2015 TARGET RETIREMENT ACCOUNT

Following is a summary of information about the 2015 Target Retirement Account. Investors are advised to learn key data about an investment prior to making any investment decision.

Objective

The objective of this account is to seek capital appreciation and current income consistent with its current asset allocation. It is invested solely in the Vanguard® Target Retirement 2015 Fund.

Investor Profile

The 2015 Target Retirement Account may be suitable for investors planning to retire in or within a few years of 2015, and seeking a simple way to achieve a diversified holding of stocks and fixed-income securities. Individuals must be willing and able to accept low to moderate fluctuations in unit price and have a relatively long investment horizon (more than five years).

Investment Strategy

Vanguard Target Retirement 2015 Fund invests in other Vanguard mutual funds using an asset allocation strategy designed for investors planning to retire in or within a few years of 2015. The Vanguard Target Retirement 2015 Fund is a “fund of funds,” a term used to describe a mutual fund that pursues its objective by investing in other mutual funds, rather than in individual stocks and bonds. The fund’s asset allocation will gradually become more conservative and the level of risk will decline. Within five to ten years of 2015, the fund’s asset allocation will become similar to the Target Retirement Income Account.

Investment Considerations

The 2015 Target Retirement Account is subject to stock and bond market risks, any of which could cause an investor to lose money. However, given the current allocation between stocks and the less volatile asset class of bonds, the overall level of risk should be moderate.

PORTFOLIO DATA

Asset Allocation (as of 09-30-2008)     Stocks 62.82% Bonds 37.18%   Allocation to Underlying Funds (as of 09-30-2008)     Range   Vanguard Total Stock Market Index Fund 50.40 %     Vanguard Total Bond Market Index Fund 37.20 %     Vanguard European Stock Index Fund 6.70 %     Vanguard Pacific Stock Index Fund 3.10 %     Vanguard Emerging Markets Stock Index Fund 2.60 %     Total 100.00 %     Vanguard Target Retirement 2015 Fund* Average Annual Returns Annual Total Returns (as of 09-30-2008) (as of 12-31)           1 Month (6.74)%     3 Months (7.13)%     YTD (13.17)%     1 year (13.75)%     3 years 1.86%     5 years N/A     10 years N/A                                     2004       9.04%     2005       4.94%     2006       11.42%     2007       7.55%