Vanguard Lifetime Income Program - Capital Growth Portfolio
Holdings

Equity Characteristics as of 08/31/2016
 VLIP-Capital GrowthS&P 500 Index
Number of Stocks97505
Median Market Cap$82.4 billion
Price/Earnings Ratio 21.0x22.1x
Price/Book Ratio 3.8x2.9x
Return on Equity 18.0%17.5%
Earnings Growth Rate 7.1%7.2%
Foreign Holdings9.7%
Turnover Rate (Fiscal Year End December)5.2%
Short-Term Reserves5.3%
Total Net Assets

Equity Sector Diversification as of 08/31/2016
 VLIP-Capital GrowthS&P 500 Index
Consumer Discretionary7.80%12.20%
Consumer Staples0.50%10.10%
Energy1.40%7.00%
Financials6.90%16.30%
Health Care27.00%14.60%
Industrials15.50%10.00%
Information Technology37.90%21.00%
Materials1.90%2.90%
Other0.00%
Telecommunication Services1.10%2.70%
Utilities0.00%3.20%

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

Month End Ten Largest Holdings as of 08/31/2016
RankHolding
1Biogen Inc.
2Amgen Inc.
3Eli Lilly & Co.
4Alphabet Inc.
5Texas Instruments Inc.
6Microsoft Corp.
7Adobe Systems Inc.
8FedEx Corp.
9Roche Holding AG
10Southwest Airlines Co.
Ten largest holdings = 41.7% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary