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

Equity Characteristics as of 03/31/2015
 VLIP-Health Care FundMSCI ACWI Health Care
Number of Stocks89155
Median Market Cap$100.2 billion
Price/Earnings Ratio 38.7x28.5x
Price/Book Ratio 4.3x4.5x
Return on Equity 14.8%18.0%
Earnings Growth Rate 4.1%7.1%
Foreign Holdings19.2%
Turnover Rate (Fiscal Year End January)20.1%
Short-Term Reserves6.1%
Total Net Assets

Equity Sector Diversification as of 03/31/2015
 VLIP-Health Care FundMSCI ACWI Health Care
Biotechnology12.70%15.10%
Consumer Discretionary0.00%
Consumer Staples2.20%
Energy0.00%
Financials0.00%
Health Care Distributors4.20%3.00%
Health Care Equipment11.60%10.40%
Health Care Facilities2.70%1.40%
Health Care Services1.20%3.70%
Health Care Supplies0.40%1.10%
Health Care Technology3.20%0.60%
Industrials0.00%
Information Technology0.20%
Life Sciences Tools & Services3.80%2.90%
Managed Health Care11.90%5.60%
Materials0.40%
Other0.00%
Pharmaceuticals45.40%56.20%
Telecommunication Services0.00%
Utilities0.00%

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

Month End Ten Largest Holdings as of 03/31/2015
RankHolding
1Bristol-Myers Squibb Co.
2Actavis plc
3UnitedHealth Group Inc.
4Merck & Co. Inc.
5AstraZeneca plc
6Eli Lilly & Co.
7Medtronic plc
8McKesson Corp.
9Regeneron Pharmaceuticals Inc.
10Roche Holding AG
Ten largest holdings = 38.6% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary