Vanguard Lifetime Income Program - Growth Portfolio

Quarter-End Holdings as of 12/31/2016

1Alphabet Inc.6.0%
2Microsoft Corp.4.2%
3Mastercard Inc.3.7%
4Facebook Inc.3.6%
5Visa Inc.3.3%
6PayPal Holdings Inc.2.9%
7Celgene Corp.2.6%
8Allergan plc2.4% Inc.2.4%
10Intercontinental Exchange Inc.2.4%
Ten largest holdings = 33.5% of total net assets

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

Vanguard portfolio holdings disclaimer