(VRIF) Vanguard Retirement Income ETF Portfolio

Vanguard Retirement Income ETF Portfolio seeks to provide a combination of consistent income with the possibility of some capital appreciation by investing in equity and fixed income securities.

• Seeks to achieve its investment objective by primarily investing in equity and fixed-income securities. The Vanguard ETF may do so either directly or indirectly through investment in exchange-traded funds (“ETFs”) managed by the Manager, sponsored by The Vanguard Group, Inc. (the “Sub-advisor”) or certain other investment funds (collectively, “Underlying Funds”).
• In seeking to achieve the Vanguard ETF’s investment objective, the Sub-advisor will make asset allocation decisions based on the attractiveness of the underlying asset classes and their ability to provide consistent returns. Considerations may include, but are not limited to, economic and market conditions, total return characteristics and risk profiles. The portfolio asset allocation will be reconstituted and rebalanced from time to time. The monthly distribution is reviewed periodically.
• The portfolios of the Underlying Funds are expected to consist of index funds that provide exposure to broad based equity and fixed income markets.