Vanguard Lifetime Income Program - Capital Growth Portfolio
Holdings

Equity Characteristics as of 03/31/2017
 VLIP-Capital GrowthS&P 500 Index
Number of Stocks97505
Median Market Cap$88.5 billion
Price/Earnings Ratio 22.1x23.9x
Price/Book Ratio 4.1x3.1x
Return on Equity 19.1%17.2%
Earnings Growth Rate 10.1%7.0%
Foreign Holdings9.4%
Turnover Rate (Fiscal Year End December)5.3%
Short-Term Reserves6.9%
Total Net Assets

Equity Sector Diversification as of 03/31/2017
 VLIP-Capital GrowthS&P 500 Index
Consumer Discretionary7.60%12.30%
Consumer Staples0.40%9.30%
Energy1.20%6.60%
Financials7.20%14.40%
Health Care24.40%13.90%
Industrials17.90%10.10%
Information Technology38.80%22.10%
Materials1.60%2.80%
Other0.00%
Real Estate0.00%2.90%
Telecommunication Services0.90%2.40%
Utilities0.00%3.20%

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

Month End Ten Largest Holdings as of 03/31/2017
RankHolding
1Eli Lilly & Co.
2Alphabet Inc.
3Texas Instruments Inc.
4Adobe Systems Inc.
5Microsoft Corp.
6Biogen Inc.
7Amgen Inc.
8FedEx Corp.
9Southwest Airlines Co.
10Roche Holding AG
Ten largest holdings = 40.0% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary