Vanguard Lifetime Income Program - Diversified Value Portfolio
Holdings

Equity Characteristics as of 05/31/2017
 VLIP-Diversified ValueRussell 1000 Value Index
Number of Stocks40694
Median Market Cap$61.3 billion
Price/Earnings Ratio 21.8x24.6x
Price/Book Ratio 2.3x1.9x
Return on Equity 18.4%10.2%
Earnings Growth Rate 3.5%5.3%
Foreign Holdings10.1%
Turnover Rate (Fiscal Year End December)33.6%
Short-Term Reserves2.7%
Total Net Assets

Equity Sector Diversification
 VLIP-Diversified ValueRussell 1000 Value Index
Consumer Discretionary6.20%4.50%
Consumer Staples14.30%8.50%
Energy10.10%12.20%
Financials15.30%26.50%
Health Care25.60%10.80%
Industrials10.60%10.20%
Information Technology9.30%10.00%
Materials4.60%2.90%
Other0.00%
Real Estate0.00%4.60%
Telecommunication Services4.00%3.60%
Utilities0.00%6.20%

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

Month End Ten Largest Holdings as of 05/31/2017
RankHolding
1Philip Morris International Inc.
2United Technologies Corp.
3Wells Fargo & Co.
4Altria Group Inc.
5Oracle Corp.
6Medtronic plc
7Johnson & Johnson
8Imperial Brands plc
9Air Products & Chemicals Inc.
10Anthem Inc.
Ten largest holdings = 34.2% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary