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Vanguard Lifetime Income Program - Short-Term Investment-Grade Portfolio
Holdings

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. See performance data current to the most recent month-end, which may be higher or lower than that cited.

Fixed-Income Characteristics as of 04/30/2015
 VLIP-Short-Term Invest-GrBarclays US 1-5 Year Credit Index
Number of Bonds19932280
Yield to Maturity 1.6%1.7%
Average Coupon3.0%3.5%
Average Effective Maturity 3.1 years2.9
Average Duration 2.6 years2.8 years
Short-Term Reserves1.0%
Total Net Assets

Distribution By Issuer (% of fund) as of 04/30/2015
 VLIP-Short-Term Invest-Gr
Asset-Backed8.9%
Commercial Mortgage-Backed8.4%
Finance28.9%
Foreign7.0%
Government Mortgage-Backed0.1%
Industrial28.4%
Other0.8%
Short-Term Reserves–0.2%
Treasury/Agency14.0%
Utilities3.7%
Total100.0%

Foreign category includes hedged non-U.S. dollar-denominated bonds.


 VLIP-Short-Term Invest-Gr
Under 1 Year16.6%
1 - 3 Years44.0%
3 - 5 Years28.9%
5 - 7 Years4.9%
7 - 10 Years5.0%
10 - 20 Years0.0%
20 - 30 Years0.3%
Over 30 Years0.3%
Total100.0%

Distribution By Credit Quality* (% of fund) as of 04/30/2015
 VLIP-Short-Term Invest-Gr
U.S. Government13.3%
Aaa15.3%
Aa14.2%
Aa25.6%
Aa35.2%
A16.8%
A214.9%
A312.8%
Baa17.1%
Baa26.5%
Baa36.2%
Ba11.0%
Ba20.0%
Ba30.1%
B10.0%
B20.0%
B30.0%
Caa10.0%
Caa20.0%
Caa30.0%
Ca0.0%
C0.0%
D0.1%
NR0.9%
Total100.0%

Vanguard managed taxable index bond funds, balanced funds, ETFs, and annuity portfolios: Credit-quality ratings for each issue are obtained from Barclays using ratings derived from Moody's Investors Service (Moody's), Fitch Ratings (Fitch), and Standard & Poor's (S&P). When ratings from all three agencies are available, the median rating is used. When ratings are available from two of the agencies, the lower rating is used. When one rating is available, that rating is used. Vanguard managed taxable non-index bond funds, municipal bond funds, balanced funds and annuity portfolios; Wellington Management Company managed bond funds, balanced funds and annuity portfolios: Credit-quality ratings for each issue are obtained from Moody's and S&P, and the higher rating for each issue is used. Oaktree Capital Management managed fund: Credit quality ratings are obtained from S&P. Vanguard taxable money market funds: Credit-quality ratings for each issuer are obtained from Moody's and S&P. Issuer long-term ratings are mapped to each issue, and the lower rating is used. Unrated securities are determined to be of comparable quality to a rated security in accordance with SEC Rule 2a-7 under the Investment Company Act of 1940. Vanguard municipal money market funds: Short-term credit-quality ratings for each issuer are obtained from Moody's, S&P, and Fitch. A rating is assigned to each issue based on the following priority order: Moody's, S&P, Fitch. Unrated securities are determined to be of comparable quality to a rated security in accordance with SEC Rule 2a-7 under the Investment Company Act of 1940.


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