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

Equity Characteristics as of 05/31/2016
 VLIP-Health Care FundMSCI ACWI Health Care
Number of Stocks72163
Median Market Cap$83.7 billion
Price/Earnings Ratio 31.1x22.9x
Price/Book Ratio 3.7x3.7x
Return on Equity 12.8%19.1%
Earnings Growth Rate 5.2%9.0%
Foreign Holdings19.8%
Turnover Rate (Fiscal Year End January)17.8%
Short-Term Reserves2.8%
Total Net Assets

Equity Sector Diversification as of 05/31/2016
 VLIP-Health Care FundMSCI ACWI Health Care
Biotechnology15.80%17.30%
Consumer Discretionary0.00%
Consumer Staples1.30%
Energy0.00%
Financials0.00%
Health Care Distributors3.80%2.70%
Health Care Equipment11.80%11.50%
Health Care Facilities3.30%1.60%
Health Care Services0.90%3.60%
Health Care Supplies0.20%1.70%
Health Care Technology3.50%0.60%
Industrials0.00%
Information Technology0.00%
Life Sciences Tools & Services3.20%3.20%
Managed Health Care11.60%6.30%
Materials0.00%
Other0.00%
Pharmaceuticals44.50%51.40%
Telecommunication Services0.00%
Utilities0.00%

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

Month End Ten Largest Holdings as of 05/31/2016
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 = 43.4% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary