Vanguard Lifetime Income Program - International Portfolio
Holdings

Region Allocation as of 10/31/2016


Equity Characteristics as of 10/31/2016
 VLIP-InternationalMSCI AC World Index ex USA Net
Number of Stocks1271844
Turnover Rate (Fiscal Year End December)22.5%
Short-Term Reserves0.0%
Total Net Assets

Month End Ten Largest Holdings as of 10/31/2016
RankHolding
1Tencent Holdings Ltd.
2Alibaba Group Holding Ltd.
3AIA Group Ltd.
4Amazon.com Inc.
5Baidu Inc.
6Industria de Diseno Textil SA
7ASML Holding NV
8Zalando SE
9SoftBank Group Corp.
10SMC Corp.
Ten largest holdings = 31.0% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Country Diversification (% of common stock) as of 10/31/2016
 VLIP-International
China16.0%
Japan12.7%
Other9.6%
Germany8.9%
United Kingdom7.0%
Spain5.4%
Sweden5.3%
Hong Kong5.1%
France4.2%
Italy3.2%
Denmark3.0%
Switzerland2.9%
Netherlands2.7%
Korea2.2%
Israel2.0%
Canada1.9%
India1.9%
Norway1.3%
Peru0.1%
Taiwan1.2%
Brazil1.1%
Australia0.4%
Indonesia0.3%
Ireland0.3%
Mexico0.4%
Thailand0.4%
Portugal0.3%
Belgium0.2%
Finland
Russia
Singapore
South Africa
Turkey

Glossary