Vanguard Lifetime Income Program - Conservative Allocation Portfolio
Holdings

Asset Allocation as of 10/31/2016


Fund Characteristics as of —
 VLIP-Conserv AllocationConservative AllocationComposite Ix*
Fund Total Net Assets

Allocation To Underlying Funds as of 10/31/2016
Ranking By PercentageFundPercentage
1Vanguard Variable Insurance Fund - Total Bond Market Index Portfolio 48.2%
2Vanguard Variable Insurance Fund - Equity Index Portfolio 23.0%
3Vanguard Total International Stock Index Fund Investor Shares 12.0%
4Vanguard Total International Bond Index Fund Investor Shares 11.8%
5Vanguard Extended Market Index Fund Investor Shares 5.0%
Total100.0%

* Weighted 48% Bloomberg Barclays U.S. Aggregate Float Adjusted Index, 28% S&P Total Market Index, 12% Bloomberg 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% Bloomberg 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.

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