After comparing the possible combinations of mutual funds to satisfy my target asset allocation, I decided that for now, simple is better. In placing all of my IRA funds in Vanguard Target Retirement 2035 (VTTHX), I get great diversification while avoiding any minimum account or custodial fees of any kind. The fund is almost fully invested, with minimal reserve cash, and the holdings are very close to my chosen asset allocation:
Vanguard Total Stock Market Index Fund – 62.1%
Vanguard Total Bond Market Index Fund – 22.0%
Vanguard European Stock Index Fund – 10.8%
Vanguard Pacific Stock Index Fund – 4.7%
That is, approximately 60% US Stocks, 20% International, and 20% Bonds. In addition, the expense ratio of only 0.21% is just that of the underlying funds, there is no additional management fee like many other fund of funds such as from Fidelity. As my account grows, I will definitely exchange this fund to get a more specific asset allocation, but for now I am satisfied.