Vanguard Lifetime Income Program - Diversified Value Portfolio
Holdings

Equity Characteristics as of 03/31/2017
 VLIP-Diversified ValueRussell 1000 Value Index
Number of Stocks42692
Median Market Cap$61.8 billion
Price/Earnings Ratio 19.0x23.9x
Price/Book Ratio 2.5x2.0x
Return on Equity 14.8%12.2%
Earnings Growth Rate 3.2%3.2%
Foreign Holdings10.7%
Turnover Rate (Fiscal Year End December)33.6%
Short-Term Reserves0.7%
Total Net Assets

Equity Sector Diversification
 VLIP-Diversified ValueRussell 1000 Value Index
Consumer Discretionary8.20%4.50%
Consumer Staples13.70%8.10%
Energy10.40%13.60%
Financials15.70%26.80%
Health Care25.10%10.20%
Industrials9.90%10.00%
Information Technology8.90%9.40%
Materials4.00%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 03/31/2017
RankHolding
1Philip Morris International Inc.
2Wells Fargo & Co.
3Cardinal Health Inc.
4Imperial Brands plc
5Oracle Corp.
6Sanofi
7Altria Group Inc.
8United Technologies Corp.
9ConocoPhillips
10JPMorgan Chase & Co.
Ten largest holdings = 33.9% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary