Vanguard Lifetime Income Program - Diversified Value Portfolio
Holdings

Equity Characteristics as of 01/31/2017
 VLIP-Diversified ValueRussell 1000 Value Index
Number of Stocks43697
Median Market Cap$59.8 billion
Price/Earnings Ratio 21.4x22.6x
Price/Book Ratio 2.3x2.0x
Return on Equity 15.3%12.4%
Earnings Growth Rate 2.9%2.8%
Foreign Holdings10.6%
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 Discretionary8.30%4.50%
Consumer Staples13.40%8.10%
Energy11.00%13.60%
Financials17.00%26.80%
Health Care24.00%10.20%
Industrials10.00%10.00%
Information Technology8.30%9.40%
Materials4.20%2.80%
Other0.00%
Real Estate0.00%4.60%
Telecommunication Services3.80%3.90%
Utilities0.00%6.10%

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

Month End Ten Largest Holdings as of 01/31/2017
RankHolding
1Wells Fargo & Co.
2Philip Morris International Inc.
3Altria Group Inc.
4Imperial Brands plc
5Bank of America Corp.
6United Technologies Corp.
7ConocoPhillips
8Cardinal Health Inc.
9JPMorgan Chase & Co.
10CVS Health Corp.
Ten largest holdings = 32.9% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary