Vanguard Lifetime Income Program - International Portfolio
Holdings

Region Allocation as of 07/31/2017


Equity Characteristics as of 07/31/2017
 VLIP-InternationalMSCI AC World Index ex USA Net
Number of Stocks1251863
Turnover Rate (Fiscal Year End December)28.8%
Short-Term Reserves
Total Net Assets

Month End Ten Largest Holdings as of 07/31/2017
RankHolding
1Tencent Holdings Ltd.
2Alibaba Group Holding Ltd.
3ASML Holding NV
4Baidu Inc.
5AIA Group Ltd.
6Industria de Diseno Textil SA
7Amazon.com Inc.
8Ferrari NV
9SoftBank Group Corp.
10Svenska Handelsbanken AB
Ten largest holdings = 31.3% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Country Diversification (% of common stock) as of 07/31/2017
 VLIP-International
China18.8%
Other9.9%
Japan10.8%
Germany8.1%
United Kingdom7.1%
Sweden5.7%
Spain5.1%
France4.4%
Hong Kong4.3%
Italy4.0%
Netherlands3.4%
Denmark3.0%
Switzerland3.0%
India2.1%
Korea1.8%
Israel1.7%
Canada1.4%
Taiwan1.1%
Brazil0.9%
Norway0.7%
Australia0.4%
Indonesia0.4%
Mexico0.3%
Thailand0.3%
Belgium0.3%
Ireland0.3%
Portugal0.3%
Singapore0.2%
Peru0.2%

Glossary