Vanguard Lifetime Income Program - International Portfolio
Holdings

Region Allocation as of 05/31/2017


Equity Characteristics as of 05/31/2017
 VLIP-InternationalMSCI AC World Index ex USA Net
Number of Stocks1231852
Turnover Rate (Fiscal Year End December)28.8%
Short-Term Reserves
Total Net Assets

Month End Ten Largest Holdings as of 05/31/2017
RankHolding
1Tencent Holdings Ltd.
2Alibaba Group Holding Ltd.
3Industria de Diseno Textil SA
4Amazon.com Inc.
5AIA Group Ltd.
6ASML Holding NV
7Baidu Inc.
8SoftBank Group Corp.
9Zalando SE
10Atlas Copco AB
Ten largest holdings = 29.8% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Country Diversification (% of common stock) as of 05/31/2017
 VLIP-International
China16.6%
Other12.1%
Japan11.6%
Germany8.5%
United Kingdom7.5%
Sweden5.9%
Spain5.5%
France4.6%
Hong Kong4.2%
Australia0.4%
Netherlands3.1%
Denmark3.0%
Switzerland2.8%
India2.0%
Korea2.0%
Israel1.8%
Italy1.9%
Canada1.4%
Taiwan1.1%
Brazil0.9%
Norway0.8%
Indonesia0.4%
Ireland0.4%
Mexico0.3%
Thailand0.3%
Belgium0.3%
Portugal0.3%
Peru0.2%
Singapore0.1%
South Africa

Glossary