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

Equity Characteristics as of 10/31/2016
 VLIP-Health Care FundMSCI ACWI Health Care
Number of Stocks76166
Median Market Cap$81.8 billion
Price/Earnings Ratio 27.1x21.6x
Price/Book Ratio 3.3x3.4x
Return on Equity 12.3%18.5%
Earnings Growth Rate 5.6%9.3%
Foreign Holdings21.4%
Turnover Rate (Fiscal Year End January)17.8%
Short-Term Reserves2.8%
Total Net Assets

Equity Sector Diversification as of 10/31/2016
 VLIP-Health Care FundMSCI ACWI Health Care
Biotechnology14.50%16.70%
Consumer Discretionary0.00%
Consumer Staples1.60%
Energy0.00%
Financials0.00%
Health Care Distributors3.50%2.40%
Health Care Equipment11.00%13.70%
Health Care Facilities3.50%1.70%
Health Care Services0.90%3.50%
Health Care Supplies0.40%1.80%
Health Care Technology3.30%0.60%
Industrials0.00%
Information Technology0.00%
Life Sciences Tools & Services3.70%3.50%
Managed Health Care12.00%6.70%
Materials0.00%
Other0.00%
Pharmaceuticals45.60%49.50%
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 10/31/2016
RankHolding
1UnitedHealth Group Inc.
2Bristol-Myers Squibb Co.
3Allergan plc
4Merck & Co. Inc.
5Eli Lilly & Co.
6AstraZeneca plc
7Medtronic plc
8Incyte Corp.
9Regeneron Pharmaceuticals Inc.
10Mylan NV
Ten largest holdings = 43.9% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary