Personal Investors

Strategy and policy

Investment strategy

The portfolio invests in Vanguard STAR Fund, a “fund of funds” which invests in a diversified group of other Vanguard mutual funds, rather than in individual securities. The STAR Fund follows a balanced investment approach by placing 60% to 70% of its assets in common stocks through eight stock funds; 20% to 30% of its assets in bonds through two bond funds; and 10% to 20% of its assets in short-term investments through a short-term bond fund. Through its underlying funds, the STAR Fund owns diversified mixes of stocks and bonds. The fund’s stock holdings emphasize large-capitalization stocks of domestic companies and, to a lesser extent, a diversified group of stocks in companies located outside the United States. The fund’s bond holdings focus predominantly on short- and long-term investment-grade corporate bonds and GNMA mortgage-backed securities.

Investment policy

The portfolio invests in a Vanguard fund, which follows its own investment policies.

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