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

Equity Characteristics as of 04/30/2016
 VLIP-Health Care FundMSCI ACWI Health Care
Number of Stocks72163
Median Market Cap$85.0 billion
Price/Earnings Ratio 34.4x22.4x
Price/Book Ratio 3.6x3.7x
Return on Equity 12.9%18.9%
Earnings Growth Rate 5.4%8.8%
Foreign Holdings20.0%
Turnover Rate (Fiscal Year End January)17.8%
Short-Term Reserves3.1%
Total Net Assets

Equity Sector Diversification as of 04/30/2016
 VLIP-Health Care FundMSCI ACWI Health Care
Biotechnology15.00%17.00%
Consumer Discretionary0.00%
Consumer Staples1.40%
Energy0.00%
Financials0.00%
Health Care Distributors3.70%2.70%
Health Care Equipment12.10%11.40%
Health Care Facilities3.50%1.70%
Health Care Services0.90%3.50%
Health Care Supplies0.20%1.80%
Health Care Technology3.60%0.60%
Industrials0.00%
Information Technology0.00%
Life Sciences Tools & Services3.00%3.10%
Managed Health Care12.00%6.40%
Materials0.00%
Other0.00%
Pharmaceuticals44.60%51.80%
Telecommunication Services0.00%
Utilities0.00%

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

Month End Ten Largest Holdings as of 04/30/2016
RankHolding
1Bristol-Myers Squibb Co.
2UnitedHealth Group Inc.
3Merck & Co. Inc.
4Allergan plc
5Eli Lilly & Co.
6AstraZeneca plc
7Medtronic plc
8Boston Scientific Corp.
9McKesson Corp.
10Regeneron Pharmaceuticals Inc.
Ten largest holdings = 43.1% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary