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

Equity Characteristics as of 09/30/2017
 VLIP-Health Care FundMSCI ACWI Health Care
Number of Stocks81176
Median Market Cap$94.2 billion
Price/Earnings Ratio 22.0x22.9x
Price/Book Ratio 3.3x3.7x
Return on Equity 15.0%16.4%
Earnings Growth Rate 2.2%6.7%
Foreign Holdings22.9%
Turnover Rate (Fiscal Year End January)12.3%
Short-Term Reserves2.9%
Total Net Assets

Equity Sector Diversification as of 09/30/2017
 VLIP-Health Care FundMSCI ACWI Health Care
Biotechnology16.20%17.70%
Consumer Discretionary0.00%
Consumer Staples1.30%
Energy0.00%
Financials0.00%
Health Care Distributors3.80%2.00%
Health Care Equipment11.30%14.50%
Health Care Facilities3.30%1.30%
Health Care Services0.50%3.10%
Health Care Supplies0.70%2.10%
Health Care Technology3.20%0.70%
Industrials0.00%
Information Technology0.00%
Life Sciences Tools & Services3.00%4.20%
Managed Health Care11.40%8.20%
Materials0.00%
Other0.00%
Pharmaceuticals45.20%46.20%
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 09/30/2017
RankHolding
1Bristol-Myers Squibb Co.
2UnitedHealth Group Inc.
3Eli Lilly & Co.
4AstraZeneca plc
5Allergan plc
6Merck & Co. Inc.
7Vertex Pharmaceuticals Inc.
8Medtronic plc
9Regeneron Pharmaceuticals Inc.
10McKesson Corp.
Ten largest holdings = 42.0% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary