Vanguard Lifetime Income Program - Health Care Fund [QF]

Quarter-End Holdings as of 09/30/2016

1UnitedHealth Group Inc.6.3%
2Allergan plc5.8%
3Bristol-Myers Squibb Co.5.5%
4Merck & Co. Inc.5.4%
5AstraZeneca plc4.5%
6Eli Lilly & Co.4.4%
7Medtronic plc3.4%
8Incyte Corp.3.2%
9Regeneron Pharmaceuticals Inc.2.8%
10McKesson Corp.2.5%
Ten largest holdings = 43.8% of total net assets

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

Vanguard portfolio holdings disclaimer