Vanguard Lifetime Income Program - Capital Growth Portfolio
Holdings

Equity Characteristics as of 12/31/2016
 VLIP-Capital GrowthS&P 500 Index
Number of Stocks99505
Median Market Cap$84.8 billion
Price/Earnings Ratio 21.5x23.0x
Price/Book Ratio 3.7x2.9x
Return on Equity 18.4%17.4%
Earnings Growth Rate 10.4%8.1%
Foreign Holdings9.2%
Turnover Rate (Fiscal Year End December)5.2%
Short-Term Reserves5.5%
Total Net Assets

Equity Sector Diversification as of 12/31/2016
 VLIP-Capital GrowthS&P 500 Index
Consumer Discretionary7.60%12.00%
Consumer Staples0.40%9.40%
Energy1.60%7.50%
Financials8.00%14.80%
Health Care23.80%13.60%
Industrials18.50%10.30%
Information Technology37.30%20.80%
Materials1.80%2.80%
Other0.00%
Real Estate0.00%2.90%
Telecommunication Services1.00%2.70%
Utilities0.00%3.20%

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

Month End Ten Largest Holdings as of 12/31/2016
RankHolding
1Microsoft Corp.
2Biogen Inc.
3Alphabet Inc.
4Texas Instruments Inc.
5Eli Lilly & Co.
6Amgen Inc.
7Adobe Systems Inc.
8FedEx Corp.
9Southwest Airlines Co.
10NVIDIA Corp.
Ten largest holdings = 39.9% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary