Vanguard Lifetime Income Program - Equity Income Portfolio
Holdings

Equity Characteristics as of 05/31/2016
 VLIP-Equity IncomeFTSE High Dividend Yield Index
Number of Stocks187424
Median Market Cap$119.5 billion
Price/Earnings Ratio 19.2x18.6x
Price/Book Ratio 2.4x2.6x
Return on Equity 16.4%16.9%
Earnings Growth Rate 2.5%1.4%
Foreign Holdings8.9%
Turnover Rate (Fiscal Year End December)36.1%
Short-Term Reserves1.1%
Total Net Assets

Equity Sector Diversification as of 05/31/2016
 VLIP-Equity IncomeFTSE High Dividend Yield Index
Consumer Discretionary6.00%6.40%
Consumer Staples11.70%14.60%
Energy11.60%10.50%
Financials16.10%13.80%
Health Care12.80%11.60%
Industrials12.30%11.50%
Information Technology13.60%14.30%
Materials2.70%3.40%
Other0.00%
Telecommunication Services4.40%5.50%
Utilities8.80%8.40%

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

Month End Ten Largest Holdings as of 05/31/2016
RankHolding
1Microsoft Corp.
2Johnson & Johnson
3Wells Fargo & Co.
4JPMorgan Chase & Co.
5General Electric Co.
6Exxon Mobil Corp.
7Verizon Communications Inc.
8Cisco Systems Inc.
9Pfizer Inc.
10Merck & Co. Inc.
Ten largest holdings = 28.2% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary