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Vanguard Lifetime Income Program - REIT Index Portfolio

Quarter-End Holdings as of 10/31/2015

1Simon Property Group Inc.8.7%
2Public Storage4.7%
3Equity Residential3.9%
4AvalonBay Communities Inc.3.2%
5Welltower Inc.3.2%
6Prologis Inc.3.1%
7Boston Properties Inc.2.7%
8Ventas Inc.2.5%
9HCP Inc.2.4%
10Vornado Realty Trust2.4%
Ten largest holdings = 36.8% of total net assets

Portfolio holdings may exclude any temporary cash investments and equity index products.

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