Vanguard Lifetime Income Program - Diversified Value Portfolio
Holdings

Equity Characteristics as of 11/30/2016
 VLIP-Diversified ValueRussell 1000 Value Index
Number of Stocks45695
Median Market Cap$55.9 billion
Price/Earnings Ratio 21.9x22.6x
Price/Book Ratio 2.2x1.9x
Return on Equity 14.9%12.4%
Earnings Growth Rate 3.3%2.7%
Foreign Holdings9.8%
Turnover Rate (Fiscal Year End December)12.6%
Short-Term Reserves3.4%
Total Net Assets

Equity Sector Diversification
 VLIP-Diversified ValueRussell 1000 Value Index
Consumer Discretionary7.00%4.90%
Consumer Staples10.80%8.90%
Energy11.40%13.40%
Financials20.10%23.40%
Health Care24.80%11.50%
Industrials9.90%9.50%
Information Technology8.20%10.00%
Materials2.90%2.90%
Other0.00%
Real Estate0.00%5.10%
Telecommunication Services3.90%3.90%
Utilities1.00%6.50%

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

Month End Ten Largest Holdings as of 11/30/2016
RankHolding
1Wells Fargo & Co.
2ConocoPhillips
3United Technologies Corp.
4Philip Morris International Inc.
5CVS Health Corp.
6Bank of America Corp.
7Express Scripts Holding Co.
8Cardinal Health Inc.
9Sanofi
10JPMorgan Chase & Co.
Ten largest holdings = 31.6% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary