[sweeps]

CRF, if Vanguard is charging an extra fee, it's miniscule. Using the 2035 retirement fund as an example, when I calculate a weighted average of the underlying funds' expense ratios, I come up with 0.207%. The 2035 fund is charging 0.21%. That's a difference of 0.003%, and that difference could easily be due to Vanguard rounding the number.

And there certainly are reasons someone would want to invest in a lifestyle fund rather than the individual funds. First, the rebalancing is done for you automatically. It's completely hands-off for those who prefer that approach. Second, some people may not be able to afford the minimum investment for each of the underlying funds, whereas they can afford the one $3000 minimum investment.