Vanguard Lifetime Income Program - Diversified Value Portfolio
Holdings

Equity Characteristics as of 02/28/2017
 VLIP-Diversified ValueRussell 1000 Value Index
Number of Stocks42696
Median Market Cap$62.0 billion
Price/Earnings Ratio 19.2x23.5x
Price/Book Ratio 2.5x2.1x
Return on Equity 14.8%12.1%
Earnings Growth Rate 4.5%3.9%
Foreign Holdings10.5%
Turnover Rate (Fiscal Year End December)33.6%
Short-Term Reserves2.0%
Total Net Assets

Equity Sector Diversification
 VLIP-Diversified ValueRussell 1000 Value Index
Consumer Discretionary7.90%4.50%
Consumer Staples13.70%8.10%
Energy10.30%13.60%
Financials16.10%26.80%
Health Care25.30%10.20%
Industrials9.90%10.00%
Information Technology8.60%9.40%
Materials4.10%2.80%
Other0.00%
Real Estate0.00%4.60%
Telecommunication Services4.10%3.90%
Utilities0.00%6.10%

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

Month End Ten Largest Holdings as of 02/28/2017
RankHolding
1Wells Fargo & Co.
2Philip Morris International Inc.
3Altria Group Inc.
4Cardinal Health Inc.
5JPMorgan Chase & Co.
6United Technologies Corp.
7Imperial Brands plc
8Medtronic plc
9Oracle Corp.
10Sanofi
Ten largest holdings = 33.4% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary