STRATEGIC SHIFT: The four mutual funds in Vanguard's LifeStrategy series will begin exclusively employing a low-cost index investing approach. Previously, those funds have used a blended strategy, with part of their assets invested in actively managed funds, and some in index funds that passively track market indexes.
ASSET ALLLOCATION: Vanguard also plans to merge its Vanguard Asset Allocation fund into its Balanced Index fund. That involves maintaining a constant 60 percent stocks-to-40 percent bonds balance, rather than making periodic shifts.
MANAGEMENT SHIFT: Vanguard's Growth & Income fund is replacing an outside manager in favor of a multi-manager approach.