Vanguard Lifetime Income Program - Health Care Fund [QF]

Quarter-End Holdings as of 03/31/2017

1Bristol-Myers Squibb Co.6.2%
2Allergan plc6.1%
3UnitedHealth Group Inc.5.3%
4Eli Lilly & Co.5.0%
5AstraZeneca plc4.6%
6Merck & Co. Inc.4.5%
7Medtronic plc3.3%
8Vertex Pharmaceuticals Inc.3.1%
9Regeneron Pharmaceuticals Inc.3.1%
10Incyte Corp.2.7%
Ten largest holdings = 43.9% of total net assets

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

Vanguard portfolio holdings disclaimer