Vanguard Lifetime Income Program - Diversified Value Portfolio
Holdings

Equity Characteristics as of 07/31/2017
 VLIP-Diversified ValueRussell 1000 Value Index
Number of Stocks42718
Median Market Cap$63.6 billion
Price/Earnings Ratio 18.2x18.6x
Price/Book Ratio 2.4x2.0x
Return on Equity 12.6%11.5%
Earnings Growth Rate 3.5%6.1%
Foreign Holdings9.8%
Turnover Rate (Fiscal Year End December)33.6%
Short-Term Reserves0.5%
Total Net Assets

Equity Sector Diversification
 VLIP-Diversified ValueRussell 1000 Value Index
Consumer Discretionary8.00%6.90%
Consumer Staples13.00%9.20%
Energy10.20%10.50%
Financials16.20%25.50%
Health Care25.50%14.20%
Industrials8.30%8.70%
Information Technology9.30%8.10%
Materials5.50%2.70%
Other0.00%
Real Estate0.00%5.00%
Telecommunication Services4.00%3.10%
Utilities0.00%6.10%

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

Month End Ten Largest Holdings as of 07/31/2017
RankHolding
1Philip Morris International Inc.
2Oracle Corp.
3Wells Fargo & Co.
4United Technologies Corp.
5Johnson & Johnson
6JPMorgan Chase & Co.
7Medtronic plc
8Express Scripts Holding Co.
9Cardinal Health Inc.
10Air Products & Chemicals Inc.
Ten largest holdings = 34.2% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary