
Vanguard FTSE Developed World ex-U.K. Equity Index Fund 13,594,656 Vanguard U.S. Equity Index Fund 563,851
Vanguard U.S. Equity Index Fund 10,749,479 Vanguard U.K. Government Bond Index Fund 544,424
Vanguard FTSE U.K. All Share Index Unit Trust 9,061,431 Vanguard FTSE U.K. All Share Index Unit Trust 528,849
Vanguard U.K. Government Bond Index Fund 6,099,592 Vanguard FTSE Developed World ex-U.K. Equity Index Fund 526,361
Total 59,850,376 Total 4,090,905
63
Portfolio Statement
As at 31 March 2022
Market % of
Value Total Net
Holding (£) Assets
128,230,983 68.27
59,645,852 31.76
64
Balance Sheet
As at As at
31 March 2022 31 March 2021
Note1 (£) (£)
Assets:
Current Assets
Debtors 12 1,210,504 776,233
Total Assets 189,140,910 102,556,391
Liabilities:
Creditors
Other Creditors 14 1,314,587 810,742

Note1 (£) (£) (£) (£)
Income
Revenue 8 2,523,665 974,778
Expenses 9 (172,785) (75,919)
Taxation 10 (90,723) (38,718)
Distributions2 11 (2,260,156) (860,141)

(£) (£) (£) (£)
78,956,323 54,272,395
65
Distribution Table

A GBP Accumulation
Group 1 253.7685 — 253.7685 190.2557
Group 2 150.0516 103.7169 253.7685 190.2557
66
Investment Strategy

1 2 3 4 5 6 7
Performance Summary
Total Returns
Total Returns
Ten Years or
67
Distributions3 (£2.67) (£1.99) (£2.59)
Performance
Other Information
Prices
68

Cost Proceeds
(£) (£)
Vanguard U.S. Equity Index Fund 9,478,704 Vanguard U.S. Equity Index Fund 770,524
Vanguard FTSE U.K. All Share Index Unit Trust 8,156,028 Vanguard FTSE Developed World ex-U.K. Equity Index Fund 533,665
Vanguard U.K. Government Bond Index Fund 3,854,995 Vanguard U.K. Government Bond Index Fund 160,239
Total 47,555,959 Total 3,926,111
69
Portfolio Statement
As at 31 March 2022
Market % of
Value Total Net
Holding (£) Assets
113,914,319 73.24
41,627,089 26.77
70
Balance Sheet
As at As at
31 March 2022 31 March 2021
Note1 (£) (£)
Assets:
Current Assets
Debtors 12 399,275 471,759
Total Assets 155,992,531 89,196,381
Liabilities:
Creditors

Note1 (£) (£) (£) (£)
Income
Revenue 8 2,187,768 861,776
Expenses 9 (148,044) (67,060)
Taxation 10 (59,149) (25,875)
Distributions2 11 (1,980,575) (768,840)

(£) (£) (£) (£)
59,277,691 45,966,549
71
Distribution Table

A GBP Accumulation
Group 1 266.8689 — 266.8689 198.8156
Group 2 166.7824 100.0865 266.8689 198.8156
72
Investment Strategy

1 2 3 4 5 6 7
Performance Summary
Total Returns
Total Returns
Ten Years or
73
Distributions3 (£2.78) (£1.99) (£2.72)
Performance
Other Information
Prices
74

Cost Proceeds
(£) (£)
Vanguard Emerging Markets Stock Index Fund 3,614,378 Vanguard U.K. Government Bond Index Fund 121,558
Total 40,768,997 Total 2,158,800
75
Portfolio Statement
As at 31 March 2022
Market % of
Value Total Net
Holding (£) Assets
105,564,171 78.20
29,354,860 21.75
76
Balance Sheet
As at As at
31 March 2022 31 March 2021
Note1 (£) (£)
Assets:
Current Assets
Debtors 12 974,635 680,031
Total Assets 135,945,021 75,999,804
Liabilities:
Creditors

Note1 (£) (£) (£) (£)
Income
Revenue 8 1,907,160 680,816
Expenses 9 (128,613) (54,102)
Taxation 10 (35,823) (14,796)
Distributions2 11 (1,742,724) (611,918)

(£) (£) (£) (£)
Amounts Paid on Cancellation of Shares (802,252) (1,016,465)
52,413,197 41,864,055
77
Distribution Table

A GBP Accumulation
Group 1 277.5036 — 277.5036 199.4396
Group 2 171.0452 106.4584 277.5036 199.4396
78
Investment Strategy

1 2 3 4 5 6 7
Performance Summary
Total Returns
Total Returns
Ten Years or
of the Fund against other funds within the Morningstar EEA Fund Target Date 2046+ category or the Investment Association Mixed Investment 40-85% Shares category.
79
Distributions3 (£2.81) (£2.01) (£2.61)
Performance
Other Information
Prices
80

Cost Proceeds
(£) (£)
Vanguard Emerging Markets Stock Index Fund 2,513,124 Vanguard U.K. Government Bond Index Fund 72,782
Total 27,426,889 Total 1,580,390
81
Portfolio Statement
As at 31 March 2022
Market % of
Value Total Net
Holding (£) Assets
69,226,274 79.72
17,603,102 20.27
82
Balance Sheet
As at As at
31 March 2022 31 March 2021
Note1 (£) (£)
Assets:
Current Assets
Debtors 12 457,643 630,768
Total Assets 87,321,010 48,028,414
Liabilities:
Creditors

Note1 (£) (£) (£) (£)
Income
Revenue 8 1,192,934 441,295
Expenses 9 (80,845) (35,269)
Taxation 10 (20,197) (9,251)
Distributions2 11 (1,091,892) (396,775)

(£) (£) (£) (£)
Amounts Paid on Cancellation of Shares (1,081,884) (983,513)
34,758,760 25,439,146
83
Distribution Table

A GBP Accumulation
Group 1 280.5932 — 280.5932 201.1587
Group 2 160.7064 119.8868 280.5932 201.1587
84
Investment Strategy

1 2 3 4 5 6 7
Performance Summary
Total Returns
Total Returns
Ten Years or
performance of the Fund against other funds within the Morningstar EEA Fund Target Date 2046+ category or the Investment Association Mixed Investment 40-85% Shares category.
85
Distributions3 (£2.81) (£2.05) (£2.78)
Performance
Other Information
Prices
86

Cost Proceeds
(£) (£)
Vanguard Emerging Markets Stock Index Fund 1,533,115 Vanguard U.K. Investment Grade Bond Index Fund 28,335
Total 16,733,846 Total 1,061,858
87
Portfolio Statement
As at 31 March 2022
Market % of
Value Total Net
Holding (£) Assets
Vanguard Pacific ex-Japan Stock Index Fund 2,173 763,013 1.44
42,190,927 79.70
10,722,537 20.26
88
Balance Sheet
As at As at
31 March 2022 31 March 2021
Note1 (£) (£)
Assets:
Current Assets
Debtors 12 292,842 310,490
Total Assets 53,227,320 29,122,274
Liabilities:
Creditors

Note1 (£) (£) (£) (£)
Income
Revenue 8 739,107 285,710
Expenses 9 (49,663) (22,200)
Taxation 10 (12,481) (5,533)
Distributions2 11 (676,963) (257,976)

(£) (£) (£) (£)
Amounts Paid on Cancellation of Shares (528,448) (369,022)
21,339,728 14,510,003
89
Distribution Table
Net Income Equalisation Distribution Payable Distribution Paid

A GBP Accumulation
Group 1 281.4787 — 281.4787 204.9400
Group 2 169.5719 111.9068 281.4787 204.9400
90
Investment Strategy

1 2 3 4 5 6 7
Performance Summary
Total Returns
Total Returns
Ten Years or
One Year Since Inception1
A GBP Accumulation 8.24% 7.69%
91
Distributions3 (£1.94) (£1.45) (£1.79)
Performance
Other Information
Prices
92

Cost Proceeds
(£) (£)
Vanguard U.S. Equity Index Fund 1,589,385 Vanguard Global Bond Index Fund 173,238
Vanguard Global Bond Index Fund 1,534,803 Vanguard FTSE U.K. All Share Index Unit Trust 169,246
Vanguard Emerging Markets Stock Index Fund 578,542 Vanguard U.K. Government Bond Index Fund 38,451
Total 6,531,063 Total 545,086
Total Purchases for theYear 8,729,217 Total Sales for theYear 594,300
93
Portfolio Statement
As at 31 March 2022
Market % of
Value Total Net
Holding (£) Assets
Vanguard Emerging Markets Stock Index Fund 3,864 979,041 6.26
Vanguard FTSE North America UCITS ETF 11,191 927,352 5.93
Vanguard FTSE Developed Europe ex-U.K. Equity Index Fund 2,506 808,471 5.17
12,458,749 79.62
3,162,441 20.21
94
Balance Sheet
As at As at
31 March 2022 31 March 2021
Note1 (£) (£)
Assets:
Current Assets
Debtors 12 183,711 122,793
Total Assets 15,811,473 6,923,798
Liabilities:
Creditors

Note1 (£) (£) (£) (£)
Income
Net Capital Gains/(Losses) 6 518,185 663,060
Revenue 8 188,341 51,717
Expenses 9 (13,376) (4,223)
Taxation 10 (3,497) (1,114)
Distributions2 11 (171,468) (46,380)
Shareholders From Investment Activities 518,185 663,060

(£) (£) (£) (£)
8,113,355 4,729,751
95
Distribution Table

A GBP Accumulation
Group 1 193.7026 — 193.7026 145.0286
Group 2 110.0598 83.6428 193.7026 145.0286
96
Investment Strategy

1 2 3 4 5 6 7
Performance Summary
Total Returns
Total Returns
Ten Years or
One Year Since Inception1
A GBP Accumulation 8.22% 7.68%
97
Distributions3 (£1.87) (£1.30) (£1.71)
Performance
Other Information
Prices
98

Cost Proceeds
(£) (£)
Vanguard U.S. Equity Index Fund 1,603,010 Vanguard U.S. Equity Index Fund 274,685
Vanguard FTSE Developed World ex-U.K. Equity Index Fund 1,412,393 Vanguard FTSE U.K. All Share Index Unit Trust 254,177
Vanguard Emerging Markets Stock Index Fund 521,808 Vanguard FTSE Developed Europe ex-U.K. Equity Index Fund 47,341
Total 6,239,082 Total 935,469
99
Portfolio Statement
As at 31 March 2022
Market % of
Value Total Net
Holding (£) Assets
Vanguard Emerging Markets Stock Index Fund 3,292 834,142 6.30
Vanguard FTSE North America UCITS ETF 9,649 799,572 6.03
Vanguard FTSE Developed Europe ex-U.K. Equity Index Fund 2,096 676,100 5.10
10,561,848 79.72
2,685,165 20.26
100
Balance Sheet
As at As at
31 March 2022 31 March 2021
Note1 (£) (£)
Assets:
Current Assets
Debtors 12 45,443 31,841
Total Assets 13,297,929 5,519,888
Liabilities:
Creditors

Note1 (£) (£) (£) (£)
Income
Net Capital Gains/(Losses) 6 412,195 662,808
Revenue 8 153,640 42,265
Expenses 9 (11,330) (3,930)
Taxation 10 (2,519) (1,007)
Distributions2 11 (139,791) (37,328)

(£) (£) (£) (£)
7,184,552 2,908,681
101
Distribution Table

A GBP Accumulation
Group 1 186.8243 — 186.8243 129.5037
Group 2 109.6376 77.1867 186.8243 129.5037
102
Notes to the Financial Statements
1. General Information
Vanguard LifeStrategy Funds ICVC is an open-ended investment company and was incorporated on 16 June 2011 and under the laws of
England and Wales. The address of the ACD is the Walbrook Building, 25 Walbrook, London EC4N 8AF, United Kingdom.
To achieve the targeted allocation of assets of their Investment Objectives, the Funds invest more than 80% of their assets in selected
related party (“affiliated”) collective investment schemes.
2. Basis of Presentation
The financial statements have been prepared in accordance with Financial Reporting Standard (“FRS”) 102 and the Statement of
Recommended Practice for UK Authorised Funds (the “SORP 2014 as amended in 2017”) issued by the Investment Management Association
(now known as the Investment Association) in May 2014.
The financial statements have been prepared on a going concern basis, subject to the historical cost convention, as modified by the
revaluation of financial assets and liabilities at fair value through profit or loss ("FVTPL").
3. Significant Accounting Policies

(a) Critical Accounting Estimates and Judgements. The preparation of these financial statements requires the use of certain accounting
estimates and requires the ACD to exercise judgement when applying the Fund’s accounting policies. The estimates and associated
judgements are based on historical experience and various other facts that are believed to be reasonable under the circumstances, the
results of which form the basis of making the judgements about the classification of financial assets and liabilities, the carrying values of
certain financial assets and liabilities, as well as their fair values in instances where information is not readily apparent from other sources.
(b) Revenue Recognition. Income arising from collective investment schemes is recognised when the securities are quoted ex-dividend or
when sufficient relevant and reliable information that establishes a right to this income has been obtained. Where income from collective
investment schemes is reported in lieu of a distribution, such as when the shares are held in an accumulation form, the amount reported is
recognised as income. Equalisation returned with the distribution is deducted from the cost of the investment and does not form part of the
distributable income.
The treatment of returns from financial derivative instruments is dependent upon the nature of the transaction and considers both motives
and circumstances to determine whether returns should be treated as capital or revenue. Where positions are undertaken to protect or
enhance capital, the returns are considered capital. Similarly, where positions are undertaken for generating or protecting revenue, the
returns are considered revenue.
In the case of debt securities, any difference between acquisition cost and maturity value is recognised as revenue over the life of the
security using the effective yield basis of calculating amortisation. With respect to inflation-linked securities, changes in the maturity value are
calculated by reference to inflation and recorded as revenue. If required, adjustments are made to ensure the total return of the bond is
treated as revenue.
Revenue is recognised gross of any withholding taxes incurred.
Bank interest is recognised on an accrual basis.
(c) Treatment of Expenses. All expenses, except those relating to the purchase and sale of investments, are charged against revenue and
are recognised on an accrual basis.
To the extent any Fund invests in affiliated products, the ACD intends to reduce its annual management charge in amount equal to similar
charges already incurred by an underlying fund. This reduction represents the entire amount of the synthetic element and is recognised on an
accrual basis as a reduction of expenses.
(d) Taxation. Corporate tax is payable at current tax rates on the excess taxable revenue over allowable expenses. Deferred taxation is
provided on all timing differences that have originated but not reversed by the reporting date. Deferred tax is measured at the rates expected
to apply for the period in which the timing differences will reverse. Deferred taxes are not discounted to reflect the time value of money and
are only recognised to the extent they are expected to crystallise.
Additionally, the Funds incur withholding taxes imposed by certain foreign countries on investment income. Such income is recorded gross of
the related withholding taxation, which is shown as a separate tax expense in the Statement of Total Return.
(e) Financial Assets and Liabilities.

Classification and Measurement. Financial assets and financial liabilities, including financial derivative instruments, are classified and
measured at fair value from inception. Obligations for net assets attributable to holders of redeemable shares are presented at the
redemption amount, which approximates their fair value. All other financial assets and liabilities are measured at amortised cost, which
approximates fair value.
Recognition and Derecognition. Purchases and sales of financial instruments are recognised on the trade date, being the date on which
the purchase or sale is executed. Financial instruments are initially recognised when the Funds become party to the contractual provisions of
the instrument. Financial instruments are derecognised when the contractual rights to the cash flows from the instruments expire, or when
substantially all the risks and rewards of ownership have been transferred.
103
Notes to the Financial Statements (continued)
Collective Investment Schemes. Collective investment schemes are valued at their single price if a single price for buying and selling units
or shares is quoted and the bid price if separate buying and selling prices are quoted. If, in the opinion of the ACD no reliable price exists at
the Fund’s valuation point or the price has been affected by events occurring between the close of the collective investment scheme’s
primary market and the Fund's valuation point, the ACD will apply a value that is fair and reasonable. When a fair value price is employed, the
price may differ from quoted or published prices for the same collective investment scheme.
Fixed Income. Fixed income securities traded in recognised markets are valued using the latest bid prices on the securities exchange in
which they are principally traded or using valuations based on a matrix system (which considers such factors as security prices, yields,
maturities, and ratings), both as furnished by independent pricing services.
Derivatives. Futures contracts are valued in an active market if quoted prices are readily and regularly available; this represents the amount
that would be required to close the position.
(f) Fair Value Hierarchy. The Funds classify financial instruments measured at fair value using a three-level hierarchy. Instruments are
categorised in their entirety based on the lowest level input that is significant to the fair value measurement. Assessing the significance and
observability of a particular input requires significant judgement specific to an asset or liability. Inputs are considered to be observable when
they are readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that
are actively involved in the relevant market. Each financial instrument held in a Fund is valued at the close of business on each business day
on the market that in the opinion of the Administrator is the principal market on which such financial instrument is traded.
Level 1 – Quoted prices in active markets for identical securities.
Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk,
etc.).
Level 3 – Significant unobservable inputs (including the Fund’s own fair value assumptions).
(g) Transaction Costs. Transaction costs are incremental costs that are directly attributable to the acquisition, issue or disposal of an
investment. These costs include fees and commissions paid to agents, advisers, brokers and dealers. Investments in financial instruments
include transaction costs which form part of the net capital gains/(losses).
(h) Foreign Currency. All transactions in foreign currencies are translated into sterling at the exchange rates prevailing on the date of the
transaction. At the reporting date, monetary assets and liabilities denominated in foreign currencies are translated at the prevailing exchange
rates. Gains and losses arising on translation are included as part of the return and are reported on a net basis.
(i) Cash and Bank Overdrafts. Cash is composed of demand deposits with financial institutions or bank overdrafts. Bank overdrafts, when
applicable, are presented as current liabilities. Cash held or pledged as margin against financial derivative instruments is included within Cash
and Bank Overdrafts on the balance sheet and disclosed separately in the Notes to the Financial Statements as Amounts Held at, or
Overdrafts with, Futures Clearing Houses and Brokers, as applicable.
Margin. Upon entering into futures contracts, cash deposits are required (initial margin) in an amount equal to a certain percentage of the
contract value. Subsequent payments (variation margin) are made or received by the Funds each day.
(j) Swing Pricing. The Funds employ swing pricing as a means to prevent dilution. Swing pricing results from the ACD’s determination to
adjust the Funds’ net asset value, on any dealing day, following a consideration of dealing activity (i.e. level of subscriptions and redemptions)
and the level of costs associated with such activity. A dilution adjustment is exercised only for the purpose of reducing the negative effects of
transaction charges in the interest of the non-dealing shareholders in the Funds and is applied consistently in respect of the Funds, and in
respect of all assets of the Funds. The direction of the swing depends on whether there are net subscriptions or net redemptions in the
Funds on the relevant dealing day, while the magnitude of the swing is based on pre-determined estimates of the average execution costs in
the relevant asset classes in which the Funds are invested.
There were no dilution adjustments applied during the year ended 31 March 2022 (31 March 2021: None).
4. Distribution Policies
(a) Basis of Distribution. Where revenue from investments exceeds expenses of the share class, a distribution will be made to that share
class. Should expenses exceed revenue, there will be no distribution and the shortfall will be transferred to capital. Revenue attributable to
Accumulation shareholders is retained at the end of each distribution period and represents a reinvestment of revenue. All remaining revenue
is distributed in accordance with the Collective Investment Schemes sourcebook. Additionally, some or all of the expenses are charged to
capital for distribution purposes. The amount charged may vary between accounting periods.
(b) Equalisation. Equalisation occurs to reflect the pro rata payment of distributions based on the time period over which shares have been
owned by an investor. If shares are purchased when the Fund has accrued income but has not yet declared a distribution, the Fund will credit
to the equalisation account the portion of the purchase price representing income accrued but directly attributable to those shares.
Conversely, if shares are redeemed when the Fund has accrued income but has not yet declared a distribution, the Fund will deduct from the
equalisation account the portion of the redemption price representing income accrued but directly attributable to those shares.
104
5. Risk Management Policies

(a) Price Risk. Price risk is the risk that the value of financial instruments held by the Funds will fluctuate because of changes in the market.
The ACD considers the asset allocation of the portfolio in order to minimise the risk associated with particular countries or industry sectors
while continuing to follow the investment objectives of the Funds.
The Funds seek to achieve their investment objectives predominantly through investment in passive, index-tracking collective investment
schemes. For index-tracking collective investment schemes, the investment objective is to seek to track as closely as reasonably possible the
performance of the benchmark indices. In order to achieve this objective, an index-tracking collective investment scheme invests primarily in
securities held in the relevant benchmark index. An index-tracking collective investment scheme places limitations on the amount by which a
holding may deviate from the proportion in the benchmark to limit the market risk from mismatched positions.
All investments present a risk of loss of capital. The ACD assesses the Funds’ market risk volatility to ensure that the effect of using financial
derivative instruments is not significant enough to cause disproportionate losses to the Funds’ overall value. The ACD moderates this risk
through careful selection of financial instruments. The ACD manages this risk through a combination of risk metrics.
(b) Allocation Risk. The Asset Allocation Funds pursue an investment strategy whereby the Investment Manager has discretion over the
composition of the Funds' portfolio holdings and is not managed with reference to a benchmark index. However, the investment manager
manages the Funds through pre-determined asset allocations to equity and fixed income securities using a combination of underlying
collective investment schemes. Asset allocation risk occurs when the Asset Allocation Funds are not able to invest the pre-determined
allocations. The Investment Manager moderates this risk through careful selection of the underlying collective investment schemes chosen
for the pre-determined allocation.
(c) Currency Risk. Currency risk is the risk that the value of the Funds’ investments will fluctuate as a result of changes in currency
exchange rates. Local interest rates and monetary policy, as well as other government fiscal and labour policies, also can adversely impact
the Fund’s currency values. Currency risk is not significant to the Funds.
(d) Interest Rate Risk. The Funds may invest in fixed income securities either directly or indirectly through index-tracking collective
investment schemes. Revenue may be affected by changes in interest rates relevant to particular securities or as a result of the ACD being
unable to secure similar returns on the expiry of contracts or sale of securities. The value of fixed rate securities may be affected by interest
rate movements or the expectation of such movements in the future. Interest receivable on bank deposits or payable on bank overdraft
positions will also be affected by fluctuations in interest rates.
Only Vanguard Target Retirement 2015 Fund, Vanguard Target Retirement 2020 Fund and Vanguard Target Retirement 2025 Fund hold direct
investments in fixed income securities; however, the exposure for Vanguard Target Retirement 2020 and Vanguard Target Retirement
2025 Fund is not significant to the portfolio.

The interest rate risk profile of financial assets and liabilities as at 31 March 2022 was as follows:
Floating Rate Fixed Rate Financial Assets

Financial Assets1 Financial Assets Not Carrying Interest
31 March 2022 31 March 2022 31 March 2022 Total
Currency (£) (£) (£) (£)
Sterling 3,369 1,458,815 7,447,809 8,909,993
Total 3,369 1,458,815 7,447,809 8,909,993
1 Includes cash at bank or bank overdrafts, as applicable.
Floating Rate Financial Liabilities

Financial Liabilities1 Not Carrying Interest
31 March 2022 31 March 2022 Total
Currency (£) (£) (£)
Sterling — 202,518 202,518
Total — 202,518 202,518
The interest rate risk profile of financial assets and liabilities as at 31 March 2021 was as follows:
Floating Rate Fixed Rate Financial Assets

Financial Assets1 Financial Assets Not Carrying Interest
31 March 2021 31 March 2021 31 March 2021 Total
Currency (£) (£) (£) (£)
Sterling 27,317 997,874 5,781,600 6,806,791
Total 27,317 997,874 5,781,600 6,806,791
105
Floating Rate Financial Liabilities

Financial Liabilities1 Not Carrying Interest
31 March 2021 31 March 2021 Total
Currency (£) (£) (£)
Sterling — 259,954 259,954
Total — 259,954 259,954
Management of Market Risk (Including Market Price, Allocation Risk, Foreign Currency and Interest Rate Risks). The Investment
Adviser performs daily reviews of performance and portfolio attributes, such as sector diversification, maturity and credit quality, and makes
adjustments where necessary to ensure that the risk components closely match those of the respective investment policies. Potential
investment policy deviations are raised and discussed by the Investment Adviser and the Administrator for investigation and resolution.
Market impact, currency discrepancies and interest rate exposure are investigated as possible causes. Currency positions are reconciled daily
and discrepancies are immediately resolved. Procedures are established with the Investment Adviser to trade currency as closely as possible
to the close of the markets, so as to obtain exchange rates that closely approximate the rates used in the valuation.
Significant market disruptions, such as those caused by pandemics (e.g., COVID-19 pandemic), natural or environmental disasters, war (e.g.,
Russia's invasion of Ukraine), acts of terrorism, or other events, can adversely affect local and global markets and normal market operations.
Any such disruptions could have an adverse impact on the value of the Funds' investments and Fund performance.
(e) Market Risk Sensitivity Analysis. Market risk exposures to the Funds are measured using value-at-risk ("VaR"), which estimates the
maximum expected loss over a defined period given a specified confidence level. The VaR methodology is a statistically defined, probability-
based approach that takes into account estimates for market volatilities and correlations between assets in the portfolio. Risks can be
measured consistently across markets and products, and risk measures can be aggregated to arrive at a single risk number. For the purpose
of this annual report, a one-year historical (realised) absolute VaR calculation has been completed for each Fund as set out below. VaR as
presented is based on historical performance through 31 March 2022 and does not reflect the effects of any market volatility since that date.
The calculation includes a 95% confidence interval with a 260-trading-day (one-year) VaR period. That is, under normal market conditions and
assuming no changes to Fund holdings, there is a 95% probability that the value of Fund assets will not decrease by more than the
calculated value over a one-year period.
VaR as presented is based on historical performance through 31 March 2022 and does not reflect the effects of any market volatility since
that date.

(%) (%) (%) (%)
Vanguard LifeStrategy 20% Equity Fund 7.46 5.74 Vanguard Target Retirement 2030 Fund 10.76 14.32
Vanguard Target Retirement 2015 Fund 6.46 8.11 Vanguard Target Retirement 2055 Fund 14.07 16.95
Exposure. Global exposure is measured using the commitment approach, which considers the full constituents of the portfolio. The
Investment Adviser will observe the regulatory limit and any internal risk limits which may be appropriate for the portfolio.
The use of financial derivative instruments creates a higher degree of risk exposure. In particular, financial derivative instrument contracts can
be highly volatile, and the amount of initial margin is generally small relative to the size of the contract so that transactions may be leveraged
in terms of market exposure. A relatively small market movement may have a potentially larger impact on financial derivative instruments
than on standard securities. Leveraged derivative positions can therefore increase volatility. The leverage is calculated on a gross exposure
basis, by taking the sum of the notional values of the financial derivative instruments, without netting, and is expressed as a percentage of
the net asset value. Leverage was not significant during the year.
The Funds may use equity index futures only for efficient portfolio management. Index futures are used to equitise cash holdings from
inflows and outflows and also anticipated cash flows (e.g. dividend receivables).
The Funds did not hold any futures at year end.
(f) Liquidity Risk. Liquidity risk is the risk that sufficient cash cannot be raised to meet liabilities when due. One of the key liquidity factors
influencing the Funds is exposure to cash redemptions of redeemable shares. Hence the Funds invest in collective investment schemes for
which the large majority of their underlying investments are traded in active markets and can ordinarily be readily disposed. However, liquidity
risk will occur if an issuer becomes credit-impaired or if the relevant market becomes illiquid. In such a case, it may not be possible to initiate
or liquidate a position at a price deemed by the ACD to be demonstrating fair value. Liquidity risk may be temporary or may last for extended
106
periods. The Funds primarily invest in underlying index-tracking collective investment schemes that form part of their respective target
allocation. The Funds are exposed to withdrawals and contributions that are invested in order to meet the investment objective of the Funds.
The Funds may use index futures contracts to a limited extent, to maintain liquidity and minimise transaction costs. The Funds may equitise
cash holdings from inflows and outflows by purchasing futures contracts to immediately invest incoming cash in the market, or by selling
futures in response to cash outflows, thereby simulating a fully invested position in the target allocation while maintaining a cash balance for
liquidity.
Liquidity risk is not significant to the Funds.
Management of Liquidity Risk. In order to meet redemption requests and raise cash from the portfolio, the Investment Adviser receives
daily reports of capital share activity from the Administrator. The Investment Adviser incorporates cash forecasts into the daily management
of the portfolio and monitors cash balances daily.
Subject to certain circumstances as detailed in the Prospectus, negative impacts to liquidity or transaction costs caused by significant
shareholder redemptions may be mitigated through the Funds’ available liquidity measures including, but not limited to, the use of (a) it’s
swing pricing policies, (b) distribution of underlying investments rather than cash, subject to certain conditions, in which case the shareholder
may bear the cost of charges incurred in connection with the sale of such underlying investments, (c) limiting the maximum amount of daily
redemptions when total redemption requests for the day exceed 10%, or (d) temporary suspension of dealing in shares. Should the Funds
require, they also have access to a syndicated line of credit for temporary or emergency purposes (as disclosed in Note 21).
(g) Credit Risk. Vanguard Target Retirement 2015 Fund, Vanguard Target Retirement 2020 Fund and Vanguard Target Retirement 2025 Fund
invest in government bonds, where credit risk is negligible because of the low risk of the UK Treasury defaulting on interest payments or
maturities. The remaining funds invest in only equity and fixed income securities through underlying collective investment schemes. These
securities are not credit instruments, and therefore these Funds are not directly exposed to credit risk. When efficient portfolio management
techniques are employed, exchange-traded index futures, which are subject to daily valuation, are used to minimise counterparty risk.
Management of Credit Risk. Where applicable, each Fund's exposure to credit risk is considered negligible, any action performed by the
Investment Adviser would be minimal.
6. Net Capital Gains/(Losses)

Net capital gains/(losses) for the 2021-22 year:
Vanguard Vanguard Vanguard Vanguard Vanguard Vanguard Vanguard Vanguard

LifeStrategy LifeStrategy LifeStrategy LifeStrategy LifeStrategy Target Target Target
20% 40% 60% 80% 100% Retirement Retirement Retirement
Equity Fund Equity Fund Equity Fund Equity Fund Equity Fund 2015 Fund 2020 Fund 2025 Fund
(£) (£) (£) (£) (£) (£) (£) (£)
Collective Investment Schemes (53,426,451) 31,550,439 388,742,289 393,743,925 302,837,341 (34,938) (96,123) 1,954,602
Debt Securities — — — — — 31,234 197,711 76,202
Gains on Foreign Exchange — 1 — 4 5 — — —
Net Gains/(Losses) on
Investments (53,426,451) 31,550,440 388,742,289 393,743,929 302,837,346 (3,704) 101,588 2,030,804

Target Target Target Target Target Target Target Target
Retirement Retirement Retirement Retirement Retirement Retirement Retirement Retirement
2030 Fund 2035 Fund 2040 Fund 2045 Fund 2050 Fund 2055 Fund 2060 Fund 2065 Fund
(£) (£) (£) (£) (£) (£) (£) (£)
Collective Investment Schemes 3,746,711 4,396,275 5,234,818 5,222,467 3,380,193 1,997,983 518,167 412,182
Debt Securities — — — — — — — —
Gains on Foreign Exchange — — — — — — 18 13
Investments 3,746,711 4,396,275 5,234,818 5,222,467 3,380,193 1,997,983 518,185 412,195
Net capital gains/(losses) for the 2020-21 year:

(£) (£) (£) (£) (£) (£) (£) (£)
Collective Investment Schemes 93,252,036 671,016,360 1,531,110,175 975,590,144 596,539,973 522,114 3,172,997 9,168,577
Debt Securities — — — — — 14,507 22,618 (5,252)
107

(£) (£) (£) (£) (£) (£) (£) (£)
Futures Contracts 1 (47) (81) 19 17 — — —
Gains/(Losses) on Foreign
Exchange (1) 54 65 (36) (39) — — —
Investments 93,252,036 671,016,367 1,531,110,159 975,590,127 596,539,951 536,621 3,195,615 9,163,325

(£) (£) (£) (£) (£) (£) (£) (£)
Collective Investment Schemes 11,034,053 11,181,883 10,741,713 9,126,719 6,009,781 3,813,922 663,116 662,850
Futures Contracts — — — — — (75) — —
Gains/(Losses) on Foreign
Exchange — — 20 — — 55 (56) (42)
Investments 11,034,053 11,181,883 10,741,733 9,126,719 6,009,781 3,813,902 663,060 662,808
7. Purchases, Sales and Transaction Costs for theYear

Purchases, sales and transaction costs for the 2021-22 year:

(£) (£) (£) (£) (£) (£) (£) (£)
Purchases Excluding Transaction Costs:
Debt Securities — — — — — 585,497 4,398,860 3,444,809
Collective Investment
Schemes 273,839,819 1,462,686,310 2,808,830,167 1,890,942,430 1,153,191,784 3,459,346 44,611,574 95,155,243
Purchases in the Year
Before Transaction Costs 273,839,819 1,462,686,310 2,808,830,167 1,890,942,430 1,153,191,784 4,044,843 49,010,434 98,600,052
Purchases Including
Transaction Costs 273,839,819 1,462,686,310 2,808,830,167 1,890,942,430 1,153,191,784 4,044,843 49,010,434 98,600,052
Sales Excluding
Transaction Costs:
Debt Securities — — — — — 200,089 491,092 150,354
Schemes 276,917,048 686,737,206 631,395,193 163,415,633 74,596,648 1,836,029 8,555,479 7,266,833
Sales in the Year Before
Transaction Costs 276,917,048 686,737,206 631,395,193 163,415,633 74,596,648 2,036,118 9,046,571 7,417,187
Sales Including
108

(£) (£) (£) (£) (£) (£) (£) (£)
Schemes 104,461,960 83,939,546 63,682,221 54,777,126 36,587,555 22,509,232 8,729,217 8,238,163
Purchases in the Year
Before Transaction Costs 104,461,960 83,939,546 63,682,221 54,777,126 36,587,555 22,509,232 8,729,217 8,238,163
Purchases Including
Sales Excluding
Transaction Costs:
Schemes 5,701,260 4,594,462 4,172,776 2,212,474 1,643,399 1,080,193 594,300 1,026,877
Sales in the Year Before
Transaction Costs 5,701,260 4,594,462 4,172,776 2,212,474 1,643,399 1,080,193 594,300 1,026,877
Sales Including
Transaction Costs 5,701,260 4,594,462 4,172,776 2,212,474 1,643,399 1,080,193 594,300 1,026,877
There were no commissions, taxes or fees related with Collective Investment Schemes or Debt Securing transactions during the year.
At 31 March 2022 there were no separately identifiable dealing spreads as the Funds invest in single-priced collective investment schemes,
except for Vanguard Target Retirement 2015 Fund, Vanguard Target Retirement 2020 Fund and Vanguard Target Retirement 2025 Fund, which
also invest in debt securities, and had an average portfolio dealing spread of 0.03%, 0.03%, and 0.03%, respectively.
Purchases, sales and transaction costs for the 2020-21 year:

(£) (£) (£) (£) (£) (£) (£) (£)
Debt Securities — — — — — 788,190 2,247,364 669,190
Schemes 680,704,340 1,878,631,902 2,576,117,280 1,540,078,072 1,059,105,421 3,170,170 16,649,938 51,580,549
Trades in the Year Before
Transaction Costs 680,704,340 1,878,631,902 2,576,117,280 1,540,078,072 1,059,105,421 3,958,360 18,897,302 52,249,739
Purchases Including
Transaction Costs1 680,704,340 1,878,631,902 2,576,117,280 1,540,078,072 1,059,105,421 3,958,360 18,897,302 52,249,739
Sales Excluding
Transaction Costs:
Debt Securities — — — — — 365,852 757,394 —
Schemes 94,548,553 247,573,933 178,354,141 262,347,099 447,128,641 1,873,673 6,824,963 9,025,058
Commissions and Fees
Schemes — — — (5,164) (9,781) (4) (32) (97)
Total Commissions and
Fees — — — (5,164) (9,781) (4) (32) (97)
Total Sales Transaction
Costs — — — (5,164) (9,781) (4) (32) (97)
Sales Including
1 Transaction costs associated with Collective Investment Schemes and Debt Securities was not material.
109

(£) (£) (£) (£) (£) (£) (£) (£)
Schemes 69,777,703 62,120,129 54,178,826 47,326,046 29,286,574 16,675,343 5,366,132 3,800,900
Purchases Including
Transaction Costs1 69,777,703 62,120,129 54,178,826 47,326,046 29,286,574 16,675,343 5,366,132 3,800,900
Sales Excluding
Transaction Costs:
Schemes 8,601,028 7,616,779 8,063,397 5,260,787 3,745,067 2,125,015 624,519 872,937
Transaction Costs 8,601,028 7,616,779 8,063,397 5,260,787 3,745,067 2,125,015 624,519 872,937
Commissions and Fees
Schemes (114) (124) (119) (106) (69) (44) (8) (8)
Total Commissions and
Fees (114) (124) (119) (106) (69) (44) (8) (8)
Total Sales Transaction
Costs (114) (124) (119) (106) (69) (44) (8) (8)
Sales Including
Transaction Costs 8,600,914 7,616,655 8,063,278 5,260,681 3,744,998 2,124,971 624,511 872,929
1 Transaction costs associated with Collective Investment Schemes and Debt Securities was not material.
Total transaction costs expressed as a percentage of transaction value for the 2020-21 year:

(%) (%) (%) (%) (%) (%) (%) (%)
Sales:
Commissions
Collective
Investment
Schemes — — — (0.00) (0.00) (0.00) (0.00) (0.00)
Total transaction cost expressed as a percentage of average net assets for the 2020-21 year:
Commissions — — — 0.00 0.00 0.00 0.00 0.00

(%) (%) (%) (%) (%) (%) (%) (%)
Sales:
Commissions
Collective
Investment
Schemes (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00) (0.00)
Total transaction cost expressed as a percentage of average net assets for the 2020-21 year:
Commissions 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
At 31 March 2021 there were no separately identifiable dealing spreads as the Funds invest in single-priced collective investment schemes,
except for Vanguard Target Retirement 2015 Fund, Vanguard Target Retirement 2020 Fund and Vanguard Target Retirement 2025 Fund, which
also invest in debt securities, and had an average portfolio dealing spread of 0.02%, 0.02%, and 0.02%, respectively.
110
8. Revenue
Revenue for the 2021-22 year:

(£) (£) (£) (£) (£) (£) (£) (£)
Collective Investment Schemes
Revenue 30,710,148 117,349,508 201,949,052 118,190,646 74,766,599 98,427 865,458 2,357,897
Interest on Debt Securities — — — — — 58,230 198,317 116,248
Total Revenue 30,710,148 117,349,508 201,949,052 118,190,646 74,766,599 156,657 1,063,775 2,474,145

(£) (£) (£) (£) (£) (£) (£) (£)
Revenue 2,889,071 2,523,665 2,187,768 1,907,160 1,192,934 739,107 188,341 153,640
Interest on Debt Securities — — — — — — — —
Total Revenue 2,889,071 2,523,665 2,187,768 1,907,160 1,192,934 739,107 188,341 153,640
Revenue for the 2020-21 year:

(£) (£) (£) (£) (£) (£) (£) (£)
Revenue 25,411,685 85,705,329 137,786,222 71,807,867 38,617,397 64,833 339,219 948,486
Interest on Debt Securities — — — — — (4,376) (13,698) (206)
Bank and Other Interest 45 152 189 90 46 — — —
Total Revenue 25,411,730 85,705,481 137,786,411 71,807,957 38,617,443 60,457 325,521 948,280

(£) (£) (£) (£) (£) (£) (£) (£)
Revenue 1,037,632 974,778 861,776 680,816 441,295 285,710 51,717 42,265
Interest on Debt Securities — — — — — — — —
Bank and Other Interest — — — — — — — —
Total Revenue 1,037,632 974,778 861,776 680,816 441,295 285,710 51,717 42,265
9. Expenses
Expenses for the 2021-22 year:

(£) (£) (£) (£) (£) (£) (£) (£)
Expenses to the ACD or Associates of
the ACD, and Agents of Either of Them:
Annual Management Charge 5,058,980 17,941,261 28,825,078 15,281,162 7,972,054 18,273 143,521 344,226
Reduction for Synthetic Element (2,872,764) (10,243,481) (16,144,887) (8,230,477) (4,005,401) (7,966) (66,942) (173,633)
111

(£) (£) (£) (£) (£) (£) (£) (£)
Other expenses:
Interest Expenses 182 — — — — — — —
HMRC Interest — 12,317 9,174 1,039 — — — —
Total Expenses 2,186,398 7,710,097 12,689,365 7,051,724 3,966,653 10,307 76,579 170,593

(£) (£) (£) (£) (£) (£) (£) (£)
Annual Management Charge 411,274 355,595 304,322 260,762 163,436 100,316 27,017 22,881
Reduction for Synthetic Element (211,159) (182,810) (156,278) (132,149) (82,591) (50,653) (13,641) (11,551)
Other expenses:
Interest Expenses — — — — — — — —
HMRC Interest — — — — — — — —
Total Expenses 200,115 172,785 148,044 128,613 80,845 49,663 13,376 11,330
Expenses for the 2020-21 year:

(£) (£) (£) (£) (£) (£) (£) (£)
Annual Management Charge 4,277,948 13,779,125 20,433,963 9,804,160 4,827,082 13,003 58,859 149,811
Reduction for Synthetic Element (2,458,371) (7,918,223) (11,540,696) (5,331,411) (2,457,808) (5,762) (28,051) (77,015)
Other expenses:
Interest Expenses 76 2,135 1 — 41 — — 26
HMRC Interest — 6,873 5,447 707 — — — —
Total Expenses 1,819,653 5,869,910 8,898,715 4,473,456 2,369,315 7,241 30,808 72,822

(£) (£) (£) (£) (£) (£) (£) (£)
Annual Management Charge 167,226 157,230 138,412 110,230 71,743 45,197 8,599 8,004
Reduction for Synthetic Element (86,417) (81,311) (71,352) (56,128) (36,515) (22,997) (4,376) (4,074)
Other expenses:
Interest Expenses — — — — 41 — — —
HMRC Interest — — — — — — — —
Total Expenses 80,809 75,919 67,060 54,102 35,269 22,200 4,223 3,930
112
10. Taxation
(a) Tax Charge Analysis
Analysis of the tax charge for the 2021-22 year:

(£) (£) (£) (£) (£) (£) (£) (£)
Overseas Tax 262 22,812 96,144 63,089 31,850 3 147 620
Corporation Tax 52 10,248,825 10,098,256 1,903,561 — — 11,149 116,588
Double Taxation Relief (52) (22,812) (96,144) (63,089) — — (147) (620)
Total Tax Charge (Note 10b) 262 10,248,825 10,098,256 1,903,561 31,850 3 11,149 116,588

(£) (£) (£) (£) (£) (£) (£) (£)
Overseas Tax 866 880 824 797 513 320 76 61
Corporation Tax 136,008 90,723 59,149 35,823 20,197 12,481 3,497 2,519
Double Taxation Relief (866) (880) (824) (797) (513) (320) (76) (61)
Total Tax Charge (Note 10b) 136,008 90,723 59,149 35,823 20,197 12,481 3,497 2,519
Analysis of the tax charge for the 2020-21 year:

(£) (£) (£) (£) (£) (£) (£) (£)
Overseas Tax — 35,773 149,211 96,138 47,521 10 149 664
Corporation Tax — 7,863,747 7,165,801 1,302,884 — 2,543 16,789 56,045
Double Taxation Relief — (35,773) (149,211) (96,138) — (10) (149) (664)
Total Tax Charge (Note 10b) — 7,863,747 7,165,801 1,302,884 47,521 2,543 16,789 56,045

(£) (£) (£) (£) (£) (£) (£) (£)
Overseas Tax 807 879 877 739 487 324 54 39
Corporation Tax 54,065 38,718 25,875 14,796 9,251 5,533 1,114 1,007
Total Tax Charge (Note 10b) 54,065 38,718 25,875 14,796 9,251 5,533 1,114 1,007
113
(b) Tax Charge Factors

Factors affecting the total tax charge for the 2021-22 year:

(£) (£) (£) (£) (£) (£) (£) (£)
Net Revenue/(Expenses) Before
Taxation 28,523,750 109,639,411 189,259,687 111,138,922 70,799,946 146,350 987,196 2,303,552
Return on Ordinary Activities
Before Taxation 28,523,750 109,639,411 189,259,687 111,138,922 70,799,946 146,350 987,196 2,303,552
Return on Ordinary Activities Before
Taxation at the Applicable Rate of
Corporation Tax in the UK of 20% 5,704,750 21,927,882 37,851,937 22,227,784 14,159,989 29,270 197,439 460,710
Effects of:
Revenue Not Subject to Taxation (1,634,161) (11,679,057) (27,753,681) (20,324,223) (14,921,470) (8,395) (97,167) (305,481)
Movement in Excess Expenses — — — — 767,851 136 — —
Tax-Deductible Interest Distributions (4,070,537) — — — — — — —
Overseas Tax 262 22,812 96,144 63,089 31,850 3 147 620
Overseas Tax Expensed — — — — (6,370) (1) — —
Double Taxation Relief (52) (22,812) (96,144) (63,089) — — (147) (620)
Indexation Adjustment Re UK
Government Indexed-Linked Bond — — — — — (21,010) (89,123) (38,641)
Total Tax Charge (Note 10a) 262 10,248,825 10,098,256 1,903,561 31,850 3 11,149 116,588

(£) (£) (£) (£) (£) (£) (£) (£)
Taxation 2,688,956 2,350,880 2,039,724 1,778,547 1,112,089 689,444 174,965 142,310
Before Taxation 2,688,956 2,350,880 2,039,724 1,778,547 1,112,089 689,444 174,965 142,310
Corporation Tax in the UK of 20% 537,791 470,176 407,945 355,709 222,418 137,889 34,993 28,462
Effects of:
Revenue Not Subject to Taxation (401,783) (379,453) (348,796) (319,886) (202,221) (125,408) (31,496) (25,943)
Movement in Excess Expenses — — — — — — — —
Tax-Deductible Interest Distributions — — — — — — — —
Overseas Tax 866 880 824 797 513 320 76 61
Overseas Tax Expensed — — — — — — — —
Government Indexed-Linked Bond — — — — — — — —
Total Tax Charge (Note 10a) 136,008 90,723 59,149 35,823 20,197 12,481 3,497 2,519
Factors affecting the tax charge for the 2020-21 year:

(£) (£) (£) (£) (£) (£) (£) (£)
Taxation 23,592,077 79,835,571 128,887,696 67,334,501 36,248,128 53,216 294,713 875,458
Before Taxation 23,592,077 79,835,571 128,887,696 67,334,501 36,248,128 53,216 294,713 875,458
Corporation Tax in the UK of 20% 4,718,415 15,967,114 25,777,539 13,466,900 7,249,626 10,643 58,943 175,092
114

(£) (£) (£) (£) (£) (£) (£) (£)
Effects of:
Revenue Not Subject to Taxation (1,305,536) (8,103,367) (18,611,738) (12,164,016) (7,674,942) (5,653) (36,132) (117,863)
Movement in Excess Expenses — — — — 434,820 — — —
Tax-Deductible Interest Distributions (3,412,879) — — — — — — —
Overseas Tax — 35,773 149,211 96,138 47,521 10 149 664
Overseas Tax Expensed — — — — (9,504) — — —
Double Taxation Relief — (35,773) (149,211) (96,138) — (10) (149) (664)
Government Indexed-Linked Bond — — — — — (2,447) (6,022) (1,184)
Total Tax Charge (Note 10a) — 7,863,747 7,165,801 1,302,884 47,521 2,543 16,789 56,045

(£) (£) (£) (£) (£) (£) (£) (£)
Taxation 956,823 898,859 794,716 626,714 406,026 263,510 47,494 38,335
Before Taxation 956,823 898,859 794,716 626,714 406,026 263,510 47,494 38,335
Corporation Tax in the UK of 20% 191,365 179,772 158,943 125,343 81,205 52,702 9,499 7,667
Effects of:
Revenue Not Subject to Taxation (137,300) (141,054) (133,068) (110,547) (71,954) (47,169) (8,385) (6,660)
Movement in Excess Expenses — — — — — — — —
Tax-Deductible Interest Distributions — — — — — — — —
Overseas Tax 807 879 877 739 487 324 54 39
Overseas Tax Expensed — — — — — — — —
Government Indexed-Linked Bond — — — — — — — —
Total Tax Charge (Note 10a) 54,065 38,718 25,875 14,796 9,251 5,533 1,114 1,007
(c) Future Tax Charge

The Vanguard LifeStrategy 100% Equity Fund and Vanguard Target Retirement 2015 have surplus management expenses that have resulted
in an unrecognised deferred tax asset of £1,956,872 (2021: £1,189,022) and £136 (2021: £nil), respectively. These assets have not been
recognised in the Financial Statements as the Funds’ current investment strategy is unlikely to generate sufficient taxable profits in the future
to enable the value of this asset to be realised.
11. Distributions
The distributions take account of equalisation received on the creation of shares and deducted on cancellation of shares, and comprise:
Distributions for the 2021-22 year:

(£) (£) (£) (£) (£) (£) (£) (£)
Final 28,326,568 101,399,993 188,251,166 118,878,074 78,477,004 159,155 1,078,193 2,690,828
Add: Equalisation Deducted on
Cancellation of Shares 993,826 764,612 313,631 72,787 111,262 9,937 33,445 38,190
Deduct: Equalisation Received on
Creation of Shares (796,909) (2,774,024) (9,403,370) (9,715,504) (7,820,177) (22,745) (135,591) (542,054)
Distributions 28,523,485 99,390,581 179,161,427 109,235,357 70,768,089 146,347 976,047 2,186,964
115

(£) (£) (£) (£) (£) (£) (£) (£)
Final 3,052,610 2,728,076 2,303,796 2,035,453 1,320,355 805,506 220,098 179,819
Creation of Shares (519,903) (488,990) (335,702) (301,400) (235,093) (131,302) (51,596) (44,231)
Distributions 2,552,949 2,260,156 1,980,575 1,742,724 1,091,892 676,963 171,468 139,791
There was not a material difference between Net Revenue After Taxation shown in the Statement of Total Return and Distributions shown in the Statement of Total Return.
Distributions for the 2020-21 year:

(£) (£) (£) (£) (£) (£) (£) (£)
Final 25,933,623 79,877,554 136,863,895 75,621,758 41,561,350 53,277 347,276 1,102,359
Creation of Shares (2,602,524) (8,102,474) (15,174,636) (9,639,772) (5,484,868) (6,703) (83,677) (308,036)
Distributions 23,592,079 71,971,815 121,721,866 66,031,630 36,200,604 50,672 277,923 819,413

(£) (£) (£) (£) (£) (£) (£) (£)
Final 1,296,548 1,177,844 1,049,375 882,053 559,065 345,281 77,469 55,717
Cancellation of Shares 11,069 11,185 20,286 1,409 702 1,639 2,563 2,152
Creation of Shares (404,859) (328,888) (300,821) (271,544) (162,992) (88,944) (33,652) (20,541)
Distributions 902,758 860,141 768,840 611,918 396,775 257,976 46,380 37,328
There was not a material difference between Net Revenue After Taxation shown in the Statement of Total Return and Distributions shown in the Statement of Total Return.
12. Debtors
Debtors as at 31 March 2022:

(£) (£) (£) (£) (£) (£) (£) (£)
Amounts Receivable for Creation of
Shares 680,090 9,589,481 29,653,809 34,403,187 13,395,484 216,014 744,182 1,112,192
Sales Awaiting Settlement 2,500,000 22,500,000 37,000,000 — — — 260,000 —
Accrued Interest on Debt Securities — — — — — 4,244 21,006 12,341
Total Debtors 3,180,090 32,089,481 66,653,809 34,403,187 13,395,484 220,258 1,025,188 1,124,533

(£) (£) (£) (£) (£) (£) (£) (£)
Shares 1,281,483 1,210,504 399,275 974,635 457,643 292,842 183,711 45,443
116

(£) (£) (£) (£) (£) (£) (£) (£)
Sales Awaiting Settlement — — — — — — — —
Accrued Interest on Debt Securities — — — — — — — —
Total Debtors 1,281,483 1,210,504 399,275 974,635 457,643 292,842 183,711 45,443
Debtors as at 31 March 2021:

(£) (£) (£) (£) (£) (£) (£) (£)
Shares 2,853,819 17,913,749 38,295,224 21,153,409 14,678,890 56,837 204,578 567,183
Sales Awaiting Settlement — — — — — 208,254 515,994 —
Accrued Interest on Debt Securities — — — — — 2,899 7,885 1,350
Total Debtors 2,853,819 17,913,749 38,295,224 21,153,409 14,678,890 267,990 728,457 568,533

(£) (£) (£) (£) (£) (£) (£) (£)
Shares 1,316,228 776,233 471,759 680,031 630,768 310,490 122,793 11,896
Sales Awaiting Settlement — — — — — — — 19,945
Accrued Interest on Debt Securities — — — — — — — —
Total Debtors 1,316,228 776,233 471,759 680,031 630,768 310,490 122,793 31,841
13. Cash and Bank Balances and Bank Overdrafts

Cash and bank balances and bank overdrafts as at 31 March 2022:

(£) (£) (£) (£) (£) (£) (£) (£)
Cash and Bank Balances 1,244,632 3,819,305 6,661,858 3,180,981 2,320,094 3,369 20,206 39,219
Total Cash and Bank Balances 1,244,632 3,819,305 6,661,858 3,180,981 2,320,094 3,369 20,206 39,219

(£) (£) (£) (£) (£) (£) (£) (£)
Cash and Bank Balances 52,335 53,571 51,848 51,355 33,991 21,014 6,572 5,473
Total Cash and Bank Balances 52,335 53,571 51,848 51,355 33,991 21,014 6,572 5,473
117
Cash and bank balances and bank overdrafts as at 31 March 2021:

(£) (£) (£) (£) (£) (£) (£) (£)
Amounts Held at Futures Clearing
Houses and Brokers — — — 29 — — — —
Cash and Bank Balances 2,418,169 7,125,530 11,051,140 7,042,664 4,275,749 180 35,447 151,731
Total Cash and Bank Balances 2,418,169 7,125,530 11,051,140 7,042,693 4,275,749 180 35,447 151,731

(£) (£) (£) (£) (£) (£) (£) (£)
Amounts Held at Futures Clearing
Houses and Brokers — — — — — 33 — —
Cash and Bank Balances 134,651 161,926 113,558 90,630 84,227 63,418 20,739 17,514
Total Cash and Bank Balances 134,651 161,926 113,558 90,630 84,227 63,451 20,739 17,514
14. Other Creditors

Other creditors as at 31 March 2022:

(£) (£) (£) (£) (£) (£) (£) (£)
Amounts Payable for Cancellation of
Shares 21,994 — — — — — — —
Purchases Awaiting Settlement 3,131,000 31,964,000 66,378,000 26,522,955 13,111,890 201,543 987,334 1,023,381
Accrued Management Charge 412,578 1,528,195 2,552,644 1,409,153 756,248 1,725 153,626 36,581
Reduction for Synthetic OCF of
Underlying Funds (233,604) (871,287) (1,424,571) (755,104) (377,654) (750) (145,624) (18,316)
Corporation Tax Payable 1 1,817,685 1,679,552 172,374 — — 11,002 115,968
Total Other Creditors 3,331,969 34,438,593 69,185,625 27,349,378 13,490,484 202,518 1,006,338 1,157,614

(£) (£) (£) (£) (£) (£) (£) (£)
Shares — — — — — — — —
Purchases Awaiting Settlement 1,278,200 1,206,901 395,699 913,844 456,500 276,707 158,399 45,000
Accrued Management Charge 42,449 36,657 30,303 26,019 16,785 10,255 2,951 2,534
Underlying Funds (21,789) (18,814) (15,560) (13,178) (8,468) (5,171) (1,488) (1,278)
Corporation Tax Payable 135,142 89,843 58,325 35,026 19,684 12,128 3,421 2,458
Total Other Creditors 1,434,002 1,314,587 468,767 961,711 484,501 293,919 163,283 48,714
118
Other creditors as at 31 March 2021:

(£) (£) (£) (£) (£) (£) (£) (£)
Shares 136,944 — — — — — — —
Purchases Awaiting Settlement 2,726,912 17,872,324 38,199,000 22,564,965 14,030,436 256,701 724,026 624,919
Accrued Management Charge 415,555 1,351,362 2,052,250 1,016,631 506,155 1,287 6,759 17,595
Underlying Funds (237,592) (774,320) (1,156,621) (554,047) (258,439) (568) (3,209) (9,023)
Corporation Tax Payable — 1,465,730 1,332,874 211,677 — 2,534 16,639 55,381
Total Other Creditors 3,041,819 19,915,096 40,427,503 23,239,226 14,278,152 259,954 744,215 688,872

(£) (£) (£) (£) (£) (£) (£) (£)
Shares — — — — — — — 21,806
Purchases Awaiting Settlement 1,272,322 763,520 455,636 666,558 638,034 324,195 125,567 23,950
Accrued Management Charge 21,171 19,486 17,162 14,302 9,018 5,553 1,265 1,050
Underlying Funds (10,961) (10,103) (8,876) (7,306) (4,603) (2,834) (646) (536)
Corporation Tax Payable 53,258 37,839 25,000 14,057 8,764 5,176 1,060 969
Total Other Creditors 1,335,790 810,742 488,922 687,611 651,213 332,090 127,246 47,239
15. Capital Commitments and Contingent Liabilities

The Funds had no capital commitments or contingent liabilities at year-end (31 March 2021: Nil).
16. Efficient Portfolio Management

The Company may employ investment techniques and use financial derivative instruments ("FDIs") (such as futures contracts, forward foreign
currency contracts, options and swaps) for efficient portfolio management of the assets of the Funds, including hedging against market
movements, currency exchange or interest rate risks. Any investment technique or use of FDIs must be one which is reasonably believed by
the Investment Adviser to be economically appropriate in that it is realised in a cost-effective way.
17. Related Party Transactions
Authorised Corporate Director. Vanguard Investments UK, Limited, is the ACD and acts as a principal in respect of all transactions of
shares in the Funds. For its services, the ACD receives a fixed single fee per share class (the “Management Charge”) calculated on a daily
basis per share class and paid monthly. Out of the fees received, the ACD pays for any sub-advisers, as well as the costs of administration
including audit, depositary, legal, registration and regulatory fees associated with the Funds. As a result, the ACD anticipates the ongoing
charges figure (“OCF”) of each share class will closely track the Management Charge. The ACD, in its sole discretion, may voluntarily waive
all or part of its fee, and any such waiver could be discontinued at any time and without notice.
The Funds invest in affiliated collective investment schemes, and the Net Capital Gains/(Losses) and Revenue from these collective
investment schemes, as disclosed in Notes 6 and 8, respectively, are derived from related party holdings. Additionally with respect to the
Funds, the ACD intends to reduce its annual management charge in an amount equal to similar charges already incurred in the underlying
affiliated collective investment schemes. This reduction is voluntary and at the sole discretion of the ACD and could be discontinued at any
time without notice. Amounts due from or to the ACD are disclosed in Notes 12 and 14. Amounts earned by the ACD in respect to annual
management charges are disclosed in Note 9.
119
Annual Management Charge for each share class as at 31 March 2022:

20% Equity 40% Equity 60% Equity 80% Equity 100% Equity Retirement Retirement Retirement
Fund Fund Fund Fund Fund 2015 Fund 2020 Fund 2025 Fund
(%) (%) (%) (%) (%) (%) (%) (%)
A GBP Accumulation 0.22 0.22 0.22 0.22 0.22 0.24 0.24 0.24
A GBP Income 0.22 0.22 0.22 0.22 0.22 — — —

(%) (%) (%) (%) (%) (%) (%) (%)
All shares within the ICVC have the same rights on winding up.
Annual Management Charge for each share class as at 31 March 2021:

20% Equity 40% Equity 60% Equity 80% Equity 100% Equity Retirement Retirement Retirement
Fund Fund Fund Fund Fund 2015 Fund 2020 Fund 2025 Fund
(%) (%) (%) (%) (%) (%) (%) (%)
A GBP Income 0.22 0.22 0.22 0.22 0.22 — — —

(%) (%) (%) (%) (%) (%) (%) (%)
All shares within the ICVC have the same rights on winding up.
Directors' Fees. Aggregate director fees paid by the ACD out of the OCF for the year ended 31 March 2022 were £248,270 (31 March 2021:
£212,410), of which £0 (31 March 2021: Nil) was outstanding at the year-end.
Investment Adviser. Vanguard Global Advisers, LLC, is the Investment Adviser to the Funds and is compensated by the ACD. The
Investment Adviser or the ACD, at their discretion, may appoint other companies from within The Vanguard Group of Companies to provide
investment management and advisory services with respect to the Funds.
The following amounts were held by affiliates of Vanguard Investments UK, Limited, expressed as a percentage of total net assets:
31 March 2022 31 March 2021

Fund (%) (%)
Vanguard Target Retirement 2060 Fund — 0.19
Vanguard Target Retirement 2065 Fund — 0.23
As at 31 March 2022, there were no amounts due from or to affiliates of Vanguard Investments UK, Limited, related to share transactions (31 March 2021: Nil).
120
18. Share Reconciliation

Reconciliation of the share movements in the year:

A GBP Accumulation
Opening Shares in Issue 12,066,661 35,298,955 47,930,301 21,880,460 9,684,139 46,238 223,847 590,935
Creations During the Year 877,027 3,903,313 8,999,497 6,360,130 3,629,810 26,468 290,245 585,926
Cancellations During the Year (873,923) (373,043) (100,618) (8,824) (19,997) (12,685) (37,224) (29,475)
Closing Shares in Issue 12,069,765 38,829,225 56,829,180 28,231,766 13,293,952 60,021 476,868 1,147,386

A GBP Accumulation
Opening Shares in Issue 696,612 619,085 527,813 442,266 277,922 168,479 53,417 43,023
Creations During the Year 598,795 469,805 350,361 295,761 198,571 120,597 63,121 59,668
Cancellations During the Year (14,977) (13,865) (14,905) (4,540) (5,935) (2,907) (2,911) (6,440)
Closing Shares in Issue 1,280,430 1,075,025 863,269 733,487 470,558 286,169 113,627 96,251
Vanguard Vanguard Vanguard Vanguard Vanguard

LifeStrategy LifeStrategy LifeStrategy LifeStrategy LifeStrategy
20% 40% 60% 80% 100%
Equity Fund Equity Fund Equity Fund Equity Fund Equity Fund
A GBP Income
Opening Shares in Issue 1,218,825 3,479,580 4,853,899 1,732,690 1,089,012
Creations During the Year 189,383 651,167 1,085,838 588,436 238,641
Cancellations During the Year (206,227) (110,503) (118,750) (35,466) (41,220)
Closing Shares in Issue 1,201,981 4,020,244 5,820,987 2,285,660 1,286,433
19. Fair Value

As at 31 March 2022:

(£) (£) (£) (£) (£) (£) (£) (£)
Assets: Basis of Valuation
Level 1: Quoted Prices — — — — — 1,458,815 7,098,241 4,121,102
Level 2: Observable Market
Data 2,208,150,152 8,279,468,039 14,011,808,026 7,850,871,875 4,265,414,144 7,227,551 67,831,819 184,129,263
Level 3: Unobservable Data — — — — — — — —
Total 2,208,150,152 8,279,468,039 14,011,808,026 7,850,871,875 4,265,414,144 8,686,366 74,930,060 188,250,365
121

(£) (£) (£) (£) (£) (£) (£) (£)
Level 1: Quoted Prices — — — — — — — —
Data 217,381,550 187,876,835 155,541,408 134,919,031 86,829,376 52,913,464 15,621,190 13,247,013
Total 217,381,550 187,876,835 155,541,408 134,919,031 86,829,376 52,913,464 15,621,190 13,247,013
As at 31 March 2021:

(£) (£) (£) (£) (£) (£) (£) (£)
Level 1: Quoted Prices1 — — — — — 997,874 2,704,147 667,460
Data1 2,233,943,945 7,354,656,098 11,243,787,300 5,611,476,810 2,809,246,918 5,540,747 31,158,529 91,926,491
Total 2,233,943,945 7,354,656,098 11,243,787,300 5,611,476,810 2,809,246,918 6,538,621 33,862,676 92,593,951

(£) (£) (£) (£) (£) (£) (£) (£)
Level 1: Quoted Prices1 — — — — — — — —
Data1 111,989,993 101,618,232 88,611,064 75,229,143 47,313,419 28,748,333 6,780,266 5,470,533
Total 111,989,993 101,618,232 88,611,064 75,229,143 47,313,419 28,748,333 6,780,266 5,470,533
1 The classification of ETFs in the comparative period has been changed from level 1 to level 2 in line with the current year which reflects the valuation policy outlined in Note 3(f) of the financial
statements.
20. Auditors' Remuneration

Audit fees paid on behalf of each fund by the ACD were £9,600, excluding VAT (2021: £8,725).
21. Credit Facility Disclosure

The Funds and certain other funds managed by the ACD and its affiliates participate in an annually renewable USD $4.4 billion committed
credit facility. Each participating fund is individually liable for its borrowings under the credit facility. Borrowings may be utilised for temporary
or emergency purposes and are subject to the participating fund’s regulatory and contractual borrowing restrictions. Participating funds are
allocated an annual commitment fee of 0.10% of the undrawn facility amount as well as certain administrative fees. Any fees allocated to the
Funds are paid by the ACD. Interest and direct borrowing costs associated with draws on the credit facility are charged to the Funds and
recorded in the Statement of Total Returns. The rate charged for borrowings under this facility is linked to the currency borrowed. Borrowings
in US Dollars will bear interest at an agreed-upon spread plus the higher of the federal funds effective rate, the overnight bank funding rate,
or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. Borrowings in currencies other than the
US Dollar will bear interest at an agreed-upon spread plus the Euro Interbank Offered Rate, the Daily Simple Euro Short Term Rate, the Swiss
Average Rate Overnight, the Sterling Overnight Index Average, or the Tokyo Interbank Offered Rate, as applicable.
The Funds had no borrowings outstanding at 31 March 2022 or at any time during the year then ended (31 March 2021: none).
22. Events After the Balance Sheet Date

With effect from 30 April 2022, Robyn Laidlaw and Paul Jakubowski were appointed as directors and Kathleen Bock and Sean Hagerty
resigned as directors of Vanguard Investments UK, Limited.
Management has determined that no other events or transactions occurred subsequent to 31 March 2022, that would require recognition or
disclosure in these financial statements.
122
Further Information
Reports and Financial Statements

Each year, annual and interim reports will be prepared. They will describe investment activity during the period and provide management
commentary.
Recipients of this document should not treat the contents as advice relating to legal, taxation or investment matters and should consult their
own professional advisers concerning the acquisition, holding or disposing of investments in the Funds.
Past performance is not necessarily indicative of future performance, and the value of the shares and income from them may fall as well as
rise. On redemption of shares, investors may receive back an amount less than the original amount of their investment. The assets of the
Funds will be in a variety of currencies, and therefore movements in the value of currencies may affect the value of an investor’s holdings and
the income from the holdings may fluctuate in value in money terms.
Prospectus
The Fund Prospectus, an important document describing each Fund in detail, is available from the ACD, which is responsible for the
management and administration of the Funds.
The ACD for Vanguard LifeStrategy Funds ICVC is Vanguard Investments UK, Limited, located at 4th Floor, The Walbrook Building,
25 Walbrook, London EC4N 8AF.
Types of Shares Available

Each of the LifeStrategy 40% Equity, 60% Equity, 80% Equity and 100% Equity Funds offers two classes of shares: A GBP Income Shares
and A GBP Accumulation Shares. The LifeStrategy 20% Equity Fund has two share classes: A GBP Gross Income and A GBP Gross
Accumulation.
Each of the Target Retirement Funds offers one class of shares: A GBP Accumulation Shares.
Switching
Investors may sell their shares and transfer the proceeds into any of the other Funds by calling our dealing desk on 0800 408 2065.
Distributions
The existing Funds allocate revenue to shareholders once a year, on 31 May.
Publication of Prices
The most recent share prices are published daily on https://global.vanguard.com.
Cross Holdings
On 31 March 2022 there were no shares in any sub-fund held by other sub-funds of the Vanguard LifeStrategy Funds ICVC.
Remuneration Disclosure
The Vanguard UK Consolidation Group publishes annually its Pillar 3 disclosures including certain information on remuneration. The latest
Pillar 3 disclosures can be found at https://global.vanguard.com/documents/pillar3-disclosures.pdf.
Vanguard personnel providing services to the ACD are subject to the Vanguard European Remuneration Policy (the “Remuneration Policy”).
The Remuneration Policy includes the remuneration requirements of the UCITS V Directive (2014/91/EU) (as implemented in the UK). Details
of the Remuneration Policy are available through https://www.vanguard.co.uk/uk/portal/investment-information.jsp, which will be updated
periodically to reflect changes to the policy.
The governance of remuneration within Vanguard Europe is undertaken through a tiered structure, including Vanguard’s Global Remuneration
Committee and the Vanguard European Leadership Team. The Global Remuneration Committee also operates at The Vanguard Group level
and oversees the overall compensation programmes of The Vanguard Group. The Vanguard European Leadership Team is responsible for
implementing the remuneration programmes in accordance with our total rewards philosophy and global organisation, including overseeing
the Remuneration Policy.
The Remuneration Policy provides for an appropriate balance of fixed salary; benefits, such as pension; and annual bonus and long-term
incentive arrangements. Incentive are based on the overall business performance of The Vanguard Group, or individual, team, business unit
and fund performance. The incentive plans are reviewed and approved by the Vanguard European Leadership Team (and other applicable
groups) in order to ensure that plans appropriately assess financial and non-financial performance and do not encourage conflicts of interest,
and to ensure that risk or compliance issues are appropriately reflected.
The Vanguard European Leadership Team also reviews and approves the list of UK UCITS code staff annually. Identified code staff are notified
and understand the code staff responsibilities.
123
Further Information (continued)
Under the UCITS V Directive (as implemented in the UK), the ACD is required to disclose information relating to the remuneration paid to its staff
for the financial year, split into fixed and variable remuneration. The table below presents the aggregate total remuneration paid to staff who
provide services to the Trust and the aggregate total remuneration paid to all relevant UK UCITS code staff.
Total
Remuneration
Headcount1,2 (£000)3
Funds, of which 590 24,818,985
Fixed Remuneration 590 15,397,844
Variable Remuneration 590 9,421,141
Performance Fees n/a n/a
UCITS Code Staff, of which 14 3,558,691
Senior Management 10 3,169,748
Other Code Staff 4 388,943
1 This is the total number of employees who are fully or partly involved in the activities of the Funds.
2 The staff in this table may provide services to other entities within The Vanguard Group.
3 Remuneration disclosed is apportioned based on total assets under management by Vanguard Investments UK, Limited, from total European assets under management.
Remuneration reflects fixed pay (salary) and performance-related pay (annual and long-term incentives). Individual incentive outcomes under
the plans are based on performance assessed by reference to an appropriate balance of quantitative and qualitative measures, such as
behaviour, including compliance with all applicable policies. The individual incentive outcome is fully discretionary and, if appropriate,
outcomes based on financial performance can be overridden based on the qualitative measures.
Assessment of Value
Under rules laid out in COLL 6.6.20R of the Financial Conduct Authority's Handbook, the ACD is required to inform investors annually
whether its funds are providing value to investors and then publish an annual statement summarising the outcome of this process. Details of
the statement are available at https://www.vanguard.co.uk/adviser/adv/about-vanguard/assessment-of-value.
Synthetic Ongoing Charges Figure

The Ongoing Charges Figure (OCF) is the ratio of the Fund’s total disclosable costs (excluding overdraft interest) to the average net assets of
the Fund. Because the Fund invests more than 80% of its assets in other UCITS or Collective Investment Undertakings ("CIU"), it is required
to disclose a synthetic OCF that accounts for the ongoing charges incurred in the underlying CIUs.
The Synthetic OCF Charge for each shareclass as at 31 March 2022:

(%) (%) (%) (%) (%) (%) (%) (%)
A GBP Accumulation
Fund Direct Charge 0.10 0.09 0.10 0.10 0.11 0.14 0.13 0.12
Synthetic element 0.12 0.13 0.12 0.12 0.11 0.10 0.11 0.12
Total Synthetic OCF 0.22 0.22 0.22 0.22 0.22 0.24 0.24 0.24
A GBP Income
Fund Direct Charge 0.10 0.09 0.10 0.10 0.11 — — —
Synthetic element 0.12 0.13 0.12 0.12 0.11 — — —
Total Synthetic OCF 0.22 0.22 0.22 0.22 0.22 — — —
(%) (%) (%) (%) (%) (%) (%) (%)
A GBP Accumulation
124
Further Information (continued)
The Synthetic OCF Charge for each shareclass as at 31 March 2021:

(%) (%) (%) (%) (%) (%) (%) (%)
A GBP Accumulation
A GBP Income
Fund Direct Charge 0.09 0.09 0.10 0.10 0.11 — — —
Synthetic element 0.13 0.13 0.12 0.12 0.11 — — —
Total Synthetic OCF 0.22 0.22 0.22 0.22 0.22 — — —
(%) (%) (%) (%) (%) (%) (%) (%)
A GBP Accumulation
Issued by Vanguard Investments UK, Limited

4th Floor, The Walbrook Building,
25 Walbrook, London EC4N 8AF
125
Directory
Company’s Head Office and Registered Office Investment Adviser

4th Floor, The Walbrook Building Vanguard Global Advisers, LLC
25 Walbrook P.O. Box 2600
London Valley Forge, PA 19482
EC4N 8AF USA
United Kingdom
The Depositary
Authorised Corporate Director (the “ACD”) State Street Trustees Limited
Vanguard Investments UK, Limited Quartermile 3
4th Floor, The Walbrook Building 10 Nightingale Way
25 Walbrook Edinburgh
London EH3 9EG
EC4N 8AF United Kingdom
United Kingdom
Independent Auditors
Directors of the ACD1,2 PricewaterhouseCoopers LLP
John Bendl Level 4
Robyn Laidlaw3 Atria One
Paul Jakubowski3 144 Morrison Street
Maureen Erasmus Edinburgh
Daniel Waters EH3 8EX
United Kingdom
Administrator and Registrar
SS&C Financial Services International Limited and
SS&C Financial Services Europe Limited
SS&C House
St. Nicholas Lane
Basildon
Essex SS15 5FS
United Kingdom
1 With effect from 17 November 2021, Katie Smith resigned as a director of Vanguard Investments UK, Limited.
2 With effect from 30 April 2022, Kathleen Bock and Sean Hagerty resigned as directors of Vanguard Investments UK, Limited.
3 Robyn Laidlaw and Paul Jakubowski were appointed as directors on 30 April 2022.
Vanguard Investments UK, Limited
4th Floor, The Walbrook Building
25 Walbrook
London
EC4N 8AF
United Kingdom
Connect with Vanguard® > vanguard.co.uk
Client Services This report is intended for the Funds’ shareholders. It may not be dis-
0800 408 2065 tributed to prospective investors unless it is preceded or accompanied
by the current Fund Prospectus.
Monday to Friday
09.00–17.00 All comparative mutual fund data are from Lipper, a Thomson Reuters
Company, or Morningstar, Inc., unless otherwise noted.
Vanguard Investments UK, Limited, only gives information on products

and services and does not give investment advice based on individual
circumstances. The Key Investor Information Document (“KIID”) and
the Prospectus for these Funds are available in local languages from
Vanguard Investments UK, Limited, via our website vanguard.co.uk.
Issued by Vanguard Investments UK, Limited, which is authorised and

regulated in the UK by the Financial Conduct Authority.
© 2022 Vanguard Investments UK, Limited.

All rights reserved.

Vanguard Lifestrategy Funds Icvc: Annual Report and Financial Statements

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Vanguard Lifestrategy Funds Icvc: Annual Report and Financial Statements

Uploaded by

Copyright:

Available Formats

Annual Report and Financial Statements | For the year ended 31 March 2022

Vanguard LifeStrategy® Funds ICVC

(An open-ended investment company incorporated with limited liability and

Authorised Corporate Director’s Commentary

Important Events During theYear

Events After the Balance Sheet Date

Potential Implications of Brexit

In preparing the Financial Statements the ACD is required to:

• prepare the Financial Statements on a going-concern basis;

John Bendl, Robyn Laidlaw,

25 July 2022 25 July 2022

The Depositary must ensure that:

State Street Trustees Limited

Report on the audit of the financial statements

Basis for opinion

Conclusions relating to going concern

Reporting on other information

Authorised Corporate Director’s Report

Responsibilities of the Authorised Corporate Director for the financial statements

Auditors’ responsibilities for the audit of the financial statements

Audit procedures performed included:

Use of this report

Collective Investment Schemes sourcebook exception reporting

• proper accounting records have not been kept; or

We have no exceptions to report arising from this responsibility.

Synthetic Risk and Reward Indicator

Lower risk Higher risk

Performance Comparative Table

A GBP Gross Income

Summary of Significant Changes

Statement of Total Return

Statement of Change in Net Assets Attributable to Shareholders

Distribution Payable Distribution Paid

Synthetic Risk and Reward Indicator

Lower risk Higher risk

Performance Comparative Table

Summary of Significant Changes

Statement of Total Return

Statement of Change in Net Assets Attributable to Shareholders

Distribution Payable Distribution Paid

Synthetic Risk and Reward Indicator

Lower risk Higher risk

Performance Comparative Table

Summary of Significant Changes

Statement of Total Return

Statement of Change in Net Assets Attributable to Shareholders

Distribution Payable Distribution Paid

Synthetic Risk and Reward Indicator

Lower risk Higher risk

Performance Comparative Table

Summary of Significant Changes

Statement of Total Return

Statement of Change in Net Assets Attributable to Shareholders

Distribution Payable Distribution Paid

Synthetic Risk and Reward Indicator

Lower risk Higher risk

Performance Comparative Table

Summary of Significant Changes

Statement of Total Return

Statement of Change in Net Assets Attributable to Shareholders

Distribution Payable Distribution Paid

Synthetic Risk and Reward Indicator

Lower risk Higher risk