Vanguard Lifetime Income Program - High Yield Bond 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 07/31/2015)
 1 Year3 Year5 Year 10 YearSince Inception
10/10/2003
VLIP-High Yield Bond2.41%15.13%39.00% 74.84%98.91%
High-Yield Corporate Composite Idx*1.75%17.95% 42.78%96.18%

Year EndedVLIP-High Yield BondHigh-Yield Corporate Composite Idx
Total ReturnTotal Return
20143.86%3.34%
20133.81%5.90%
201213.70%14.25%
20116.38%5.90%
201011.52%13.39%
200938.13%42.57%
2008–22.36%–20.72%
20071.42%3.42%
20067.71%8.85%
20052.22%
20047.96%
2003**3.83%

Quarterly Investment Returns(as of 06/30/2015)
YearVLIP-High Yield BondHigh-Yield Corporate Composite Idx*
First QuarterSecond QuarterThird QuarterFourth QuarterYear-End Return Year-End Average
20151.92%–0.26%
20142.61%1.99%–1.60% 0.86%3.86%3.34%
20131.43%–2.25%1.65% 2.99%3.81%5.90%
20124.28%1.97%3.98%2.83%13.70% 14.25%
20113.34%1.07%–3.70% 5.76%6.38%5.90%
20103.33%–0.13%6.27% 1.70%11.52%13.39%
20094.47%14.26%10.28%4.93% 38.13%42.57%
2008–2.53%0.14%–6.73% –14.71%–22.36%–20.72%
20072.07%–0.49%0.97% –1.10%1.42%3.42%
20061.49%–0.62%3.34% 3.34%7.71%8.85%
2005–1.80%2.42%0.46% 1.17%2.22%

*Consists of 95% Barclays U.S. High-Yield Ba/B 2% Issuer Capped Index and 5% Barclays U.S. 1–5 Year Treasury Bond Index.

** Since inception on 10/10/2003

Glossary