Vanguard Lifetime Income Program - Diversified Value Portfolio

Quarter-End Holdings as of 06/30/2017

1Philip Morris International Inc.4.0%
2Wells Fargo & Co.3.7%
3Oracle Corp.3.7%
4United Technologies Corp.3.5%
5Medtronic plc3.4%
6Altria Group Inc.3.3%
7Johnson & Johnson3.3%
8JPMorgan Chase & Co.3.3%
9Express Scripts Holding Co.3.2%
10Cardinal Health Inc.3.2%
Ten largest holdings = 34.6% of total net assets

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

Vanguard portfolio holdings disclaimer