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

Equity Characteristics as of 07/31/2017
 VLIP-Health Care FundMSCI ACWI Health Care
Number of Stocks76177
Median Market Cap$91.0 billion
Price/Earnings Ratio 22.1x22.5x
Price/Book Ratio 3.4x3.7x
Return on Equity 15.0%16.4%
Earnings Growth Rate 2.1%6.3%
Foreign Holdings21.9%
Turnover Rate (Fiscal Year End January)12.3%
Short-Term Reserves3.1%
Total Net Assets

Equity Sector Diversification as of 07/31/2017
 VLIP-Health Care FundMSCI ACWI Health Care
Biotechnology16.40%17.10%
Consumer Discretionary0.00%
Consumer Staples1.40%
Energy0.00%
Financials0.00%
Health Care Distributors4.00%2.30%
Health Care Equipment10.90%13.90%
Health Care Facilities3.40%1.50%
Health Care Services0.60%3.30%
Health Care Supplies0.50%2.20%
Health Care Technology3.00%0.70%
Industrials0.00%
Information Technology0.00%
Life Sciences Tools & Services2.80%4.00%
Managed Health Care11.60%8.10%
Materials0.00%
Other0.00%
Pharmaceuticals45.40%46.90%
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 07/31/2017
RankHolding
1Bristol-Myers Squibb Co.
2Allergan plc
3UnitedHealth Group Inc.
4Eli Lilly & Co.
5AstraZeneca plc
6Merck & Co. Inc.
7Vertex Pharmaceuticals Inc.
8Regeneron Pharmaceuticals Inc.
9Medtronic plc
10McKesson Corp.
Ten largest holdings = 43.0% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary