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

Equity Characteristics as of 10/31/2016
 VLIP-Dividend Growth FundNASDAQ US Dividend Achievers Select
Number of Stocks45185
Median Market Cap$49.8 billion
Price/Earnings Ratio 21.5x22.9x
Price/Book Ratio 4.2x4.1x
Return on Equity 21.7%20.7%
Earnings Growth Rate 6.9%4.7%
Foreign Holdings5.7%
Turnover Rate (Fiscal Year End January)26.4%
Short-Term Reserves2.5%
Total Net Assets

Equity Sector Diversification
 VLIP-Dividend Growth FundNASDAQ US Dividend Achievers Select
Consumer Discretionary13.20%11.90%
Consumer Staples18.40%24.50%
Energy4.00%1.30%
Financials11.00%8.00%
Health Care17.10%12.60%
Industrials18.60%20.70%
Information Technology11.50%11.40%
Materials3.30%6.50%
Other0.00%
Real Estate2.90%
Telecommunication Services0.00%0.10%
Utilities0.00%3.00%

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

Month End Ten Largest Holdings as of 10/31/2016
RankHolding
1Microsoft Corp.
2NIKE Inc.
3Costco Wholesale Corp.
4United Parcel Service Inc.
5Chubb Ltd.
6Colgate-Palmolive Co.
7Medtronic plc
8Lockheed Martin Corp.
9Automatic Data Processing Inc.
10Honeywell International Inc.
Ten largest holdings = 29.6% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary