Fund Description

The fund invests in a mix of Vanguard mutual funds using an asset allocation strategy targeting approximately 60% of assets in fixed income securities and 40% in common stocks. Target allocations are 42% U.S. fixed income, 24% U.S. stocks, 18% foreign fixed income, and 16% foreign 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. Stock exposure spans U.S. and foreign large-, mid-, and small-cap stocks.