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

Equity Characteristics as of 04/30/2016
 VLIP-Dividend Growth FundNASDAQ US Dividend Achievers Select
Number of Stocks45185
Median Market Cap$51.6 billion
Price/Earnings Ratio 21.6x23.8x
Price/Book Ratio 4.1x4.1x
Return on Equity 22.3%21.4%
Earnings Growth Rate 8.1%4.3%
Foreign Holdings5.9%
Turnover Rate (Fiscal Year End January)26.4%
Short-Term Reserves3.5%
Total Net Assets

Equity Sector Diversification
 VLIP-Dividend Growth FundNASDAQ US Dividend Achievers Select
Consumer Discretionary12.60%13.20%
Consumer Staples17.80%25.00%
Energy3.30%1.20%
Financials15.30%8.00%
Health Care18.10%12.60%
Industrials19.00%20.20%
Information Technology10.00%10.10%
Materials3.90%6.70%
Other0.00%
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 04/30/2016
RankHolding
1United Parcel Service Inc.
2Microsoft Corp.
3NIKE Inc.
4Medtronic plc
5Costco Wholesale Corp.
6Marsh & McLennan Cos. Inc.
7Honeywell International Inc.
8Colgate-Palmolive Co.
9Chubb Ltd.
10Praxair Inc.
Ten largest holdings = 27.8% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary