Vanguard Lifetime Income Program - Equity Income Portfolio
Holdings

Equity Characteristics as of 06/30/2017
 VLIP-Equity IncomeFTSE High Dividend Yield Index
Number of Stocks150402
Median Market Cap$124.8 billion
Price/Earnings Ratio 20.7x19.9x
Price/Book Ratio 2.7x2.8x
Return on Equity 20.3%26.5%
Earnings Growth Rate 3.2%4.0%
Foreign Holdings8.8%
Turnover Rate (Fiscal Year End December)32.2%
Short-Term Reserves0.0%
Total Net Assets

Equity Sector Diversification as of 06/30/2017
 VLIP-Equity IncomeFTSE High Dividend Yield Index
Consumer Discretionary5.60%6.40%
Consumer Staples13.10%14.20%
Energy9.60%9.20%
Financials17.60%13.70%
Health Care14.00%13.30%
Industrials11.70%11.90%
Information Technology13.90%14.60%
Materials3.90%4.00%
Other0.00%
Real Estate0.10%0.00%
Telecommunication Services3.30%4.60%
Utilities7.20%8.10%

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

Month End Ten Largest Holdings as of 06/30/2017
RankHolding
1Microsoft Corp.
2JPMorgan Chase & Co.
3Johnson & Johnson
4Philip Morris International Inc.
5Wells Fargo & Co.
6Cisco Systems Inc.
7Chevron Corp.
8Merck & Co. Inc.
9Exxon Mobil Corp.
10Pfizer Inc.
Ten largest holdings = 28.2% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary