Vanguard Lifetime Income Program - Dividend Growth Fund [QF]

Quarter-End Holdings as of 03/31/2017

1NIKE Inc.3.7%
2Microsoft Corp.3.6%
3Costco Wholesale Corp.3.5%
4TJX Cos. Inc.2.8%
5United Parcel Service Inc.2.8%
6Chubb Ltd.2.8%
7Canadian National Railway Co.2.6%
8Cardinal Health Inc.2.5%
9Visa Inc.2.5%
10Colgate-Palmolive Co.2.5%
Ten largest holdings = 29.3% of total net assets

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

Vanguard portfolio holdings disclaimer