Vanguard Lifetime Income Program - Diversified Value Portfolio
Holdings

Equity Characteristics as of 11/30/2017
 VLIP-Diversified ValueRussell 1000 Value Index
Number of Stocks40712
Median Market Cap$64.2 billion
Price/Earnings Ratio 18.8x19.5x
Price/Book Ratio 2.4x2.0x
Return on Equity 14.6%11.5%
Earnings Growth Rate 5.2%6.2%
Foreign Holdings7.2%
Turnover Rate (Fiscal Year End December)33.6%
Short-Term Reserves0.5%
Total Net Assets

Equity Sector Diversification
 VLIP-Diversified ValueRussell 1000 Value Index
Consumer Discretionary9.60%6.80%
Consumer Staples11.70%8.70%
Energy11.80%10.90%
Financials18.60%26.00%
Health Care18.40%13.90%
Industrials10.30%8.50%
Information Technology10.10%8.20%
Materials5.70%2.90%
Other0.00%
Real Estate0.00%4.80%
Telecommunication Services3.80%3.20%
Utilities0.00%6.10%

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

Month End Ten Largest Holdings as of 11/30/2017
RankHolding
1JPMorgan Chase & Co.
2Wells Fargo & Co.
3Oracle Corp.
4QUALCOMM Inc.
5Air Products & Chemicals Inc.
6Philip Morris International Inc.
7United Technologies Corp.
8American Express Co.
9Occidental Petroleum Corp.
10Microsoft Corp.
Ten largest holdings = 33.6% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary