Vanguard Lifetime Income Program - Mid-Cap Index Portfolio
Holdings

Equity Characteristics as of 05/31/2017
 VLIP-Mid-Cap IndexCRSP US Mid Cap Index
Number of Stocks341341
Median Market Cap$13.2 billion
Price/Earnings Ratio 33.1x32.8x
Price/Book Ratio 2.6x2.6x
Return on Equity 14.5%14.7%
Earnings Growth Rate 10.5%10.5%
Foreign Holdings0.3%
Turnover Rate (Fiscal Year End December)20.8%
Short-Term Reserves
Total Net Assets

Equity Sector Diversification as of 05/31/2017
 VLIP-Mid-Cap IndexCRSP US Mid Cap Index
Basic Materials4.20%4.20%
Consumer Goods12.80%12.90%
Consumer Services11.20%11.20%
Financials22.80%22.80%
Health Care8.50%8.40%
Industrials16.40%16.50%
Oil & Gas4.10%4.10%
Other0.00%
Technology14.00%13.90%
Telecommunications0.80%0.80%
Utilities5.20%5.20%

Sector categories are based on the Industry Classification Benchmark system.

Month End Ten Largest Holdings as of 05/31/2017
RankHolding
1Electronic Arts Inc.
2Equinix Inc.
3Fiserv Inc.
4Western Digital Corp.
5Newell Brands Inc.
6Lam Research Corp.
7Edwards Lifesciences Corp.
8Autodesk Inc.
9Roper Technologies Inc.
10Amphenol Corp.
Ten largest holdings = 7.7% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary