Vanguard Lifetime Income Program - Capital Growth Portfolio
Holdings

Equity Characteristics as of 05/31/2016
 VLIP-Capital GrowthS&P 500 Index
Number of Stocks100505
Median Market Cap$82.1 billion
Price/Earnings Ratio 21.6x20.7x
Price/Book Ratio 3.7x2.8x
Return on Equity 18.6%17.6%
Earnings Growth Rate 7.8%7.2%
Foreign Holdings9.9%
Turnover Rate (Fiscal Year End December)5.2%
Short-Term Reserves3.8%
Total Net Assets

Equity Sector Diversification as of 05/31/2016
 VLIP-Capital GrowthS&P 500 Index
Consumer Discretionary7.70%12.60%
Consumer Staples0.60%10.10%
Energy1.50%7.10%
Financials7.20%16.30%
Health Care26.80%14.70%
Industrials16.20%10.00%
Information Technology36.80%20.40%
Materials2.10%2.80%
Other0.00%
Telecommunication Services1.10%2.70%
Utilities0.00%3.30%

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

Month End Ten Largest Holdings as of 05/31/2016
RankHolding
1Biogen Inc.
2Amgen Inc.
3Eli Lilly & Co.
4Adobe Systems Inc.
5Texas Instruments Inc.
6Alphabet Inc.
7Microsoft Corp.
8FedEx Corp.
9Roche Holding AG
10Southwest Airlines Co.
Ten largest holdings = 43.5% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary