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Vanguard Lifetime Income Program - International Portfolio

Quarter-End Holdings as of 12/31/2015

1Tencent Holdings Ltd.3.7%
2Industria de Diseno Textil SA3.4%
3AIA Group Ltd.3.4%
4Baidu Inc.3.4% Inc.3.0%
6Alibaba Group Holding Ltd.2.8%
7Fiat Chrysler Automobiles NV2.5%
8SoftBank Group Corp.2.0%
9ARM Holdings plc1.8%
10Rolls-Royce Holdings plc1.7%
Ten largest holdings = 27.7% of total net assets

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

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