Vanguard Lifetime Income Program - Diversified Value Portfolio

Quarter-End Holdings as of 09/30/2016

1Philip Morris International Inc.3.6%
2PNC Financial Services Group Inc.3.4%
3Medtronic plc3.2%
4Wells Fargo & Co.3.2%
5United Technologies Corp.3.1%
6Air Products & Chemicals Inc.3.0%
7Johnson Controls International plc3.0%
10JPMorgan Chase & Co.3.0%
Ten largest holdings = 31.5% of total net assets

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

Vanguard portfolio holdings disclaimer