Vanguard Lifetime Income Program - Equity Income Portfolio

Quarter-End Holdings as of 06/30/2016

1Microsoft Corp.4.1%
2Johnson & Johnson3.5%
3General Electric Co.2.9%
4Wells Fargo & Co.2.7%
5JPMorgan Chase & Co.2.7%
6Exxon Mobil Corp.2.7%
7Verizon Communications Inc.2.6%
8Pfizer Inc.2.3%
9Cisco Systems Inc.2.3%
10Merck & Co. Inc.2.2%
Ten largest holdings = 28.0% of total net assets

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

Vanguard portfolio holdings disclaimer