Vanguard Lifetime Income Program - Balanced Portfolio

Quarter-End Holdings as of 06/30/2017

1Microsoft Corp.2.1%
2JPMorgan Chase & Co.1.9%
3Bank of America Corp.1.7%
4Comcast Corp.1.7%
5Chevron Corp.1.7%
6Alphabet Inc.1.7%
7Chubb Ltd.1.5%
8Intel Corp.1.5%
9Prudential Financial Inc.1.4%
10Merck & Co. Inc.1.3%
Ten largest holdings = 16.5% of total net assets

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

Vanguard portfolio holdings disclaimer