Vanguard Lifetime Income Program - Equity Index Portfolio
Holdings

Equity Characteristics as of 08/31/2016
 VLIP-Equity IndexS&P 500 Index
Number of Stocks505505
Median Market Cap$82.4 billion
Price/Earnings Ratio 22.1x22.1x
Price/Book Ratio 2.9x2.9x
Return on Equity 17.8%17.5%
Earnings Growth Rate 7.2%7.2%
Foreign Holdings0.0%
Turnover Rate (Fiscal Year End December)3.8%
Short-Term Reserves0.0%
Total Net Assets

Equity Sector Diversification as of 08/31/2016
 VLIP-Equity IndexS&P 500 Index
Consumer Discretionary12.20%12.20%
Consumer Staples10.10%10.10%
Energy7.00%7.00%
Financials16.30%16.30%
Health Care14.60%14.60%
Industrials10.00%10.00%
Information Technology21.00%21.00%
Materials2.90%2.90%
Other0.00%
Telecommunication Services2.70%2.70%
Utilities3.20%3.20%

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

Month End Ten Largest Holdings as of 08/31/2016
RankHolding
1Apple Inc.
2Alphabet Inc.
3Microsoft Corp.
4Exxon Mobil Corp.
5Johnson & Johnson
6Amazon.com Inc.
7Facebook Inc.
8General Electric Co.
9Berkshire Hathaway Inc.
10AT&T Inc.
Ten largest holdings = 18.9% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary