Vanguard Lifetime Income Program - International Portfolio
Holdings

Region Allocation as of 05/31/2016


Equity Characteristics as of 05/31/2016
 VLIP-InternationalMSCI AC World Index ex USA Net
Number of Stocks1671847
Turnover Rate (Fiscal Year End December)22.5%
Short-Term Reserves0.8%
Total Net Assets

Month End Ten Largest Holdings as of 05/31/2016
RankHolding
1Tencent Holdings Ltd.
2Industria de Diseno Textil SA
3AIA Group Ltd.
4Baidu Inc.
5Amazon.com Inc.
6Alibaba Group Holding Ltd.
7SoftBank Group Corp.
8Rolls-Royce Holdings plc
9ARM Holdings plc
10Svenska Handelsbanken AB
Ten largest holdings = 27.8% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Country Diversification (% of common stock) as of 05/31/2016
 VLIP-International
China13.7%
Japan12.2%
United Kingdom11.7%
Other10.8%
Germany7.0%
Spain5.5%
Sweden5.4%
Hong Kong4.9%
France4.6%
Switzerland3.7%
Italy2.8%
Denmark2.5%
Canada2.3%
Korea2.3%
Norway1.3%
India1.7%
Netherlands1.6%
Israel1.1%
Taiwan0.8%
Brazil0.8%
Ireland0.8%
Australia0.7%
Thailand0.5%
Portugal0.3%
Singapore0.3%
South Africa0.2%
Indonesia0.2%
Mexico0.2%
Peru0.1%
Finland
Russia
Turkey

Glossary