Vanguard Lifetime Income Program - Capital Growth 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 06/30/2015)
 1 Year3 Year5 Year 10 YearSince Inception
10/10/2003
VLIP-Capital Growth7.76%76.12%131.85% 165.17%217.07%
S&P 500 Index*7.42%61.43%122.47%113.77%

Year EndedVLIP-Capital GrowthS&P 500 Index
Total ReturnTotal Return
201417.81%13.69%
201337.76%32.39%
201214.87%16.00%
2011–1.44%2.11%
201012.49%15.06%
200933.60%26.46%
2008–30.73%–37.00%
200711.89%5.49%
200611.05%15.79%
20057.12%4.91%
200417.02%10.88%
2003**6.15%

Quarterly Investment Returns(as of 06/30/2015)
YearVLIP-Capital GrowthS&P 500 Index*
First QuarterSecond QuarterThird QuarterFourth QuarterYear-End Return Year-End Average
20151.88%–1.60%
20144.90%4.47%2.37%5.01%17.81% 13.69%
201313.81%2.90%6.85%10.08% 37.76%32.39%
201210.17%–3.68%5.57% 2.53%14.87%16.00%
20115.00%0.77%–15.47% 10.19%–1.44%2.11%
20103.49%–13.64%13.80% 10.61%12.49%15.06%
2009–5.12%13.86%14.28% 8.22%33.60%26.46%
2008–6.38%4.59%–9.66% –21.69%–30.73%–37.00%
20070.22%8.32%3.71%–0.62% 11.89%5.49%
20066.51%–2.64%3.14% 3.83%11.05%15.79%
2005–4.01%0.29%6.83% 4.16%7.12%4.91%

*A widely used barometer of U.S. stock market performance; as a market-weighted index of leading companies in leading industries, it is dominated by large-capitalization companies.

** Since inception on 10/10/2003

Glossary