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

Equity Characteristics as of 06/30/2016
 VLIP-Dividend Growth FundNASDAQ US Dividend Achievers Select
Number of Stocks45185
Median Market Cap$57.8 billion
Price/Earnings Ratio 21.7x24.1x
Price/Book Ratio 4.1x4.2x
Return on Equity 21.4%20.8%
Earnings Growth Rate 7.4%4.6%
Foreign Holdings6.4%
Turnover Rate (Fiscal Year End January)26.4%
Short-Term Reserves3.2%
Total Net Assets

Equity Sector Diversification
 VLIP-Dividend Growth FundNASDAQ US Dividend Achievers Select
Consumer Discretionary12.00%12.50%
Consumer Staples19.10%25.40%
Energy3.10%1.20%
Financials15.00%8.00%
Health Care18.60%13.00%
Industrials18.30%19.90%
Information Technology10.50%10.20%
Materials3.40%6.60%
Other0.00%
Telecommunication Services0.00%0.10%
Utilities0.00%3.10%

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

Month End Ten Largest Holdings as of 06/30/2016
RankHolding
1Microsoft Corp.
2Costco Wholesale Corp.
3Medtronic plc
4United Parcel Service Inc.
5Chubb Ltd.
6NIKE Inc.
7Marsh & McLennan Cos. Inc.
8Colgate-Palmolive Co.
9Honeywell International Inc.
10Johnson & Johnson
Ten largest holdings = 29.2% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary