Vanguard Lifetime Income Program - Life Strategy Growth Fund [QF]
Holdings

Asset Allocation as of 10/31/2016


Fund Characteristics as of —
 VLIP-LifeStrategy GrowthGrowth Composite Index*
Fund Total Net Assets

Allocation To Underlying Funds as of 10/31/2016
Ranking By PercentageFundPercentage
1Vanguard Total Stock Market Index Fund Investor Shares 47.7%
2Vanguard Total International Stock Index Fund Investor Shares 32.2%
3Vanguard Total Bond Market II Index Fund Investor Shares 14.1%
4Vanguard Total International Bond Index Fund Investor Shares 6.0%
Total100.0%

* Weighted 48% CRSP US Total Market Index, 32% FTSE Global All Cap ex US Index, 14% Bloomberg Barclays U.S. Aggregate Float Adjusted Index, and 6% Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index as of July 1, 2015. In prior periods, the composite was 56% CRSP US Total Market Index, 24% FTSE Global All Cap ex US Index, 16% Bloomberg Barclays U.S. Aggregate Float Adjusted Index, and 4% Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index through June 30, 2015; 56% MSCI US Broad Market Index, 24% MSCI ACWI ex USA IMI Index, and 20% Bloomberg Barclays U.S. Aggregate Float Adjusted Index through June 2, 2013; 65% MSCI US Broad Market Index, 20% Bloomberg Barclays U.S. Aggregate Bond Index (with the Bloomberg Barclays U.S. Aggregate Float Adjusted Index used after December 31, 2009), and 15% MSCI EAFE Index through December 15, 2010; and 65% Dow Jones U.S. Total Stock Market Index, 20% Bloomberg Barclays U.S. Aggregate Bond Index, and 15% MSCI EAFE Index through April 22, 2005. International stock benchmark returns are adjusted for withholding taxes.

Glossary