Vanguard Lifetime Income Program - Growth Portfolio
Holdings

Equity Characteristics as of 01/31/2017
 VLIP-Growth PortfolioRussell 1000 Growth Index
Number of Stocks111610
Median Market Cap$77.9 billion
Price/Earnings Ratio 29.4x23.9x
Price/Book Ratio 5.8x5.7x
Return on Equity 22.7%22.3%
Earnings Growth Rate 18.0%14.1%
Foreign Holdings
Turnover Rate (Fiscal Year End December)27.8%
Short-Term Reserves0.9%
Total Net Assets

Equity Sector Diversification
 VLIP-Growth PortfolioRussell 1000 Growth Index
Consumer Discretionary16.70%20.80%
Consumer Staples5.00%9.50%
Energy0.40%0.60%
Financials6.00%2.90%
Health Care15.80%16.10%
Industrials8.10%11.10%
Information Technology40.40%31.40%
Materials0.80%3.60%
Other2.20%
Real Estate4.10%2.70%
Telecommunication Services0.40%1.30%
Utilities0.10%0.00%

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

Month End Ten Largest Holdings as of 01/31/2017
RankHolding
1Alphabet Inc.
2Microsoft Corp.
3Facebook Inc.
4Mastercard Inc.
5Visa Inc.
6PayPal Holdings Inc.
7Celgene Corp.
8Amazon.com Inc.
9Allergan plc
10Intercontinental Exchange Inc.
Ten largest holdings = 33.4% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary