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

Equity Characteristics as of 08/31/2016
 VLIP-Health Care FundMSCI ACWI Health Care
Number of Stocks71168
Median Market Cap$88.4 billion
Price/Earnings Ratio 30.3x23.7x
Price/Book Ratio 3.6x3.7x
Return on Equity 13.1%18.8%
Earnings Growth Rate 5.5%9.3%
Foreign Holdings20.1%
Turnover Rate (Fiscal Year End January)17.8%
Short-Term Reserves3.2%
Total Net Assets

Equity Sector Diversification as of 08/31/2016
 VLIP-Health Care FundMSCI ACWI Health Care
Biotechnology15.50%17.40%
Consumer Discretionary0.00%
Consumer Staples1.40%
Energy0.00%
Financials0.00%
Health Care Distributors4.00%2.70%
Health Care Equipment11.30%13.30%
Health Care Facilities3.20%1.60%
Health Care Services0.80%3.50%
Health Care Supplies0.30%1.70%
Health Care Technology3.90%0.70%
Industrials0.00%
Information Technology0.00%
Life Sciences Tools & Services3.40%3.40%
Managed Health Care11.80%6.30%
Materials0.00%
Other0.00%
Pharmaceuticals44.50%49.40%
Telecommunication Services0.00%
Utilities0.00%

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

Month End Ten Largest Holdings as of 08/31/2016
RankHolding
1UnitedHealth Group Inc.
2Allergan plc
3Bristol-Myers Squibb Co.
4Merck & Co. Inc.
5AstraZeneca plc
6Eli Lilly & Co.
7Medtronic plc
8McKesson Corp.
9Incyte Corp.
10Regeneron Pharmaceuticals Inc.
Ten largest holdings = 44.0% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary