Vanguard Lifetime Income Program - Health Care Fund [QF]

Quarter-End Holdings as of 06/30/2016

1Bristol-Myers Squibb Co.6.9%
2UnitedHealth Group Inc.6.6%
3Allergan plc5.7%
4Merck & Co. Inc.5.5%
5Eli Lilly & Co.4.2%
6AstraZeneca plc3.9%
7Medtronic plc3.4%
8McKesson Corp.2.8%
9Incyte Corp.2.7%
10Boston Scientific Corp.2.6%
Ten largest holdings = 44.3% of total net assets

Portfolio holdings may exclude any temporary cash investments and equity index products.

Vanguard portfolio holdings disclaimer