RSXD Vanguard Wellington Admiral 09302017 - …

Vanguard Wellington Admiral

BALANCED

as of 09/30/2017

Investment Objective

The Fund seeks to provide long-term capital appreciation and moderate current income.

Performance Overview

Vanguard Wellington Admiral S&P 500 Daily Reinv IX Lipper Mix Tgt All Gro Average Lipper Rank / Count

Cumulative %

Annualized %

Quarter Year to Date to Date 1 Year 3 Year 5 Year 10 Year

3.42

9.83

13.32

8.02

10.18

7.03

4.48

14.24

18.61

10.81

14.22

7.44

3.48

11.18

12.35

6.17

8.62

4.88

-

-

193 / 503 33 / 450 47 / 420 6 / 313

Since Incep

7.67 6.49

-

Calendar Year Performance

Vanguard Wellington Admiral 40%

20%

S&P 500 Daily Reinv IX

0%

Lipper M-A Tgt All G IX

-20%

12/31/2016

Fund Overview

Lipper Classification

Mix Tgt All Gro

NASDAQ Ticker

VWENX

Inception Date

05/14/2001

Total Fund Assets ($M)

102,692.60

Gross Expense Ratio (%)

.16

Gross Expense Ratio Per $1000

1.60

Net Expense Ratio (%)

.16

Net Expense Ratio Per $1000

1.60

Expense Waiver Type

None

Expense Waiver Time Limit

None

Prospectus Benchmark

S&P 500 Daily Reinv IX

Portfolio Turnover (%)

31

Index Fund

No

Management Company

Vanguard Group Inc 100 Vanguard Boulevard Malvern PA 19355

Fund Manager(s)

Edward P. Bousa John C. Keogh Loren L. Moran Michael E. Stack

Fund Tenure

2002 2006 2017 2017

-40%

Time Period (Cumulative %) Vanguard Wellington Admiral S&P 500 Daily Reinv IX Lipper M-A Tgt All G IX

2009 22.34 26.46 26.23

2010 11.04 15.06 12.55

2011 3.95 2.11 -0.54

2012 12.67 16.00 13.67

2013 19.76 32.39 20.33

2014 9.90 13.69 7.04

2015 0.14 1.38 -0.54

2016 11.09 11.96 7.54

Data is historical. Past performance is not indicative of future results. Investment return and principal value of shares will fluctuate. Upon redemption, shares may be worth more or less than their original cost. The current performance may be lower or higher than the quoted performance. Performance information as of the most recent month-end is available by calling 800-685-6474 or logging on to your plan's website. You may also call the Fund Management Company at 800-662-7447.

Asset Allocation (%)

Equity 64.96 Fixed Income 33.98 Cash 1.03 Other 0.03

06/30/2017

The numerical rank is the numerical position achieved by the Fund within its Lipper classification universe of funds that existed for that time period. Lipper ranks mutual funds based on total return performance. Total return performance includes the reinvestment of all income dividends and capital gains distributions. The rankings are subject to change every month. Lipper rankings are not intended to predict future results, and Lipper does not guarantee the accuracy of the information.

"Other" assets may contain a combination of derivatives, commodities, and/or collective investments.

Lipper Leaders - Overall

09/30/2017

Rating Out of

5 Total Return

450 funds

Description Lipper Leader ratings for Total Return reflect funds' historical total return performance relative to peers. Ratings for Total Return are computed for all Lipper classifications with five or more distinct portfolios and span both equity and fixed-income funds.

Consistent Return

5

449 Lipper Leader ratings for Consistent Return reflect funds' historic returns, adjusted for volatility, relative to peers. Ratings for Consistent Return are funds computed for all Lipper classifications with five or more distinct portfolios and span both equity and fixed-income funds.

4 Preservation

4,225 Lipper Leader ratings for Preservation reflect funds' historical loss avoidance relative to other funds within the same asset class. Scores for funds Preservation are computed from three broad asset classes; equity funds, mixed-equity funds, and fixed-income (bond) funds.

Expense

5

140 Lipper Leader ratings for Expense reflect funds' expense minimization relative to peers with similar load structures. Ratings for Expense are funds computed for all Lipper classifications with five or more distinct portfolios and span both equity and fixed-income funds.

Highest = 5 ? 4 ? 3 ? 2 ? 1 = Lowest Please see Additional Disclosure Information page for more information on Lipper Leaders.

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Top Holdings

Holding Name Microsoft Corp ORD JPMorgan Chase & Co ORD Bank of America Corp ORD Comcast Corp ORD Chevron Corp ORD Alphabet Inc ORD Chubb Ltd ORD Intel Corp ORD Prudential Financial Inc ORD Merck & Co Inc ORD Total

Risk Statistics - 3 Year

Fund

Standard Deviation

7.00

06/30/2017 Top Sector Allocation

% TNA Fixed Income

06/30/2017 % TNA

2.13 Corporate Notes/Bonds

24.09

1.87 Govt. Agency Notes/Bonds

6.47

1.75 Municipal Bonds

2.20

1.72 Asset Backed Securities

1.14

1.67 Mortgage Backed Securities

0.07

1.67

Top Sector Allocation1

1.56 Equity 1.51 Financials 1.36 Health Care 1.34 Technology 16.58 Industrials

06/30/2017 % TNA 16.76 9.82 8.48 8.28

Consumer Services

6.27

1Sector weightings are based on ICB Industries.

Top Country Allocation

Country United States United Kingdom Switzerland Ireland Canada

Fund Characteristics

Number of Equity Holdings Avg Weighted Market Cap ($M) Price to Earnings Ratio Price to Book Ratio Return on Equity (%)

Number of Fixed Income Holdings Average Duration (Years) Effective Average Maturity (Years) Nominal Average Maturity (Years)

06/30/2017

% TNA 77.46 3.75 3.52 2.68 2.64

06/30/2017

98 158399.8

24.10 4.59 21.44

932 6.15 9.31 9.48

Benchmark

Definition

9.93

Standard deviation is a measure of risk that gauges the variability of actual returns from the expected values and the dispersion of these variations over time.

Sharpe Ratio Alpha* Beta* R-Squared*

0.93

1.04

Sharpe ratio is a measure that uses standard deviation and excess return to determine reward per unit of risk. The greater a portfolio's Sharpe ratio, the better its risk-adjusted performance has been.

Alpha measures a manager's contribution to performance due to security selection or market timing relative to the index. A

0.08

0.00

positive alpha of 1.0 means the fund has outperformed its benchmark index by 1%. Correspondingly, a similar negative alpha

would indicate an underperformance of 1%.

Beta is a measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole. A

0.66

1.00

beta of 1 indicates that the security's price will move with the market. A beta of less than 1 means that the security will be less

volatile than the market. A beta of greater than 1 indicates that the security's price will be more volatile than the market.

0.95

1.00

R-squared values range from 0 to 1. An R-squared of 1 means that all movements of a security are completely explained by movements in the index. A low R-squared means you should ignore the beta.

*Statistics are measured against the Fund's prospectus benchmark.

Before investing, consider the investment options' or funds' investment objectives, risks, charges, and expenses. Call 1-800685-6474 or log on to your plan's website for an offering statement or prospectus and, if available, a summary prospectus containing this and other information. Read it carefully.

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Additional Disclosure Information

Lipper Leaders Overall This fund (in Lipper's Mixed-Asset Target Alloc Growth Funds classification) received the following ratings for the 3-, 5-, and 10-year periods, respectively (number of funds rated follows the rating in parentheses). Total Return: 5 (450 funds), 5 (420 funds), and 5 (313 funds). Consistent Return: 5 (449 funds), 5 (419 funds), and 5 (312 funds). Preservation (in Mixed Equity Funds asset class): 4 (4,225 funds), 4 (3,414 funds), and 4 (1,909 funds). Expense: 5 (140 funds), 5 (137 funds), and 5 (114 funds). Lipper ratings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information. See Disclaimer Page for additional information. Lipper Leaders ratings DO NOT take into account the effects of sales charges. The Lipper ratings are subject to change every month and are based on an equal-weighted average of percentile ranks for the Total Return, Consistent Return, Preservation, and Expense metrics over three-, five-, and ten-year periods (if applicable). The highest 20% of funds in each peer group are named Lipper Leaders or a 5, the next 20% receive a rating of 4, the middle 20% receive a rating of 3, the next 20% receive a rating of 2, and the lowest 20% receive a rating of 1. For more information on Lipper Leaders, go to .

Expense Information The Gross Expense Ratio is the fund's total operating expenses taken from the most recent prospectus. This ratio excludes waivers and/or expense reimbursements the Fund Manager might apply. The Net Expense Ratio, also taken from the most recent prospectus, represents the expenses paid with inclusion of waivers and/or expense reimbursements. When waivers and/or expense reimbursements are included, the Fund's expenses will be lowered and performance will be higher for the disclosed expense waiver period. Waiver and/or expense reimbursements can be voluntary or mandated by contract, and can expire either at a specific date, at will, or indefinitely. Funds Closed to New Investors are not required to file a prospectus, thus the prospectus gross and net expense ratios may not be available. In the event that the prospectus expense information is not available the expense ratio reported on the latest audited annual report will be provided. Fees and expenses are only one of many factors to consider when you decide to invest in an option. You may also want to think about whether an investment in a particular option, along with your other investments, will help you achieve your financial goals. Fees and expenses for each investment option include the total annual operating expense (annual gross expense ratio), which reduces the investment's rate of return, along with any associated shareholder-type fees. The cumulative effect of fees and expenses can substantially reduce the growth of your retirement savings. Visit the Department of Labor's website at ebsa/publications/401k_employee .html for an example showing the long-term effect of fees and expenses.

Average Weighted Market Cap:

Measures the average market capitalization of all holdings in a fund with each company weighted according to its percent held in the fund.

Price to Earnings Ratio (P/E):

A measure of a companys valuation that is calculated by dividing the current market price of a stock by the earnings per share.

Price to Book Ratio (P/B):

A measure of a companys valuation that is calculated by dividing the current market price of a stock by the latest quarters book value per share.

Return on Equity (ROE):

A measure of a companys profitability. ROE represents the average return on equity of the securities in the portfolio.

Portfolio Turnover A fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These transaction costs, which are not reflected in annual Fund operating expenses or in the example, affect the fund's performance.

Top Holdings, Asset Allocation, and Sector Weightings

Data is based on information collected from the investment company, is updated as of the date shown in the section's title, and will vary over time. Asset Allocation may equal less than or greater than 100% due to hedged funds or leveraged cash positions by the fund.

Lipper Index Measures the unweighted average total return performance of either the ten or thirty largest share classes (as available) of funds for a Lipper Classification. The full list of Lipper Index components is available directly from Lipper. Lipper Indices are unmanaged. It is not possible to invest in a Lipper Index.

Lipper Average Measures the simple arithmetic average across all funds within the fund's Lipper classificatoin. Lipper averages are unmanaged. It is not possible to invest in a Lipper Average.

Prospectus Benchmark An index assigned to the Fund by the portfolio's manager to show how the Fund's total return compares with those of an index measure of market performance. It is not possible to invest in an index. The S&P 500 Index is widely regarded as the best single gauge of the U.S. equities market, this world-renowned index includes a representative sample of 500 leading companies in leading industries of the U.S. economy. Although the S&P 500 focuses on the Large-Cap segment of the market, with over 80% coverage of U.S. equities, it is also an ideal proxy for the total market. The value of the index includes reinvestment of all dividends. An investor cannot invest directly in an index.

Lipper, a Thomson Reuters Company. Copyright 2017 Thomson Reuters. All rights reserved. Any copying, republication or redistribution of Lipper content is expressly prohibited without the prior written consent of Lipper. Lipper Fund Fact Sheets Service.

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Supplemental Information

Principal Investment Strategies 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. In choosing these companies, the advisor seeks those that appear to be undervalued but have prospects for improvement. These stocks are commonly referred to as value stocks. 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 mortgage-backed securities.

Principal Investment Risk The Fund is subject to the risks associated with the stock and bond markets, any of which could cause an investor to lose money. However, because stock and bond prices can move in different directions or to different degrees, the Fund's bond holdings may counteract some of the volatility experienced by the Fund's stock holdings.

? With approximately 60% to 70% of its assets allocated to stocks, the Fund is proportionately subject to the following stock risks: stock market risk, which is the chance that stock prices overall will decline; and investment style risk, which is the chance that returns from large-capitalization value stocks will trail returns from the overall stock market. Large-cap stocks tend to go through cycles of doing better--or worse--than other segments of the stock market or the stock market in general. These periods have, in the past, lasted for as long as several years.

? With approximately 30% to 40% of its assets allocated to bonds, the Fund is proportionately subject to the following bond risks: interest rate risk, which is the chance that bond prices will decline because of rising interest rates; income risk, which is the chance that the Fund's income will decline because of falling interest rates; credit risk, which is the chance that a bond issuer will fail to pay interest or principal in a timely manner or that negative perceptions of the issuer's ability to make such payments will cause the price of that bond to decline; liquidity risk, which is the chance that the Fund may not be able to sell a security in a timely manner at a desired price; and call risk, which is the chance that during periods of falling interest rates, issuers of callable bonds may call (redeem) securities with higher coupon rates or interest rates before their maturity dates. The Fund would then lose any price appreciation above the bond's call price and would be forced to reinvest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund's income. For mortgage-backed securities, this risk is known as prepayment risk. Such redemptions or prepayments and subsequent reinvestments would also increase the Fund's portfolio turnover rate.

? The Fund is also subject to manager risk, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective. In addition, significant investment in the financial sector subjects the Fund to proportionately higher exposure to the risks of this sector.

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

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