Vanguard Lifetime Income Program - Small Company Growth Portfolio
Holdings

Equity Characteristics as of 04/30/2016
 VLIP-Small Company GrowthRussell 2500 Growth Index
Number of Stocks5271481
Median Market Cap$4.0 billion
Price/Earnings Ratio 39.6x31.1x
Price/Book Ratio 3.6x4.2x
Return on Equity 13.6%16.9%
Earnings Growth Rate 12.8%14.9%
Foreign Holdings2.0%
Turnover Rate (Fiscal Year End December)57.0%
Short-Term Reserves1.2%
Total Net Assets

Equity Sector Diversification
 VLIP-Small Company GrowthRussell 2500 Growth Index
Consumer Discretionary17.20%21.10%
Consumer Staples1.40%3.50%
Energy1.40%0.70%
Financials10.20%10.40%
Health Care21.00%18.70%
Industrials19.10%17.00%
Information Technology26.30%20.70%
Materials2.80%7.10%
Other0.00%
Telecommunication Services0.50%0.60%
Utilities0.10%0.20%

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

Month End Ten Largest Holdings as of 04/30/2016
RankHolding
1Cadence Design Systems Inc.
22U Inc.
3LDR Holding Corp.
4Clean Harbors Inc.
5Sally Beauty Holdings Inc.
6ServiceMaster Global Holdings Inc.
7ABIOMED Inc.
8Trimble Navigation Ltd.
9Tennant Co.
10CEB Inc.
Ten largest holdings = 9.1% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary