Vanguard LifeStrategy Conservative Growth Fund -- outlook for next 5-years

A key part of our next 5-years of investment strategy involves VSCGX - Vanguard LifeStrategy Conservative Growth Fund. Over the next 5-years, we intend the $ that we put into this account (over the next 5-years) to provide us with $ that offer optionality on various life transition events that will take place until 2020. Apologies for being vague--saving you from all the details.

All to say, staying conservative is important but significant $ (to us) are in play so seeking to get a reasonable return over this time period. We have been investing into this fund just over 1-year. The lion's share of this fund is Vanguard bonds -- largest bond mutual fund in the land. High grade bonds. Maturity in the 8-year range. Duration is 5.8 years.

That leaves me feeling somewhat good against the rising interest rate environment over the next several years. I am in the camp that the Fed does a slow rise strategy over the next few years.

I am seeking any MT insights on bonds and our strategy in this fund. I would most appreciate it.