Fund Description

The fund invests in a mix of Vanguard mutual funds using an asset allocation strategy targeting about 80% common stocks and 20% fixed income. It allocates approximately 48% to U.S. stocks, 32% to foreign stocks, 14% to U.S. fixed income securities, and 6% to foreign fixed income securities. Indirect equity holdings span diversified U.S. and foreign large-, mid-, and small-cap stocks. Indirect fixed income holdings include short-, intermediate-, and long-term U.S. government, agency, and investment-grade corporate bonds; mortgage- and asset-backed securities; and investment-grade foreign bonds hedged to minimize foreign currency exposure.