Vanguard Lifetime Income Program - Small Company Growth Portfolio
Holdings

Equity Characteristics as of 08/31/2017
 VLIP-Small Company GrowthRussell 2500 Growth Index
Number of Stocks3491422
Median Market Cap$4.4 billion
Price/Earnings Ratio 23.7x25.7x
Price/Book Ratio 4.1x4.6x
Return on Equity 12.7%12.5%
Earnings Growth Rate 13.1%13.8%
Foreign Holdings2.1%
Turnover Rate (Fiscal Year End December)91.5%
Short-Term Reserves0.4%
Total Net Assets

Equity Sector Diversification
 VLIP-Small Company GrowthRussell 2500 Growth Index
Consumer Discretionary16.50%15.50%
Consumer Staples1.60%2.30%
Energy1.10%1.60%
Financials7.10%7.30%
Health Care19.90%18.70%
Industrials23.10%18.50%
Information Technology23.50%24.50%
Materials3.50%6.50%
Other0.00%
Real Estate2.80%3.90%
Telecommunication Services0.50%0.80%
Utilities0.40%0.40%

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

Month End Ten Largest Holdings as of 08/31/2017
RankHolding
1TriNet Group Inc.
2LPL Financial Holdings Inc.
3ServiceMaster Global Holdings Inc.
4Cadence Design Systems Inc.
5CDW Corp.
6Sensata Technologies Holding NV
7Sally Beauty Holdings Inc.
8STERIS plc
9Carter's Inc.
10INC Research Holdings Inc.
Ten largest holdings = 13.2% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary