Vanguard Lifetime Income Program - Capital Growth Portfolio
Holdings

Equity Characteristics as of 07/31/2016
 VLIP-Capital GrowthS&P 500 Index
Number of Stocks101505
Median Market Cap$85.1 billion
Price/Earnings Ratio 21.4x22.0x
Price/Book Ratio 3.8x2.9x
Return on Equity 18.1%17.2%
Earnings Growth Rate 7.1%7.0%
Foreign Holdings9.8%
Turnover Rate (Fiscal Year End December)5.2%
Short-Term Reserves3.1%
Total Net Assets

Equity Sector Diversification as of 07/31/2016
 VLIP-Capital GrowthS&P 500 Index
Consumer Discretionary8.00%12.40%
Consumer Staples0.60%10.10%
Energy1.50%7.00%
Financials6.70%15.70%
Health Care27.20%15.10%
Industrials15.20%9.90%
Information Technology37.70%20.60%
Materials1.90%2.90%
Other0.00%
Telecommunication Services1.20%2.80%
Utilities0.00%3.50%

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

Month End Ten Largest Holdings as of 07/31/2016
RankHolding
1Texas Instruments Inc.
2Eli Lilly & Co.
3Amgen Inc.
4Biogen Inc.
5Microsoft Corp.
6Alphabet Inc.
7Adobe Systems Inc.
8FedEx Corp.
9Roche Holding AG
10Southwest Airlines Co.
Ten largest holdings = 43.7% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary