https://moneyweek.com/502035/stash-your-cash-in-bond-etfs/
A savings account isn’t always practical. Here’s what to do with the cash in your portfolio.

Also agree, with a couple of interrelated comments.
You have virtually no foreign securities (3%). Certainly Buffett and Bogle would applaud this; others (myself included) would differ. Regardless, if that's your intent, then why bother with VSMGX? Like VBIAX, it's 60/40, the main difference being that 40% of its equity if foreign.
Personally, I'm a fan of VWIAX and so agree that this would be a good fund to use to consolidate all your balanced (allocation) holdings. You could then use one or two (if you want some foreign exposure) equity funds to boost your long term returns.
Dividend appreciation (VDADX /VIG) doesn't mean high dividends. It's just a particular strategy for selecting equities. Right now, its 30 day SEC yield is 2.02%, which is less than VFIAX's 2.05%. And it has 5x the turnover.
(If you're seeking high dividend yield, there's VHYAX /VYM, though that invests in a narrower, value-oriented slice of the market.)
My own view (YMMV) is that for long term investing, I'm not going to bet on any particular strategy. I would just buy the whole market and be done with it: VTSAX (or VTI if you really insist on a fund's ETF share class).
For another perspective, here's M*s latest column on Vanguard 3-bucket portfolios:
https://www.morningstar.com/articles/882670/how-our-vanguard-model-bucket-portfolios-have-perf.html

Umm ... Lot to chew on. My only EM is a 5-6% hold on an EM bond fund - a dollar hedged one at that (which curbs some risk). It should amp-up my fixed income return a bit over time. But I suppose a good junk bond fund might add some similar bang to one’s fixed income. How much bang do you want or need in fixed?
Like JoJo said, EMs are very volatile - more so on the equity side. So my first question is Who needs the pain?. International / global equity funds can and do hold EM and can be pretty volatile themselves. So why ramp it up further if you don’t need to? Many international funds fell 50% from late ‘07 until early ‘09. I don’t even want to look how EM fared. But couldn’t have been any better.
My second question is which “emerging market”? They‘re literally all over the planet. Do you mean The Middle East - a region where you can walk into an Embassy and be carried out in a suitcase? Brazil - where the new guy is lowering the hammer on the gay transgender community and otherwise usurping individual freedoms? Africa? China? North or South Korea? Russia?
So it seems to me an intelligent conversation about whether or not to own EM might begin with what part of the world and why. Often some areas prosper while others falter. Back in my early investing days EM was pretty synonymous with raw materials / natural resources, So there was often an indirect play there. That’s still the case with some, like Venezuela, but it’s becoming more the exception today as manufacturing has taken hold in many EM regions that may lack natural resources. I do like international stock and bond funds because they provides a counterweight to the U.S. dollar should it falter. But I’m not so sure you have to play in EM to gain that advantage.

v conservative and bond-heavy, won't hit 3% but of course you can also draw on principal depending on age and cashflow need and SS and maybe taxes.
I myself, and many others, would seriously suggest you consolidate and downsize, say everything into VWIAX or everything into VBIAX depending on the preceding variables, or 50-50 into each.

Hi @Ken: I see that you are a relative new poster on the board. With this, I say welcome.
In review of the funds you have listed I am finding that only one has better than the 3% yield goal that you seek for your portfolio. This fund is VWIAX which has a yield of 3.14% according to Morningstar. So, working within the confines of what your have and if you are ok with putting most all of your eggs in one basket, so to speak, then you can get there through putting 96% into VWIAX along with keeping some cash with 4% going into VMMXX.
This asset allocation bubbles in Xray at 5% cash, 60% bonds and 35% stocks; and, it has a yield of 3.02%.
Perhaps some other members might know of some other Vanguard funds that you might consider switching into that will help you to better achieve your portfolio's 3% yield goal.
Old_Skeet

I am retiring in May. Can you give your opinion on my portfolio. I am trying for a 3% yield. Any suggestions would be appreciated.
Thanks,
Ken
Vanguard Balanced Index Adm VBIAX 7.75
Vanguard Dividend Appreciation ETF VIG 34.02
Vanguard LifeStrategy Moderate Gr Inv VSMGX 7.36
Vanguard Prime Money Market Investor VMMXX 7.54
Vanguard Short-Term Bond Index Adm VBIRX 6.72
Vanguard Shrt-Term Infl-Prot Sec Idx Adm VTAPX 5.96
Vanguard Total Bond Market Index Adm VBTLX 6.59
Vanguard Wellesley® Income Admiral™ VWIAX 24.06

My two emerging market funds are NEWFX and DWGAX. Combined, they account for a little better than 5% of the equity area of my portfolio. Plus, I have some other funds that provide emerging market exposure which amounts to a couple of percent. With this ... I'm thinking ... I'm already positioned at somewhere around 7% (or better) in emerging markets within my equity allocation. Overall, this puts me at about the 3% to 4% range in emerging markets. Remember, at 70+ years in age, I'm in the distribution phase of investing so my emerging market exposure might be a little light for some.
I'm wondering what others might think is a reasonable percent of their portfolio that should be held in emerging markets? Any thoughts?
I have linked below a Forbe's article on the subject. It is titled "Should Long Term Investors Own More Emerging Market Equities?"
https://www.forbes.com/sites/advisor/2018/08/01/should-long-term-investors-own-more-emerging-market-equities/#31769cfc54ee

% all depends on where you're at in your life. Early savers could be upwards of 10%+ of equities.
What's so great about NEWFX and DWGAX? I don't get everybody's infatuation with American Funds......

My two emerging market funds are NEWFX and DWGAX. Combined, they account for a little better than 5% of the equity area of my portfolio. Plus, I have some other funds that provide emerging market exposure which amounts to a couple of percent. With this ... I'm thinking ... I'm already positioned at somewhere around 7% (or better) in emerging markets within my equity allocation. Overall, this puts me at about the 3% to 4% range in emerging markets. Remember, at 70+ years in age, I'm in the distribution phase of investing so my emerging market exposure might be a little light for some.
I'm wondering what others might think is a reasonable percent of their portfolio that should be held in emerging markets? Any thoughts?
I have linked below a Forbe's article on the subject. It is titled "Should Long Term Investors Own More Emerging Market Equities?"
https://www.forbes.com/sites/advisor/2018/08/01/should-long-term-investors-own-more-emerging-market-equities/#31769cfc54ee

FYI: Worries about trade wars and decelerating global growth in 2018 left their imprint on developing economies and the funds that invest in them. Between Jan. 29 and Oct. 29, the MSCI Emerging Markets Index lost a fourth of its value, peak to trough. Popular Chinese stocks like Tencent and Alibaba (BABA) helped lead the race to bottom. While the months of November and December brought somewhat of a reprieve, the typical diversified emerging-markets Morningstar Category fund shed 16.1% in 2018. Investors who had the temerity to increase their exposure to emerging markets during the last bear market ended on Jan. 21, 2016, reaped a handsome reward as the MSCI Emerging Markets Index almost doubled prior to its 2018 downturn. Here are a few ideas for betting on another rebound.
Regards,
Ted
https://www.morningstar.com/articles/913835/time-to-buy-emerging-markets.html

Hi @BrianW: Thanks for making comment.
There are two school of thoughts on this. Now that we are at (or towards) a market top ... Well, I'm thinking ... In holding a capital appreciation fund there is no dividend or income generation that can be used to buy more shares should the market tank. In the route I went, with three growth & income funds plus one growth fund, there is dividend generation that gives the portfolio some buying power should the market pull back. Needless to say, I'm looking for a pull back in the stock market since I went the second route with some dividend generation with the opening positions.
In addition, as additional gifts are made to the custodial account this money can be positioned accordingly. By using American Funds A shares they have a nav exchange program where an investor can make nav exchanges between their A share funds commission free. So, just because the portfolio started in this configuration does not mean it will always be this way.
Also, there are no wrap fees on this account and Morningstar estimates the total expense ratio on this portfolio at 0.69%. In back testing this portfolio it had a three year total return of 12.67% and a ten year total return of 12.2%. While this is back of the returns of a S&P 500 Index fund that I sometime use I am happy with what is projected for this portfolio in its current configuration which offers greater global exposure than the 500 Index fund.

For a very young child, couldn't one just invest in a small cap value index fund and let it grow for around 65 years? I suppose it could be diversified at some point but why bother with bonds to begin with?

Thanks for inputs. If Max Drawdown is/was almost equal, but long term since inception VADAX has outperformed SPY 363% vs 225% total return (since around Jan 1999), why hasn't the industry AUM seen more migration to EW? What am I missing? Each one of Old Skeets "cons" is already baked into the total return.

Why 529? Custodial account gives more flexibility! Here's my thinking. Once grand child becomes old enough to work summer and part time jobs move money (to what has been earned) from custodial account to Roth Ira. In this way, it will grow tax free. In addition custodial money can be used in any fashion that benefits the child while 529 money has to be used for education only.

I started my grand daughter investing at age 1 month. I told my son the quicker you get her a ss# the quicker I'll open a custodial account for her. He had her ss card within three weeks of birth.
Today she owns four funds. They are AMECX, ANCFX, CAIBX & SMCWX. According to Xray this portfolio bubbles at 5% cash, 15% bonds and 80% stocks. Within stocks it is about 65% domestic and 35% foreign with a growth tilt. From a style perspective it is about 70% large and 30% small/mid.

Great way to do it. Best approach is to do this and do it via 529.

@shipwreckedandalone: The below link just might be what your looking for about the pros, cons and benefits of an equally weighted index fund along with the performance details you seek. The reason I favor an equally weighted S&P 500 Index fund is because it provides good exposure to both large and mid cap stocks. I do not use VADAX for a complete investment strategy but I use it when I feel equity ballast is warranted on the equity side of my portfolio along with also using it as a special investment position (spiff) from time-to-time.
https://www.lynalden.com/equal-weighted-index-funds/
From the link here is a recap of the Pros & Cons of Equal Weighted Indices
Although equal weighted ones may or may not have truly better performance, especially when you stick to the broad market or the S&P 500, there are definitely some trade-offs.
Pros:
Under the largest sample sizes, their long-term performance appears to be superior.
They’re more diversified, rather than heavily concentrated into just the largest companies of the index.
They naturally take a value-approach, which some investors prefer.
Cons:
They have higher turnover, which leads to higher expense ratios and generally higher capital gains taxes.
They’re more volatile, and can fall more sharply during recessions.
They’re only available for certain indices, because they’re not as popular yet.
There are some interesting anomalies. For example if Apple were to split into two companies, a cap-weighted index would still have the same amount in it because the two parts would have about the same market cap when added together, while an equal-weighted one would double its exposure to it because it’s now two names and would invest in each equally.
Neutral:
Changing the way the index is weighted changes the sector balance.

If anyone can provide a white paper on which has better risk adjusted returns Equal Weight vs Mkt Cap Weight please post it. I was satisfied for a long time that the answer was equal Sharpe Ratios explained it...but of late that premise does not hold. Use the above VADAX as an example. GFC of 2008 showed a Max Draw of within 5% on the downside for each but there was substantial outperformance in CAGR on the upside for VADAX vs SPY since 1998. I would like to know Vanguards opinion. The main argument against EW was that higher costs to rebalance doesn't hold because costs are included in the CAGR. VADAX rebalances 4x yearly. I really cannot find an answer out there. I do not want an explanation as to why (smaller caps). I want to know which is better risk adjusted long term.

FYI: Global stocks edged higher Monday as renewed hopes for a trade deal between the U.S. and China helped boost sentiment.
In Europe, the Stoxx Europe 600 index rose 0.2%. That followed a rally across Asia, with China’s Shanghai Composite Index rising 2.7% and Hong Kong’s Hang Seng adding 1.6%.
U.S. markets were closed for the Presidents Day holiday. Dow Jones Industrial Average futures were up 0.1%. The Dow last week notched its eighth consecutive weekly gain, the longest winning streak since November 2017.
Regards,
Ted
WSJ:
https://www.wsj.com/articles/global-stocks-edge-up-as-u-s-china-trade-talks-progress-11550478796
Bloomberg:
https://www.bloomberg.com/news/articles/2019-02-17/asia-stocks-set-to-climb-as-trade-optimism-grows-markets-wrap?srnd=premium
IBD:
https://www.investors.com/market-trend/stock-market-today/dow-jones-futures-current-stock-market-rally-ciena-stock-fiber-optic-stocks/
Reuters:
https://www.reuters.com/article/us-global-markets/world-stocks-lifted-to-2-1-2-month-highs-by-trade-optimism-idUSKCN1Q700Z
CNBC:
https://www.cnbc.com/2019/02/18/europe-markets-us-china-trade-in-focus-oil-prices-hit-2019-high.html
U.K.:
https://www.marketwatch.com/story/london-markets-lose-ground-from-last-weeks-surge-reckitt-benckiser-adds-4-2019-02-18/print
Europe:
https://www.marketwatch.com/story/european-stocks-hover-at-4-month-highs-on-hopes-for-more-trade-progress-wirecard-surges-2019-02-18/print
Asia:
https://www.marketwatch.com/story/asian-markets-kick-higher-on-renewed-us-china-trade-hopes-2019-02-17/print
Bonds:
https://www.cnbc.com/2019/02/15/us-bonds-trade-trump-and-fed-speeches-data-in-focus.html
Currencies:
https://www.cnbc.com/2019/02/18/forex-markets-us-china-trade-greenback-in-focus.html
Oil:
https://www.cnbc.com/2019/02/18/oil-markets-china-auto-sales-us-china-trade-in-focus.html
Gold
https://www.cnbc.com/2019/02/18/gold-markets-us-china-trade-dollar-in-focus.html
WSJ: Markets At A Glance:
https://markets.wsj.com/us
Major ETFs % Change:
https://www.barchart.com/etfs-funds/etf-monitor
Current Futures:
https://finviz.com/futures.ashx

Because the S&P 500 Index is a cap weighted index Old_Skeet uses an equally weighted S&P 500 Index fund (VADAX) for equity ballast, when warranted, and also for a special investment (spiff) position when desired. The fund rebalances quarterly.
To view the fund's fact sheet click on the link below and then VADAX Fact Sheet PDF.
https://www.google.com/search?q=vadax+fund+fact+sheet&oq=VADAX+Fact&aqs=chrome.1.69i57j0.3802j0j7&client=tablet-android-alco&sourceid=chrome-mobile&ie=UTF-8

I started my grand daughter investing at age 1 month. I told my son the quicker you get her a ss# the quicker I'll open a custodial account for her. He had her ss card within three weeks of birth.
Today she owns four funds. They are AMECX, ANCFX, CAIBX & SMCWX. According to Xray this portfolio bubbles at 5% cash, 15% bonds and 80% stocks. Within stocks it is about 65% domestic and 35% foreign with a growth tilt. From a style perspective it is about 70% large and 30% small/mid.

This might be of interest.
https://www.theetfbully.com/2019/02/etf-tracker-newsletter-for-february-15-2019/