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

Equity Characteristics as of 06/30/2017
 VLIP-Dividend Growth FundNASDAQ US Dividend Achievers Select
Number of Stocks45180
Median Market Cap$58.1 billion
Price/Earnings Ratio 22.0x22.8x
Price/Book Ratio 4.4x4.1x
Return on Equity 30.2%24.7%
Earnings Growth Rate 7.4%5.7%
Foreign Holdings6.0%
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 Discretionary13.80%8.50%
Consumer Staples17.30%18.20%
Energy4.10%
Financials11.60%10.00%
Health Care16.90%15.00%
Industrials17.60%27.60%
Information Technology10.90%12.30%
Materials3.70%6.30%
Other0.00%
Real Estate4.10%
Telecommunication Services0.00%0.10%
Utilities0.00%2.00%

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

Month End Ten Largest Holdings as of 06/30/2017
RankHolding
1NIKE Inc.
2Microsoft Corp.
3Costco Wholesale Corp.
4Chubb Ltd.
5Canadian National Railway Co.
6United Parcel Service Inc.
7Coca-Cola Co.
8Accenture plc
9Visa Inc.
10Colgate-Palmolive Co.
Ten largest holdings = 28.7% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary