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Vanguard Lifetime Income Program - Small Company Growth Portfolio

Quarter-End Holdings as of 12/31/2015

1Euronet Worldwide Inc.1.3%
2SPS Commerce Inc.1.1%
3Super Micro Computer Inc.1.1%
4Ultimate Software Group Inc.1.1%
5Gigamon Inc.1.0%
6Infoblox Inc.0.9%
7Cynosure Inc.0.9%
8Advisory Board Co.0.9%
9CoStar Group Inc.0.9%
10Perficient Inc.0.8%
Ten largest holdings = 10.0% of total net assets

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

Vanguard portfolio holdings disclaimer