How many people here literally use the three-fund portfolio?

Money Market · Post by **Money Market** » Tue Dec 08, 2020 11:12 pm

After reading posts here for a few years, it seems that more people than not have a non three-fund portfolio (nothing wrong with this). Most of the cases I've read is due to the bond allocation and type that is dependent on someone's age and risk tolerance. I wonder what are the other reasons why?

Personally, I'm in the camp of taking risk on the equity side of the portfolio, so I use intermediate-term treasuries for de-risking and safety.

Dottie57 · Post by **Dottie57** » Tue Dec 08, 2020 11:42 pm

My 401k doesn’t follow the 3 fund portfolio as I don’t have total stock index fund. So I have Vanguard SP500 and Vanguard extended market index. Also for bonds I have low cost TIPS fund and rotal bond market.

Roth anf trad IRA. Have Fidelity’s version of 3 fund.

boglehat · Post by **boglehat** » Tue Dec 08, 2020 11:47 pm

Not sure about forum stats, but to add a data point DW and I use the three-fund portfolio, and replicate it in 401ks using S&P500 + Extended.
90% stock, 10% bonds
30% international, 70% US

2pedals · Post by **2pedals** » Wed Dec 09, 2020 12:06 am

We use different funds mostly the three-fund portfolio. We use mostly stable bond fund (in my 401k plan) about 35% of total portfolio rather than bond funds. I have a small amount of I-bonds and EE-bonds (<2% of total portfolio) that I am starting to reduce in early retirement since we don't really care for Treasury Direct and is a hassle factor for us. I have a small amount (<2% of total portfolio) in the American Balanced Fund that we paid a load fee to get in through a ex-employer single IRA plan. Other equity is in US total and ex-US total index funds.

drumboy256 · Post by **drumboy256** » Wed Dec 09, 2020 12:28 am

I use a target retirement fund for my work 401k accounts and I have my IRA and Wife’s IRA set against VTI, VXUS and BND and our Roth’s set for FZROX + FZILX.

The only thing I plan to change in the near term is allocation of 10% of my Intl. fund dedicated to Bitcoin.

For the record, Bitcoin to me is an equity, not fixed income.

casun · Post by **casun** » Wed Dec 09, 2020 12:33 am

vtsax, vtiax, vbtlx, and ibonds for me.

heilwasser · Post by **heilwasser** » Wed Dec 09, 2020 12:49 am

boglehat wrote: ↑Tue Dec 08, 2020 11:47 pm Not sure about forum stats, but to add a data point DW and I use the three-fund portfolio, and replicate it in 401ks using S&P500 + Extended.
90% stock, 10% bonds
30% international, 70% US

Pretty much same here. Very happy with mostly "3 fund" so far.

90% equity is 70/30 us/ex-us
10% fixed income is a bit different and split somewhat equally between cash and LTT.

TravelforFun · Post by **TravelforFun** » Wed Dec 09, 2020 1:09 am

Money Market wrote: ↑Tue Dec 08, 2020 11:12 pm After reading posts here for a few years, it seems that more people than not have a non three-fund portfolio (nothing wrong with this). Most of the cases I've read is due to the bond allocation and type that is dependent on someone's age and risk tolerance. I wonder what are the other reasons why?

Personally, I'm in the camp of taking risk on the equity side of the portfolio, so I use intermediate-term treasuries for de-risking and safety.

Not me. I have a lot of individual stocks, mostly tech stocks and bond funds.

TravelforFun

Big Dog · Post by **Big Dog** » Wed Dec 09, 2020 1:11 am

There's also a lot of folks on BH that are in the two-fund portfolio camp. (plenty of BH threads on international, or lack thereof)

That said, my 2-fund was 99%/1% (cash) into my early 60's.

Olemiss540 · Post by **Olemiss540** » Wed Dec 09, 2020 6:26 am

Personally am a HUGE advocate of the one fund portfolio (TR2045 here). Mainly due to the simplicity:
"Simplicity is the master key to financial success. When there are multiple solutions to a problem, choose the simplest one."

The bogleheads tenants do NOT dictate a 3 fund portfolio so you are safe. They DO dictate a low cost BROADLY DIVERSIFIED portfolio so TravelforFun above will be permanently banned by the wonderful forum moderators in short order.

dcabler · Post by **dcabler** » Wed Dec 09, 2020 7:15 am

Not a 3-funder at all, but not a slice-and-dicer either. However, I do only invest in low cost index funds. Happy with my mix, happy with my long term historical performance. Can only hope, but never prove, that it will continue on into the future. And I don't confuse philosophy with data, but I realize that it takes both to make a plan..

johnny · Post by **johnny** » Wed Dec 09, 2020 7:24 am

3 fund portfolio, plus CDs for me. Occasionally I go through a phase of researching another asset class (e.g REIT). Then I re-read my IPS which says I will not overweight any sectors

Linkin06 · Post by **Linkin06** » Wed Dec 09, 2020 7:28 am

https://www.portfoliovisualizer.com/bac ... tion2_2=10

is 10% bond really making a difference?

Designairohio · Post by **Designairohio** » Wed Dec 09, 2020 7:49 am

Big Dog wrote: ↑Wed Dec 09, 2020 1:11 am There's also a lot of folks on BH that are in the two-fund portfolio camp. (plenty of BH threads on international, or lack thereof)

That said, my 2-fund was 99%/1% (cash) into my early 60's.

What did you transition to?

IowaFarmBoy · Post by **IowaFarmBoy** » Wed Dec 09, 2020 8:08 am

I use the stock side of a three funds portfolio in that I have all my stock holdings in total market and total international ex US type funds. The actual holding may vary based on what is available in a particular account. I have Vanguard, Fidelity and workplace 401k accounts where the best total US market fund option may vary, for example.

On the fixed side is where I get creative because I am trying to improve my return while keeping a high level of safety. I have some TBM, some MM, a lot of brokered cds and some in MYGAs.

So maybe I have implemented a "Three-types of Funds" portfolio? I feel I'm following the spirit of three-fund utilizing the funds available.

Tamarind · Post by **Tamarind** » Wed Dec 09, 2020 8:18 am

Yes, we use the three fund portfolio, or as close as we can get given the funds available in our various accounts. I use the helpful table in the wiki for approximation for one account where I only have S&P500 + Extended Market. I use ETF versions in my HSA, and so on.

53/22/25 is 75/25 w 30% of stocks intl and 0% of bonds intl. We intend to stay there until we reach our early retirement number, at which point we'll consider adding more bonds. All bond funds are aggregate bond or total bond market. Thanks to decades of work by Bogle and others of the same mind, I have no need to be creative with my portfolio or roll my own.

My parents, on the other hand, are recently retired and expressed disinterest in holding international stocks. They needed a new portfolio after rolling over my mother's 401k and cash balance accounts to tIRA and finally limiting my dad's tech stock trading to a specific very small amount. They put everything in VBIAX (Vanguard Balanced) and it's worked very well so far.

When I get to the point that I need to start considering my own cognitive decline, I'll probably switch to an all-in-one fund, likely LifeStrategy Moderate Growth. My wife is also a Boglehead philosophically and not likely to get scammed if she's the survivor, but is disinclined to check on the account or rebalance so I'd want the portfolio to be very low-maintenance.

goblue100 · Post by **goblue100** » Wed Dec 09, 2020 8:21 am

I'm in the no camp. I have been simplifying but haven't made it down to 3 funds. I am passive and simple, though.

Normchad · Post by **Normchad** » Wed Dec 09, 2020 8:30 am

I've got nothing against the 3 fund portfolio, and it looks like a perfectly reasonable choice for just about anybody.

I'm not there though. the biggest hurdle for me (intellectually) is I'm just not super sure about internal equities. My feelings go back and forth all the time. And then there is the practical aspect to it; I have limited fund choices in my 401K. And I have some sizable taxable accounts that I just don't want to tinker with for tax reasons.

In spirit though, today, I am somewhat close. I'm invested mostly in VTSAX (or equivalents), VBTLX (or equivalents), and VSMGX. (VSMGX is Vanguard Life Strategy Moderate Growth), with is roughly 60/40 US/INTL, and also 60/40 stocks/bonds. may eventually decide to start consolidating everything into VSMGX. I think of that as "close enough" to the 3-fund portfolio, but with a 1 fund solution.

JoMoney · Post by **JoMoney** » Wed Dec 09, 2020 8:50 am

I don't see anything wrong with the three fund. I opt for something even simpler that suits me better.
My retirement accounts are just in a low cost S&P 500 index fund. I'm in agreement with Mr.Bogle, and don't see the necessity of an international allocation for US investors. My cash/bond allocation is in US Savings Bonds and high-yield bank savings account... I've also began contributing to a high-yield 'Stable Value Fund' in my workplace 401k.

David Althaus · Post by **David Althaus** » Wed Dec 09, 2020 9:03 am

We hold the three fund portfolio. The Boglehead Guide to the 3 Fund Portfolio outlines the numerous (I think 20) benefits. One of the bigger benefits is capitalizing on "slothful alpha". You no longer have to worry about reversion to the mean and behavior pitfalls in its latest iteration here this spring--should I sell REITs to buy gold? It's the latest example of buy high/sell low. I suppose there is a cohort who have held on to their small cap value with steely resolve over the past decade or more. I know I wouldn't be able to do it. Further, I probably don't have enough birthdays remaining to give anything other than the three fund portfolio a go.

All the best

goingup · Post by **goingup** » Wed Dec 09, 2020 9:08 am

I love the concept. Simple. In practice, we own funds from 20 years ago that have embedded capital gains. And several bond funds, including 2 muni funds. Also use a balanced fund in tax-advantaged.

Agree with spirit of the 3-fund. Use low-cost broad index funds. Three is enough to be plenty diversified. The portfolio is manageable and likely less prone to tinkering. It's scalable and can be adjusted for any life-stage.

finfire · Post by **finfire** » Wed Dec 09, 2020 9:11 am

I do, as best I can, given we have Vanguard, Fidelity, Voya and Valic as providers.

Soon2BXProgrammer · Post by **Soon2BXProgrammer** » Wed Dec 09, 2020 9:14 am

i have many bucks (401k's, 457b, 403b) that done' have the right funds. Plus i've decided to hold US and International stocks at Market weight. So i actually prefer the total world fund.

but i have lots of funds, because of the fund choices i have. I also primarily use stable value for my bond allocation.

KingRiggs · Post by **KingRiggs** » Wed Dec 09, 2020 9:17 am

I think the 3-fund portfolio is more of a concept than a dictate.

While not pure "3-fund", my portfolios funds do fall into the categories of broad-market equity funds, international broad-market equity funds, and fixed income.

I think that is the real idea behind the 3-fund portfolio -- maximum diversification with a minimum of low-cost index funds, and exposure to equities according to one's risk tolerance.

mcblum · Post by **mcblum** » Wed Dec 09, 2020 9:19 am

2 funds after messing around for thirty years, VFIAX (sp500) and VBILX (intermediate bond) 50/50 AA

hnd · Post by **hnd** » Wed Dec 09, 2020 9:19 am

yeah i too think real life often disallows the true 3 fund approach even though you adopt it in spirit.

allocating a chunk of my investments to the 3 fund approach was important but sowing my wild oats and allocating 10-15% of my portfolio to researched managed funds and stocks was also important to keeping me interested.

I feel at some point after talking with many people my fathers age nearing retirement, eventually I'll stop chasing the returns (even in the passive manner i do it) and simplify when i begin planning for withdrawal.

Pete12 · Post by **Pete12** » Wed Dec 09, 2020 9:19 am

Three fund portfolio works for me.

alfaspider · Post by **alfaspider** » Wed Dec 09, 2020 9:22 am

Mostly 2 fund, but I have a 10% international allocation in my 401k only. There's also some variation depending on account availability. My 401k only has Fidelity funds, so I'm in Fidelity 500 for my main index fund there, but I use VTI for Roth and Taxable.

dbr · Post by **dbr** » Wed Dec 09, 2020 9:26 am

KingRiggs wrote: ↑Wed Dec 09, 2020 9:17 am I think the 3-fund portfolio is more of a concept than a dictate.

While not pure "3-fund", my portfolios funds do fall into the categories of broad-market equity funds, international broad-market equity funds, and fixed income.

I think that is the real idea behind the 3-fund portfolio -- maximum diversification with a minimum of low-cost index funds, and exposure to equities according to one's risk tolerance.

This is exactly right. The real world is a place where investing is not a cut and dried enterprise where you just follow one clear and specific formula and everything else is dead wrong. However, there are important concepts that people can follow to invest more effectively and the three fund concept is a particularly valuable one of those, even if the implementation is not exactly those funds or even literally three funds in number.

It helps in investing to be able to use ideas without getting wrapped up in the idea that something is either totally right or completely wrong. But the investor does have to think a little bit and not just follow instructions. This is not a stove top instant dinner.

MarkBarb · Post by **MarkBarb** » Wed Dec 09, 2020 9:28 am

I do. US Total Market, Intl Total Market, Total Bond. Thinking about splitting Total Bond into two with the second being a TIPS fund.

sschullo · Post by **sschullo** » Wed Dec 09, 2020 9:31 am

Linkin06 wrote: ↑Wed Dec 09, 2020 7:28 am https://www.portfoliovisualizer.com/bac ... tion2_2=10

is 10% bond really making a difference?

You are correct with long-term bonds which have done well in the last 40 years because of interest rate deduction, but no one knows what the future will bring.
But, here are the same analyses with short term bonds: https://www.portfoliovisualizer.com/bac ... sisResults

dbr · Post by **dbr** » Wed Dec 09, 2020 9:42 am

Linkin06 wrote: ↑Wed Dec 09, 2020 7:28 am https://www.portfoliovisualizer.com/bac ... tion2_2=10

is 10% bond really making a difference?

Portfolio performance is a weighted average of the components and that means just a little bit of any one component does not have a large effect. It does seem that 10% to bonds is a kind of pointless choice. It might make sense if that is a waypoint on a glide path meaning that one does not change asset allocations by a huge amount at any point in time but rather gradually. You land an airplane by following a glide path rather than crashing straight down on the runway from altitude.

sschullo · Post by **sschullo** » Wed Dec 09, 2020 9:42 am

Yep, the 3 fund portfolio is for me! Its simplicity, low costs, broadly diversified, thinking long term and especially for me retired and 73, I am no longer play the game as I have a 35/65 AA between stocks and bonds.

After my massive mistakes with annuities, individual stocks, and high flying sector mutual funds for 20 years,

I learned it here 15 years ago when I was a young sniffling 58-year-old whipper-snapper freshly wounded by the tech disaster!

However, as with many Bogleheads, I tweak it a bit to tilt towards Value with Wellesley, and towards small and mid-cap with VG extended market index.

rennale · Post by **rennale** » Wed Dec 09, 2020 9:45 am

When I left my FA a few years ago he had me in 2-3 dozen funds. The tax advantaged accounts (IRA/401k) were easy to revamp without any tax implications. They now have 1 fund each (VBTLX/FXNAX). My 3 year-old Roth is a single fund (VFIAX).

But getting the taxable accounts (at Fidelity & Vanguard) down to a few funds seems to be a multi-year slog. Dealing with Roth conversions and LTCG means that, if I'm not careful, I bump into NIIT. And IXUS/VXUS have been so bad that I'm inclined to hang onto a couple of international funds that have actually stayed above water (AEPFX/MINIX). Munis complicate the picture too.

But I'm slowly getting there.

tonyclifton · Post by **tonyclifton** » Wed Dec 09, 2020 9:49 am

KingRiggs wrote: ↑Wed Dec 09, 2020 9:17 am I think the 3-fund portfolio is more of a concept than a dictate.

While not pure "3-fund", my portfolios funds do fall into the categories of broad-market equity funds, international broad-market equity funds, and fixed income.

I think that is the real idea behind the 3-fund portfolio -- maximum diversification with a minimum of low-cost index funds, and exposure to equities according to one's risk tolerance.

Agreed! It is not practical for us to have only 3 funds between an IRA, 401k and 457b at different providers as not all funds are available. However, low-cost Broad-market, international and fixed income are available!

helloeveryone · Post by **helloeveryone** » Wed Dec 09, 2020 9:52 am

Money Market wrote: ↑Tue Dec 08, 2020 11:12 pm After reading posts here for a few years, it seems that more people than not have a non three-fund portfolio (nothing wrong with this). Most of the cases I've read is due to the bond allocation and type that is dependent on someone's age and risk tolerance. I wonder what are the other reasons why?

Personally, I'm in the camp of taking risk on the equity side of the portfolio, so I use intermediate-term treasuries for de-risking and safety.

two fund -20% us total bond and 80% s&p 500 index

Leif · Post by **Leif** » Wed Dec 09, 2020 10:04 am

Sometimes you see someone promoting an all-in-one fund as the ultimate in simplicity. Sometimes a two fund for better tax efficiency splitting stocks and bonds between taxable and tax advantaged accounts. Sometimes three fund to add in some international. Sometimes a CORE 4 that adds a bit of real estate.

Polls are no longer allowed at this site. However, before polls were removed it seems most had over 3 funds. My guess is that today a majority have more than three investments in their portfolio. I have more that 3 since I'm retired and I like having choice from where to withdrawal when needed.

POLL: How many funds do you hold?

donaldfair71 · Post by **donaldfair71** » Wed Dec 09, 2020 10:15 am

I do!

Well, technically I use a 2 fund:

Total US (several different due to harvesting, availability in 403b)
Total International (same as above)

JoeRetire · Post by **JoeRetire** » Wed Dec 09, 2020 10:21 am

Money Market wrote: ↑Tue Dec 08, 2020 11:12 pm After reading posts here for a few years, it seems that more people than not have a non three-fund portfolio (nothing wrong with this).

More people than not? That's an interesting assumption.

Did you come to that conclusion by reading folks who post about their three-fund portfolio?
Clearly folks who don't have a three-fund portfolio (like me) wouldn't be writing such a post.

If I had to guess, far more people here don't have a three-fund portfolio. (Basically far more people don't do any one specific thing, simply because there are so many alternatives.)

dbr · Post by **dbr** » Wed Dec 09, 2020 10:26 am

JoeRetire wrote: ↑Wed Dec 09, 2020 10:21 am
If I had to guess, far more people here don't have a three-fund portfolio. (Basically far more people don't do any one specific thing, simply because there are so many alternatives.)

That's exactly right. When the debate comes down to whether holding TIPS and Treasury funds rather than Total Bond is no longer a three fund portfolio, then it is a waste of time to discuss it. Same if someone wants to hold a balanced fund rather than Total Stock and Total Bond separately. Same if someone wants to discuss how much to hold in international equities.

Da5id · Post by **Da5id** » Wed Dec 09, 2020 10:28 am

Literally is too strong a term for me, but I'm very very close. Vast majority of my savings is in 3 fund (after ditching my I-bonds in a simplifying move). I also have a years expenses in money market, and a years in short term bond fund.

dbr · Post by **dbr** » Wed Dec 09, 2020 10:34 am

Da5id wrote: ↑Wed Dec 09, 2020 10:28 am Literally is too strong a term for me, but I'm very very close. Vast majority of my savings is in 3 fund (after ditching my I-bonds in a simplifying move). I also have a years expenses in money market, and a years in short term bond fund.

Holding some I bonds would probably be a three fund violation on the grounds that I bonds are not held as part of a diversified low cost Vanguard mutual fund. But such a thing would not violate the essence of the investing concepts that three fund embodies.

Da5id · Post by **Da5id** » Wed Dec 09, 2020 10:36 am

dbr wrote: ↑Wed Dec 09, 2020 10:34 am
Da5id wrote: ↑Wed Dec 09, 2020 10:28 am Literally is too strong a term for me, but I'm very very close. Vast majority of my savings is in 3 fund (after ditching my I-bonds in a simplifying move). I also have a years expenses in money market, and a years in short term bond fund.
Holding some I bonds would probably be a three fund violation on the grounds that I bonds are not held as part of a diversified low cost Vanguard mutual fund. But such a thing would not violate the essence of the investing concepts that three fund embodies.

I didn't ditch them for "purity", but rather because they were a negligible fraction of my net worth and were clutter. And because I find Treasury Direct very clunky. Had they been a higher fraction of NW I'd have kept them probably.

dbr · Post by **dbr** » Wed Dec 09, 2020 10:42 am

Da5id wrote: ↑Wed Dec 09, 2020 10:36 am
dbr wrote: ↑Wed Dec 09, 2020 10:34 am
Da5id wrote: ↑Wed Dec 09, 2020 10:28 am Literally is too strong a term for me, but I'm very very close. Vast majority of my savings is in 3 fund (after ditching my I-bonds in a simplifying move). I also have a years expenses in money market, and a years in short term bond fund.
Holding some I bonds would probably be a three fund violation on the grounds that I bonds are not held as part of a diversified low cost Vanguard mutual fund. But such a thing would not violate the essence of the investing concepts that three fund embodies.
I didn't ditch them for "purity", but rather because they were a negligible fraction of my net worth and were clutter. And because I find Treasury Direct very clunky. Had they been a higher fraction of NW I'd have kept them probably.

We also gave up on our little stash of I bonds just to have have one less entity to deal with, and TD volunteered to go.

Chuck · Post by **Chuck** » Wed Dec 09, 2020 11:20 am

I would love to, but I have taxable, old 401k, new 401k, IRA, Roth IRA, wife's IRA, wife's Roth IRA, Treasury Direct, and a variable annuity from pre-Boglehead days.

Money Market · Post by **Money Market** » Wed Dec 09, 2020 11:30 am

Olemiss540 wrote: ↑Wed Dec 09, 2020 6:26 am The bogleheads tenants do NOT dictate a 3 fund portfolio so you are safe. They DO dictate a low cost BROADLY DIVERSIFIED portfolio so TravelforFun above will be permanently banned by the wonderful forum moderators in short order.

You put it very succinctly.

IowaFarmBoy wrote: ↑Wed Dec 09, 2020 8:08 am On the fixed side is where I get creative because I am trying to improve my return while keeping a high level of safety. I have some TBM, some MM, a lot of brokered cds and some in MYGAs.

So maybe I have implemented a "Three-types of Funds" portfolio? I feel I'm following the spirit of three-fund utilizing the funds available.

Yes! I should have set my title to reflect the this. I think most people don't follow the bond portion and prefer to slice-and-dice it for their personal situation and risk tolerance, which makes perfect sense.

JoMoney wrote: ↑Wed Dec 09, 2020 8:50 am I don't see anything wrong with the three fund. I opt for something even simpler that suits me better.

I agree that the three-fund portfolio is a great starting point or a terminal point for any portfolio that will probably beat 90% of the portfolios out there.

JoMoney wrote: ↑Wed Dec 09, 2020 8:50 am My retirement accounts are just in a low cost S&P 500 index fund. I'm in agreement with Mr.Bogle, and don't see the necessity of an international allocation for US investors.

Our finance savior, John Bogle, approves. It's been a great 11 years.

Leif wrote: ↑Wed Dec 09, 2020 10:04 am Polls are no longer allowed at this site.

No wonder I couldn't find it in the posting tools.

Big Dog · Post by **Big Dog** » Wed Dec 09, 2020 11:36 am

Designairohio wrote: ↑Wed Dec 09, 2020 7:49 am
Big Dog wrote: ↑Wed Dec 09, 2020 1:11 am There's also a lot of folks on BH that are in the two-fund portfolio camp. (plenty of BH threads on international, or lack thereof)

That said, my 2-fund was 99%/1% (cash) into my early 60's.
What did you transition to?

Originally transitioned into Intermediate Bond (VICSX), but after watching those take a dip in March, decided to take all risk on the equity side, so moved into Intermediate Treasuries (VSIGX) last spring.

DeskJumper · Post by **DeskJumper** » Wed Dec 09, 2020 11:37 am

Yes, I do. It's working out well for me. VTSAX, VXUS, and BND.

geerhardusvos · Post by **geerhardusvos** » Wed Dec 09, 2020 11:38 am

Money Market wrote: ↑Tue Dec 08, 2020 11:12 pm After reading posts here for a few years, it seems that more people than not have a non three-fund portfolio (nothing wrong with this). Most of the cases I've read is due to the bond allocation and type that is dependent on someone's age and risk tolerance. I wonder what are the other reasons why?

Personally, I'm in the camp of taking risk on the equity side of the portfolio, so I use intermediate-term treasuries for de-risking and safety.

~95% of my assets are in VTI and VEA, so I’m pretty much a two fund investor

pasadena · Post by **pasadena** » Wed Dec 09, 2020 11:40 am

I follow the principle of it, but my specific set of circumstances mean I need* 7 funds to achieve it.

- I have accounts at Vanguard and Fidelity, where my work accounts are located, so I use Vanguard's funds on one side, and Fidelity's on the other side
- At Vanguard, I need bonds in taxable, so I use a tax-exempt bond fund in there, while using the total market bonds fund in my Roth IRA.

But I'm still using the recommended mix of total stock, total international, and total bond (no international bonds)

* I mean, I could use the Vanguard ETFs everywhere, but that wouldn't actually simplify anything, and it would mean selling appreciated mutual funds, so, nope.

(I also have a few stocks in my fun money account, but let's not talk about that

)