Vanguard Lifetime Income Program - Diversified Value Portfolio
Holdings

Equity Characteristics as of 10/31/2016
 VLIP-Diversified ValueRussell 1000 Value Index
Number of Stocks47692
Median Market Cap$55.7 billion
Price/Earnings Ratio 20.0x21.3x
Price/Book Ratio 2.0x1.8x
Return on Equity 15.0%12.7%
Earnings Growth Rate 3.8%3.0%
Foreign Holdings10.4%
Turnover Rate (Fiscal Year End December)12.6%
Short-Term Reserves0.3%
Total Net Assets

Equity Sector Diversification
 VLIP-Diversified ValueRussell 1000 Value Index
Consumer Discretionary8.70%4.90%
Consumer Staples11.40%8.90%
Energy12.40%13.40%
Financials21.20%23.40%
Health Care23.90%11.50%
Industrials6.60%9.50%
Information Technology8.30%10.00%
Materials2.80%2.90%
Other0.00%
Real Estate0.00%5.10%
Telecommunication Services3.80%3.90%
Utilities0.90%6.50%

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

Month End Ten Largest Holdings as of 10/31/2016
RankHolding
1Philip Morris International Inc.
2Wells Fargo & Co.
3United Technologies Corp.
4PNC Financial Services Group Inc.
5JPMorgan Chase & Co.
6Cardinal Health Inc.
7Sanofi
8ConocoPhillips
9QUALCOMM Inc.
10CVS Health Corp.
Ten largest holdings = 31.9% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary