Vanguard Lifetime Income Program - Growth Portfolio
Holdings

Equity Characteristics as of 07/31/2017
 VLIP-Growth PortfolioRussell 1000 Growth Index
Number of Stocks109554
Median Market Cap$84.1 billion
Price/Earnings Ratio 26.3x25.9x
Price/Book Ratio 5.1x6.2x
Return on Equity 16.9%21.7%
Earnings Growth Rate 11.4%14.0%
Foreign Holdings0.9%
Turnover Rate (Fiscal Year End December)27.8%
Short-Term Reserves1.4%
Total Net Assets

Equity Sector Diversification
 VLIP-Growth PortfolioRussell 1000 Growth Index
Consumer Discretionary13.40%18.60%
Consumer Staples2.90%7.60%
Energy0.20%0.80%
Financials6.80%3.40%
Health Care14.40%13.70%
Industrials9.10%12.30%
Information Technology46.60%36.20%
Materials0.60%3.90%
Other1.80%
Real Estate4.20%2.60%
Telecommunication Services0.00%0.90%
Utilities0.00%0.00%

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

Month End Ten Largest Holdings as of 07/31/2017
RankHolding
1Alphabet Inc.
2Microsoft Corp.
3Facebook Inc.
4Mastercard Inc.
5PayPal Holdings Inc.
6Visa Inc.
7Celgene Corp.
8eBay Inc.
9Apple Inc.
10Intercontinental Exchange Inc.
Ten largest holdings = 34.3% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary