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Vanguard Lifetime Income Program - Equity Index Portfolio

Quarter-End Holdings as of 12/31/2015

1Apple Inc.3.3%
2Alphabet Inc.2.5%
3Microsoft Corp.2.5%
4Exxon Mobil Corp.1.8%
5General Electric Co.1.6%
6Johnson & Johnson1.6% Inc.1.4%
8Wells Fargo & Co.1.4%
9Berkshire Hathaway Inc.1.4%
10JPMorgan Chase & Co.1.4%
Ten largest holdings = 18.9% of total net assets

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

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