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Vanguard Lifetime Income Program - Balanced Portfolio

Quarter-End Holdings as of 09/30/2015

1Wells Fargo & Co.2.5%
2Microsoft Corp.2.0%
3Merck & Co. Inc.1.7%
4Comcast Corp.1.6%
5Verizon Communications Inc.1.6%
6JPMorgan Chase & Co.1.6%
7Chevron Corp.1.4%
8CVS Health Corp.1.4%
9Intel Corp.1.4%
10Google Inc.1.4%
Ten largest holdings = 16.6% of total net assets

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

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