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

Equity Characteristics as of 05/31/2016
 VLIP-Dividend Growth FundNASDAQ US Dividend Achievers Select
Number of Stocks45185
Median Market Cap$51.8 billion
Price/Earnings Ratio 21.4x23.8x
Price/Book Ratio 4.1x4.1x
Return on Equity 22.4%21.3%
Earnings Growth Rate 7.4%4.5%
Foreign Holdings6.4%
Turnover Rate (Fiscal Year End January)26.4%
Short-Term Reserves2.9%
Total Net Assets

Equity Sector Diversification
 VLIP-Dividend Growth FundNASDAQ US Dividend Achievers Select
Consumer Discretionary12.20%12.80%
Consumer Staples18.70%24.70%
Energy3.00%1.20%
Financials15.50%8.20%
Health Care18.20%12.70%
Industrials18.20%20.10%
Information Technology10.80%10.50%
Materials3.40%6.80%
Other0.00%
Telecommunication Services0.00%0.10%
Utilities0.00%2.90%

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

Month End Ten Largest Holdings as of 05/31/2016
RankHolding
1Microsoft Corp.
2NIKE Inc.
3Costco Wholesale Corp.
4Chubb Ltd.
5United Parcel Service Inc.
6Marsh & McLennan Cos. Inc.
7Medtronic plc
8Honeywell International Inc.
9Colgate-Palmolive Co.
10Accenture plc
Ten largest holdings = 28.8% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary