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Vanguard Lifetime Income Program - International Portfolio

Quarter-End Holdings as of 03/31/2015

RankHoldingPercentage
1Tencent Holdings Ltd.3.3%
2AIA Group Ltd.2.9%
3Baidu Inc.2.9%
4Fiat Chrysler Automobiles NV2.8%
5Alibaba Group Holding Ltd.2.2%
6SoftBank Corp.2.2%
7Inditex SA2.1%
8Atlas Copco AB1.8%
9ARM Holdings plc1.8%
10Amazon.com Inc.1.8%
Ten largest holdings = 23.8% of total net assets

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

Vanguard portfolio holdings disclaimer