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Vanguard Target Retirement 2015 Fund....................................................................................................................................................................................................................................................................................................................................................BenchmarkVG 2015 Composite Benchmark

Morningstar CategoryTarget Date 2011-2015

Overall Morningstar Rating™ Morningstar Return Morningstar RiskQQQQ Above Average Below AverageRated against 111 Target Date 2011-2015 funds. An investment's overall Morningstar Rating, based on itsrisk-adjusted return, is a weighted average ofi ts applicable 3-, 5-, and 10-year Ratings. See disclosure fordetails.

Investment StrategyThe investment seeks to provide growth of capital andcurrent income.

The fund primarily invests in other Vanguard mutualfunds according to an asset allocation strategy designed forinvestors planning to retire within a few years of 2015. Itallocates approximately 58% of assets to stocks and 42% tobonds and money market instruments. The fund’s assetallocation will become more conservative over time, meaningthat the percentage of assets allocated to stocks willdecrease as the percentage of assets in bonds and otherfixed income investments increases. Within seven yearsafter 2015, its asset allocation should resemble the TargetRetirement Income Fund.

Fees and Expenses

%15.0eeFtnemtsevnI

Operations and Management

Product Inception Date 05-02-11Initial Inception Date 10-27-03Management Company The Vanguard Group, Inc.

Volatility Analysis

Low Moderate High

Investment

Category

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

Best 3 Month Return Worst 3 Month Return

18.83% -21.03%(Mar '09 - May '09) (Sep '08 - Nov '08)

NotesThe investment fee includes a 0.35% charge by CompanionLife Insurance's retirement program product. The benchmarkis derived by applying the fund's target asset allocation tothe results of the following benchmarks: for internationalstocks of developed markets, the MSCI EAFE Index through12-15-10, and the MSCI ACWI ex USA IMI Index thereafter;for emerging markets stocks, the Select Emerging MarketsIndex through 8-23-06, the MSCI Emerging Markets Indexthrough 12-15-10, and the MSCI ACWI ex USA IMI Indexthereafter; for bonds, the BarCap U.S. Aggregate Bond Indexthrough 12-31-09, and the BarCap U.S. Aggregate FloatAdjusted Index thereafter; and for U.S. stocks, the MSCI USBroad Market Index. Investors who redeem, transfer orexchange any amount out of the fund must wait 60 calendardays before transferring or exchanging any amount back intothe fund.

Allocation of Stocks and Bonds

045 35 25 15 5 -5 -10

10080

60

40

20

0

Years Until Retirement

% AllocationBonds

Stocks

Cash

Other

Performance

10

20

30

40

0

-10

-20

-30

Total Return%as of 06-30-11

InvestmentBenchmark

Average annual, if greaterthan 1 year

YTD 1 Year 3 Year 5 Year 10 Year Since Inception

4.33 19.55 4.65 4.71 . 5.45 Fund Return %4.45 20.10 4.85 4.98 . . Benchmark Return %4.20 19.10 3.12 3.38 . . Category Average %................................................................................................................................................................................................................. . QQQQ QQQQ . . Morningstar Rating™. . 111 48 . . # of Funds in Category

Returns shown represent past performance which cannot guarantee future results and are net of investment fees, but notadministrative fees. Your plan's specific returns may be lower. Also, current performance may be lower or higher than theperformance data quoted above. Fund values and investment returns will vary and principal value, when redeemed, maybe worth more or less than the original investment.

Contact your plan administrator or access your online account for your plan's returns current to the most recentmonth-end. Consider the fund's investment objectives, risks, charges, and expenses before investing.

Portfolio Analysis as of 03-31-11Composition as of 03-31-11 % Assets

U.S. Stocks 40.3Non-U.S. Stocks 17.5Bonds 39.0Cash 1.9Other 1.3

Morningstar Style Box™ as of 03-31-11 (EQ) ; 03-31-11 (F-I)

LargeM

idSm

all

Value Blend Growth

HighM

edLow

Ltd Mod Ext

Top 10 Holdings as of 03-31-11 % Assets

Vanguard Total Stock Mkt Idx Inv 40.75Vanguard Total Bond Market II Idx Inv 39.95MT MFESP Total Intl Stock Mkt Index 17.64Vanguard Inflation-Protected Secs Inv 1.63

20.0etaRytidiuqiLtekraMTMC

...........................................................................................................5sgnidloHforebmuNlatoT

Morningstar Super Sectors as of 03-31-11 % Fund

50.53lacilcyC

41.34evitisneS

08.12evisnefeD

Release Date: 06-30-2011

AFN4363206-11

©2011 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/orits 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 areresponsible for any damages or losses arising from any use ofi nformation. Past performance is no guarantee of future performance. Visit our investment website atwww.morningstar.com .

