Vanguard Lifetime Income Program - Diversified Value Portfolio

Quarter-End Holdings as of 03/31/2016

1Philip Morris International Inc.3.8%
2Medtronic plc3.7%
3Wells Fargo & Co.3.7%
4JPMorgan Chase & Co.3.5%
5PNC Financial Services Group Inc.3.3%
6Air Products & Chemicals Inc.3.3%
7United Technologies Corp.3.2%
8Verizon Communications Inc.3.2%
9Johnson Controls Inc.3.2%
10Imperial Brands plc3.1%
Ten largest holdings = 34.0% of total net assets

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

Vanguard portfolio holdings disclaimer