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Vanguard Lifetime Income Program - REIT Index Portfolio

Quarter-End Holdings as of 07/31/2015

RankHoldingPercentage
1Simon Property Group Inc.8.4%
2Public Storage4.3%
3Equity Residential3.9%
4Health Care REIT Inc.3.4%
5AvalonBay Communities Inc.3.3%
6Ventas Inc.3.2%
7Prologis Inc.3.0%
8Boston Properties Inc.2.7%
9HCP Inc.2.6%
10Vornado Realty Trust2.4%
Ten largest holdings = 37.2% of total net assets

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

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