Vanguard Lifetime Income Program - Equity Index Portfolio
Holdings

Equity Characteristics as of 04/30/2016
 VLIP-Equity IndexS&P 500 Index
Number of Stocks505505
Median Market Cap$76.4 billion
Price/Earnings Ratio 20.6x20.6x
Price/Book Ratio 2.8x2.8x
Return on Equity 17.9%17.7%
Earnings Growth Rate 7.5%7.5%
Foreign Holdings0.0%
Turnover Rate (Fiscal Year End December)3.8%
Short-Term Reserves
Total Net Assets

Equity Sector Diversification as of 04/30/2016
 VLIP-Equity IndexS&P 500 Index
Consumer Discretionary13.00%13.00%
Consumer Staples10.20%10.20%
Energy7.30%7.30%
Financials16.10%16.10%
Health Care14.60%14.60%
Industrials10.20%10.20%
Information Technology19.70%19.70%
Materials2.90%2.90%
Other0.00%
Telecommunication Services2.70%2.70%
Utilities3.30%3.30%

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

Month End Ten Largest Holdings as of 04/30/2016
RankHolding
1Apple Inc.
2Alphabet Inc.
3Microsoft Corp.
4Exxon Mobil Corp.
5Johnson & Johnson
6General Electric Co.
7Berkshire Hathaway Inc.
8Facebook Inc.
9Amazon.com Inc.
10AT&T Inc.
Ten largest holdings = 18.4% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary