Vanguard Lifetime Income Program - Growth Portfolio
Holdings

Equity Characteristics as of 09/30/2017
 VLIP-Growth PortfolioRussell 1000 Growth Index
Number of Stocks111550
Median Market Cap$88.9 billion
Price/Earnings Ratio 27.2x26.4x
Price/Book Ratio 5.3x6.3x
Return on Equity 16.9%21.7%
Earnings Growth Rate 14.0%12.8%
Foreign Holdings0.9%
Turnover Rate (Fiscal Year End December)27.8%
Short-Term Reserves1.3%
Total Net Assets

Equity Sector Diversification
 VLIP-Growth PortfolioRussell 1000 Growth Index
Consumer Discretionary12.90%18.60%
Consumer Staples3.40%7.60%
Energy0.40%0.80%
Financials7.60%3.40%
Health Care14.40%13.70%
Industrials9.30%12.30%
Information Technology45.60%36.20%
Materials0.70%3.90%
Other1.70%
Real Estate3.80%2.60%
Telecommunication Services0.10%0.90%
Utilities0.10%0.00%

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

Month End Ten Largest Holdings as of 09/30/2017
RankHolding
1Alphabet Inc.
2Microsoft Corp.
3Facebook Inc.
4Mastercard Inc.
5PayPal Holdings Inc.
6Visa Inc.
7Celgene Corp.
8eBay Inc.
9Intercontinental Exchange Inc.
10Biogen Inc.
Ten largest holdings = 34.6% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary