Vanguard Lifetime Income Program - Small Company Growth Portfolio
Holdings

Equity Characteristics as of 07/31/2016
 VLIP-Small Company GrowthRussell 2500 Growth Index
Number of Stocks5331459
Median Market Cap$3.8 billion
Price/Earnings Ratio 39.9x35.6x
Price/Book Ratio 4.0x4.6x
Return on Equity 13.5%15.1%
Earnings Growth Rate 11.6%12.3%
Foreign Holdings2.4%
Turnover Rate (Fiscal Year End December)57.0%
Short-Term Reserves1.3%
Total Net Assets

Equity Sector Diversification
 VLIP-Small Company GrowthRussell 2500 Growth Index
Consumer Discretionary15.70%17.50%
Consumer Staples1.70%4.60%
Energy1.30%1.00%
Financials10.40%11.40%
Health Care21.20%18.90%
Industrials18.90%17.60%
Information Technology27.40%21.20%
Materials2.30%6.40%
Other0.00%
Telecommunication Services0.80%0.80%
Utilities0.30%0.60%

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

Month End Ten Largest Holdings as of 07/31/2016
RankHolding
1Cadence Design Systems Inc.
22U Inc.
3LendingTree Inc.
4Tennant Co.
5Clean Harbors Inc.
6ABIOMED Inc.
7Sally Beauty Holdings Inc.
8National CineMedia Inc.
9INC Research Holdings Inc.
10ServiceMaster Global Holdings Inc.
Ten largest holdings = 9.0% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary