Vanguard Lifetime Income Program - Mid-Cap Index Portfolio
Holdings

Equity Characteristics as of 05/31/2016
 VLIP-Mid-Cap IndexCRSP US Mid Cap Index
Number of Stocks350347
Median Market Cap$11.1 billion
Price/Earnings Ratio 26.7x26.1x
Price/Book Ratio 2.6x2.6x
Return on Equity 15.7%15.3%
Earnings Growth Rate 10.9%10.9%
Foreign Holdings0.4%
Turnover Rate (Fiscal Year End December)23.5%
Short-Term Reserves
Total Net Assets

Equity Sector Diversification as of 05/31/2016
 VLIP-Mid-Cap IndexCRSP US Mid Cap Index
Basic Materials4.30%4.30%
Consumer Goods14.00%14.00%
Consumer Services13.20%13.20%
Financials19.80%19.80%
Health Care8.90%8.90%
Industrials17.10%17.10%
Oil & Gas5.00%5.10%
Other0.00%
Technology11.20%11.10%
Telecommunications1.20%1.20%
Utilities5.30%5.30%

Sector categories are based on the Industry Classification Benchmark system.

Month End Ten Largest Holdings as of 05/31/2016
RankHolding
1NVIDIA Corp.
2Fiserv Inc.
3Electronic Arts Inc.
4Equinix Inc.
5Ross Stores Inc.
6Edwards Lifesciences Corp.
7Fidelity National Information Services Inc.
8Newell Brands Inc.
9Dollar Tree Inc.
10ConAgra Foods Inc.
Ten largest holdings = 7.1% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary