Vanguard Lifetime Income Program - Small Company Growth Portfolio
Holdings

Equity Characteristics as of 10/31/2017
 VLIP-Small Company GrowthRussell 2500 Growth Index
Number of Stocks3721423
Median Market Cap$4.7 billion
Price/Earnings Ratio 25.1x27.0x
Price/Book Ratio 4.2x4.8x
Return on Equity 12.6%12.5%
Earnings Growth Rate 13.6%13.7%
Foreign Holdings1.5%
Turnover Rate (Fiscal Year End December)91.5%
Short-Term Reserves1.3%
Total Net Assets

Equity Sector Diversification
 VLIP-Small Company GrowthRussell 2500 Growth Index
Consumer Discretionary16.70%14.80%
Consumer Staples1.50%2.30%
Energy1.10%1.70%
Financials6.70%7.40%
Health Care18.60%18.30%
Industrials24.30%19.10%
Information Technology24.20%25.10%
Materials4.00%6.50%
Other0.00%
Real Estate2.30%3.60%
Telecommunication Services0.40%0.80%
Utilities0.20%0.40%

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

Month End Ten Largest Holdings as of 10/31/2017
RankHolding
1TriNet Group Inc.
2LPL Financial Holdings Inc.
3CDW Corp.
4Sensata Technologies Holding NV
5STERIS plc
6Cadence Design Systems Inc.
7Carter's Inc.
8ServiceMaster Global Holdings Inc.
9Sally Beauty Holdings Inc.
10Kirby Corp.
Ten largest holdings = 11.6% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary