Vanguard Lifetime Income Program - Mid-Cap Index 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 02/28/2015)
 1 Year3 Year5 Year 10 YearSince Inception
10/10/2003
VLIP-Mid-Cap Index13.39%63.34%117.65% 139.95%211.58%
Spliced Mid Cap Index*14.23%66.91%125.55% 155.56%

Year EndedVLIP-Mid-Cap IndexSpliced Mid Cap Index
Total ReturnTotal Return
201413.00%13.83%
201334.23%35.21%
201215.21%16.04%
2011–2.54%–1.91%
201024.72%25.69%
200939.64%40.49%
2008–42.12%–41.80%
20075.59%6.19%
200613.16%13.75%
200513.39%13.94%
200419.69%20.52%
2003**7.79%

Quarterly Investment Returns(as of 12/31/2014)
YearVLIP-Mid-Cap IndexSpliced Mid Cap Index*
First QuarterSecond QuarterThird QuarterFourth QuarterYear-End Return Year-End Average
20143.11%4.32%–1.30% 6.45%13.00%13.83%
201312.70%2.17%7.51%8.43% 34.23%35.21%
201213.23%–5.63%5.02% 2.67%15.21%16.04%
20118.03%–0.25%–19.26% 12.01%–2.54%–1.91%
20108.44%–10.02%12.73% 13.39%24.72%25.69%
2009–8.56%18.21%21.29% 6.52%39.64%40.49%
2008–10.63%2.83%–15.18% –25.74%–42.12%–41.80%
20074.41%5.98%–1.06% –3.56%5.59%6.19%
20067.48%–2.95%1.13% 7.27%13.16%13.75%
2005–0.50%4.23%6.25% 2.90%13.39%13.94%

*S&P MidCap 400 Index through May 16, 2003; MSCI US Mid Cap 450 Index through January 30, 2013; CRSP US Mid Cap Index thereafter.

** Since inception on 10/10/2003

Glossary