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

Equity Characteristics as of 01/31/2017
 VLIP-Dividend Growth FundNASDAQ US Dividend Achievers Select
Number of Stocks45185
Median Market Cap$55.3 billion
Price/Earnings Ratio 22.4x22.7x
Price/Book Ratio 4.4x4.3x
Return on Equity 21.7%20.9%
Earnings Growth Rate 6.7%5.0%
Foreign Holdings6.0%
Turnover Rate (Fiscal Year End January)26.7%
Short-Term Reserves0.7%
Total Net Assets

Equity Sector Diversification
 VLIP-Dividend Growth FundNASDAQ US Dividend Achievers Select
Consumer Discretionary13.60%11.70%
Consumer Staples18.30%23.30%
Energy3.90%1.40%
Financials10.90%8.30%
Health Care17.40%12.10%
Industrials17.40%22.00%
Information Technology11.20%11.70%
Materials3.50%6.60%
Other0.00%
Real Estate3.80%
Telecommunication Services0.00%0.10%
Utilities0.00%2.80%

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

Month End Ten Largest Holdings as of 01/31/2017
RankHolding
1NIKE Inc.
2Microsoft Corp.
3Costco Wholesale Corp.
4United Parcel Service Inc.
5Chubb Ltd.
6Medtronic plc
7Canadian National Railway Co.
8Visa Inc.
9Coca-Cola Co.
10Union Pacific Corp.
Ten largest holdings = 29.8% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary