Vanguard Lifetime Income Program - Dividend Growth Fund [QF]

Quarter-End Holdings as of 03/31/2016

1Microsoft Corp.3.3%
2United Parcel Service Inc.3.1%
3Costco Wholesale Corp.3.0%
4NIKE Inc.2.9%
5TJX Cos. Inc.2.7%
6Colgate-Palmolive Co.2.7%
7Accenture plc2.7%
8Chubb Ltd.2.7%
9Marsh & McLennan Cos. Inc.2.7%
10Honeywell International Inc.2.7%
Ten largest holdings = 28.5% of total net assets

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

Vanguard portfolio holdings disclaimer