This is one of Vanguards best funds. It is considered to be a balanced fund which has about 2/3 of the portfolio in stocks and the other 1/3 in fixed income investments as in bonds. It is one of investment adviser Morningstar's favorite sleep at night funds. I am not surprised at this as the funds long term bear market rank is better than 86% of its peers. This fund has lost money in only 3 of the last 20 calendar years. Its year to date performance is 8.64%, 1 year performance 13.51%, 5 year performance 13.31%, 10 years comes in at an even 9%. This funds inception date is July 1, 1929. Since that date it has averaged 8.47% per year. Its expense ratio is a tiny 0.30 %. I must further add that this is of course a no load fund. The adviser is the venerable Wellington Management group. Ed Bousa C.F.A. has been at the helm of this fund since 2000. He pretty much picks the stocks and has John Keogh manage the fixed income part of the portfolio. The funds yield is about 3.10%. Very nice for a mutual fund yield. This is on Forbes magazines best buy list as well. This is by far one of the best balanced funds in the mutual fund universe. I personally feel there is quite a bit to be said about a fund such as this that keeps worry and sleepless nights to a minimum and delivers extremely good results as well. This fund survived since its inception in the rough year of 1929 and the depression years of the 1930s. A resounding high five for the venerable and very well run Vanguard Wellington fund!