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Vanguard Lifetime Income Program - Health Care Fund [QF]

Quarter-End Holdings as of 03/31/2015

1Bristol-Myers Squibb Co.5.5%
2Actavis plc5.4%
3UnitedHealth Group Inc.4.9%
4Merck & Co. Inc.4.6%
5AstraZeneca plc3.8%
6Eli Lilly & Co.3.6%
7Medtronic plc2.9%
8McKesson Corp.2.9%
9Regeneron Pharmaceuticals Inc.2.6%
10Roche Holding AG2.4%
Ten largest holdings = 38.6% of total net assets

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

Vanguard portfolio holdings disclaimer