Vanguard Lifetime Income Program - Equity Income Portfolio

Quarter-End Holdings as of 03/31/2017

1Microsoft Corp.4.5%
2JPMorgan Chase & Co.3.6%
3Johnson & Johnson3.2%
4Wells Fargo & Co.3.2%
5Philip Morris International Inc.3.0%
6Cisco Systems Inc.2.4%
7General Electric Co.2.4%
8Merck & Co. Inc.2.2%
9Exxon Mobil Corp.2.0%
10Pfizer Inc.2.0%
Ten largest holdings = 28.5% of total net assets

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

Vanguard portfolio holdings disclaimer