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

Equity Characteristics as of 11/30/2017
 VLIP-Health Care FundMSCI ACWI Health Care
Number of Stocks84176
Median Market Cap$84.7 billion
Price/Earnings Ratio 25.1x23.7x
Price/Book Ratio 3.2x3.7x
Return on Equity 15.0%16.3%
Earnings Growth Rate 2.7%6.9%
Foreign Holdings23.6%
Turnover Rate (Fiscal Year End January)12.3%
Short-Term Reserves1.9%
Total Net Assets

Equity Sector Diversification as of 11/30/2017
 VLIP-Health Care FundMSCI ACWI Health Care
Biotechnology15.10%16.50%
Consumer Discretionary0.00%
Consumer Staples1.60%
Energy0.00%
Financials0.00%
Health Care Distributors3.60%1.90%
Health Care Equipment11.70%15.30%
Health Care Facilities3.40%1.30%
Health Care Services0.40%3.00%
Health Care Supplies0.80%2.20%
Health Care Technology3.00%0.70%
Industrials0.00%
Information Technology0.00%
Life Sciences Tools & Services2.90%4.40%
Managed Health Care12.70%9.30%
Materials0.00%
Other0.00%
Pharmaceuticals44.90%45.30%
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 11/30/2017
RankHolding
1Bristol-Myers Squibb Co.
2UnitedHealth Group Inc.
3Eli Lilly & Co.
4AstraZeneca plc
5Allergan plc
6Merck & Co. Inc.
7Medtronic plc
8Vertex Pharmaceuticals Inc.
9Cigna Corp.
10McKesson Corp.
Ten largest holdings = 41.2% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary