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

Asset Allocation as of 10/31/2016


Fund Characteristics as of —
 VLIP-LifeStratgy Mod GroModerate Growth 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 36.0%
2Vanguard Total Bond Market II Index Fund Investor Shares 28.1%
3Vanguard Total International Stock Index Fund Investor Shares 24.0%
4Vanguard Total International Bond Index Fund Investor Shares 11.9%
Total100.0%

* Weighted 36% CRSP US Total Market Index, 28% Bloomberg Barclays U.S. Aggregate Float Adjusted Index, 24% FTSE Global All Cap ex US Index, and 12% Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index as of July 1, 2015. In prior periods, the composite was 42% CRSP US 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 through June 30, 2015; 42% MSCI US Broad Market Index, 40% Bloomberg Barclays U.S. Aggregate Float Adjusted Index, and 18% MSCI ACWI ex USA IMI Index through June 2, 2013; 50% MSCI US Broad Market Index, 40% Bloomberg Barclays U.S. Aggregate Bond Index (with the Bloomberg Barclays U.S. Aggregate Float Adjusted Index used after December 31, 2009), and 10% MSCI EAFE Index through December 15, 2010; and 50% Dow Jones U.S. Total Stock Market Index, 40% Bloomberg Barclays U.S. Aggregate Bond Index, and 10% MSCI EAFE Index through April 22, 2005. International stock benchmark returns are adjusted for withholding taxes.

Glossary