Vanguard Lifetime Income Program - Health Care Fund [QF]
Holdings

Equity Characteristics as of 06/30/2016
 VLIP-Health Care FundMSCI ACWI Health Care
Number of Stocks71167
Median Market Cap$91.4 billion
Price/Earnings Ratio 30.2x23.0x
Price/Book Ratio 3.6x3.7x
Return on Equity 12.8%18.9%
Earnings Growth Rate 5.2%8.9%
Foreign Holdings20.1%
Turnover Rate (Fiscal Year End January)17.8%
Short-Term Reserves2.9%
Total Net Assets

Equity Sector Diversification as of 06/30/2016
 VLIP-Health Care FundMSCI ACWI Health Care
Biotechnology14.40%16.60%
Consumer Discretionary0.00%
Consumer Staples1.40%
Energy0.00%
Financials0.00%
Health Care Distributors3.90%2.70%
Health Care Equipment12.00%12.00%
Health Care Facilities3.30%1.60%
Health Care Services0.90%3.60%
Health Care Supplies0.30%1.70%
Health Care Technology3.60%0.70%
Industrials0.00%
Information Technology0.00%
Life Sciences Tools & Services3.10%3.10%
Managed Health Care12.10%6.50%
Materials0.00%
Other0.00%
Pharmaceuticals45.10%51.30%
Telecommunication Services0.00%
Utilities0.00%

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

Month End Ten Largest Holdings as of 06/30/2016
RankHolding
1Bristol-Myers Squibb Co.
2UnitedHealth Group Inc.
3Allergan plc
4Merck & Co. Inc.
5Eli Lilly & Co.
6AstraZeneca plc
7Medtronic plc
8McKesson Corp.
9Incyte Corp.
10Boston Scientific Corp.
Ten largest holdings = 44.3% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary