Continue to keep in thoughts that the fund’s genuine distributions might differ from the figures revealed right here. These estimates are current to replicate projected calendar year-stop distributions for the underlying money in which the Managed Allocation Fund invests, but they never replicate any changes in the fund’s commodity investments since the mid-December distribution. Commodity-expense changes could have an affect on the breakdown of the fund’s calendar year-to-day distributions as perfectly as the want for, and amount of, any more distributions. Buys and redemptions in the Managed Allocation Fund may possibly also have an affect on closing distribution figures.

In late January 2021, you can watch the closing common earnings, long-phrase capital gains, and return-of-capital distribution quantities for the fund in the secure My Accounts place of This data will also be noted on Type 1099-DIV, which you will obtain in early 2021.

1. Estimated breakdown of 2020 regular distributions

The share estimates in this table are for the regular distribution payments acquired through the May possibly fifteen, 2020, distribution. They are damaged into categories compatible with tax-reporting requirements, as opposed to the share breakdown you see on regular statements, which is dependent on economic-reporting requirements.

The estimates involve projections of earnings dividends and capital gains distributions anticipated to be acquired through the stop of 2020 from the money and holdings in which the Managed Allocation Fund invests. They never involve any gains or losses in commodity investments since the May possibly fifteen, 2020, distribution.

2. Estimated per-share quantities of more distributions

These estimates are for more distributions the Managed Allocation Fund is anticipated to make from net earnings and/or long-phrase capital gains. These distributions are commonly reinvested mechanically in shares of the Managed Allocation Fund.

Fund Ticker Declaration day/
Record day
Payable day Everyday earnings Long-phrase
capital gains
of capital
Managed Allocation Fund VPGDX twelve/29/2020 twelve/31/2020 $.00 $.75 $.08


All investing is subject to possibility, like the feasible reduction of income you spend.

The performance info revealed signify previous overall performance, which is not a warranty of long run final results. Financial investment returns and principal worth will fluctuate, so investors’ shares, when offered, may possibly be truly worth far more or much less than their primary price tag. Latest overall performance may possibly be lower or higher than the overall performance info cited. For overall performance info recent to the most current month-stop, check out Vanguard fund overall performance.

Prior to May possibly 21, 2020, Vanguard Managed Allocation Fund was identified as Vanguard Managed Payout Fund and mandated regular hard cash distributions. Distributions revealed for periods ahead of May possibly 21, 2020, replicate regular distributions, though periods just after May possibly 21, 2020, replicate yearly distributions.

Vanguard Managed Allocation Fund isn’t assured to realize its expense objectives and is subject to reduction. In addition, some of its distributions may possibly be taken care of in aspect as a return of capital. The dollar amount of the fund’s regular hard cash distributions could go up or down considerably from just one calendar year to the subsequent and over time. It’s also feasible for the fund to undergo considerable expense losses and concurrently practical experience more asset reductions as a end result of its distributions to shareholders below its managed-distribution plan. An expense in the fund could drop income over small, intermediate, or even long periods of time due to the fact the fund allocates its belongings around the globe throughout diverse asset lessons and investments with particular possibility and return qualities. Diversification does not guarantee a earnings or defend against a reduction. The fund is proportionately subject to the pitfalls connected with its underlying money, which may possibly spend in stocks (like stocks issued by REITs), bonds, hard cash, inflation-linked investments, commodity-linked investments, long/small sector neutral investments, and leveraged absolute return investments.

The Managed Allocation Fund may possibly not be appropriate for all buyers. For case in point, relying on the time horizon, retirement earnings needs, and tax bracket, an expense in the fund might not be appropriate for youthful buyers not presently in retirement, for buyers below age 59½, who may possibly hold the fund in an IRA or other tax-advantaged account, or for individuals in employer-sponsored options. Buyers who hold the fund within a tax-advantaged retirement account must seek advice from their tax advisors to explore tax effects that could end result if payments are distributed from their account prior to age 59½ or if they plan to use the fund, in total or in aspect, to satisfy their needed least distribution (RMD) obligations. Distributions from the fund are unlikely to precisely match an investor’s IRA RMD obligations. In addition, use of the fund may possibly be restricted in employer-sponsored options by the terms of the governing plan documents and/or at the discretion of the plan administrator. Overview the data carefully with your economic advisor ahead of selecting regardless of whether the fund is correct for you.

Just before investing, look at the Managed Allocation Fund’s expense objectives, strategies, pitfalls, service fees and expenditures. Speak to Vanguard for a prospectus that contains this data. Browse it carefully.