Vanguard Lifetime Income Program - Capital Growth Portfolio
Holdings

Equity Characteristics as of 05/31/2017
 VLIP-Capital GrowthS&P 500 Index
Number of Stocks98505
Median Market Cap$87.6 billion
Price/Earnings Ratio 24.3x24.1x
Price/Book Ratio 4.0x3.0x
Return on Equity 28.9%29.0%
Earnings Growth Rate 11.5%9.7%
Foreign Holdings9.6%
Turnover Rate (Fiscal Year End December)5.3%
Short-Term Reserves7.3%
Total Net Assets

Equity Sector Diversification as of 05/31/2017
 VLIP-Capital GrowthS&P 500 Index
Consumer Discretionary7.50%12.50%
Consumer Staples0.30%9.40%
Energy1.00%6.00%
Financials6.70%13.70%
Health Care23.30%13.90%
Industrials18.30%10.10%
Information Technology40.50%23.20%
Materials1.60%2.80%
Other0.00%
Real Estate0.00%2.90%
Telecommunication Services0.80%2.20%
Utilities0.00%3.30%

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

Month End Ten Largest Holdings as of 05/31/2017
RankHolding
1Alphabet Inc.
2Adobe Systems Inc.
3Microsoft Corp.
4Texas Instruments Inc.
5Eli Lilly & Co.
6Southwest Airlines Co.
7Amgen Inc.
8Biogen Inc.
9FedEx Corp.
10NVIDIA Corp.
Ten largest holdings = 39.1% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary