Vanguard Lifetime Income Program - Moderate 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 12/31/2017)
 1 Year3 Year5 Year 10 YearSince Inception
VLIP-Moderate Allocation14.21%21.36%47.84% 53.10%
Moderate Allocation Composite Index*14.88%23.79% 53.19%

Year EndedVLIP-Moderate AllocationModerate Allocation Composite Index
Total ReturnTotal Return

Quarterly Investment Returns(as of 12/31/2017)
YearVLIP-Moderate AllocationModerate Allocation Composite Index*
First QuarterSecond QuarterThird QuarterFourth QuarterYear-End Return Year-End Average
20174.03%2.76%3.22%3.50%14.21% 14.88%
20161.65%2.01%3.12%0.06%6.99% 7.73%
20152.10%–0.70%–4.77% 2.86%–0.68%0.03%
20141.67%3.62%–1.01% 2.09%6.47%7.31%
20134.91%–0.47%4.52% 4.84%14.42%15.32%
2012**4.41%1.20% 3.56%

*Weighted 42% S&P Total Market Index, 32% Bloomberg Barclays U.S. Aggregate Float Adjusted Index, 18% FTSE Global All Cap ex US Index, and 8% Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index as of June 3, 2013. Previously, the composite was 42% S&P Total Market Index, 40% Barclays U.S. Aggregate Float Adjusted Index, and 18% MSCI ACWI ex USA IMI Index. International stock benchmark returns are adjusted for withholding taxes.

** Since inception on 05/01/2012