Vanguard Lifetime Income Program - Small Company Growth Portfolio
Holdings

Equity Characteristics as of 06/30/2017
 VLIP-Small Company GrowthRussell 2500 Growth Index
Number of Stocks3861436
Median Market Cap$4.2 billion
Price/Earnings Ratio 24.4x26.5x
Price/Book Ratio 4.2x4.7x
Return on Equity 11.8%11.7%
Earnings Growth Rate 13.0%13.9%
Foreign Holdings1.9%
Turnover Rate (Fiscal Year End December)91.5%
Short-Term Reserves
Total Net Assets

Equity Sector Diversification
 VLIP-Small Company GrowthRussell 2500 Growth Index
Consumer Discretionary16.90%16.60%
Consumer Staples1.70%4.00%
Energy1.40%1.00%
Financials7.40%6.20%
Health Care20.50%19.10%
Industrials21.70%18.50%
Information Technology23.30%21.60%
Materials3.50%6.80%
Other0.00%
Real Estate2.80%5.20%
Telecommunication Services0.40%0.60%
Utilities0.40%0.40%

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

Month End Ten Largest Holdings as of 06/30/2017
RankHolding
1TriNet Group Inc.
2LPL Financial Holdings Inc.
3Cadence Design Systems Inc.
4ServiceMaster Global Holdings Inc.
5CDW Corp.
6Sally Beauty Holdings Inc.
7Sensata Technologies Holding NV
8Carter's Inc.
9STERIS plc
10Clean Harbors Inc.
Ten largest holdings = 12.4% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary