AOR
iShares Core 60/40 Balanced Allocation ETF
stock NYSE ETF

Anything five years and under should stay in cash equivalents like VBIL or SGOV. If you are willing to postpone or revise your goals, you could get a bit more growth with a moderate or conservative balanced fund like AOR, AOM, or IRTR.

5-7 years is a short time.  It all depends on your tolerance for holding off on whatever you want to use it for.  Maybe some mix of AOR and SGOV?

There's absolutely nothing wrong with 8 funds if you have someone managing it.
Consider a wonderful one-fund like AOA or AOR. These funds-of-funds contains IVV (S&P 500), IUSB (domestic bonds), IDEV and IEMG (ex-US equities), IAGG (ex-US bonds), IJH and IJR (S&P mid- and small cap). Seven low-cost index funds. All great. I wouldn't want to manage seven funds when I could manage 4 or 3 or 2 or 1, but a professional who is harvesting tax losses could very reasonably do well with 7 or 8. It's still simple, still diversified, each fund follows an index, sounds good to me. If it was in an IRA and there were no tax games to play, I'm not sure why anyone would want more than AOA or AOR.

A few observations over the last year or so. AOA which is a "fund of funds" that is fairly close to 80% VT/20% BND has exhibited less volatility compared to VT. AOR which is more of a 60%/40% stocks/bonds has exhibited even less volatility compared to AOA. If bonds keep you in the game when people are headed for the exits then yes they do serve some sort of value, even if only psychological.

Anything five years and under should stay in cash equivalents like VBIL or SGOV. If you are willing to postpone or revise your goals, you could get a bit more growth with a moderate or conservative balanced fund like AOR, AOM, or IRTR.

5-7 years is a short time.  It all depends on your tolerance for holding off on whatever you want to use it for.  Maybe some mix of AOR and SGOV?

There's absolutely nothing wrong with 8 funds if you have someone managing it.
Consider a wonderful one-fund like AOA or AOR. These funds-of-funds contains IVV (S&P 500), IUSB (domestic bonds), IDEV and IEMG (ex-US equities), IAGG (ex-US bonds), IJH and IJR (S&P mid- and small cap). Seven low-cost index funds. All great. I wouldn't want to manage seven funds when I could manage 4 or 3 or 2 or 1, but a professional who is harvesting tax losses could very reasonably do well with 7 or 8. It's still simple, still diversified, each fund follows an index, sounds good to me. If it was in an IRA and there were no tax games to play, I'm not sure why anyone would want more than AOA or AOR.

A few observations over the last year or so. AOA which is a "fund of funds" that is fairly close to 80% VT/20% BND has exhibited less volatility compared to VT. AOR which is more of a 60%/40% stocks/bonds has exhibited even less volatility compared to AOA. If bonds keep you in the game when people are headed for the exits then yes they do serve some sort of value, even if only psychological.