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

Equity Characteristics as of 07/31/2016
 VLIP-Health Care FundMSCI ACWI Health Care
Number of Stocks71168
Median Market Cap$91.5 billion
Price/Earnings Ratio 33.0x24.8x
Price/Book Ratio 3.8x3.8x
Return on Equity 12.8%18.9%
Earnings Growth Rate 5.2%9.0%
Foreign Holdings20.2%
Turnover Rate (Fiscal Year End January)17.8%
Short-Term Reserves3.0%
Total Net Assets

Equity Sector Diversification as of 07/31/2016
 VLIP-Health Care FundMSCI ACWI Health Care
Biotechnology15.80%17.10%
Consumer Discretionary0.00%
Consumer Staples1.30%
Energy0.00%
Financials0.00%
Health Care Distributors3.90%2.70%
Health Care Equipment11.30%13.00%
Health Care Facilities3.20%1.60%
Health Care Services0.90%3.50%
Health Care Supplies0.20%1.70%
Health Care Technology3.70%0.70%
Industrials0.00%
Information Technology0.00%
Life Sciences Tools & Services3.30%3.30%
Managed Health Care11.50%6.20%
Materials0.00%
Other0.00%
Pharmaceuticals44.90%50.40%
Telecommunication Services0.00%
Utilities0.00%

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

Month End Ten Largest Holdings as of 07/31/2016
RankHolding
1Bristol-Myers Squibb Co.
2UnitedHealth Group Inc.
3Allergan plc
4Merck & Co. Inc.
5Eli Lilly & Co.
6AstraZeneca plc
7Medtronic plc
8Incyte Corp.
9McKesson Corp.
10Regeneron Pharmaceuticals Inc.
Ten largest holdings = 44.0% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary