Vanguard Lifetime Income Program - Equity Income Portfolio
Holdings

Equity Characteristics as of 06/30/2016
 VLIP-Equity IncomeFTSE High Dividend Yield Index
Number of Stocks188424
Median Market Cap$122.8 billion
Price/Earnings Ratio 19.8x18.9x
Price/Book Ratio 2.5x2.6x
Return on Equity 16.5%16.9%
Earnings Growth Rate 2.4%1.3%
Foreign Holdings9.2%
Turnover Rate (Fiscal Year End December)36.1%
Short-Term Reserves0.7%
Total Net Assets

Equity Sector Diversification as of 06/30/2016
 VLIP-Equity IncomeFTSE High Dividend Yield Index
Consumer Discretionary5.80%6.10%
Consumer Staples12.20%15.00%
Energy11.80%10.70%
Financials15.10%12.80%
Health Care13.00%11.70%
Industrials12.40%11.60%
Information Technology13.20%13.90%
Materials2.70%3.30%
Other0.00%
Telecommunication Services4.70%6.00%
Utilities9.10%8.90%

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

Month End Ten Largest Holdings as of 06/30/2016
RankHolding
1Microsoft Corp.
2Johnson & Johnson
3General Electric Co.
4Wells Fargo & Co.
5JPMorgan Chase & Co.
6Exxon Mobil Corp.
7Verizon Communications Inc.
8Pfizer Inc.
9Cisco Systems Inc.
10Merck & Co. Inc.
Ten largest holdings = 28.0% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary