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Vanguard - Historical Returns
Vanguard Lifetime Income Program - Dividend Growth Fund [QF]

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. Current performance may be lower or higher than the performance data cited. See performance data current to the most recent month-end. Expense ratio information can be found on the Overview page.

Cumulative Total Returns(as of 03/31/2014)
 1 Year3 Year5 Year 10 YearSince Inception
10/10/2003
VLIP-Dividend Growth Fund20.09%51.96%133.30% 125.05%149.62%
Dividend Growth Spliced Index*16.88%45.07%150.01% 98.23%

Year EndedVLIP-Dividend Growth FundDividend Growth Spliced Index
Total ReturnTotal Return
201330.84%29.03%
20129.81%11.73%
20118.86%6.32%
201010.84%13.28%
200921.11%28.43%
2008–25.96%–37.60%
20076.44%5.77%
200618.96%15.46%
20053.70%6.27%
200410.44%11.40%
2003**8.82%

Quarterly Investment Returns(as of 03/31/2014)
YearVLIP-Dividend Growth FundDividend Growth Spliced Index*
First QuarterSecond QuarterThird QuarterFourth QuarterYear-End Return Year-End Average
20141.75%
201310.86%3.67%4.44%9.01% 30.84%29.03%
20127.51%–1.38%4.12% –0.53%9.81%11.73%
20114.73%3.02%–9.73% 11.76%8.86%6.32%
20103.06%–9.92%10.65% 7.91%10.84%13.28%
2009–8.42%10.51%11.57% 7.27%21.11%28.43%
2008–6.10%–1.39% –3.42%–17.21%–25.96% –37.60%
2007–0.13%6.94%1.49% –1.79%6.44%5.77%
20065.10%–1.03%6.80% 7.08%18.96%15.46%
2005–1.28%–0.05% 3.14%1.89%3.70%6.27%
20041.93%1.19%–0.57% 7.69%10.44%11.40%

*Russell 1000 Index through January 31, 2010; NASDAQ US Dividend Achievers Select Index (formerly known as the Dividend Achievers Select Index) thereafter. Prior to December 6, 2002, the comparative benchmark was known as the Utilities Composite Index. The index weightings were: 40% S&P Utilities Index, 40% S&P Telephone Index, and 20% Lehman Brothers Utility Bond Index through April 30, 1999; 63.75% S&P Utilities Index, 21.25% S&P Telephone Index, and 15% Lehman Brothers Utility Bond Index through March 31, 2000; 75% S&P Utilities Index and 25% S&P Telephone Index through December 31, 2001; and 75% S&P Utilities Index and 25% S&P Integrated Telecommunication Services Index through December 6, 2002.

** Since inception on 10/10/2003

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