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

Equity Characteristics as of 03/31/2017
 VLIP-Health Care FundMSCI ACWI Health Care
Number of Stocks78169
Median Market Cap$90.5 billion
Price/Earnings Ratio 32.4x23.8x
Price/Book Ratio 3.4x3.6x
Return on Equity 13.6%17.9%
Earnings Growth Rate 4.5%6.3%
Foreign Holdings21.6%
Turnover Rate (Fiscal Year End January)12.3%
Short-Term Reserves2.6%
Total Net Assets

Equity Sector Diversification as of 03/31/2017
 VLIP-Health Care FundMSCI ACWI Health Care
Biotechnology15.80%17.30%
Consumer Discretionary0.00%
Consumer Staples1.50%
Energy0.00%
Financials0.00%
Health Care Distributors3.80%2.40%
Health Care Equipment10.20%13.60%
Health Care Facilities3.90%1.50%
Health Care Services0.70%3.50%
Health Care Supplies0.50%2.00%
Health Care Technology3.10%0.50%
Industrials0.00%
Information Technology0.00%
Life Sciences Tools & Services3.40%3.70%
Managed Health Care11.10%7.40%
Materials0.00%
Other0.00%
Pharmaceuticals46.00%48.10%
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 03/31/2017
RankHolding
1Bristol-Myers Squibb Co.
2Allergan plc
3UnitedHealth Group Inc.
4Eli Lilly & Co.
5AstraZeneca plc
6Merck & Co. Inc.
7Medtronic plc
8Vertex Pharmaceuticals Inc.
9Regeneron Pharmaceuticals Inc.
10Incyte Corp.
Ten largest holdings = 43.9% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary