Vanguard Lifetime Income Program - Capital Growth Portfolio
Holdings

Equity Characteristics as of 09/30/2017
 VLIP-Capital GrowthS&P 500 Index
Number of Stocks106505
Median Market Cap$92.1 billion
Price/Earnings Ratio 22.3x22.3x
Price/Book Ratio 3.9x3.0x
Return on Equity 18.4%16.0%
Earnings Growth Rate 12.3%9.3%
Foreign Holdings9.5%
Turnover Rate (Fiscal Year End December)5.3%
Short-Term Reserves7.5%
Total Net Assets

Equity Sector Diversification as of 09/30/2017
 VLIP-Capital GrowthS&P 500 Index
Consumer Discretionary7.60%11.90%
Consumer Staples0.30%8.20%
Energy0.90%6.10%
Financials7.30%14.60%
Health Care24.80%14.50%
Industrials19.20%10.20%
Information Technology37.80%23.20%
Materials1.50%3.00%
Other0.00%
Real Estate0.00%3.00%
Telecommunication Services0.60%2.20%
Utilities0.00%3.10%

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

Month End Ten Largest Holdings as of 09/30/2017
RankHolding
1Biogen Inc.
2Alphabet Inc.
3Eli Lilly & Co.
4Microsoft Corp.
5Texas Instruments Inc.
6Adobe Systems Inc.
7Amgen Inc.
8FedEx Corp.
9Southwest Airlines Co.
10Alibaba Group Holding Ltd.
Ten largest holdings = 38.2% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary