No. of Recommendations: 2
What gave you that idea? The life strategy product is "structured as funds-of-funds, charging only weighted averages of the expense ratios associated with the underlying index funds."

Only the vanguard.com site is the authority on Vanguard funds... But still, the math is straightforward. For example...

Vanguard LifeStrategy Moderate Growth Fund: 0.14% fees and expenses

Underlying funds...

• Vanguard Total Stock Market Index Fund Investor Shares: 36.4%
(0.04% fees and expenses)
• Vanguard Total Bond Market II Index Fund Investor Shares: 27.9%
(0.05% fees and expenses)
• Vanguard Total International Stock Index Fund Investor Shares: 24.1%
(0.12% fees and expenses)
• Vanguard Total International Bond Index Fund Investor Shares: 11.6%
(0.11% fees and expenses)

By inspection, you can see the fee difference... Weighted portfolio average... 0.07019%

Feel free to calculate the other LifeStrategy funds (and check my math too)... the higher the stock content, the greater the disparity. If you have further questions, a new thread may be appropriate.
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