Vanguard Lifetime Income Program - Equity Index Portfolio
Holdings

Equity Characteristics as of 12/31/2017
 VLIP-Equity IndexS&P 500 Index
Number of Stocks505505
Median Market Cap$94.4 billion
Price/Earnings Ratio 23.2x23.2x
Price/Book Ratio 3.2x3.2x
Return on Equity 16.0%16.0%
Earnings Growth Rate 9.6%9.6%
Foreign Holdings0.1%
Turnover Rate (Fiscal Year End December)7.0%
Short-Term Reserves0.0%
Total Net Assets

Equity Sector Diversification as of 12/31/2017
 VLIP-Equity IndexS&P 500 Index
Consumer Discretionary12.20%12.20%
Consumer Staples8.20%8.20%
Energy6.10%6.10%
Financials14.80%14.80%
Health Care13.80%13.80%
Industrials10.20%10.20%
Information Technology23.80%23.80%
Materials3.00%3.00%
Other0.00%
Real Estate2.90%2.90%
Telecommunication Services2.10%2.10%
Utilities2.90%2.90%

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

Month End Ten Largest Holdings as of 12/31/2017
RankHolding
1Apple Inc.
2Microsoft Corp.
3Alphabet Inc.
4Amazon.com Inc.
5Facebook Inc.
6Berkshire Hathaway Inc.
7Johnson & Johnson
8JPMorgan Chase & Co.
9Exxon Mobil Corp.
10Bank of America Corp.
Ten largest holdings = 20.8% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary