Vanguard Lifetime Income Program - Equity Income Portfolio
Holdings

Equity Characteristics as of 08/31/2016
 VLIP-Equity IncomeFTSE High Dividend Yield Index
Number of Stocks185418
Median Market Cap$108.8 billion
Price/Earnings Ratio 20.8x20.7x
Price/Book Ratio 2.6x2.7x
Return on Equity 17.1%17.6%
Earnings Growth Rate 1.4%0.9%
Foreign Holdings8.8%
Turnover Rate (Fiscal Year End December)36.1%
Short-Term Reserves0.7%
Total Net Assets

Equity Sector Diversification as of 08/31/2016
 VLIP-Equity IncomeFTSE High Dividend Yield Index
Consumer Discretionary5.90%6.20%
Consumer Staples12.80%14.70%
Energy11.20%10.20%
Financials15.80%13.60%
Health Care12.60%11.40%
Industrials12.30%11.60%
Information Technology14.20%15.10%
Materials2.80%3.50%
Other0.00%
Telecommunication Services4.40%5.60%
Utilities8.00%8.10%

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

Month End Ten Largest Holdings as of 08/31/2016
RankHolding
1Microsoft Corp.
2Johnson & Johnson
3JPMorgan Chase & Co.
4Wells Fargo & Co.
5General Electric Co.
6Exxon Mobil Corp.
7Philip Morris International Inc.
8Cisco Systems Inc.
9Merck & Co. Inc.
10Verizon Communications Inc.
Ten largest holdings = 28.6% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary