Vanguard Lifetime Income Program - Capital Growth Portfolio

Quarter-End Holdings as of 03/31/2016

1Microsoft Corp.4.8%
2Alphabet Inc.4.7%
3Biogen Inc.4.6%
4Eli Lilly & Co.4.6%
5Amgen Inc.4.6%
6Texas Instruments Inc.4.5%
7Adobe Systems Inc.4.5%
8FedEx Corp.3.5%
9Southwest Airlines Co.3.4%
10Roche Holding AG3.1%
Ten largest holdings = 42.3% of total net assets

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

Vanguard portfolio holdings disclaimer