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

Equity Characteristics as of 05/31/2017
 VLIP-Health Care FundMSCI ACWI Health Care
Number of Stocks76169
Median Market Cap$85.5 billion
Price/Earnings Ratio 26.0x24.3x
Price/Book Ratio 3.3x3.6x
Return on Equity 12.4%23.7%
Earnings Growth Rate 2.5%5.7%
Foreign Holdings22.5%
Turnover Rate (Fiscal Year End January)12.3%
Short-Term Reserves2.8%
Total Net Assets

Equity Sector Diversification as of 05/31/2017
 VLIP-Health Care FundMSCI ACWI Health Care
Biotechnology16.30%16.30%
Consumer Discretionary0.00%
Consumer Staples1.40%
Energy0.00%
Financials0.00%
Health Care Distributors4.10%2.40%
Health Care Equipment10.70%14.00%
Health Care Facilities3.40%1.40%
Health Care Services0.60%3.30%
Health Care Supplies0.20%2.10%
Health Care Technology3.10%0.60%
Industrials0.00%
Information Technology0.00%
Life Sciences Tools & Services3.20%4.10%
Managed Health Care11.30%7.80%
Materials0.00%
Other0.00%
Pharmaceuticals45.60%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 05/31/2017
RankHolding
1Bristol-Myers Squibb Co.
2Allergan plc
3UnitedHealth Group Inc.
4AstraZeneca plc
5Eli Lilly & Co.
6Merck & Co. Inc.
7Regeneron Pharmaceuticals Inc.
8Vertex Pharmaceuticals Inc.
9Medtronic plc
10McKesson Corp.
Ten largest holdings = 43.6% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary