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

Equity Characteristics as of 12/31/2016
 VLIP-Dividend Growth FundNASDAQ US Dividend Achievers Select
Number of Stocks45185
Median Market Cap$52.8 billion
Price/Earnings Ratio 22.7x23.0x
Price/Book Ratio 4.4x4.2x
Return on Equity 21.8%20.9%
Earnings Growth Rate 6.8%5.1%
Foreign Holdings5.7%
Turnover Rate (Fiscal Year End January)26.4%
Short-Term Reserves1.3%
Total Net Assets

Equity Sector Diversification
 VLIP-Dividend Growth FundNASDAQ US Dividend Achievers Select
Consumer Discretionary13.50%11.80%
Consumer Staples18.40%23.50%
Energy4.10%1.40%
Financials10.80%8.50%
Health Care17.10%11.90%
Industrials17.30%21.80%
Information Technology11.40%11.70%
Materials3.50%6.50%
Other0.00%
Real Estate3.90%
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 12/31/2016
RankHolding
1NIKE Inc.
2Costco Wholesale Corp.
3Microsoft Corp.
4United Parcel Service Inc.
5Chubb Ltd.
6Automatic Data Processing Inc.
7Cardinal Health Inc.
8Coca-Cola Co.
9Visa Inc.
10Colgate-Palmolive Co.
Ten largest holdings = 29.5% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary