Vanguard Lifetime Income Program - Capital Growth Portfolio
Holdings

Equity Characteristics as of 02/28/2017
 VLIP-Capital GrowthS&P 500 Index
Number of Stocks97505
Median Market Cap$88.5 billion
Price/Earnings Ratio 22.7x23.5x
Price/Book Ratio 4.1x3.1x
Return on Equity 18.4%17.4%
Earnings Growth Rate 10.9%7.4%
Foreign Holdings9.2%
Turnover Rate (Fiscal Year End December)5.3%
Short-Term Reserves6.9%
Total Net Assets

Equity Sector Diversification as of 02/28/2017
 VLIP-Capital GrowthS&P 500 Index
Consumer Discretionary7.50%12.10%
Consumer Staples0.40%9.40%
Energy1.30%6.60%
Financials7.50%14.80%
Health Care25.10%14.10%
Industrials18.30%10.20%
Information Technology37.40%21.50%
Materials1.60%2.80%
Other0.00%
Real Estate0.00%2.90%
Telecommunication Services0.90%2.40%
Utilities0.00%3.20%

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

Month End Ten Largest Holdings as of 02/28/2017
RankHolding
1Eli Lilly & Co.
2Amgen Inc.
3Alphabet Inc.
4Biogen Inc.
5Texas Instruments Inc.
6Microsoft Corp.
7Adobe Systems Inc.
8Southwest Airlines Co.
9FedEx Corp.
10Roche Holding AG
Ten largest holdings = 39.8% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary