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Vanguard Lifetime Income Program - Equity Income Portfolio
Holdings

Equity Characteristics as of 05/31/2015
 VLIP-Equity IncomeFTSE High Dividend Yield Index
Number of Stocks148432
Median Market Cap$107.1 billion
Price/Earnings Ratio 18.3x18.5x
Price/Book Ratio 2.7x2.7x
Return on Equity 18.8%18.6%
Earnings Growth Rate 7.7%5.5%
Foreign Holdings7.6%
Turnover Rate (Fiscal Year End December)31.0%
Short-Term Reserves0.6%
Total Net Assets

Equity Sector Diversification as of 05/31/2015
 VLIP-Equity IncomeFTSE High Dividend Yield Index
Consumer Discretionary5.90%6.50%
Consumer Staples11.50%13.90%
Energy11.10%11.90%
Financials16.50%14.10%
Health Care13.20%11.90%
Industrials12.40%11.20%
Information Technology14.80%14.30%
Materials2.90%3.70%
Other0.00%
Telecommunication Services4.40%4.80%
Utilities7.30%7.70%

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

Month End Ten Largest Holdings as of 05/31/2015
RankHolding
1Microsoft Corp.
2Wells Fargo & Co.
3JPMorgan Chase & Co.
4Johnson & Johnson
5Exxon Mobil Corp.
6Verizon Communications Inc.
7Merck & Co. Inc.
8General Electric Co.
9Intel Corp.
10Chevron Corp.
Ten largest holdings = 29.7% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary