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

Equity Characteristics as of 03/31/2015
 VLIP-Dividend Growth FundNASDAQ US Dividend Achievers Select
Number of Stocks48181
Median Market Cap$63.5 billion
Price/Earnings Ratio 20.3x19.8x
Price/Book Ratio 3.7x4.0x
Return on Equity 22.6%21.7%
Earnings Growth Rate 9.3%8.9%
Foreign Holdings10.4%
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 Discretionary11.30%9.70%
Consumer Staples17.00%26.60%
Energy9.50%1.40%
Financials13.50%6.10%
Health Care17.90%12.00%
Industrials16.00%21.20%
Information Technology9.40%14.10%
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 03/31/2015
RankHolding
1United Parcel Service Inc.
2TJX Cos. Inc.
3UnitedHealth Group Inc.
4ACE Ltd.
5United Technologies Corp.
6Coca-Cola Co.
7Lockheed Martin Corp.
8Praxair Inc.
9Honeywell International Inc.
10Cardinal Health Inc.
Ten largest holdings = 26.7% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary