Vanguard Lifetime Income Program - Diversified Value Portfolio

Quarter-End Holdings as of 06/30/2016

1Philip Morris International Inc.3.8%
2JPMorgan Chase & Co.3.6%
3Johnson Controls Inc.3.5%
4Wells Fargo & Co.3.5%
5Medtronic plc3.3%
6United Technologies Corp.3.2%
7Verizon Communications Inc.3.2%
8Air Products & Chemicals Inc.3.1%
9PNC Financial Services Group Inc.3.1%
10Pfizer Inc.3.1%
Ten largest holdings = 33.4% of total net assets

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

Vanguard portfolio holdings disclaimer