Vanguard Lifetime Income Program - Dividend Growth Fund [QF]

Quarter-End Holdings as of 06/30/2016

1Microsoft Corp.3.2%
2Costco Wholesale Corp.3.1%
3Medtronic plc3.1%
4United Parcel Service Inc.3.0%
5Chubb Ltd.3.0%
6NIKE Inc.2.9%
7Marsh & McLennan Cos. Inc.2.9%
8Colgate-Palmolive Co.2.7%
9Honeywell International Inc.2.7%
10Johnson & Johnson2.6%
Ten largest holdings = 29.2% of total net assets

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

Vanguard portfolio holdings disclaimer