Vanguard Lifetime Income Program - Equity Income Portfolio
Holdings

Equity Characteristics as of 02/28/2017
 VLIP-Equity IncomeFTSE High Dividend Yield Index
Number of Stocks160412
Median Market Cap$114.8 billion
Price/Earnings Ratio 21.8x21.4x
Price/Book Ratio 2.9x2.9x
Return on Equity 16.5%16.7%
Earnings Growth Rate 3.4%2.1%
Foreign Holdings8.3%
Turnover Rate (Fiscal Year End December)32.2%
Short-Term Reserves1.6%
Total Net Assets

Equity Sector Diversification as of 02/28/2017
 VLIP-Equity IncomeFTSE High Dividend Yield Index
Consumer Discretionary5.00%5.50%
Consumer Staples12.70%14.30%
Energy10.40%9.80%
Financials18.50%15.30%
Health Care13.10%10.90%
Industrials11.70%11.80%
Information Technology14.40%15.50%
Materials3.00%3.70%
Other0.00%
Real Estate0.00%0.10%
Telecommunication Services3.70%5.10%
Utilities7.50%8.00%

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

Month End Ten Largest Holdings as of 02/28/2017
RankHolding
1Microsoft Corp.
2JPMorgan Chase & Co.
3Wells Fargo & Co.
4Johnson & Johnson
5Philip Morris International Inc.
6Cisco Systems Inc.
7General Electric Co.
8Merck & Co. Inc.
9Chevron Corp.
10Exxon Mobil Corp.
Ten largest holdings = 29.5% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary