Vanguard Lifetime Income Program - Equity Index Portfolio
Holdings

Equity Characteristics as of 11/30/2016
 VLIP-Equity IndexS&P 500 Index
Number of Stocks506505
Median Market Cap$82.6 billion
Price/Earnings Ratio 22.7x22.7x
Price/Book Ratio 2.8x2.8x
Return on Equity 17.7%17.4%
Earnings Growth Rate 8.0%8.0%
Foreign Holdings0.0%
Turnover Rate (Fiscal Year End December)3.8%
Short-Term Reserves
Total Net Assets

Equity Sector Diversification as of 11/30/2016
 VLIP-Equity IndexS&P 500 Index
Consumer Discretionary12.30%12.30%
Consumer Staples9.30%9.30%
Energy7.50%7.50%
Financials14.60%14.60%
Health Care13.70%13.70%
Industrials10.50%10.50%
Information Technology20.80%20.80%
Materials2.90%2.90%
Other0.00%
Real Estate2.80%2.80%
Telecommunication Services2.50%2.50%
Utilities3.10%3.10%

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

Month End Ten Largest Holdings as of 11/30/2016
RankHolding
1Apple Inc.
2Microsoft Corp.
3Alphabet Inc.
4Exxon Mobil Corp.
5Johnson & Johnson
6Berkshire Hathaway Inc.
7Amazon.com Inc.
8JPMorgan Chase & Co.
9General Electric Co.
10Facebook Inc.
Ten largest holdings = 18.9% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary