Vanguard Lifetime Income Program - Small Company Growth Portfolio

Quarter-End Holdings as of 12/31/2016

1Cadence Design Systems Inc.1.2%
2ABIOMED Inc.1.1%
3ServiceMaster Global Holdings Inc.0.9%
4INC Research Holdings Inc.0.9%
5Sally Beauty Holdings Inc.0.9%
6TriNet Group Inc.0.9%
7Tennant Co.0.8%
8Clean Harbors Inc.0.8%
9LPL Financial Holdings Inc.0.8%
10CEB Inc.0.8%
Ten largest holdings = 9.1% of total net assets

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

Vanguard portfolio holdings disclaimer