Vanguard Lifetime Income Program - Conservative Allocation 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
05/01/2012
VLIP-Conserv Allocation2.23%21.23% 20.00%
Conservative AllocationComposite Ix*2.94%23.85%

Year EndedVLIP-Conserv AllocationConservative AllocationComposite Ix
Total ReturnTotal Return
20146.36%7.09%
20138.50%9.38%
2012**3.22%

Quarterly Investment Returns(as of 06/30/2015)
YearVLIP-Conserv AllocationConservative AllocationComposite Ix*
First QuarterSecond QuarterThird QuarterFourth QuarterYear-End Return Year-End Average
20151.93%–1.16%
20141.75%3.00%–0.51% 2.00%6.36%7.09%
20133.13%–1.10%3.13% 3.15%8.50%9.38%
2012**3.43%0.82% 3.22%

*Weighted 48% Barclays U.S. Aggregate Float Adjusted Index, 28% S&P Total Market Index, 12% Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index, and 12% FTSE Global All Cap ex US Index as of June 3, 2013. Previously, the composite was 60% Barclays U.S. Aggregate Float Adjusted Index, 28% S&P Total Market Index, and 12% MSCI ACWI ex USA IMI Index through June 2, 2013. International stock benchmark returns are adjusted for withholding taxes.

** Since inception on 05/01/2012

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