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Henderson Horizon

Euro CorporateBond Fund Fund manager

Chris BullockFund manager

Stephen Thariyan

Fund facts at 30 September 2011

StructureSub-Fund of Luxumbourg SICAV

Launch dateDecember 2009

Base currencyEUR

BenchmarkiBoxx Euro Corporates Index

Minimum investment or currencyequivalent€ 2,500

Fund size€83.12m

NAV (EUR)A1: 110.79A2: 111.70

YTD High/Low NAV (EUR)A1: 113.75/109.07A2: 114.69/109.97

Last dividendn/a

Trading frequencyDaily

(A2) CodesISIN: LU0451950314Bloomberg: HHECBAA LX WKN: A0YB5H

Fund risk statistics 3 years 5 yearsAlpha n/a n/aBeta n/a n/aSharpe Ratio n/a n/aStandard Deviation n/a n/aTracking Error n/a n/aInformation Ratio n/a n/a

About the fundThe investment objective of the Euro Corporate Bond Fund is to provide a total return in excess of that generated by the iBoxx Euro CorporatesIndex by investing primarily in Euro denominated investment grade corporate bonds and other fixed and floating rate securities. The Fund may makeuse of a variety of instruments/strategies in order to achieve the Fund's objective including, but not limited to, credit default swaps, interest ratefutures, and foreign exchange contracts. Chris Bullock has managed the fund since inception and is also co-manager of the absolute return creditfunds. Chris joined Henderson in 2003 as a Credit Analyst covering the investment grade and high yield industrial sectors. He graduated with a BEng(Hons) in Chemical Engineering from Aston University and is both a CFA charterholder and member of the Chartered Institute of ManagementAccountants. Stephen Thariyan joined Henderson in 2007 as Head of Credit, from Rogge Global Partners where he was a Portfolio Manager ofGlobal Credit and its Absolute Return fund. He holds a BA (Hons) in Accountancy and Financial Analysis from the University of Newcastle-Upon-Tyne.Please note: on the 1st July 2011, the Gartmore SICAV European Corporate Bond Fund merged into the Henderson Horizon Euro Corporate Bond Fund.

To obtain commentary from our fund manager and prospectus please visit our website on: www.henderson.com.

Country breakdown (%)United Kingdom 21.0United States 10.5Germany 10.4Switzerland 6.0Italy 3.9Sweden 3.9Finland 1.8Cayman Islands 1.4Spain 1.1Luxembourg 1.0

Credit rating breakdown (%)AAA 6.4AA 21.6A 26.7BBB 23.0High Yield 6.4Cash 6.7

Maturity structure (%)0-3 years 18.23-5 years 26.45-7 years 29.47-10 years 14.810+ years 4.5Cash 6.7

Fund data reflects Net credit exposures, with the exception of Maturity Structure, which reflects bond holdings only.

Performance in EURPercentage growth, 18 Dec 09 to 30 Sep 11.

94

100

106

112

118

124

Dec09

Apr10

Sep10

Jan11

May11

Sep11

Henderson Horizon Euro Corporate Bond (11.7%)IBOXX EUR Corp (4.4%)

Sector breakdown relative to benchmark

-9.8%

-3.8%

-3.6%

-3.5%

-1.8%

-1.1%

0.1%

1.5%

2.1%

2.7%

-14 -11 -8 -5 -2 1 4

Financials

Utilities

Consumer Services

Consumer Goods

Basic Materials

Oil & Gas

Telecommunications

Technology

Healthcare

Industrials

Underweight % Overweight %

Source: at 30 Sep 11. © 2011 Morningstar. All rights reserved, on a bid to bid basis, with gross income reinvested, rebased at 100. The information containedherein: (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, ortimely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Cumulative performance% change

A1 A2 Index

1 month -1.0 -1.0 -1.1

YTD 1.3 1.3 0.4

1 year 1.1 1.0 -1.3

5 years n/a n/a n/a

Since inception* 11.7 11.7 4.4Source: at 30 Sep 11. © 2011 Morningstar. All rights reserved, on a bid to bidbasis, with gross income reinvested, rebased at 100. The information containedherein: (1) is proprietary to Morningstar and/or its content providers; (2) maynot be copied or distributed; and (3) is not warranted to be accurate, complete,or timely. Neither Morningstar nor its content providers are responsible for anydamages or losses arising from any use of this information.*The A1 share class was launched on 18 December 2009.

Discrete year performance% change

A1 A2 Index

29/09/2006 to 28/09/2007 n/a n/a n/a

28/09/2007 to 30/09/2008 n/a n/a n/a

30/09/2008 to 30/09/2009 n/a n/a n/a

30/09/2009 to 30/09/2010 n/a n/a n/a

30/09/2010 to 30/09/2011 1.1 1.0 -1.3Source: at 30 Sep 11. © 2011 Morningstar. All rights reserved, on a bid to bidbasis, with gross income reinvested, rebased at 100. The information containedherein: (1) is proprietary to Morningstar and/or its content providers; (2) maynot be copied or distributed; and (3) is not warranted to be accurate, complete,or timely. Neither Morningstar nor its content providers are responsible for anydamages or losses arising from any use of this information.

Past performance is not a guide to future performance.

Design and branding

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Data sources

Analytics

Client-specific Disclosure