Vanguard Lifetime Income Program - Total International Stock Index Fund [QF]

Quarter-End Holdings as of 05/31/2016

1Nestle SA1.2%
2Roche Holding AG1.0%
3Royal Dutch Shell plc1.0%
4Novartis AG0.9%
5Toyota Motor Corp.0.7%
6Samsung Electronics Co. Ltd.0.7%
7HSBC Holdings plc0.7%
9Tencent Holdings Ltd.0.6%
10Taiwan Semiconductor Manufacturing Co. Ltd.0.6%
Ten largest holdings = 8.0% of total net assets

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

Vanguard portfolio holdings disclaimer