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Vanguard Lifetime Income Program - REIT Index Portfolio

Quarter-End Holdings as of 05/31/2015

RankHoldingPercentage
1Simon Property Group Inc.8.2%
2Public Storage4.1%
3Equity Residential3.9%
4Health Care REIT Inc.3.5%
5Ventas Inc.3.2%
6AvalonBay Communities Inc.3.2%
7Prologis Inc.2.9%
8Boston Properties Inc.2.9%
9HCP Inc.2.6%
10Vornado Realty Trust2.4%
Ten largest holdings = 36.9% of total net assets

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

Vanguard portfolio holdings disclaimer