Vanguard Lifetime Income Program - Dividend Growth Fund [QF]

Quarter-End Holdings as of 12/31/2016

1NIKE Inc.3.7%
2Costco Wholesale Corp.3.7%
3Microsoft Corp.3.6%
4United Parcel Service Inc.2.9%
5Chubb Ltd.2.8%
6Automatic Data Processing Inc.2.7%
7Cardinal Health Inc.2.6%
8Coca-Cola Co.2.5%
9Visa Inc.2.5%
10Colgate-Palmolive Co.2.5%
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