Vanguard Lifetime Income Program - Balanced Portfolio

Quarter-End Holdings as of 12/31/2017

1Microsoft Corp.2.4%
2JPMorgan Chase & Co.2.0%
3Bank of America Corp.2.0%
4Verizon Communications Inc.1.9%
5Intel Corp.1.8%
6Alphabet Inc.1.8%
7Chevron Corp.1.7%
8Comcast Corp.1.4%
9Apple Inc.1.4%
10Prudential Financial Inc.1.3%
Ten largest holdings = 17.7% of total net assets

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

Vanguard portfolio holdings disclaimer