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

Equity Characteristics as of 12/31/2016
 VLIP-Health Care FundMSCI ACWI Health Care
Number of Stocks76171
Median Market Cap$86.5 billion
Price/Earnings Ratio 27.9x22.3x
Price/Book Ratio 3.1x3.4x
Return on Equity 12.3%18.4%
Earnings Growth Rate 4.4%8.9%
Foreign Holdings21.2%
Turnover Rate (Fiscal Year End January)17.8%
Short-Term Reserves2.2%
Total Net Assets

Equity Sector Diversification as of 12/31/2016
 VLIP-Health Care FundMSCI ACWI Health Care
Biotechnology14.70%17.20%
Consumer Discretionary0.00%
Consumer Staples1.60%
Energy0.00%
Financials0.00%
Health Care Distributors3.90%2.40%
Health Care Equipment10.40%13.20%
Health Care Facilities3.60%1.50%
Health Care Services0.70%3.70%
Health Care Supplies0.40%1.90%
Health Care Technology2.80%0.50%
Industrials0.00%
Information Technology0.00%
Life Sciences Tools & Services3.50%3.50%
Managed Health Care11.80%7.50%
Materials0.00%
Other0.00%
Pharmaceuticals46.70%48.70%
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 12/31/2016
RankHolding
1Bristol-Myers Squibb Co.
2Allergan plc
3UnitedHealth Group Inc.
4Merck & Co. Inc.
5Eli Lilly & Co.
6AstraZeneca plc
7Medtronic plc
8Regeneron Pharmaceuticals Inc.
9Incyte Corp.
10McKesson Corp.
Ten largest holdings = 44.3% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary