Vanguard Lifetime Income Program - Equity Income Portfolio
Holdings

Equity Characteristics as of 04/30/2017
 VLIP-Equity IncomeFTSE High Dividend Yield Index
Number of Stocks162402
Median Market Cap$117.0 billion
Price/Earnings Ratio 22.6x21.6x
Price/Book Ratio 2.7x2.8x
Return on Equity 29.0%37.7%
Earnings Growth Rate 2.8%3.4%
Foreign Holdings8.9%
Turnover Rate (Fiscal Year End December)32.2%
Short-Term Reserves1.8%
Total Net Assets

Equity Sector Diversification as of 04/30/2017
 VLIP-Equity IncomeFTSE High Dividend Yield Index
Consumer Discretionary5.60%6.20%
Consumer Staples13.10%14.20%
Energy10.00%9.30%
Financials17.20%13.40%
Health Care13.70%13.00%
Industrials11.80%11.90%
Information Technology14.40%15.20%
Materials3.40%4.00%
Other0.00%
Real Estate0.00%0.00%
Telecommunication Services3.40%4.80%
Utilities7.40%8.00%

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

Month End Ten Largest Holdings as of 04/30/2017
RankHolding
1Microsoft Corp.
2JPMorgan Chase & Co.
3Johnson & Johnson
4Wells Fargo & Co.
5Philip Morris International Inc.
6Cisco Systems Inc.
7General Electric Co.
8Merck & Co. Inc.
9Pfizer Inc.
10Exxon Mobil Corp.
Ten largest holdings = 28.6% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary