Vanguard Lifetime Income Program - International Portfolio
Holdings

Region Allocation as of 12/31/2016


Equity Characteristics as of 12/31/2016
 VLIP-InternationalMSCI AC World Index ex USA Net
Number of Stocks1221847
Turnover Rate (Fiscal Year End December)22.5%
Short-Term Reserves
Total Net Assets

Month End Ten Largest Holdings as of 12/31/2016
RankHolding
1Tencent Holdings Ltd.
2Alibaba Group Holding Ltd.
3AIA Group Ltd.
4Industria de Diseno Textil SA
5Amazon.com Inc.
6ASML Holding NV
7Baidu Inc.
8SoftBank Group Corp.
9Svenska Handelsbanken AB
10Zalando SE
Ten largest holdings = 30.4% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Country Diversification (% of common stock) as of 12/31/2016
 VLIP-International
China14.7%
Japan12.4%
Germany9.3%
Other9.2%
United Kingdom7.1%
Sweden5.7%
Spain5.2%
France4.7%
Hong Kong4.7%
Italy3.7%
Netherlands3.2%
Denmark3.1%
Switzerland3.0%
Korea2.2%
Canada2.0%
India1.9%
Israel1.7%
Norway1.5%
Taiwan1.1%
Brazil1.0%
Australia0.5%
Indonesia0.4%
Ireland0.4%
Mexico0.3%
Thailand0.4%
Portugal0.3%
Belgium0.2%
Peru0.1%
Finland
Russia
Singapore
South Africa
Turkey

Glossary