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

Equity Characteristics as of 02/28/2017
 VLIP-Dividend Growth FundNASDAQ US Dividend Achievers Select
Number of Stocks45184
Median Market Cap$53.4 billion
Price/Earnings Ratio 23.2x22.8x
Price/Book Ratio 4.7x4.6x
Return on Equity 22.1%21.4%
Earnings Growth Rate 7.3%6.0%
Foreign Holdings5.5%
Turnover Rate (Fiscal Year End January)26.7%
Short-Term Reserves1.1%
Total Net Assets

Equity Sector Diversification
 VLIP-Dividend Growth FundNASDAQ US Dividend Achievers Select
Consumer Discretionary14.00%11.60%
Consumer Staples18.40%23.40%
Energy3.80%1.20%
Financials11.00%8.50%
Health Care16.90%12.30%
Industrials17.20%22.00%
Information Technology11.30%11.50%
Materials3.40%6.50%
Other0.00%
Real Estate4.00%
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 02/28/2017
RankHolding
1NIKE Inc.
2Costco Wholesale Corp.
3Microsoft Corp.
4Chubb Ltd.
5TJX Cos. Inc.
6Colgate-Palmolive Co.
7United Parcel Service Inc.
8Accenture plc
9Cardinal Health Inc.
10Automatic Data Processing Inc.
Ten largest holdings = 29.7% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary