3-5 Year Holding Period Fund - Home | UTC

Release Date: 09-30-2014

3-5 Year Holding Period Fund

.................................................................................................................................................................................................................................................................................................................................................... Benchmark 3-5 Year Holding Period Fund Custom Benchmark

Investment Information

Investment Strategy from the Management Company

Pre-Mixed Portfolios are constructed for UTC HSA members by spreading investment assets across pre-selected investment funds according to pre-defined splits. Each portfolio is intended to address a range of risks that accompany investments in bonds and stocks over various time periods.

Pre-Mixed Portfolios which are designed for shorter investment periods place more emphasis on investments with lower expected volatility, such as short-term bonds. Pre-Mixed Portfolios which are designed for longer investment periods place more emphasis on growth-seeking investments, such as U.S. and Non-U.S. stocks, and seek to support purchasing power and provide some relief from long-term healthcare expense inflation. This portfolio has been designed for a 3 to 5 year investment period.

Operations and Management

Fund Inception Date

01-02-14

Total Fund Assets ($mil) .

Management Company Vanguard

Fees and Expenses as of 09-30-14

E...x..p..e..n..s..e...R..a..t..i.o............................................................0....0..6..%...

Management

0.04%

Administrative

0.02%

Insurance

.

Category Description: Conservative Allocation

Conservative-allocation portfolios seek to provide both capital appreciation and income by investing in three major areas: stocks, bonds, and cash. These portfolios tend to hold smaller positions in stocks than moderate-allocation portfolios. These portfolios typically have 20% to 50% of assets in equities and 50% to 80% of assets in fixed income and cash.

Volatility Analysis

Investment

Low

Moderate

High

Category

In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two-thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy.

Performance

YTD

3.33 3.01 3.37

1 Year

5.48 5.85 6.49

3 Year

6.18 7.64 8.32

5 Year

6.03 6.55 7.09

20

15

10

5

0

-5

-10

-15

10 Year

Since Inception

5.39

5.28

5.47

.

5.18

.

Total Return% as of 09-30-14

Investment Benchmark

Average annual, if greater than 1 year

Fund Return % Benchmark Return % Category Average %

Performance History

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013 09-14

Total Return %

6.85 3.64 8.33 7.82 -9.60 12.61 8.30 5.15 6.54 5.36 3.33

+.../.-...B..e..n..c..h..m....a..r.k.........................0....7..4..........-..0....3..3..........-.0....2..5............0....3..7............3....8..7...........-.4....1..0...........-.0....5..8............2....9..3..........-..2....0..6..........-.2....4..8............0....3..2.

Fund Rank Percentile

32

43

41

5

10

91

79

7

86

71

48

Out of # of funds

362 423 558 609 679 628 656 618 715 722 731

Performance Quartile (within category)

***&&))&)(*

Performance Disclosure: The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein.

High Med Low Large Mid Small

Portfolio Analysis

Composition as of 09-30-14

U.S. Stocks Non-U.S. Stocks Bonds Cash Other

% Assets

20.4 9.0 69.0 1.5 0.1

Morningstar Style BoxTM as of 09-30-14 (EQ) ; 06-30-14 (F-I)

Value Blend Growth

Ltd Mod Ext

Top 10 Holdings as of 09-30-14

Vanguard Short-Term Bond Idx I Vanguard Interm-Term Bond Index I Vanguard Instl Ttl Stk Mkt Idx I Vanguard Developed Markets Idx Instl

% Assets

35.38 35.11 20.79 8.73

...........................................................................................................

Total Number of Holdings

4

Annual Turnover Ratio %

43.00

Morningstar Super Sectors as of 09-30-14

Cyclical Sensitive Defensive

Morningstar F-I Sectors as of 09-30-14

Government Corporate

Securitized

Municipal Cash & Equivalents  Other

% Fund

64.68 32.80 0.21 0.16 2.15 0.00

% Fund

36.46 38.87 24.67

% Category

26.08 31.74 17.23 3.85 17.59 3.51

Notes

Performance illustrated here is simulated based on the performance of the underlying mutual funds that make up each pre-mixed portfolio. This simulation assumes that each fund is held at its target weight on the first date of each month, and subsequently rebalanced monthly thereafter.

?2014 Morningstar, Inc., Morningstar Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at .

Release Date: 09-30-2014

5-10 Year Holding Period Fund

.................................................................................................................................................................................................................................................................................................................................................... Benchmark 5-10 Year Holding Period Fund Custom Benchmark

Investment Information

Investment Strategy from the Management Company

Pre-Mixed Portfolios are constructed for UTC HSA members by spreading investment assets across pre-selected investment funds according to pre-defined splits. Each portfolio is intended to address a range of risks that accompany investments in bonds and stocks over various time periods.

Pre-Mixed Portfolios which are designed for shorter investment periods place more emphasis on investments with lower expected volatility, such as short-term bonds. Pre-Mixed Portfolios which are designed for longer investment periods place more emphasis on growth-seeking investments, such as U.S. and Non-U.S. stocks, and seek to support purchasing power and provide some relief from long-term healthcare expense inflation. This portfolio has been designed for a 5 to 10 year investment period.

Operations and Management

Fund Inception Date

01-02-14

Total Fund Assets ($mil) .

Management Company Vanguard

Fees and Expenses as of 09-30-14

E...x..p..e..n..s..e...R..a..t..i.o............................................................0....0..6..%...

Management

0.04%

Administrative

0.02%

Insurance

.

Category Description: Conservative Allocation

Conservative-allocation portfolios seek to provide both capital appreciation and income by investing in three major areas: stocks, bonds, and cash. These portfolios tend to hold smaller positions in stocks than moderate-allocation portfolios. These portfolios typically have 20% to 50% of assets in equities and 50% to 80% of assets in fixed income and cash.

Volatility Analysis

Investment

Low

Moderate

High

Category

In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two-thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy.

Performance

YTD

3.86 3.79 3.37

1 Year

7.91 8.32 6.49

3 Year

9.24 10.98 8.32

5 Year

7.81 8.42 7.09

20

15

10

5

0

-5

-10

-15

10 Year

Since Inception

6.19

6.04

6.36

.

5.18

.

Total Return% as of 09-30-14

Investment Benchmark

Average annual, if greater than 1 year

Fund Return % Benchmark Return % Category Average %

Performance History

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013 09-14

Total Return %

9.33 5.05 11.27 8.08 -18.64 17.42 9.55 4.41 8.20 10.72 3.86

+.../.-...B..e..n..c..h..m....a..r.k.........................0....8..9..........-..0....4..7..........-.0....1..3............0....0..6............2....7..4...........-.3....3..0...........-.1....1..8............3....5..0..........-..2....5..9..........-.2....3..7............0....0..7.

Fund Rank Percentile

42

49

47

23

6

89

87

6

92

92

29

Out of # of funds

925 985 1041 1103 1206 1177 1074 963 936 877 731

Performance Quartile (within category)

***&&))&))*

Performance Disclosure: The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein.

High Med Low Large Mid Small

Portfolio Analysis

Composition as of 09-30-14

U.S. Stocks Non-U.S. Stocks Bonds Cash Other

% Assets

34.2 15.1 49.6 1.0 0.1

Morningstar Style BoxTM as of 09-30-14 (EQ) ; 06-30-14 (F-I)

Value Blend Growth

Ltd Mod Ext

Top 10 Holdings as of 09-30-14

Vanguard Instl Ttl Stk Mkt Idx I Vanguard Interm-Term Bond Index I Vanguard Short-Term Bond Idx I Vanguard Developed Markets Idx Instl

% Assets

34.82 30.24 20.32 14.62

...........................................................................................................

Total Number of Holdings

4

Annual Turnover Ratio %

34.00

Morningstar Super Sectors as of 09-30-14

Cyclical Sensitive Defensive

Morningstar F-I Sectors as of 09-30-14

Government Corporate

Securitized

Municipal Cash & Equivalents  Other

% Fund

63.21 34.47 0.21 0.17 1.95 0.00

% Fund

36.45 38.88 24.67

% Category

26.08 31.74 17.23 3.85 17.59 3.51

Notes

Performance illustrated here is simulated based on the performance of the underlying mutual funds that make up each pre-mixed portfolio. This simulation assumes that each fund is held at its target weight on the first date of each month, and subsequently rebalanced monthly thereafter.

?2014 Morningstar, Inc., Morningstar Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at .

Release Date: 09-30-2014

10-20 Year Holding Period Fund

.................................................................................................................................................................................................................................................................................................................................................... Benchmark 10-20 Year Holding Period Fund Custom Benchmark

Investment Information

Investment Strategy from the Management Company

Pre-Mixed Portfolios are constructed for UTC HSA members by spreading investment assets across pre-selected investment funds according to pre-defined splits. Each portfolio is intended to address a range of risks that accompany investments in bonds and stocks over various time periods.

Pre-Mixed Portfolios which are designed for shorter investment periods place more emphasis on investments with lower expected volatility, such as short-term bonds. Pre-Mixed Portfolios which are designed for longer investment periods place more emphasis on growth-seeking investments, such as U.S. and Non-U.S. stocks, and seek to support purchasing power and provide some relief from long-term healthcare expense inflation. This portfolio has been designed for a 10 to 20 year investment period.

Operations and Management

Fund Inception Date

01-02-14

Total Fund Assets ($mil) .

Management Company Vanguard

Fees and Expenses as of 09-30-14

E...x..p..e..n..s..e...R..a..t..i.o............................................................0....0..5..%...

Management

0.03%

Administrative

0.02%

Insurance

.

Category Description: Moderate Allocation

Moderate-allocation portfolios seek to provide both capital appreciation and income by investing in three major areas: stocks, bonds, and cash. These portfolios tend to hold larger positions in stocks than conservative-allocation portfolios. These portfolios typically have 50% to 70% of assets in equities and the remainder in fixed income and cash.

Volatility Analysis

Investment

Low

Moderate

High

Category

In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Based on this measure, currently more than two-thirds of all investments have shown higher levels of risk. Consequently, this investment may appeal to investors looking for a conservative investment strategy.

Performance

YTD

4.18 4.52 4.06

1 Year

10.49 10.81 9.80

3 Year

12.45 14.44 13.26

5 Year

9.50 10.26 9.75

20

15

10

5

0

-5

-10

-15

10 Year

Since Inception

6.85

6.65

7.15

.

6.34

.

Total Return% as of 09-30-14

Investment Benchmark

Average annual, if greater than 1 year

Fund Return % Benchmark Return % Category Average %

Performance History

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013 09-14

Total Return %

11.63 6.41 14.27 8.27 -26.97 22.06 10.39 3.24 9.60 17.18 4.18

+.../.-...B..e..n..c..h..m....a..r.k.........................0....8..8..........-..0....6..5..........-.0....0..2...........-.0....2..0............2....1..5...........-.3....1..3...........-.2....0..4............3....8..8..........-..3....4..9..........-.1....4..8..........-..0....3..4.

Fund Rank Percentile

14

26

10

22

39

63

77

11

86

49

44

Out of # of funds

925 985 1041 1103 1206 1177 1074 963 936 877 873

Performance Quartile (within category)

&*&&*()&)**

Performance Disclosure: The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein.

High Med Low Large Mid Small

Portfolio Analysis

Composition as of 09-30-14

U.S. Stocks Non-U.S. Stocks Bonds Cash Other

% Assets

48.1 21.2 29.9 0.6 0.1

Morningstar Style BoxTM as of 09-30-14 (EQ) ; 06-30-14 (F-I)

Value Blend Growth

Ltd Mod Ext

Top 10 Holdings as of 09-30-14

Vanguard Instl Ttl Stk Mkt Idx I Vanguard Developed Markets Idx Instl Vanguard Interm-Term Bond Index I Vanguard Short-Term Bond Idx I

% Assets

48.98 20.56 20.25 10.20

...........................................................................................................

Total Number of Holdings

4

Annual Turnover Ratio %

24.00

Morningstar Super Sectors as of 09-30-14

Cyclical Sensitive Defensive

Morningstar F-I Sectors as of 09-30-14

Government Corporate

Securitized

Municipal Cash & Equivalents  Other

% Fund

62.10 35.61 0.20 0.18 1.90 0.00

% Fund

36.46 38.87 24.67

% Category

24.00 35.14 17.39 1.28 19.27 2.91

Notes

Performance illustrated here is simulated based on the performance of the underlying mutual funds that make up each pre-mixed portfolio. This simulation assumes that each fund is held at its target weight on the first date of each month, and subsequently rebalanced monthly thereafter.

?2014 Morningstar, Inc., Morningstar Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at .

Release Date: 09-30-2014

20 + Year Holding Period Fund

.................................................................................................................................................................................................................................................................................................................................................... Benchmark 20 + Year Holding Period Fund Custom Benchmark

Investment Information

Investment Strategy from the Management Company

Pre-Mixed Portfolios are constructed for UTC HSA members by spreading investment assets across pre-selected investment funds according to pre-defined splits. Each portfolio is intended to address a range of risks that accompany investments in bonds and stocks over various time periods.

Pre-Mixed Portfolios which are designed for shorter investment periods place more emphasis on investments with lower expected volatility, such as short-term bonds. Pre-Mixed Portfolios which are designed for longer investment periods place more emphasis on growth-seeking investments, such as U.S. and Non-U.S. stocks, and seek to support purchasing power and provide some relief from long-term healthcare expense inflation. This portfolio has been designed for a 20+ year investment period.

Operations and Management

Fund Inception Date

01-02-14

Total Fund Assets ($mil) .

Management Company Vanguard

Fees and Expenses as of 09-30-14

E...x..p..e..n..s..e...R..a..t..i.o............................................................0....0..5..%...

Management

0.03%

Administrative

0.02%

Insurance

.

Category Description: Aggressive Allocation

Aggressive-allocation portfolios seek to provide both capital appreciation and income by investing in three major areas: stocks, bonds, and cash. These portfolios tend to hold larger positions in stocks than moderate-allocation portfolios. These portfolios typically have 70% to 90% of assets in equities and the remainder in fixed income and cash.

Volatility Analysis

Investment

Low

Moderate

High

Category

In the past, this investment has shown a relatively moderate range of price fluctuations relative to other investments. This investment may experience larger or smaller price declines or price increases depending on market conditions. Some of this risk may be offset by owning other investments with different portfolio makeups or investment strategies.

Performance

YTD

4.44 5.23 3.79

1 Year

13.43 13.33 10.72

3 Year

15.96 17.94 15.62

5 Year

11.30 12.04 10.58

40

30

20

10

0

-10

-20

-30

10 Year

Since Inception

7.49

7.24

7.84

.

6.54

.

Total Return% as of 09-30-14

Investment Benchmark

Average annual, if greater than 1 year

Fund Return % Benchmark Return % Category Average %

Performance History

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013 09-14

Total Return %

13.94 7.76 17.32 8.42 -34.65 26.64 11.10 2.03 10.99 24.83 4.44

+.../.-...B..e..n..c..h..m....a..r.k.........................0....8..7..........-..0....8..3...........0....0..8...........-.0....4..7............1....6..3...........-.2....9..6...........-.2....8..8............4....2..9..........-..4....3..8...........0....3..6..........-..0....7..9.

Fund Rank Percentile

3

27

4

35

56

69

86

2

82

17

27

Out of # of funds

137 174 206 213 227 229 230 363 398 404 424

Performance Quartile (within category)

&*&*(()&)&*

Performance Disclosure: The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein.

High Med Low Large Mid Small

Portfolio Analysis

Composition as of 09-30-14

U.S. Stocks Non-U.S. Stocks Bonds Cash Other

% Assets

62.2 27.4 10.1 0.2 0.1

Morningstar Style BoxTM as of 09-30-14 (EQ) ; 06-30-14 (F-I)

Value Blend Growth

Ltd Mod Ext

Top 10 Holdings as of 09-30-14

Vanguard Instl Ttl Stk Mkt Idx I Vanguard Developed Markets Idx Instl Vanguard Interm-Term Bond Index I

% Assets

63.26 26.56 10.17

...........................................................................................................

Total Number of Holdings

3

Annual Turnover Ratio %

14.00

Morningstar Super Sectors as of 09-30-14

Cyclical Sensitive Defensive

Morningstar F-I Sectors as of 09-30-14

Government Corporate

Securitized

Municipal Cash & Equivalents  Other

% Fund

56.67 41.25 0.19 0.22 1.66 0.00

% Fund

36.46 38.87 24.67

% Category

24.65 35.18 9.99 0.94 25.62 3.62

Notes

Performance illustrated here is simulated based on the performance of the underlying mutual funds that make up each pre-mixed portfolio. This simulation assumes that each fund is held at its target weight on the first date of each month, and subsequently rebalanced monthly thereafter.

?2014 Morningstar, Inc., Morningstar Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at .

Release Date: 09-30-2014

Vanguard Interm-Term Bond Index I VBIMX

....................................................................................................................................................................................................................................................................................................................................................

Benchmark Barclays US Agg Bond TR USD

Overall Morningstar RatingTM

QQQQ

Morningstar Return Above Average

Morningstar Risk High

Out of 929 Intermediate-Term Bond funds. An investment's overall Morningstar Rating, based on its risk-adjusted

return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Strategy from investment's prospectus The investment seeks the performance of a market-weighted bond index with an intermediate-term dollar-weighted average maturity.

The fund employs an indexing investment approach designed to track the performance of the Barclays U.S. 5-10 Year Government/Credit Float Adjusted Index. This index includes all medium and larger issues of U.S. government, investment-grade corporate, and investment-grade international dollar-denominated bonds that have maturities between 5 and 10 years and are publicly issued. All of the fund's investments will be selected through the sampling process, and at least 80% of the fund's assets will be invested in bonds held in the index.

Fees and Expenses as of 04-29-14

Prospectus Net Expense Ratio Prospectus Gross Expense Ratio Maximum Sales Charge 12b-1 Fee Redemption Fee/Term

Waiver Data

Type

.

.

Exp. Date

.

0.07% 0.07%

. . .

%

.

Performance

20 Total Return%

15 as of 09-30-14

Investment

10

Benchmark

5

0

-5

-10 Average annual, if greater -15 than 1 year.

YTD

1 Year

3 Year

5 Year

10 Year

Since Inception

5.02

4.43

3.32

5.67

5.48

6.04

Fund Return %

5.02

4.43

3.32

5.67

5.48

6.04

Load-Adj. Return %

4.10

3.96

2.43

4.12

4.62

.

Benchmark Return %

.................4.... .0..1.....................4.....3..4................Q....Q.3....4Q..1............Q....Q....Q4....8Q..0............Q....Q....Q.4....4Q..5........................ ........................CM..a.o.t.er..ng..io.n.r.g.y.s.At..a.v.r.e.R.r.aa..gt.i.en..g.%.TM......

.

.

929

808

574

.

# of Funds in Category

Quarter End Returns as of 09-30-14

YTD

Fund Return %

5.02

Standardized Return %

5.02

1 Year

4.43 4.43

3 Year

3.32 3.32

5 Year

5.67 5.67

10 Year

5.48 5.48

Since Inception

6.04 6.04

Performance Disclosure: The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein.

Operations and Management

Initial Class Inception Date 03-01-94

Fund Inception Date

01-26-06

Portfolio Manager(s)

Joshua C. Barrickman, CFA

Management Company Vanguard Group, Inc.

Telephone

800-662-7447

Web Site



Benchmark Description: Barclays US Agg Bond TR USD

BarCap US Agg Bond TR USD is composed of approximately 7,000 asset-backed, corporate, government, and mortgage-backed bonds. The index's total return consists of price appreciation/depreciation and income as a percentage of the original investment. The underlying component indexes (BarCap Government/Corporate Bond Index, Mortgage-Backed Securities Index and the Asset-Backed Securities Index) are rebalanced monthly by market capitalization.

Category Description: Intermediate-Term Bond

Intermediate-term bond portfolios invest primarily in corporate and other investment-grade U.S. fixed-income issues and typically have durations of 3.5 to 6.0 years. These portfolios are less sensitive to interest rates, and therefore less volatile, than portfolios that have longer durations. Morningstar calculates monthly breakpoints using the effective duration of the Morningstar Core Bond Index in determining duration assignment. Intermediate-term is defined as 75% to 125% of the three-year average effective duration of the MCBI.

Growth of $10,000 as of 09-30-14 25

Investment

Benchmark

20

15

10K

5

0

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

Portfolio Analysis as of 08-31-14

Composition as of 08-31-14

U.S. Stocks Non-U.S. Stocks Bonds Cash Other

% Assets

0.0 0.0 99.2 0.8 0.0

High Med Low

Morningstar Fixed Income Style Box TM as of 06-30-14

Avg Eff Duration Avg Eff Maturity Avg Wtd Price

Ltd Mod Ext

09 - 14

6.51 7.30 104.60

Top 10 Holdings as of 08-31-14

% Assets

US Treasury Note 2.5% 08-15-23

3.74

US Treasury Note 2% 09-30-20

2.83

US Treasury Note 3.5% 05-15-20

2.76

US Treasury Note 3.625% 02-15-20

2.55

US Treasury Note 2.75% 11-15-23

2.11

...........................................................................................................

US Treasury Note 1.75% 05-15-23

1.98

US Treasury Note 2.5% 05-15-24

1.86

US Treasury Note 2.75% 02-15-24

1.86

US Treasury Note 3.125% 05-15-21

1.66

US Treasury Note 2% 11-15-21

1.42

...........................................................................................................

Total Number of Stock Holdings

0

Total Number of Bond Holdings

1556

Annual Turnover Ratio %

70.00

Total Fund Assets ($mil)

11,695.72

Morningstar Sectors as of 08-31-14

Government Corporate Securitized Municipal Cash & Equivalents

Other

Credit Analysis as of 06-30-14

% Fund % Category

57.71 24.57 41.04 24.83 0.20 27.77 0.23 2.05 0.82 8.64 0.00 12.13

AAA AA A BBB BB B Below B Not Rated

% Bonds

54 5 18 23 0 0 0 0

-100

-50

0

50

100

?2014 Morningstar, Inc., Morningstar Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at

Release Date: 09-30-2014

Vanguard Short-Term Bond Idx I VBITX

....................................................................................................................................................................................................................................................................................................................................................

Benchmark Barclays Govt/Credit 1-5 Yr TR USD

Overall Morningstar RatingTM

QQ

Morningstar Return Below Average

Morningstar Risk Average

Out of 428 Short-Term Bond funds. An investment's overall Morningstar Rating, based on its risk-adjusted return,

is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Strategy from investment's prospectus The investment seeks to track the performance of a market-weighted bond index with a short-term dollar-weighted average maturity.

The fund employs an indexing investment approach designed to track the performance of the Barclays U.S. 1-5 Year Government/Credit Float Adjusted Index. This index includes all medium and larger issues of U.S. government, investment-grade corporate, and investment-grade international dollar-denominated bonds that have maturities between 1 and 5 years and are publicly issued. All of the fund's investments will be selected through the sampling process, and at least 80% of the fund's assets will be invested in bonds held in the index.

Fees and Expenses as of 04-29-14

Prospectus Net Expense Ratio Prospectus Gross Expense Ratio Maximum Sales Charge 12b-1 Fee Redemption Fee/Term

Waiver Data

Type

.

.

Exp. Date

.

0.07% 0.07%

. . .

%

.

Performance

20 Total Return%

15 as of 09-30-14

Investment

10

Benchmark

5

0

-5

-10 Average annual, if greater -15 than 1 year.

YTD

1 Year

3 Year

5 Year

10 Year

Since Inception

0.93

1.07

1.22

2.07

3.24

1.22

Fund Return %

0.93

1.07

1.22

2.07

3.24

1.22

Load-Adj. Return %

1.01

1.15

1.32

2.23

3.34

.

Benchmark Return %

.................1.... .0..6.....................1.....4..7....................Q.1....8Q..5................Q....Q2....4Q..9............Q....Q....Q.2....9Q..3........................ ........................CM..a.o.t.er..ng..io.n.r.g.y.s.At..a.v.r.e.R.r.aa..gt.i.en..g.%.TM......

.

.

428

362

257

.

# of Funds in Category

Quarter End Returns as of 09-30-14

YTD

Fund Return %

0.93

Standardized Return %

0.93

1 Year

1.07 1.07

3 Year

1.22 1.22

5 Year

2.07 2.07

10 Year

3.24 3.24

Since Inception

1.22 1.22

Performance Disclosure: The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein.

Operations and Management

Initial Class Inception Date 03-01-94

Fund Inception Date

09-27-11

Portfolio Manager(s)

Joshua C. Barrickman, CFA

Yan Pu, CFA

Management Company Vanguard Group, Inc.

Telephone

800-662-7447

Web Site



Benchmark Description: Barclays Govt/Credit 1-5 Yr TR USD

BarCap Govt/Credit 1-5 Yr TR USD: Represents a combination of the Government and Corporate Bond indices for bonds with maturities between one and five years. The returns we publish for the index are total returns, which include reinvestment of dividends.

Growth of $10,000 as of 09-30-14 25

Investment

Benchmark

20

15

10K

5

0

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

Portfolio Analysis as of 08-31-14

Composition as of 08-31-14

U.S. Stocks Non-U.S. Stocks Bonds Cash Other

% Assets

0.0 0.0 96.6 3.4 0.0

High Med Low

Morningstar Fixed Income Style Box TM as of 06-30-14

Avg Eff Duration Avg Eff Maturity Avg Wtd Price

Ltd Mod Ext

09 - 14

2.69 2.80 102.34

Category Description: Short-Term Bond

Short-term bond portfolios invest primarily in corporate and other investment-grade U.S. fixed-income issues and typically have durations of 1.0 to 3.5 years. These portfolios are attractive to fairly conservative investors, because they are less sensitive to interest rates than portfolios with longer durations. Morningstar calculates monthly breakpoints using the effective duration of the Morningstar Core Bond Index in determining duration assignment. Short-term is defined as 25% to 75% of the three-year average effective duration of the MCBI.

Top 10 Holdings as of 08-31-14

% Assets

US Treasury Note 1.625% 08-31-19

1.82

US Treasury Note 1.25% 11-30-18

1.47

US Treasury Note 0.625% 11-15-16

1.46

US Treasury Note 2.125% 12-31-15

1.37

US Treasury Note 1.5% 05-31-19

1.22

...........................................................................................................

US Treasury Note 0.625% 10-15-16

1.20

US Treasury Note 0.625% 09-30-17

1.15

US Treasury Note 0.625% 08-15-16

1.10

US Treasury Note 1.5% 02-28-19

1.09

US Treasury Note 0.375% 11-15-15

1.07

...........................................................................................................

Total Number of Stock Holdings

0

Total Number of Bond Holdings

1996

Annual Turnover Ratio %

50.00

Total Fund Assets ($mil)

22,197.69

Morningstar Sectors as of 08-31-14

Government Corporate Securitized Municipal Cash & Equivalents

Other

Credit Analysis as of 06-30-14

-100

-50

0

50

% Fund % Category

71.70 17.39 24.60 32.17 0.22 23.34 0.09 1.01 3.40 11.09 0.00 15.00

AAA AA A BBB BB B Below B Not Rated

% Bonds

73 5 13 10 0 0 0 0

100

?2014 Morningstar, Inc., Morningstar Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at

Release Date: 09-30-2014

Vanguard Instl Ttl Stk Mkt Idx I VITNX

....................................................................................................................................................................................................................................................................................................................................................

Benchmark Russell 1000 TR USD

Overall Morningstar RatingTM

QQQQ

Morningstar Return Above Average

Morningstar Risk Average

Out of 1343 Large Blend funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, is

a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Strategy from investment's prospectus The investment seeks to track the performance of a benchmark index that measures the investment return of the overall stock market.

The fund employs an indexing investment approach designed to track the performance of the CRSP US Total Market Index, which rep-, small-, and micro-cap stocks regularly traded on the New York Stock Exchange and Nasdaq. It invests by sampling the index, meaning that it holds a broadly diversified collection of securities that, in the aggregate, approximates the full index in terms of key characteristics.

Fees and Expenses as of 04-28-14

Prospectus Net Expense Ratio Prospectus Gross Expense Ratio Maximum Sales Charge 12b-1 Fee Redemption Fee/Term

Waiver Data

Type

.

.

Exp. Date

.

0.04% 0.04%

. . .

%

.

Operations and Management

Initial Class Inception Date 05-31-01

Fund Inception Date

08-31-01

Portfolio Manager(s)

Michael Perre

Management Company Vanguard Group, Inc.

Telephone

800-662-7447

Web Site



Benchmark Description: Russell 1000 TR USD

Russell 1000 Index: A benchmark that measures the performance of the 1,000 largest companies in the Russell 3000 Index, which represents approximately 92% of the total market capitalization of the Russell 3000 Index.

Category Description: Large Blend

Large-blend portfolios are fairly representative of the overall U.S. stock market in size, growth rates, and price. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large cap. The blend style is assigned to portfolios where neither growth nor value characteristics predominate. These portfolios tend to invest across the spectrum of U.S. industries, and owing to their broad exposure, the portfolios' returns are often similar to those of the S&P 500 Index.

Performance

40 Total Return%

30 as of 09-30-14

Investment

20

Benchmark

10

0

-10

-20 Average annual, if greater -30 than 1 year.

YTD

1 Year

3 Year

5 Year

10 Year

Since Inception

7.00

17.82

23.13

15.89

8.67

7.27

Fund Return %

7.00

17.82

23.13

15.89

8.67

7.27

Load-Adj. Return %

7.97

19.01

23.23

15.90

8.46

.

Benchmark Return %

.................6.... .3..3...................1..6.....8..4............Q....Q...2.Q.1....5Q..9............Q....Q..1..Q4....1Q..0............Q....Q....Q.7....5Q..1........................ ........................CM..a.o.t.er..ng..io.n.r.g.y.s.At..a.v.r.e.R.r.aa..gt.i.en..g.%.TM......

.

.

1343

1204

804

.

# of Funds in Category

Quarter End Returns as of 09-30-14

YTD

Fund Return %

7.00

Standardized Return %

7.00

1 Year

17.82 17.82

3 Year

23.13 23.13

5 Year

15.89 15.89

10 Year

8.67 8.67

Since Inception

7.27 7.27

Performance Disclosure: The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein.

Growth of $10,000 as of 09-30-14 25

Investment

Benchmark

20

15

10K

5

0

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

09 - 14

Portfolio Analysis as of 08-31-14

Composition as of 08-31-14

U.S. Stocks Non-U.S. Stocks Bonds Cash Other

% Assets

98.2 1.7 0.0 0.1 0.0

Morningstar Style BoxTM as of 08-31-14

% Mkt Cap

Large Mid Small

G...i.a..n...t........................................4..1....4...3.

Large

30.49

Medium

19.21

S...m...a..l.l..........................................6....3...4.

Micro

2.53

Value Blend Growth

Top 10 Holdings as of 08-31-14

% Assets

Apple Inc

2.79

Exxon Mobil Corporation

1.93

Microsoft Corp

1.52

Johnson & Johnson

1.32

Wells Fargo & Co

1.22

...........................................................................................................

General Electric Co

1.18

Chevron Corp

1.11

Berkshire Hathaway Inc Class B

1.10

JPMorgan Chase & Co

1.02

Procter & Gamble Co

1.02

...........................................................................................................

Total Number of Stock Holdings

3325

Total Number of Bond Holdings

0

Annual Turnover Ratio %

9.00

Total Fund Assets ($mil)

39,062.43

Morningstar Sectors as of 08-31-14

% Fund S&P 500 %

Cyclical

32.84 30.39

...........................................................................................................

Basic Materials

3.72 3.30

Consumer Cyclical

11.24 10.22

Financial Services

14.30 14.95

Real Estate

3.58 1.92

........S...e..n..s..i.t.i..v.e.........................................................4...2....4..4............4..2....7..7.

Communication Services

3.60 4.03

Energy

9.54 9.70

 Industrials

11.91 11.02

Technology

17.39 18.02

........D...e..f..e..n..s..i.v..e.......................................................2...4....7..3............2..6....8..4.

Consumer Defensive

8.15 9.52

Healthcare

13.55 14.32

Utilities

3.03 3.00

?2014 Morningstar, Inc., Morningstar Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at

Release Date: 09-30-2014

Vanguard Developed Markets Idx Instl VTMNX

....................................................................................................................................................................................................................................................................................................................................................

Benchmark MSCI ACWI Ex USA NR USD

Overall Morningstar RatingTM

QQQ

Morningstar Return Average

Morningstar Risk Average

Out of 682 Foreign Large Blend funds. An investment's overall Morningstar Rating, based on its risk-adjusted

return, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Strategy from investment's prospectus The investment seeks to track the performance of a benchmark index that measures the investment return of stocks issued by companies located in the major markets of Europe and the Pacific region.

The fund employs an indexing investment approach designed to track the performance of the FTSE Developed ex North America Index, which includes approximately 1,383 common stocks of companies. It attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index.

Fees and Expenses as of 04-07-14

Prospectus Net Expense Ratio Prospectus Gross Expense Ratio Maximum Sales Charge 12b-1 Fee Redemption Fee/Term

0.07%

0.07% . . .

Performance

20 Total Return%

15 as of 09-30-14

Investment

10

Benchmark

5

0

-5

-10 Average annual, if greater -15 than 1 year.

YTD

1 Year

3 Year

5 Year

10 Year

Since Inception

-1.62

3.88

14.03

6.62

6.52

4.37

Fund Return %

-1.62

3.88

14.03

6.62

6.52

4.37

Load-Adj. Return %

0.00

4.77

11.79

6.03

7.06

.

Benchmark Return %

................-.2.... .0..1.....................3.....7..5............Q....Q...1.Q.3....0Q..5................Q....Q6....2Q..2................Q....Q.6....2Q..5........................ ........................CM..a.o.t.er..ng..io.n.r.g.y.s.At..a.v.r.e.R.r.aa..gt.i.en..g.%.TM......

.

.

682

612

333

.

# of Funds in Category

Quarter End Returns as of 09-30-14

Fund Return % Standardized Return %

YTD

-1.62 -1.62

1 Year

3.88 3.88

3 Year

14.03 14.03

5 Year

6.62 6.62

10 Year

6.52 6.52

Since Inception

4.37 4.37

Waiver Data

Type

.

.

Exp. Date

.

% Performance Disclosure: The performance data quoted represents past performance and does not guarantee future results.

. The investment return and principal value of an investment will fluctuate thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein.

Operations and Management

Initial Class Inception Date 08-17-99

Fund Inception Date

01-04-01

Portfolio Manager(s)

Christine D. Franquin

Management Company Vanguard Group, Inc.

Telephone

800-662-7447

Web Site



Benchmark Description: MSCI ACWI Ex USA NR USD

MSCI All Country World ex-U.S. Index is an unmanaged, free float adjusted, market capitalization weighted index composed of stocks of companies located in countries throughout the world, excluding the United States. It is designed to measure equity market performance in global developed and emerging markets outside the United States. The index includes reinvestment of dividends, net of foreign withholding taxes.

Category Description: Foreign Large Blend

Foreign large-blend portfolios invest in a variety of big international stocks. Most of these portfolios divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These portfolios primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). The blend style is assigned to portfolios where neither growth nor value characteristics predominate. These portfolios typically will have less than 20% of assets invested in U.S. stocks.

Growth of $10,000 as of 09-30-14 25

Investment

Benchmark

20

15

10K

5

0

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

09 - 14

Portfolio Analysis as of 08-31-14

Composition as of 08-31-14

U.S. Stocks Non-U.S. Stocks Bonds Cash Other

% Assets

0.2 99.3 0.0 0.0 0.4

Morningstar Style BoxTM as of 08-31-14

% Mkt Cap

Large Mid Small

G...i.a..n...t........................................5..6....4...1.

Large

31.79

Medium

11.64

S...m...a..l.l..........................................0....1...4.

Micro

0.02

Value Blend Growth

Top 10 Holdings as of 08-31-14

% Assets

Nestle SA

1.69

Novartis AG

1.43

HSBC Holdings PLC

1.41

Roche Holding AG

1.41

Royal Dutch Shell PLC Class A

1.09

...........................................................................................................

Toyota Motor Corp

1.04

BP PLC

1.01

Total SA

0.92

Sanofi

0.86

Commonwealth Bank of Australia

0.84

...........................................................................................................

Total Number of Stock Holdings

1363

Total Number of Bond Holdings

0

Annual Turnover Ratio %

13.00

Total Fund Assets ($mil)

21,385.84

Morningstar World Regions as of 08-31-14

% Fund S&P 500%

Americas

0.23 99.91

...........................................................................................................

North America

0.23 99.91

Latin America

0.00

0.00

Greater Europe

61.67

0.09

...........................................................................................................

United Kingdom

20.16

0.00

Europe Developed

40.91

0.09

Europe Emerging

0.01

0.00

Africa/Middle East

0.60

0.00

Greater Asia

38.09

0.00

...........................................................................................................

Japan

20.80

0.00

Australasia

8.06

0.00

Asia Developed

8.81

0.00

Asia Emerging

0.42

0.00

?2014 Morningstar, Inc., Morningstar Investment ProfilesTM 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investment website at

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