Vanguard Lifetime Income Program - Capital Growth Portfolio
Holdings

Equity Characteristics as of 04/30/2016
 VLIP-Capital GrowthS&P 500 Index
Number of Stocks100505
Median Market Cap$76.4 billion
Price/Earnings Ratio 20.8x20.6x
Price/Book Ratio 3.6x2.8x
Return on Equity 18.9%17.7%
Earnings Growth Rate 8.1%7.5%
Foreign Holdings9.8%
Turnover Rate (Fiscal Year End December)5.2%
Short-Term Reserves4.3%
Total Net Assets

Equity Sector Diversification as of 04/30/2016
 VLIP-Capital GrowthS&P 500 Index
Consumer Discretionary8.20%13.00%
Consumer Staples0.60%10.20%
Energy1.60%7.30%
Financials7.10%16.10%
Health Care26.90%14.60%
Industrials17.00%10.20%
Information Technology35.60%19.70%
Materials1.90%2.90%
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 04/30/2016
RankHolding
1Biogen Inc.
2Amgen Inc.
3Eli Lilly & Co.
4Adobe Systems Inc.
5Texas Instruments Inc.
6Alphabet Inc.
7Microsoft Corp.
8FedEx Corp.
9Southwest Airlines Co.
10Roche Holding AG
Ten largest holdings = 43.0% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary