Vanguard Lifetime Income Program - Dividend Growth Fund [QF]

Quarter-End Holdings as of 09/30/2016

1Microsoft Corp.3.6%
2NIKE Inc.3.2%
3Costco Wholesale Corp.3.0%
4United Parcel Service Inc.3.0%
5Medtronic plc3.0%
6Honeywell International Inc.2.8%
7Colgate-Palmolive Co.2.8%
8Chubb Ltd.2.8%
9Accenture plc2.7%
10Union Pacific Corp.2.6%
Ten largest holdings = 29.5% of total net assets

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

Vanguard portfolio holdings disclaimer