Vanguard Lifetime Income Program - Mid-Cap Index Portfolio
Holdings

Equity Characteristics as of 12/31/2016
 VLIP-Mid-Cap IndexCRSP US Mid Cap Index
Number of Stocks340340
Median Market Cap$11.7 billion
Price/Earnings Ratio 26.3x26.3x
Price/Book Ratio 2.6x2.6x
Return on Equity 15.0%14.8%
Earnings Growth Rate 9.6%9.6%
Foreign Holdings0.7%
Turnover Rate (Fiscal Year End December)23.5%
Short-Term Reserves
Total Net Assets

Equity Sector Diversification as of 12/31/2016
 VLIP-Mid-Cap IndexCRSP US Mid Cap Index
Basic Materials4.30%4.30%
Consumer Goods13.30%13.40%
Consumer Services11.70%11.70%
Financials22.20%22.20%
Health Care7.90%7.90%
Industrials16.60%16.60%
Oil & Gas5.20%5.20%
Other0.00%
Technology12.40%12.30%
Telecommunications1.10%1.10%
Utilities5.30%5.30%

Sector categories are based on the Industry Classification Benchmark system.

Month End Ten Largest Holdings as of 12/31/2016
RankHolding
1Equinix Inc.
2Fiserv Inc.
3Electronic Arts Inc.
4M&T Bank Corp.
5Newell Brands Inc.
6Amphenol Corp.
7Edwards Lifesciences Corp.
8KeyCorp
9Western Digital Corp.
10Concho Resources Inc.
Ten largest holdings = 6.6% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary