Vanguard Lifetime Income Program - Growth Portfolio
Holdings

Equity Characteristics as of 02/28/2017
 VLIP-Growth PortfolioRussell 1000 Growth Index
Number of Stocks111610
Median Market Cap$82.4 billion
Price/Earnings Ratio 30.8x24.7x
Price/Book Ratio 6.0x5.9x
Return on Equity 23.5%22.5%
Earnings Growth Rate 13.5%11.6%
Foreign Holdings0.6%
Turnover Rate (Fiscal Year End December)27.8%
Short-Term Reserves0.3%
Total Net Assets

Equity Sector Diversification
 VLIP-Growth PortfolioRussell 1000 Growth Index
Consumer Discretionary15.10%20.80%
Consumer Staples4.00%9.50%
Energy0.40%0.60%
Financials6.30%2.90%
Health Care15.70%16.10%
Industrials8.80%11.10%
Information Technology42.30%31.40%
Materials0.80%3.60%
Other2.10%
Real Estate4.30%2.70%
Telecommunication Services0.10%1.30%
Utilities0.10%0.00%

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

Month End Ten Largest Holdings as of 02/28/2017
RankHolding
1Alphabet Inc.
2Microsoft Corp.
3Facebook Inc.
4Mastercard Inc.
5Visa Inc.
6PayPal Holdings Inc.
7Celgene Corp.
8Apple Inc.
9Allergan plc
10eBay Inc.
Ten largest holdings = 33.1% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary