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Vanguard Lifetime Income Program - Capital Growth Portfolio

Quarter-End Holdings as of 12/31/2015

RankHoldingPercentage
1Biogen Inc.5.4%
2Eli Lilly & Co.5.1%
3Amgen Inc.4.9%
4Microsoft Corp.4.8%
5Alphabet Inc.4.7%
6Adobe Systems Inc.4.4%
7Texas Instruments Inc.4.2%
8Roche Holding AG3.4%
9Southwest Airlines Co.3.2%
10FedEx Corp.3.1%
Ten largest holdings = 43.2% of total net assets

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

Vanguard portfolio holdings disclaimer