Vanguard Lifetime Income Program - Growth Portfolio
Holdings

Equity Characteristics as of 07/31/2016
 VLIP-Growth PortfolioRussell 1000 Growth Index
Number of Stocks114603
Median Market Cap$72.9 billion
Price/Earnings Ratio 29.5x25.2x
Price/Book Ratio 5.8x5.9x
Return on Equity 22.1%21.5%
Earnings Growth Rate 14.6%10.9%
Foreign Holdings1.0%
Turnover Rate (Fiscal Year End December)38.1%
Short-Term Reserves1.6%
Total Net Assets

Equity Sector Diversification
 VLIP-Growth PortfolioRussell 1000 Growth Index
Consumer Discretionary18.60%20.90%
Consumer Staples6.20%10.60%
Energy0.30%0.60%
Financials8.50%5.70%
Health Care18.60%17.10%
Industrials7.50%10.80%
Information Technology36.60%29.30%
Materials1.30%3.60%
Other2.10%
Telecommunication Services0.30%1.30%
Utilities0.00%0.10%

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

Month End Ten Largest Holdings as of 07/31/2016
RankHolding
1Alphabet Inc.
2Facebook Inc.
3MasterCard Inc.
4Visa Inc.
5Allergan plc
6Amazon.com Inc.
7Microsoft Corp.
8Celgene Corp.
9PayPal Holdings Inc.
10Home Depot Inc.
Ten largest holdings = 30.8% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary