Strategy and policy
The portfolio invests all of its assets in two Vanguard stock index funds. The percentages of the portfolio’s assets allocated to each underlying fund are: 60% Vanguard Institutional Total Stock Market Index Fund and 40% Vanguard Total International Stock Index Fund.
Through its ownership of these underlying funds, the portfolio indirectly owns primarily large-capitalization U.S. stocks and, to a lesser extent, small- and mid-capitalization U.S. stocks and international stocks.
The portfolio invests in two Vanguard funds. Each underlying fund follows its own investment policies.