Vanguard Lifetime Income Program - Equity Income Portfolio

Quarter-End Holdings as of 09/30/2016

1Microsoft Corp.4.5%
2Johnson & Johnson3.3%
3JPMorgan Chase & Co.2.9%
4General Electric Co.2.7%
5Wells Fargo & Co.2.5%
6Exxon Mobil Corp.2.5%
7Philip Morris International Inc.2.5%
8Cisco Systems Inc.2.4%
9Merck & Co. Inc.2.3%
10Verizon Communications Inc.2.2%
Ten largest holdings = 27.8% of total net assets

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

Vanguard portfolio holdings disclaimer