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Vanguard Lifetime Income Program - REIT Index Portfolio

Quarter-End Holdings as of 04/30/2015

RankHoldingPercentage
1Simon Property Group Inc.8.4%
2Public Storage4.1%
3Equity Residential3.8%
4Health Care REIT Inc.3.7%
5Ventas Inc.3.3%
6AvalonBay Communities Inc.3.2%
7Boston Properties Inc.3.0%
8Prologis Inc.3.0%
9HCP Inc.2.7%
10Vornado Realty Trust2.6%
Ten largest holdings = 37.8% of total net assets

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

Vanguard portfolio holdings disclaimer