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Vanguard Lifetime Income Program - Dividend Growth Fund [QF]

Quarter-End Holdings as of 03/31/2015

1United Parcel Service Inc.3.0%
2TJX Cos. Inc.2.8%
3UnitedHealth Group Inc.2.8%
4ACE Ltd.2.7%
5United Technologies Corp.2.7%
6Coca-Cola Co.2.6%
7Lockheed Martin Corp.2.6%
8Praxair Inc.2.5%
9Honeywell International Inc.2.5%
10Cardinal Health Inc.2.5%
Ten largest holdings = 26.7% of total net assets

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

Vanguard portfolio holdings disclaimer