Vanguard Lifetime Income Program - Capital Growth Portfolio

Quarter-End Holdings as of 06/30/2017

1Alphabet Inc.4.6%
2Eli Lilly & Co.4.2%
3Adobe Systems Inc.3.9%
4Microsoft Corp.3.9%
5Amgen Inc.3.9%
6Southwest Airlines Co.3.7%
7Biogen Inc.3.7%
8FedEx Corp.3.7%
9Texas Instruments Inc.3.6%
10Roche Holding AG2.5%
Ten largest holdings = 37.7% of total net assets

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

Vanguard portfolio holdings disclaimer