Vanguard Lifetime Income Program - International Portfolio

The performance data shown represent past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so that investors' shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited. See performance data current to the most recent month-end. Expense ratio information can be found on the Overview page.

Cumulative Total Returns(as of 03/31/2015)
 1 Year3 Year5 Year 10 YearSince Inception
10/10/2003
VLIP-International–0.59%26.92% 39.35%90.25%143.16%
Spliced International Index*–1.01% 20.47%23.96%49.02%

Year EndedVLIP-InternationalSpliced International Index
Total ReturnTotal Return
2014–6.54%–3.87%
201322.62%15.29%
201219.51%16.83%
2011–13.98%–13.71%
201015.12%8.13%
200942.04%31.78%
2008–45.20%–43.38%
200716.80%11.17%
200626.09%26.34%
200515.71%13.54%
200418.80%20.25%
2003**8.05%

Quarterly Investment Returns(as of 03/31/2015)
YearVLIP-InternationalSpliced International Index*
First QuarterSecond QuarterThird QuarterFourth QuarterYear-End Return Year-End Average
20155.31%
2014–0.99%2.99%–5.29% –3.23%–6.54%–3.87%
20132.83%–2.33%13.80% 7.28%22.62%15.29%
201213.64%–7.89%6.97% 6.73%19.51%16.83%
20112.98%1.43%–22.31% 5.99%–13.98%–13.71%
20102.49%–12.32%19.51% 7.20%15.12%8.13%
2009–10.32%27.06%19.69% 4.15%42.04%31.78%
2008–8.72%–1.91% –20.02%–23.48%–45.20% –43.38%
20073.24%8.63%4.68%–0.51% 16.80%11.17%
200610.44%–0.18%3.43% 10.59%26.09%26.34%
2005–0.43%–0.87% 12.17%4.50%15.71%13.54%

*MSCI EAFE Index through May 31, 2010; MSCI All Country World Index ex USA thereafter.

** Since inception on 10/10/2003

Glossary