Vanguard Lifetime Income Program - Growth Portfolio
Holdings

Equity Characteristics as of 08/31/2016
 VLIP-Growth PortfolioRussell 1000 Growth Index
Number of Stocks116604
Median Market Cap$70.3 billion
Price/Earnings Ratio 29.5x24.8x
Price/Book Ratio 5.8x5.7x
Return on Equity 21.9%22.0%
Earnings Growth Rate 16.3%11.9%
Foreign Holdings0.8%
Turnover Rate (Fiscal Year End December)38.1%
Short-Term Reserves0.7%
Total Net Assets

Equity Sector Diversification
 VLIP-Growth PortfolioRussell 1000 Growth Index
Consumer Discretionary17.90%20.90%
Consumer Staples6.10%10.60%
Energy0.50%0.60%
Financials8.90%5.70%
Health Care17.70%17.10%
Industrials7.80%10.80%
Information Technology37.60%29.30%
Materials0.90%3.60%
Other2.10%
Telecommunication Services0.40%1.30%
Utilities0.10%0.10%

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

Month End Ten Largest Holdings as of 08/31/2016
RankHolding
1Alphabet Inc.
2Facebook Inc.
3Visa Inc.
4MasterCard Inc.
5Microsoft Corp.
6Amazon.com Inc.
7Allergan plc
8PayPal Holdings Inc.
9Celgene Corp.
10Biogen Inc.
Ten largest holdings = 30.8% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary