Vanguard Lifetime Income Program - REIT Index Portfolio

Quarter-End Holdings as of 08/31/2016

1Simon Property Group Inc.7.9%
2Public Storage3.9%
3Prologis Inc.3.3%
4Welltower Inc.3.2%
5Equinix Inc.3.0%
6Ventas Inc.2.9%
7AvalonBay Communities Inc.2.8%
8Equity Residential2.8%
9Boston Properties Inc.2.5%
10HCP Inc.2.2%
Ten largest holdings = 34.5% of total net assets

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

Vanguard portfolio holdings disclaimer