Vanguard Lifetime Income Program - Balanced Portfolio

Quarter-End Holdings as of 03/31/2016

1Wells Fargo & Co.2.3%
2Microsoft Corp.2.2%
3Merck & Co. Inc.2.0%
4Verizon Communications Inc.1.9%
5Comcast Corp.1.9%
6Alphabet Inc.1.6%
7Chevron Corp.1.6%
8JPMorgan Chase & Co.1.5%
9Intel Corp.1.4%
10Chubb Ltd.1.4%
Ten largest holdings = 17.8% of total net assets

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

Vanguard portfolio holdings disclaimer