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

Equity Characteristics as of 04/30/2017
 VLIP-Dividend Growth FundNASDAQ US Dividend Achievers Select
Number of Stocks45180
Median Market Cap$51.0 billion
Price/Earnings Ratio 23.3x22.9x
Price/Book Ratio 4.4x4.1x
Return on Equity 56.1%35.3%
Earnings Growth Rate 7.3%5.9%
Foreign Holdings5.8%
Turnover Rate (Fiscal Year End January)26.7%
Short-Term Reserves1.0%
Total Net Assets

Equity Sector Diversification
 VLIP-Dividend Growth FundNASDAQ US Dividend Achievers Select
Consumer Discretionary14.30%8.70%
Consumer Staples18.30%19.20%
Energy3.80%
Financials10.80%9.80%
Health Care16.10%14.30%
Industrials17.80%27.10%
Information Technology11.40%12.40%
Materials3.70%6.30%
Other0.00%
Real Estate3.80%
Telecommunication Services0.00%0.10%
Utilities0.00%2.10%

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

Month End Ten Largest Holdings as of 04/30/2017
RankHolding
1Microsoft Corp.
2Costco Wholesale Corp.
3NIKE Inc.
4United Parcel Service Inc.
5TJX Cos. Inc.
6Chubb Ltd.
7Union Pacific Corp.
8Visa Inc.
9Medtronic plc
10Canadian National Railway Co.
Ten largest holdings = 29.8% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary