Vanguard Lifetime Income Program - Moderate Allocation Portfolio

Asset Allocation as of 12/31/2017

Fund Characteristics as of —
 VLIP-Moderate AllocationModerate Allocation Composite Index*
Fund Total Net Assets

Allocation To Underlying Funds as of 12/31/2017
Ranking By PercentageFundPercentage
1Vanguard Variable Insurance Fund - Equity Index Portfolio 29.8%
2Vanguard Variable Insurance Fund - Total Bond Market Index Portfolio 28.3%
3Vanguard Total International Stock Market Index Fund Admiral Shares 23.7%
4Vanguard Total International Bond Index Fund Admiral Shares 11.9%
5Vanguard Extended Market Index Admiral Shares 6.3%

* 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.