Overview

Investment Objective

The Portfolio seeks to provide current income and low to moderate capital appreciation.

Investment Strategy

The Portfolio invests in two Vanguard stock index funds, one Vanguard stock index ETF, and one Vanguard bond index fund, resulting in an allocation of 25% of its assets to stocks and 75% of its assets to investment-grade U.S. bonds. The percentages of the Portfolio’s assets allocated to each Underlying Investment are:

Vanguard Institutional Total Stock Market Index Fund - 15%
Vanguard Developed Markets Index Fund - 8%
Vanguard Emerging Markets Ex-China ETF - 2%
Vanguard Total Bond Market II Index Fund - 75%

Through its investment in Vanguard Institutional Total Stock Market Index Fund, the Portfolio indirectly invests in U.S. stocks. The Fund employs an indexing investment approach designed to track the performance of the CRSP US Total Market Index, which represents nearly 100% of the investable U.S. stock market covering large-, mid-, small-, and micro-cap stocks regularly traded on the NYSE and Nasdaq.

Through its investment in Vanguard Developed Markets Index Fund, the Portfolio indirectly invests in stocks issued by companies located in Canada and the major markets of Europe and the Pacific region. The fund employs an indexing investment approach designed to track the performance of the FTSE Developed All Cap ex US Index, a market-capitalization-weighted index that is made up of approximately 3,909 common stocks of large-, mid-, and small-cap companies located in Canada and the major markets of Europe and the Pacific region.

Through its investment in Vanguard Emerging Markets Ex-China ETF, the Portfolio indirectly invests in stocks issued by companies located in emerging market countries, excluding China. The Fund employs an indexing investment approach designed to track the performance of the FTSE Emerging ex-China Index, a market-capitalization-weighted index that is made up of approximately 1,012 common stocks of large- and mid-cap companies located in emerging markets around the world, excluding China, as of August 29, 2025.

Through its ownership of Vanguard Total Bond Market II Index Fund, the Portfolio indirectly invests in a broadly diversified collection of securities that, in the aggregate, approximates the Bloomberg U.S. Aggregate Float Adjusted Index. The index measures the performance of a wide spectrum of public, investment-grade, taxable, fixed income securities in the United States—including government, corporate, and international dollar-denominated bonds, as well as mortgage-backed and asset backed securities, all with maturities of more than 1 year. The Fund maintains a dollar-weighted average maturity consistent with that of the index, which generally ranges between 5 and 10 years.

Investment Risks

The Portfolio is subject to the risks of the underlying stock funds, which include stock market risk, country/regional risk, currency risk, ETF risks, emerging markets risk, ex-China investing risk, investing in foreign markets, investment style risk, index sampling risk, index-related risks, indexing risks, index concentration risk, index replicating risk, nondiversification risk, and sector risk, and the risks of the underlying bond fund, which include interest rate risk, income risk, prepayment risk, extension risk, call risk, credit risk, index-related risks, index sampling risk, and liquidity risk.

Average Annual Returns

**Consists of the Spliced Bloomberg Barclays U.S. Aggregate Float Adjusted Index (52.5%), the Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged) (22.5%), the Spliced Total Stock Market Index (15%), and the Spliced Total International Stock Index (10%). The Spliced Total Stock Market 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

Historical Prices

Brand: arkansas

Fund ID: 1007006

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