Vanguard Lifetime Income Program - Diversified Value Portfolio
Holdings

Equity Characteristics as of 09/30/2017
 VLIP-Diversified ValueRussell 1000 Value Index
Number of Stocks40717
Median Market Cap$64.2 billion
Price/Earnings Ratio 18.6x18.8x
Price/Book Ratio 2.4x2.0x
Return on Equity 12.6%11.5%
Earnings Growth Rate 4.6%6.1%
Foreign Holdings7.8%
Turnover Rate (Fiscal Year End December)33.6%
Short-Term Reserves0.1%
Total Net Assets

Equity Sector Diversification
 VLIP-Diversified ValueRussell 1000 Value Index
Consumer Discretionary8.80%6.90%
Consumer Staples12.50%9.20%
Energy10.70%10.50%
Financials18.40%25.50%
Health Care19.20%14.20%
Industrials11.60%8.70%
Information Technology9.20%8.10%
Materials5.70%2.70%
Other0.00%
Real Estate0.00%5.00%
Telecommunication Services3.90%3.10%
Utilities0.00%6.10%

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

Month End Ten Largest Holdings as of 09/30/2017
RankHolding
1Philip Morris International Inc.
2Wells Fargo & Co.
3Oracle Corp.
4General Electric Co.
5JPMorgan Chase & Co.
6Air Products & Chemicals Inc.
7United Technologies Corp.
8Pfizer Inc.
9Express Scripts Holding Co.
10ConocoPhillips
Ten largest holdings = 34.0% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary