Vanguard Lifetime Income Program - Equity Income Portfolio
Holdings

Equity Characteristics as of 04/30/2016
 VLIP-Equity IncomeFTSE High Dividend Yield Index
Number of Stocks183423
Median Market Cap$120.3 billion
Price/Earnings Ratio 19.1x18.8x
Price/Book Ratio 2.5x2.6x
Return on Equity 16.6%17.2%
Earnings Growth Rate 3.7%2.1%
Foreign Holdings8.5%
Turnover Rate (Fiscal Year End December)36.1%
Short-Term Reserves2.2%
Total Net Assets

Equity Sector Diversification as of 04/30/2016
 VLIP-Equity IncomeFTSE High Dividend Yield Index
Consumer Discretionary5.90%6.60%
Consumer Staples11.90%14.60%
Energy12.00%10.80%
Financials16.00%13.50%
Health Care12.70%11.50%
Industrials12.50%11.90%
Information Technology13.20%13.60%
Materials2.60%3.50%
Other0.00%
Telecommunication Services4.50%5.60%
Utilities8.70%8.40%

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

Month End Ten Largest Holdings as of 04/30/2016
RankHolding
1Microsoft Corp.
2Johnson & Johnson
3Wells Fargo & Co.
4General Electric Co.
5JPMorgan Chase & Co.
6Exxon Mobil Corp.
7Verizon Communications Inc.
8Cisco Systems Inc.
9Pfizer Inc.
10Merck & Co. Inc.
Ten largest holdings = 27.6% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary