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

Equity Characteristics as of 07/31/2016
 VLIP-Dividend Growth FundNASDAQ US Dividend Achievers Select
Number of Stocks45185
Median Market Cap$54.0 billion
Price/Earnings Ratio 22.6x24.6x
Price/Book Ratio 4.1x4.3x
Return on Equity 21.5%20.4%
Earnings Growth Rate 7.2%4.6%
Foreign Holdings6.5%
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 Discretionary12.80%12.60%
Consumer Staples18.60%24.60%
Energy3.00%1.10%
Financials14.70%7.90%
Health Care18.50%13.20%
Industrials18.60%20.10%
Information Technology10.20%10.70%
Materials3.60%6.70%
Other0.00%
Telecommunication Services0.00%0.10%
Utilities0.00%3.00%

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

Month End Ten Largest Holdings as of 07/31/2016
RankHolding
1Microsoft Corp.
2NIKE Inc.
3Costco Wholesale Corp.
4Medtronic plc
5United Parcel Service Inc.
6Colgate-Palmolive Co.
7Honeywell International Inc.
8Canadian National Railway Co.
9Cardinal Health Inc.
10Chubb Ltd.
Ten largest holdings = 28.8% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary