Vanguard Lifetime Income Program - Equity Index Portfolio
Holdings

Equity Characteristics as of 01/31/2017
 VLIP-Equity IndexS&P 500 Index
Number of Stocks505505
Median Market Cap$84.6 billion
Price/Earnings Ratio 22.7x22.7x
Price/Book Ratio 2.9x3.0x
Return on Equity 17.6%17.4%
Earnings Growth Rate 8.0%8.3%
Foreign Holdings0.1%
Turnover Rate (Fiscal Year End December)7.0%
Short-Term Reserves0.0%
Total Net Assets

Equity Sector Diversification as of 01/31/2017
 VLIP-Equity IndexS&P 500 Index
Consumer Discretionary12.30%12.30%
Consumer Staples9.30%9.30%
Energy7.20%7.20%
Financials14.60%14.60%
Health Care13.70%13.70%
Industrials10.20%10.20%
Information Technology21.30%21.30%
Materials2.90%2.90%
Other0.00%
Real Estate2.80%2.80%
Telecommunication Services2.50%2.50%
Utilities3.20%3.20%

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

Month End Ten Largest Holdings as of 01/31/2017
RankHolding
1Apple Inc.
2Microsoft Corp.
3Alphabet Inc.
4Exxon Mobil Corp.
5Amazon.com Inc.
6Berkshire Hathaway Inc.
7Johnson & Johnson
8Facebook Inc.
9JPMorgan Chase & Co.
10General Electric Co.
Ten largest holdings = 19.2% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary