Vanguard Lifetime Income Program - Capital Growth Portfolio
Holdings

Equity Characteristics as of 07/31/2017
 VLIP-Capital GrowthS&P 500 Index
Number of Stocks104505
Median Market Cap$88.6 billion
Price/Earnings Ratio 21.8x21.9x
Price/Book Ratio 3.8x3.0x
Return on Equity 18.4%16.0%
Earnings Growth Rate 11.9%8.1%
Foreign Holdings9.5%
Turnover Rate (Fiscal Year End December)5.3%
Short-Term Reserves8.8%
Total Net Assets

Equity Sector Diversification as of 07/31/2017
 VLIP-Capital GrowthS&P 500 Index
Consumer Discretionary7.30%12.30%
Consumer Staples0.30%8.70%
Energy1.00%6.00%
Financials7.50%14.50%
Health Care24.20%14.40%
Industrials19.40%10.10%
Information Technology38.10%22.80%
Materials1.50%2.90%
Other0.00%
Real Estate0.00%2.90%
Telecommunication Services0.70%2.20%
Utilities0.00%3.20%

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

Month End Ten Largest Holdings as of 07/31/2017
RankHolding
1Alphabet Inc.
2Eli Lilly & Co.
3Microsoft Corp.
4Adobe Systems Inc.
5Biogen Inc.
6Amgen Inc.
7Texas Instruments Inc.
8FedEx Corp.
9Southwest Airlines Co.
10NVIDIA Corp.
Ten largest holdings = 37.4% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary