Vanguard Lifetime Income Program - Capital Growth Portfolio
Holdings

Equity Characteristics as of 11/30/2017
 VLIP-Capital GrowthS&P 500 Index
Number of Stocks106505
Median Market Cap$97.0 billion
Price/Earnings Ratio 23.1x23.0x
Price/Book Ratio 4.0x3.2x
Return on Equity 18.8%16.0%
Earnings Growth Rate 12.9%9.4%
Foreign Holdings9.5%
Turnover Rate (Fiscal Year End December)5.3%
Short-Term Reserves7.6%
Total Net Assets

Equity Sector Diversification as of 11/30/2017
 VLIP-Capital GrowthS&P 500 Index
Consumer Discretionary8.30%12.10%
Consumer Staples0.30%8.10%
Energy0.80%5.80%
Financials7.20%14.80%
Health Care23.20%14.10%
Industrials19.30%10.10%
Information Technology38.90%24.00%
Materials1.50%3.00%
Other0.00%
Real Estate0.00%2.90%
Telecommunication Services0.50%2.00%
Utilities0.00%3.10%

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

Month End Ten Largest Holdings as of 11/30/2017
RankHolding
1Biogen Inc.
2Adobe Systems Inc.
3Alphabet Inc.
4Texas Instruments Inc.
5Eli Lilly & Co.
6Microsoft Corp.
7FedEx Corp.
8Amgen Inc.
9Southwest Airlines Co.
10Alibaba Group Holding Ltd.
Ten largest holdings = 37.8% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary