Vanguard Lifetime Income Program - Growth Portfolio
Holdings

Equity Characteristics as of 06/30/2016
 VLIP-Growth PortfolioRussell 1000 Growth Index
Number of Stocks115600
Median Market Cap$69.6 billion
Price/Earnings Ratio 27.8x24.5x
Price/Book Ratio 5.6x5.7x
Return on Equity 22.3%21.7%
Earnings Growth Rate 15.2%11.1%
Foreign Holdings1.1%
Turnover Rate (Fiscal Year End December)38.1%
Short-Term Reserves1.5%
Total Net Assets

Equity Sector Diversification
 VLIP-Growth PortfolioRussell 1000 Growth Index
Consumer Discretionary19.60%21.30%
Consumer Staples6.70%11.70%
Energy0.50%0.50%
Financials9.20%5.60%
Health Care16.80%15.60%
Industrials7.90%11.10%
Information Technology35.50%28.20%
Materials1.30%3.50%
Other2.20%
Telecommunication Services0.30%2.40%
Utilities0.00%0.10%

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

Month End Ten Largest Holdings as of 06/30/2016
RankHolding
1Alphabet Inc.
2Facebook Inc.
3MasterCard Inc.
4Visa Inc.
5Amazon.com Inc.
6Allergan plc
7Microsoft Corp.
8Home Depot Inc.
9PayPal Holdings Inc.
10Crown Castle International Corp.
Ten largest holdings = 29.9% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary