Vanguard Lifetime Income Program - Equity Income Portfolio

Quarter-End Holdings as of 12/31/2016

1Microsoft Corp.4.6%
2JPMorgan Chase & Co.3.7%
3Wells Fargo & Co.3.3%
4Johnson & Johnson3.1%
5General Electric Co.2.7%
6Philip Morris International Inc.2.6%
7Exxon Mobil Corp.2.4%
8Verizon Communications Inc.2.2%
9Chevron Corp.2.2%
10Cisco Systems Inc.2.2%
Ten largest holdings = 29.0% of total net assets

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

Vanguard portfolio holdings disclaimer