Vanguard Lifetime Income Program - Equity Income Portfolio

Quarter-End Holdings as of 09/30/2017

RankHoldingPercentage
1Microsoft Corp.4.9%
2JPMorgan Chase & Co.3.7%
3Philip Morris International Inc.3.1%
4Wells Fargo & Co.2.8%
5Johnson & Johnson2.7%
6Chevron Corp.2.3%
7Cisco Systems Inc.2.2%
8DowDuPont Inc.2.0%
9Merck & Co. Inc.2.0%
10Pfizer Inc.1.9%
Ten largest holdings = 27.6% of total net assets

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

Vanguard portfolio holdings disclaimer