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

Equity Characteristics as of 08/31/2016
 VLIP-Dividend Growth FundNASDAQ US Dividend Achievers Select
Number of Stocks45185
Median Market Cap$51.2 billion
Price/Earnings Ratio 22.5x24.5x
Price/Book Ratio 4.1x4.2x
Return on Equity 21.3%20.5%
Earnings Growth Rate 7.2%4.8%
Foreign Holdings6.0%
Turnover Rate (Fiscal Year End January)26.4%
Short-Term Reserves2.0%
Total Net Assets

Equity Sector Diversification
 VLIP-Dividend Growth FundNASDAQ US Dividend Achievers Select
Consumer Discretionary12.70%12.40%
Consumer Staples18.30%24.50%
Energy3.10%1.20%
Financials15.30%8.10%
Health Care17.90%12.90%
Industrials18.60%20.30%
Information Technology10.70%10.90%
Materials3.40%6.80%
Other0.00%
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 08/31/2016
RankHolding
1Microsoft Corp.
2NIKE Inc.
3United Parcel Service Inc.
4Medtronic plc
5Costco Wholesale Corp.
6Chubb Ltd.
7Honeywell International Inc.
8Colgate-Palmolive Co.
9Merck & Co. Inc.
10Union Pacific Corp.
Ten largest holdings = 29.5% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary