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

Equity Characteristics as of 01/31/2017
 VLIP-Health Care FundMSCI ACWI Health Care
Number of Stocks76170
Median Market Cap$82.1 billion
Price/Earnings Ratio 26.6x21.4x
Price/Book Ratio 3.2x3.5x
Return on Equity 11.7%18.1%
Earnings Growth Rate 4.2%8.9%
Foreign Holdings21.2%
Turnover Rate (Fiscal Year End January)12.3%
Short-Term Reserves2.3%
Total Net Assets

Equity Sector Diversification as of 01/31/2017
 VLIP-Health Care FundMSCI ACWI Health Care
Biotechnology14.90%17.50%
Consumer Discretionary0.00%
Consumer Staples1.60%
Energy0.00%
Financials0.00%
Health Care Distributors3.80%2.50%
Health Care Equipment10.30%13.50%
Health Care Facilities3.90%1.60%
Health Care Services0.80%3.60%
Health Care Supplies0.40%1.90%
Health Care Technology3.10%0.50%
Industrials0.00%
Information Technology0.00%
Life Sciences Tools & Services3.50%3.70%
Managed Health Care11.80%7.50%
Materials0.00%
Other0.00%
Pharmaceuticals46.00%47.70%
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 01/31/2017
RankHolding
1Allergan plc
2Bristol-Myers Squibb Co.
3UnitedHealth Group Inc.
4Merck & Co. Inc.
5Eli Lilly & Co.
6AstraZeneca plc
7Medtronic plc
8Incyte Corp.
9Regeneron Pharmaceuticals Inc.
10Mylan NV
Ten largest holdings = 43.7% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary