The portfolio seeks to provide capital appreciation.
The Portfolio invests in two Vanguard stock index funds resulting in an allocation of 100% of its assets to stocks. The percentages of the portfolio's assets allocated to each underlying Fund are:Vanguard Institutional Total Stock Market Index Fund 60%Vanguard Total International Stock Index Fund 40%Through its investment in Vanguard Institutional Total Stock Market Index Fund, the Portfolio indirectly invests U.S. stocks. The Fund employs an indexing investment approach designed to track the performance of the CRSP US Total Market Index, which represents approximately 100% of the investable U.S. stock market. and includes large-, mid-, small-, and micro-cap stocks regularly traded on the New York Stock Exchange ("NYSE") and Nasdaq. The Fund invests by sampling the Index, meaning that it holds a broadly diversified collection of securities that, in the aggregate, approximates the full Index in terms of key characteristics.Through its investment in Vanguard Total International Stock Index Fund, the Portfolio also indirectly invests in international stocks. The Fund employs an indexing investment approach designed to track the performance of the FTSE Global All Cap ex US Index, a float-adjusted, market-capitalization-weighted index designed to measure equity market performance of companies located in developed and emerging markets, excluding the United States. The Index includes approximately 5,800 stocks of companies located in over 45 countries. The Fund invests all, or substantially all, of its assets in the common stocks included in its target Index.
Because it invests entirely in stock funds, the portfolio is proportionately subject to stock market risk. The portfolio is also subject to country/regional risk, currency risk, emerging markets risk, and index sampling risk.
**Consists of the Spliced Institutional Total Stock Market Index (60%) and the Spliced Total International Stock Index (40%). The Spliced Institutional Total Stock Market Index consists of the MSCI US Broad Market Index through January 14, 2013; the CRSP US Total Market Index thereafter. The Spliced Total International Stock Index consists of the MSCI EAFE + Emerging Markets Index through December 15, 2010; the MSCI ACWI ex USA IMI Index through June 2, 2013; the FTSE Global All Cap ex US Index thereafter. Returns for the MSCI indexes are adjusted for withholding taxes applicable to Luxembourg holding companies.
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Index performance is provided as a benchmark but is not illustrative of any particular investment. An investment cannot be made in an index.
The performance data shown represents past performance. Past performance - especially short-term past performance - is not a guarantee of future results. Investment returns and principal value will fluctuate, so that investors' units, when sold, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data cited. For performance data current to the most recent quarter-end, click here.
