Vanguard Lifetime Income Program - Small Company Growth Portfolio
Holdings

Equity Characteristics as of 10/31/2016
 VLIP-Small Company GrowthRussell 2500 Growth Index
Number of Stocks5351458
Median Market Cap$3.6 billion
Price/Earnings Ratio 38.2x31.5x
Price/Book Ratio 3.7x4.3x
Return on Equity 13.8%15.2%
Earnings Growth Rate 10.4%12.4%
Foreign Holdings2.6%
Turnover Rate (Fiscal Year End December)57.0%
Short-Term Reserves
Total Net Assets

Equity Sector Diversification
 VLIP-Small Company GrowthRussell 2500 Growth Index
Consumer Discretionary15.50%16.40%
Consumer Staples1.60%4.30%
Energy1.30%1.20%
Financials7.90%5.70%
Health Care20.40%19.60%
Industrials19.00%17.60%
Information Technology27.80%22.10%
Materials2.50%6.60%
Other0.00%
Real Estate2.80%5.30%
Telecommunication Services1.00%0.60%
Utilities0.20%0.60%

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

Month End Ten Largest Holdings as of 10/31/2016
RankHolding
1Cadence Design Systems Inc.
2ABIOMED Inc.
3ServiceMaster Global Holdings Inc.
42U Inc.
5Tennant Co.
6Sally Beauty Holdings Inc.
7Clean Harbors Inc.
8LPL Financial Holdings Inc.
9INC Research Holdings Inc.
10Euronet Worldwide Inc.
Ten largest holdings = 9.4% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary