Vanguard Lifetime Income Program - Equity Index Portfolio

Quarter-End Holdings as of 12/31/2016

1Apple Inc.3.2%
2Microsoft Corp.2.5%
3Alphabet Inc.2.4%
4Exxon Mobil Corp.1.9%
5Johnson & Johnson1.6%
6Berkshire Hathaway Inc.1.6%
7JPMorgan Chase & Co.1.6% Inc.1.5%
9General Electric Co.1.4%
10Facebook Inc.1.4%
Ten largest holdings = 19.1% of total net assets

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

Vanguard portfolio holdings disclaimer