Vanguard Lifetime Income Program - REIT Index Portfolio

Quarter-End Holdings as of 09/30/2016

1Simon Property Group Inc.7.7%
2Public Storage4.0%
3Prologis Inc.3.4%
4Welltower Inc.3.2%
5Equinix Inc.3.0%
6AvalonBay Communities Inc.2.9%
7Ventas Inc.2.9%
8Equity Residential2.8%
9Boston Properties Inc.2.5%
10HCP Inc.2.1%
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