Vanguard Wellington Fund (Admiral Shares) - Foundations

Vanguard Wellington Fund (Admiral Shares)

As of March 31, 2015

Balanced/Asset Allocation Investment

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

Portfolio Snapshot as of 12/31/2014 ^

Portfolio Composition

Cash Stocks* Bonds Other *Foreign Stock (% of stocks)

Net % 1.95 64.28 33.01 0.77

7.76

What is the investment's strategy? The investment seeks to provide long-term capital appreciation and moderate current income. The fund invests 60% to 70% of its assets in dividend-paying and, to a lesser extent, non-dividend-paying common stocks of established large companies. The remaining 30% to 40% of the fund's assets are invested mainly in fixed income securities that the advisor believes will generate a moderate level of current income. These securities include investment-grade corporate bonds, with some exposure to U.S. Treasury and government agency bonds, and mortgagebacked securities.

Other Considerations Funds that invest in bonds are subject to interest-rate risk. Interest rate increases can cause the price of a debt security to decrease. The issuer of a debt security may not make timely interest payments or may fail to pay the principal upon maturity. A debt security might be redeemed prior to maturity and thus deny the Fund the full benefit of the investment. Midcapitalization companies are generally less established and their stocks may be more volatile and less liquid than the securities of larger companies.

Other Information

Expense Ratio (gross) **: 0.18% of fund assets

Trading Blackout Holding Period:

60 Days

Trading Blackout Min Amount:

$0.00

Fund Inception Date:

05/14/2001

Total Fund Assets($mil):

66742.63

Ticker:

VWENX

Industry Sectors as of 12/31/2014 ^

Cyclical Basic Materials Consumer Cyclical Financial Services Real Estate

Defensive Consumer Defensive Healthcare Utilities

Sensitive Communication Services Energy Industrials Technology

Total Number of Stock Holdings Total Number of Bond Holdings Annual Turnover Ratio %

Top Ten Holdings as of 12/31/2014 ^

Wells Fargo & Co Microsoft Corp Merck & Co Inc Comcast Corp Class A JPMorgan Chase & Co

Exxon Mobil Corporation Verizon Communications Inc Chevron Corp CVS Health Corp ACE Ltd

Portfolio Manager(s) John C. Keogh

Edward P. Bousa

Management Company: Wellington Management Company LLP. Telephone: 800-662-7447

Long % 29.44 1.25 6.69 21.24 0.26

30.87 6.81 20.72 3.34

39.70 5.03 9.12 12.24 13.31

95 1511

71

% of Assets

2.42 1.78 1.78 1.68 1.60

1.56 1.55 1.46 1.37 1.25

Morningstar Style Box TM Morningstar Rating*

Overall 1

Large

3 Year 2

5 Year 3

Medium

10 Year 4

1 Out of 787 Moderate Allocation Funds

2 Out of 787 Moderate Allocation Funds

Small 3 Out of 697 Moderate Allocation Funds

4 Out of 444 Moderate Allocation Funds

Value Blend Growth

Past performance is no

guarantee of future results.

* For each fund with at least a three-year history, Morningstar calculates a Morningstar RatingTM based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive five stars, then next 22.5% receive four stars, the middle 35% receive three stars, the next 22.5% receive two stars, and the bottom 10% receive one star. The Overall Morningstar RatingTM for a fund is derived from a weighted average of the performance figures associated with its three-, five- and 10-year (if applicable) Morningstar RatingTM metrics.

Average Annual Total Returns as of 03/31/2015 YTD 1Year 3Year 5Year 10Year Since Inception

Vanguard Wellington Admiral Moderate Allocation Average Dow Jones 60% U.S. Portfolio I

0.86% 8.27% 11.61% 10.72% 8.22% -1.81 6.19 9.45 8.97 6.26 -2.80 9.58 11.60 11.22 7.76 --

Performance data quoted represents past performance. Past performance is no guarantee of future results. Due to market volatility, current performance may be less or higher than the figures shown. Investment return and principal value will fluctuate so that upon redemption, shares may be worth more or less than their original cost. Performance data does not reflect deduction of redemption fee, which, if such fee exists, would lower performance. For current to the most recent month-end performance information, please log onto mylife. or call a New York Life representative at (800) 294-3575.

Performance Hypothetical Growth of $10,000

Vanguard Wellington Admiral $ 21,932 Dow Jones 60% U.S. Portfolio I $ 20,761

20,000

15,000

10,000

3/05 3/06 3/07 3/08 3/09 3/10 3/11 3/12 3/13 3/14 3/15

Volatility Analysis Best 3-month Period Worst 3-month Period

Mar. 09-May. 09 Sep. 08-Nov. 08

18.21% -20.32%

Investment

Low

Moderate

High

Category

This investment has shown a relatively small range of price fluctuations in the past. Based on this measure, currently more than two thirds of all mutual funds with threeyear histories have shown higher levels of risk.

** Expense ratio (gross) does not include fee waivers or expense reimbursements which result in lower actual cost to the investor.

^ The portfolio composition, industry sectors, top ten holdings, and credit analysis are presented to illustrate examples of securities that the fund has bought and diversity of areas in which the fund may invest and may not be representative of the fund's current or future investments. The top ten holdings do not include money market instruments and/or futures contracts. The figures presented are as of date shown, do not include the fund's entire investment portfolio, and may change at any time.

Moderate Allocation Average is the average annual total return of the universe of mutual funds designated by Morningstar, Inc. as comprising the Morningstar Moderate Allocation category.

The Dow Jones 60% U.S. Portfolio Index is a weighted average of other stock, bond, and cash indexes. It is reconstructed monthly and represents 60% of the risk of the U.S. equities market. The equities position (which is close to 60% of the portfolio) is constructed by equally weighting six Dow Jones U.S. Style Indexes (Large Growth, Large Value, Mid Growth, Mid Value, Small Growth and Small Value). The bond and cash position (which is close to 40% of the portfolio) is composed of various Barclays Capital U.S. fixed income indexes.

Fund data, Style Box and Rating ? 2011 Morningstar, Inc. All Rights reserved. This information: (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 the use of this information.

Securities distributed by NYLIFE Distributors LLC, 169 Lackawanna Avenue, Parsippany NJ, 07054

Please log onto mylife. or call a New York Life representative at (800) 294-3575 for a prospectus, and, if available, a summary prospectus. Investors are asked to consider the investment objectives, risks, charges and expenses of the investment carefully before investing. The prospectus, and, if available, a summary prospectus, contains this and other information about the investment company. Please read the prospectus, and, if available, a summary prospectus, carefully before investing.

Vanguard Target Retirement 2010 Trust II

As of March 31, 2015

Balanced/Asset Allocation Investment

What is the investment's strategy? Vanguard Target Retirement 2010 Trust II seeks to provide capital appreciation and current income consistent with its current asset allocation. The trust invests in Vanguard mutual funds using an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2010 (the target year). The trust's asset allocation will become more conservative over time. Within seven years after 2010, the trust's assetallocation should resemble that of the Target Retirement Income Trust II.

Other Considerations The target date in a target date fund is the approximate date an investor plans to start withdrawing money. The funds generally shift to a more conservative investment mix over time. Earnings and principal value are not guaranteed at any time including the target date. Small and mid-cap stocks are often more volatile than large-cap stocks. Growth stocks may be more volatile than other stocks because they are generally more sensitive to investor perceptions and market moves. The principal risk of investing in value funds is that the price of the security may not approach its anticipated value. Foreign securities can be subject to greater risks than U.S. investments, including currency fluctuations, less liquid trading markets, greater price volatility, political and economic instability, less publicly available information, and changes in tax or currency laws or monetary policy. These risks are likely to be greater for emerging markets than in developed markets. Funds that invest in bonds are subject to interest rate risk and can lose principal value when interest rates rise. The principal value of the fund is not guaranteed at any time, including at the target date. The fund is a collective investment fund and is privately offered. Therefore information on this investment is not available in local publications.

Average Annual Total Returns as of 03/31/2015 YTD 1Year 3Year 5Year 10Year Since Inception

Annual Turnover Ratio %

Vanguard Target Retirement 2010 Trust 26 II

Dow Jones Target 2010 Index

1.89% 6.17% 7.06% 7.67% -0.88 2.96 3.87 5.29 5.08

5.66% --

Performance data quoted represents past performance. Past performance is no guarantee of future results. Due to market volatility, current performance may be less or higher than the figures shown. Investment return and principal value will fluctuate so that upon redemption, shares may be worth more or less than their original cost. Performance data does not reflect deduction of redemption fee, which, if such fee exists, would lower performance. For current to the most recent month-end performance information, please log onto mylife. or call a New York Life representative at (800) 294-3575.

** Expense ratio (gross) does not include fee waivers or expense reimbursements which result in lower actual cost to the investor.

^ The portfolio composition, industry sectors, top ten holdings, and credit analysis are presented to illustrate examples of securities that the fund has bought and diversity of areas in which the fund may invest and may not be representative of the fund's current or future investments. The top ten holdings do not include money market instruments and/or futures contracts. The figures presented are as of date shown, do not include the fund's entire investment portfolio, and may change at any time.

The Dow Jones Target Date Indexes (each an "Index" or collectively the "Indexes") are a series of Indexes designed as benchmarks for multiasset class portfolios with risk profiles that become more conservative over time. The Index weightings among the major asset classes are adjusted monthly based on a published set of Index rules. The Indexes with longer time horizons have higher allocations to equity securities, while the Indexes with shorter time horizons replace some of their stock allocations with allocations to fixed income securities and money market instruments. You cannot invest directly in an index.

Other Information Expense Ratio (gross) **: Fund Inception Date:

0.11% of fund assets 02/29/2008

Vanguard Target Retirement 2015 Trust II

As of March 31, 2015

Balanced/Asset Allocation Investment

What is the investment's strategy? Vanguard Target Retirement 2015 Trust II seeks to provide capital appreciation and current income consistent with its current asset allocation. The trust invests in Vanguard mutual funds using an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2015 (the target year). The trust's asset allocation will become more conservative over time. Within seven years after 2015, the trust's asset allocation should resemble that of the Target Retirement Income Trust II.

Other Considerations The target date in a target date fund is the approximate date an investor plans to start withdrawing money. The funds generally shift to a more conservative investment mix over time. Earnings and principal value are not guaranteed at any time including the target date. Small and mid-cap stocks are often more volatile than large-cap stocks. Growth stocks may be more volatile than other stocks because they are generally more sensitive to investor perceptions and market moves. The principal risk of investing in value funds is that the price of the security may not approach its anticipated value. Foreign securities can be subject to greater risks than U.S. investments, including currency fluctuations, less liquid trading markets, greater price volatility, political and economic instability, less publicly available information, and changes in tax or currency laws or monetary policy. These risks are likely to be greater for emerging markets than in developed markets. Funds that invest in bonds are subject to interest rate risk and can lose principal value when interest rates rise. The principal value of the fund is not guaranteed at any time, including at the target date. The fund is a collective investment fund and is privately offered. Therefore information on this investment is not available in local publications.

Average Annual Total Returns as of 03/31/2015 YTD 1Year 3Year 5Year 10Year Since Inception

Vanguard Target Retirement 2015 Trust II Dow Jones Target 2015 Index

2.03% 6.89% 8.56% 8.58% -1.11 3.50 4.91 6.06 5.43

6.13% --

Performance data quoted represents past performance. Past performance is no guarantee of future results. Due to market volatility, current performance may be less or higher than the figures shown. Investment return and principal value will fluctuate so that upon redemption, shares may be worth more or less than their original cost. Performance data does not reflect deduction of redemption fee, which, if such fee exists, would lower performance. For current to the most recent month-end performance information, please log onto mylife. or call a New York Life representative at (800) 294-3575.

** Expense ratio (gross) does not include fee waivers or expense reimbursements which result in lower actual cost to the investor.

^ The portfolio composition, industry sectors, top ten holdings, and credit analysis are presented to illustrate examples of securities that the fund has bought and diversity of areas in which the fund may invest and may not be representative of the fund's current or future investments. The top ten holdings do not include money market instruments and/or futures contracts. The figures presented are as of date shown, do not include the fund's entire investment portfolio, and may change at any time.

The Dow Jones Target Date Indexes (each an "Index" or collectively the "Indexes") are a series of Indexes designed as benchmarks for multiasset class portfolios with risk profiles that become more conservative over time. The Index weightings among the major asset classes are adjusted monthly based on a published set of Index rules. The Indexes with longer time horizons have higher allocations to equity securities, while the Indexes with shorter time horizons replace some of their stock allocations with allocations to fixed income securities and money market instruments. You cannot invest directly in an index.

Other Information Expense Ratio (gross) **: Fund Inception Date:

0.11% of fund assets 02/29/2008

Vanguard Target Retirement 2020 Trust II

As of March 31, 2015

Balanced/Asset Allocation Investment

What is the investment's strategy? Vanguard Target Retirement 2020 Trust II seeks to provide capital appreciation and current income consistent with its current asset allocation. The trust invests in Vanguard mutual funds using an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2020 (the target year). The trust's asset allocation will become more conservative over time. Within seven years after 2020, the trust's asset allocation should resemble that of the Target Retirement Income Trust II.

Other Considerations The target date in a target date fund is the approximate date an investor plans to start withdrawing money. The funds generally shift to a more conservative investment mix over time. Earnings and principal value are not guaranteed at any time including the target date. Small and mid-cap stocks are often more volatile than large-cap stocks. Growth stocks may be more volatile than other stocks because they are generally more sensitive to investor perceptions and market moves. The principal risk of investing in value funds is that the price of the security may not approach its anticipated value. Foreign securities can be subject to greater risks than U.S. investments, including currency fluctuations, less liquid trading markets, greater price volatility, political and economic instability, less publicly available information, and changes in tax or currency laws or monetary policy. These risks are likely to be greater for emerging markets than in developed markets. Funds that invest in bonds are subject to interest rate risk and can lose principal value when interest rates rise. The principal value of the fund is not guaranteed at any time, including at the target date. The fund is a collective investment fund and is privately offered. Therefore information on this investment is not available in local publications.

Average Annual Total Returns as of 03/31/2015 YTD 1Year 3Year 5Year 10Year Since Inception

Vanguard Target Retirement 2020 Trust II Dow Jones Target 2020 Index

2.25% 7.61% 9.70% 9.32% -1.45 4.23 6.30 7.08 6.03

6.38% --

Performance data quoted represents past performance. Past performance is no guarantee of future results. Due to market volatility, current performance may be less or higher than the figures shown. Investment return and principal value will fluctuate so that upon redemption, shares may be worth more or less than their original cost. Performance data does not reflect deduction of redemption fee, which, if such fee exists, would lower performance. For current to the most recent month-end performance information, please log onto mylife. or call a New York Life representative at (800) 294-3575.

** Expense ratio (gross) does not include fee waivers or expense reimbursements which result in lower actual cost to the investor.

^ The portfolio composition, industry sectors, top ten holdings, and credit analysis are presented to illustrate examples of securities that the fund has bought and diversity of areas in which the fund may invest and may not be representative of the fund's current or future investments. The top ten holdings do not include money market instruments and/or futures contracts. The figures presented are as of date shown, do not include the fund's entire investment portfolio, and may change at any time.

The Dow Jones Target Date Indexes (each an "Index" or collectively the "Indexes") are a series of Indexes designed as benchmarks for multiasset class portfolios with risk profiles that become more conservative over time. The Index weightings among the major asset classes are adjusted monthly based on a published set of Index rules. The Indexes with longer time horizons have higher allocations to equity securities, while the Indexes with shorter time horizons replace some of their stock allocations with allocations to fixed income securities and money market instruments. You cannot invest directly in an index.

Other Information Expense Ratio (gross) **: Fund Inception Date:

0.11% of fund assets 02/29/2008

Vanguard Target Retirement 2025 Trust II

As of March 31, 2015

Balanced/Asset Allocation Investment

What is the investment's strategy? Vanguard Target Retirement 2025 Trust II seeks to provide capital appreciation and current income consistent with its current asset allocation. The trust invests in Vanguard mutual funds using an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2025 (the target year). The trust's asset allocation will become more conservative over time. Within seven years after 2025, the trust's asset allocation should resemble that of the Target Retirement Income Trust II.

Other Considerations The target date in a target date fund is the approximate date an investor plans to start withdrawing money. The funds generally shift to a more conservative investment mix over time. Earnings and principal value are not guaranteed at any time including the target date. Small and mid-cap stocks are often more volatile than large-cap stocks. Growth stocks may be more volatile than other stocks because they are generally more sensitive to investor perceptions and market moves. The principal risk of investing in value funds is that the price of the security may not approach its anticipated value. Foreign securities can be subject to greater risks than U.S. investments, including currency fluctuations, less liquid trading markets, greater price volatility, political and economic instability, less publicly available information, and changes in tax or currency laws or monetary policy. These risks are likely to be greater for emerging markets than in developed markets. Funds that invest in bonds are subject to interest rate risk and can lose principal value when interest rates rise. The principal value of the fund is not guaranteed at any time, including at the target date. The fund is a collective investment fund and is privately offered. Therefore information on this investment is not available in local publications.

Average Annual Total Returns as of 03/31/2015 YTD 1Year 3Year 5Year 10Year Since Inception

Vanguard Target Retirement 2025 Trust II Dow Jones Target 2025 Index

2.29% 7.72% 10.43% 9.82% -1.90 5.09 7.78 8.17 6.64

6.48% --

Performance data quoted represents past performance. Past performance is no guarantee of future results. Due to market volatility, current performance may be less or higher than the figures shown. Investment return and principal value will fluctuate so that upon redemption, shares may be worth more or less than their original cost. Performance data does not reflect deduction of redemption fee, which, if such fee exists, would lower performance. For current to the most recent month-end performance information, please log onto mylife. or call a New York Life representative at (800) 294-3575.

** Expense ratio (gross) does not include fee waivers or expense reimbursements which result in lower actual cost to the investor.

^ The portfolio composition, industry sectors, top ten holdings, and credit analysis are presented to illustrate examples of securities that the fund has bought and diversity of areas in which the fund may invest and may not be representative of the fund's current or future investments. The top ten holdings do not include money market instruments and/or futures contracts. The figures presented are as of date shown, do not include the fund's entire investment portfolio, and may change at any time.

The Dow Jones Target Date Indexes (each an "Index" or collectively the "Indexes") are a series of Indexes designed as benchmarks for multiasset class portfolios with risk profiles that become more conservative over time. The Index weightings among the major asset classes are adjusted monthly based on a published set of Index rules. The Indexes with longer time horizons have higher allocations to equity securities, while the Indexes with shorter time horizons replace some of their stock allocations with allocations to fixed income securities and money market instruments. You cannot invest directly in an index.

Other Information Expense Ratio (gross) **: Fund Inception Date:

0.11% of fund assets 02/29/2008

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