Vanguard Lifetime Income Program - Health Care Fund [QF]

Quarter-End Holdings as of 12/31/2016

RankHoldingPercentage
1Bristol-Myers Squibb Co.7.0%
2Allergan plc6.2%
3UnitedHealth Group Inc.5.8%
4Merck & Co. Inc.4.8%
5Eli Lilly & Co.4.7%
6AstraZeneca plc4.4%
7Medtronic plc3.2%
8Regeneron Pharmaceuticals Inc.2.8%
9Incyte Corp.2.7%
10McKesson Corp.2.7%
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