Fund Description

The fund invests in a mix of Vanguard mutual funds using an asset allocation strategy targeting about 60% common stocks and 40% fixed income. Target allocations are 36% U.S. stocks, 24% foreign stocks, 28% U.S. fixed income securities, and 12% foreign fixed income securities. Indirect stock holdings are diversified across 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 currency exposure.