Recommendation for tax efficient fund at Vanguard?
I'm looking for recommendations on a tax efficient Vanguard fund for my after-tax investment account. The vast majority of our savings is either in real estate or in pre-tax IRAs, 401ks or deferred compensation accounts. I prefer to keep the after tax $$ at Vanguard since that's where all the retirement accounts are. We have about 80K (or about 6% of total liquid portfolio) to invest. Right now it is sitting in a money market at Vanguard. Our AA for the entire portfolio is a mess right now. One of those cases of you don't know how much you don't know until you run across a board like this one! I've come to realize our success so far (and we have had some success) has been purely dumb luck.
I'm leaning toward a couple target retirement funds, keeping the bond allocation to about 10 - 15%, beefing up the international to 20% and supplementing with about 10% in REITs. This is all in pretax accounts. Bond allocation is low due to a cash balance pension plan (about 10% of liquid assets) in a fixed income account (no choice) earning about 5%. Additionally, we have income from commercial properties that I am viewing as "bond-like." Don't know if that is a legit assessment--that's just how I'm working through it.
My question is what do I do with the after tax $$? We also have an emergency fund, so the full 80k is ready to be invested somewhere. Advice appreciated.