Vanguard Lifetime Income Program - Capital Growth Portfolio
Holdings

Equity Characteristics as of 10/31/2016
 VLIP-Capital GrowthS&P 500 Index
Number of Stocks99506
Median Market Cap$78.6 billion
Price/Earnings Ratio 20.1x21.8x
Price/Book Ratio 3.7x2.8x
Return on Equity 18.1%17.5%
Earnings Growth Rate 9.5%8.2%
Foreign Holdings9.6%
Turnover Rate (Fiscal Year End December)5.2%
Short-Term Reserves4.3%
Total Net Assets

Equity Sector Diversification as of 10/31/2016
 VLIP-Capital GrowthS&P 500 Index
Consumer Discretionary8.00%12.30%
Consumer Staples0.40%10.00%
Energy1.40%7.20%
Financials7.10%13.30%
Health Care25.20%14.00%
Industrials17.10%10.00%
Information Technology38.10%21.60%
Materials1.80%2.80%
Other0.00%
Real Estate0.00%2.90%
Telecommunication Services0.90%2.50%
Utilities0.00%3.40%

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

Month End Ten Largest Holdings as of 10/31/2016
RankHolding
1Alphabet Inc.
2Biogen Inc.
3Microsoft Corp.
4Eli Lilly & Co.
5Texas Instruments Inc.
6Amgen Inc.
7Adobe Systems Inc.
8FedEx Corp.
9Southwest Airlines Co.
10Roche Holding AG
Ten largest holdings = 41.4% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary