Vanguard Lifetime Income Program - Growth Portfolio
Holdings

Equity Characteristics as of 12/31/2016
 VLIP-Growth PortfolioRussell 1000 Growth Index
Number of Stocks112606
Median Market Cap$73.8 billion
Price/Earnings Ratio 30.0x24.2x
Price/Book Ratio 5.5x5.5x
Return on Equity 22.9%22.5%
Earnings Growth Rate 17.9%13.8%
Foreign Holdings
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 Discretionary17.10%20.60%
Consumer Staples5.10%9.60%
Energy0.30%0.60%
Financials5.70%2.70%
Health Care16.40%16.80%
Industrials8.20%10.40%
Information Technology39.70%31.50%
Materials0.80%3.60%
Other2.20%
Real Estate4.00%2.90%
Telecommunication Services0.40%1.20%
Utilities0.10%0.10%

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

Month End Ten Largest Holdings as of 12/31/2016
RankHolding
1Alphabet Inc.
2Microsoft Corp.
3Mastercard Inc.
4Facebook Inc.
5Visa Inc.
6PayPal Holdings Inc.
7Celgene Corp.
8Allergan plc
9Amazon.com Inc.
10Intercontinental Exchange Inc.
Ten largest holdings = 33.5% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary