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

Equity Characteristics as of 02/28/2017
 VLIP-Health Care FundMSCI ACWI Health Care
Number of Stocks76170
Median Market Cap$89.2 billion
Price/Earnings Ratio 31.6x23.5x
Price/Book Ratio 3.4x3.6x
Return on Equity 13.4%17.8%
Earnings Growth Rate 6.0%7.4%
Foreign Holdings21.0%
Turnover Rate (Fiscal Year End January)12.3%
Short-Term Reserves2.5%
Total Net Assets

Equity Sector Diversification as of 02/28/2017
 VLIP-Health Care FundMSCI ACWI Health Care
Biotechnology14.90%17.40%
Consumer Discretionary0.00%
Consumer Staples1.60%
Energy0.00%
Financials0.00%
Health Care Distributors3.90%2.50%
Health Care Equipment10.20%13.30%
Health Care Facilities4.00%1.50%
Health Care Services0.70%3.60%
Health Care Supplies0.40%1.90%
Health Care Technology3.00%0.50%
Industrials0.00%
Information Technology0.00%
Life Sciences Tools & Services3.30%3.70%
Managed Health Care11.40%7.40%
Materials0.00%
Other0.00%
Pharmaceuticals46.80%48.20%
Real Estate0.00%
Telecommunication Services0.00%
Utilities0.00%

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

Month End Ten Largest Holdings as of 02/28/2017
RankHolding
1Bristol-Myers Squibb Co.
2Allergan plc
3UnitedHealth Group Inc.
4Eli Lilly & Co.
5Merck & Co. Inc.
6AstraZeneca plc
7Medtronic plc
8Regeneron Pharmaceuticals Inc.
9Incyte Corp.
10Mylan NV
Ten largest holdings = 43.9% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary