Best for donors who seek a relatively high level of income, the Vanguard LifeStrategy Conservative Growth Fund provides a mix of fixed income and equity investments.

Asset allocation:
30%—55% bonds
25%—50% equities
20%—45% short term reserves

Investment vehicles: The LifeStrategy Conservative Growth Fund invests in five Vanguard Funds:

• Total Bond Market II Index
• Short Term Investment-Grade
• Asset Allocation
• Total Stock Market Index
• Total International Stock Index

Performance: Vanguard reports quarterly on the LifeStrategy Conservative Growth Fund. For details, download report.

Investment fees: The average weighted expense ratio for the five underlying funds is 0.22%. Vanguard does not charge any fee at the fund-of-funds level.