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Vanguard Lifetime Income Program - Mid-Cap Index Portfolio

Quarter-End Holdings as of 12/31/2015

1Ross Stores Inc.0.7%
2Fiserv Inc.0.7%
3Electronic Arts Inc.0.7%
4Roper Technologies Inc.0.6%
5Equinix Inc.0.6%
6Cerner Corp.0.6%
7ConAgra Foods Inc.0.6%
8Incyte Corp.0.6%
9Royal Caribbean Cruises Ltd.0.6%
10Hartford Financial Services Group Inc.0.6%
Ten largest holdings = 6.3% of total net assets

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

Vanguard portfolio holdings disclaimer