Vanguard Lifetime Income Program - REIT Index Portfolio

Quarter-End Holdings as of 04/30/2016

RankHoldingPercentage
1Simon Property Group Inc.8.1%
2Public Storage4.7%
3Equity Residential3.2%
4Welltower Inc.3.2%
5AvalonBay Communities Inc.3.2%
6Prologis Inc.3.1%
7Equinix Inc.2.9%
8Ventas Inc.2.7%
9Boston Properties Inc.2.6%
10Vornado Realty Trust2.1%
Ten largest holdings = 35.8% of total net assets

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

Vanguard portfolio holdings disclaimer