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Vanguard Lifetime Income Program - Equity Income Portfolio
Holdings

Equity Characteristics as of 03/31/2015
 VLIP-Equity IncomeFTSE High Dividend Yield Index
Number of Stocks148432
Median Market Cap$106.9 billion
Price/Earnings Ratio 17.0x17.4x
Price/Book Ratio 2.7x2.6x
Return on Equity 18.5%18.6%
Earnings Growth Rate 9.7%7.9%
Foreign Holdings8.6%
Turnover Rate (Fiscal Year End December)31.0%
Short-Term Reserves0.3%
Total Net Assets

Equity Sector Diversification as of 03/31/2015
 VLIP-Equity IncomeFTSE High Dividend Yield Index
Consumer Discretionary6.30%6.70%
Consumer Staples12.30%14.20%
Energy11.00%12.10%
Financials16.40%14.00%
Health Care13.30%11.70%
Industrials12.80%11.30%
Information Technology13.90%13.70%
Materials3.00%3.60%
Other0.00%
Telecommunication Services4.10%4.80%
Utilities6.90%7.90%

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

Month End Ten Largest Holdings as of 03/31/2015
RankHolding
1Wells Fargo & Co.
2Microsoft Corp.
3Johnson & Johnson
4JPMorgan Chase & Co.
5Exxon Mobil Corp.
6Verizon Communications Inc.
7Merck & Co. Inc.
8Chevron Corp.
9Home Depot Inc.
10Pfizer Inc.
Ten largest holdings = 29.0% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary