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Vanguard Lifetime Income Program - Health Care Fund [QF]

Quarter-End Holdings as of 12/31/2014

RankHoldingPercentage
1Bristol-Myers Squibb Co.5.2%
2Actavis plc5.1%
3UnitedHealth Group Inc.4.6%
4Merck & Co. Inc.4.6%
5AstraZeneca plc3.8%
6Eli Lilly & Co.3.4%
7McKesson Corp.3.0%
8Regeneron Pharmaceuticals Inc.2.7%
9Vertex Pharmaceuticals Inc.2.6%
10Roche Holding AG2.5%
Ten largest holdings = 37.5% of total net assets

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

Vanguard portfolio holdings disclaimer