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

Equity Characteristics as of 08/31/2017
 VLIP-Dividend Growth FundNASDAQ US Dividend Achievers Select
Number of Stocks45180
Median Market Cap$57.5 billion
Price/Earnings Ratio 22.1x22.4x
Price/Book Ratio 4.3x4.0x
Return on Equity 22.0%21.1%
Earnings Growth Rate 7.3%5.4%
Foreign Holdings6.6%
Turnover Rate (Fiscal Year End January)26.7%
Short-Term Reserves2.4%
Total Net Assets

Equity Sector Diversification
 VLIP-Dividend Growth FundNASDAQ US Dividend Achievers Select
Consumer Discretionary12.90%8.00%
Consumer Staples18.30%18.00%
Energy4.10%
Financials11.60%10.00%
Health Care16.40%14.70%
Industrials18.20%27.80%
Information Technology10.40%13.10%
Materials3.60%6.20%
Other0.00%
Real Estate4.50%
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 08/31/2017
RankHolding
1Microsoft Corp.
2NIKE Inc.
3Accenture plc
4Lockheed Martin Corp.
5Visa Inc.
6Chubb Ltd.
7Diageo plc
8Coca-Cola Co.
9United Parcel Service Inc.
10PepsiCo Inc.
Ten largest holdings = 28.3% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary