Vanguard Lifetime Income Program - Growth Portfolio
Holdings

Equity Characteristics as of 10/31/2016
 VLIP-Growth PortfolioRussell 1000 Growth Index
Number of Stocks111604
Median Market Cap$73.2 billion
Price/Earnings Ratio 29.7x23.8x
Price/Book Ratio 5.6x5.5x
Return on Equity 22.0%22.0%
Earnings Growth Rate 18.0%13.4%
Foreign Holdings0.7%
Turnover Rate (Fiscal Year End December)38.1%
Short-Term Reserves0.5%
Total Net Assets

Equity Sector Diversification
 VLIP-Growth PortfolioRussell 1000 Growth Index
Consumer Discretionary17.80%20.60%
Consumer Staples5.30%9.60%
Energy0.60%0.60%
Financials4.70%2.70%
Health Care16.40%16.80%
Industrials7.80%10.40%
Information Technology39.60%31.50%
Materials0.90%3.60%
Other2.10%
Real Estate4.10%2.90%
Telecommunication Services0.50%1.20%
Utilities0.20%0.10%

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

Month End Ten Largest Holdings as of 10/31/2016
RankHolding
1Alphabet Inc.
2Facebook Inc.
3Mastercard Inc.
4Visa Inc.
5Microsoft Corp.
6PayPal Holdings Inc.
7Amazon.com Inc.
8Allergan plc
9QUALCOMM Inc.
10Celgene Corp.
Ten largest holdings = 32.3% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary