Vanguard Lifetime Income Program - Equity Income Portfolio
Holdings

Equity Characteristics as of 01/31/2017
 VLIP-Equity IncomeFTSE High Dividend Yield Index
Number of Stocks179412
Median Market Cap$106.0 billion
Price/Earnings Ratio 21.4x21.3x
Price/Book Ratio 2.7x2.8x
Return on Equity 16.7%17.1%
Earnings Growth Rate 1.5%0.7%
Foreign Holdings8.4%
Turnover Rate (Fiscal Year End December)32.2%
Short-Term Reserves1.0%
Total Net Assets

Equity Sector Diversification as of 01/31/2017
 VLIP-Equity IncomeFTSE High Dividend Yield Index
Consumer Discretionary5.10%5.70%
Consumer Staples12.40%14.00%
Energy10.90%10.30%
Financials18.30%15.20%
Health Care12.30%10.40%
Industrials11.80%11.90%
Information Technology14.80%15.60%
Materials2.90%3.70%
Other0.00%
Real Estate0.10%0.00%
Telecommunication Services3.90%5.30%
Utilities7.50%7.90%

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

Month End Ten Largest Holdings as of 01/31/2017
RankHolding
1Microsoft Corp.
2JPMorgan Chase & Co.
3Wells Fargo & Co.
4Johnson & Johnson
5Philip Morris International Inc.
6General Electric Co.
7Cisco Systems Inc.
8Merck & Co. Inc.
9Exxon Mobil Corp.
10Chevron Corp.
Ten largest holdings = 28.5% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary