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

Quarter-End Holdings as of 12/31/2016

1Royal Dutch Shell plc1.2%
2Nestle SA1.1%
3Novartis AG0.9%
4Samsung Electronics Co. Ltd.0.9%
5Roche Holding AG0.8%
6HSBC Holdings plc0.8%
7Toyota Motor Corp.0.8%
8Taiwan Semiconductor Manufacturing Co. Ltd.0.7%
9Tencent Holdings Ltd.0.7%
10BP plc0.6%
Ten largest holdings = 8.5% of total net assets

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

Vanguard portfolio holdings disclaimer