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Vanguard Lifetime Income Program - Dividend Growth Fund [QF]
Holdings

Equity Characteristics as of 04/30/2015
 VLIP-Dividend Growth FundNASDAQ US Dividend Achievers Select
Number of Stocks48181
Median Market Cap$59.2 billion
Price/Earnings Ratio 19.8x19.6x
Price/Book Ratio 3.7x3.9x
Return on Equity 22.8%21.6%
Earnings Growth Rate 9.3%8.5%
Foreign Holdings9.6%
Turnover Rate (Fiscal Year End January)23.5%
Short-Term Reserves2.0%
Total Net Assets

Equity Sector Diversification
 VLIP-Dividend Growth FundNASDAQ US Dividend Achievers Select
Consumer Discretionary11.20%9.40%
Consumer Staples16.80%26.10%
Energy9.10%1.50%
Financials13.80%6.10%
Health Care17.60%11.90%
Industrials15.80%21.10%
Information Technology10.30%15.00%
Materials4.40%6.60%
Other0.00%
Telecommunication Services0.00%0.10%
Utilities1.00%2.20%

Sector categories are based on the Global Industry Classification Standard system.

Month End Ten Largest Holdings as of 04/30/2015
RankHolding
1Microsoft Corp.
2United Parcel Service Inc.
3TJX Cos. Inc.
4ACE Ltd.
5Coca-Cola Co.
6Merck & Co. Inc.
7UnitedHealth Group Inc.
8United Technologies Corp.
9Praxair Inc.
10Honeywell International Inc.
Ten largest holdings = 27.5% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary