Overview |
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Investment Objective
The Portfolio seeks to provide capital appreciation and low to moderate current income.
Investment Strategy
The Portfolio invests in two Vanguard stock index funds and two Vanguard bond index funds according to a formula that results in an allocation of 45% of assets to U.S. stocks, 30% of assets to non-U.S. stocks, 17.5% of assets to investment-grade U.S. bonds, and 7.5% of assets to investment-grade non-U.S. bonds. The percentages of the Portfolio's assets allocated to each Underlying Investment are:
Vanguard Total Stock Market Index Fund 45%
Vanguard Total International Stock Index Fund 30%
Vanguard Total Bond Market II Index Fund 17.5%
Vanguard Total International Bond Index Fund 7.5%
Through its ownership of the two stock funds, the Portfolio indirectly owns primarily large-capitalization U.S. stocks and, to a lesser extent, mid-, small-, and micro-capitalization U.S. stocks and international stocks. Through its ownership of Vanguard Total Bond Market II Index Fund, the Portfolio indirectly holds a mix of bonds - including government, corporate, and international dollar-denominated bonds, as well as mortgage-backed and asset-backed securities - that represent a wide spectrum of public, investment-grade, taxable fixed income securities in the United States, all with maturities of more than 1 year. Through its ownership of Vanguard Total International Bond Index Fund, the Portfolio also indirectly holds government, government agency, corporate, and securitized non-U.S. investment-grade fixed income investments, all issued in currencies other than the U.S. dollar and with maturities of more than 1 year.
Investment Risks
Because it invests mainly in stocks, the Portfolio primarily is subject to stock market risk. Through its bond fund holdings, the Portfolio has low to moderate levels of interest rate risk, credit risk, income risk, and call/prepayment risk. The Portfolio also has low to moderate levels of foreign securities risk and emerging markets risk, and low levels of index sampling risk, investment style risk, currency hedging risk, nondiversification risk, and derivatives risk.
Average Annual Returns - Updated Monthly as of
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**Consists of the Spliced Total Stock Market Index (45%), the Spliced Total International Stock Index (30%), the Spliced Bloomberg Barclays U.S. Aggregate Float Adjusted Index (17.5%), and the Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged) (7.5%). The Spliced Total Stock Market Index consists of the Dow Jones Wilshire 5000 Index through April 22, 2005; MSCI US Broad Market Index through June 2, 2013; and the CRSP US Total Market Index thereafter. The Spliced Bloomberg Barclays U.S. Aggregate Float Adjusted Index consists of the Barclays U.S. Aggregate Bond Index through December 31, 2009; and the Bloomberg Barclays U.S. Aggregate Float Adjusted Index thereafter. Effective September 29, 2016, Barclays indexes were rebranded to Bloomberg Barclays indexes. The Spliced Total International Stock Index consists of the MSCI EAFE + Emerging Markets Index through December 15, 2010; and the FTSE Global All Cap ex US Index thereafter.
Annual Investment Returns
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