Vanguard Lifetime Income Program - Equity Index Portfolio
Holdings

Equity Characteristics as of 06/30/2016
 VLIP-Equity IndexS&P 500 Index
Number of Stocks507505
Median Market Cap$78.7 billion
Price/Earnings Ratio 20.7x20.7x
Price/Book Ratio 2.8x2.8x
Return on Equity 17.6%17.3%
Earnings Growth Rate 6.9%7.0%
Foreign Holdings0.0%
Turnover Rate (Fiscal Year End December)3.8%
Short-Term Reserves
Total Net Assets

Equity Sector Diversification as of 06/30/2016
 VLIP-Equity IndexS&P 500 Index
Consumer Discretionary12.30%12.30%
Consumer Staples10.50%10.60%
Energy7.40%7.40%
Financials15.70%15.70%
Health Care14.70%14.70%
Industrials10.20%10.20%
Information Technology19.70%19.80%
Materials2.90%2.80%
Other0.00%
Telecommunication Services2.90%2.90%
Utilities3.70%3.60%

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

Month End Ten Largest Holdings as of 06/30/2016
RankHolding
1Apple Inc.
2Alphabet Inc.
3Microsoft Corp.
4Exxon Mobil Corp.
5Johnson & Johnson
6General Electric Co.
7Amazon.com Inc.
8Berkshire Hathaway Inc.
9AT&T Inc.
10Facebook Inc.
Ten largest holdings = 18.7% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary