Vanguard Lifetime Income Program - Diversified Value Portfolio

Quarter-End Holdings as of 12/31/2016

1Wells Fargo & Co.3.8%
3Philip Morris International Inc.3.2%
4United Technologies Corp.3.2%
5JPMorgan Chase & Co.3.2%
6Bank of America Corp.3.2%
7Altria Group Inc.3.1%
8CVS Health Corp.3.1%
9Cardinal Health Inc.3.1%
Ten largest holdings = 32.2% of total net assets

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

Vanguard portfolio holdings disclaimer