Vanguard Lifetime Income Program - REIT Index Portfolio

Quarter-End Holdings as of 10/31/2016

1Simon Property Group Inc.7.4%
2Public Storage4.0%
3Prologis Inc.3.5%
4Equinix Inc.3.2%
5Welltower Inc.3.1%
6AvalonBay Communities Inc.3.0%
7Ventas Inc.2.9%
8Equity Residential2.9%
9Boston Properties Inc.2.4%
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