Vanguard Lifetime Income Program - Capital Growth Portfolio

Quarter-End Holdings as of 03/31/2017

RankHoldingPercentage
1Eli Lilly & Co.4.6%
2Alphabet Inc.4.5%
3Texas Instruments Inc.4.4%
4Adobe Systems Inc.4.4%
5Microsoft Corp.4.3%
6Biogen Inc.4.0%
7Amgen Inc.4.0%
8FedEx Corp.3.6%
9Southwest Airlines Co.3.5%
10Roche Holding AG2.7%
Ten largest holdings = 40.0% of total net assets

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

Vanguard portfolio holdings disclaimer