Vanguard Lifetime Income Program - Mid-Cap Index Portfolio
Holdings

Equity Characteristics as of 04/30/2016
 VLIP-Mid-Cap IndexCRSP US Mid Cap Index
Number of Stocks351352
Median Market Cap$10.9 billion
Price/Earnings Ratio 25.9x25.3x
Price/Book Ratio 2.6x2.6x
Return on Equity 15.5%15.5%
Earnings Growth Rate 10.3%10.4%
Foreign Holdings0.3%
Turnover Rate (Fiscal Year End December)23.5%
Short-Term Reserves
Total Net Assets

Equity Sector Diversification as of 04/30/2016
 VLIP-Mid-Cap IndexCRSP US Mid Cap Index
Basic Materials4.80%4.80%
Consumer Goods14.30%14.30%
Consumer Services13.80%13.80%
Financials19.10%19.20%
Health Care8.70%8.70%
Industrials16.80%16.80%
Oil & Gas5.20%5.20%
Other0.00%
Technology11.00%10.90%
Telecommunications1.20%1.20%
Utilities5.10%5.10%

Sector categories are based on the Industry Classification Benchmark system.

Month End Ten Largest Holdings as of 04/30/2016
RankHolding
1Ross Stores Inc.
2Edwards Lifesciences Corp.
3Fiserv Inc.
4Equinix Inc.
5Newell Brands Inc.
6ConAgra Foods Inc.
7Tyson Foods Inc.
8Fidelity National Information Services Inc.
9Newmont Mining Corp.
10WEC Energy Group Inc.
Ten largest holdings = 6.4% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary