Vanguard Lifetime Income Program - REIT Index Portfolio
Holdings

Equity Characteristics as of 07/31/2016
 VLIP-REIT Index PortfolioMSCI US REIT Index
Number of Stocks149149
Median Market Cap$12.0 billion
Price/Earnings Ratio 36.5x36.5x
Price/Book Ratio 2.7x2.7x
Return on Equity 8.1%8.1%
Earnings Growth Rate 18.4%18.4%
Foreign Holdings
Turnover Rate (Fiscal Year End December)21.0%
Short-Term Reserves0.0%
Total Net Assets

Equity Sector Diversification as of 07/31/2016
 VLIP-REIT Index PortfolioMSCI US REIT Index
Asset Management & Custody Banks0.00%
Consumer Discretionary0.00%
Consumer Finance0.00%
Consumer Staples0.00%
Diversified Banks0.00%
Diversified Capital Markets0.00%
Diversified REITs7.50%7.50%
Diversified Real Estate Activities0.00%
Energy0.00%
Health Care0.00%
Health Care REITs12.60%12.60%
Hotel & Resort REITs5.20%5.20%
Industrial REITs6.20%6.20%
Industrials0.00%
Information Technology0.00%
Insurance Brokers0.00%
Investment Banking & Brokerage0.00%
Life & Health Insurance0.00%
Materials0.00%
Mortgage REITs0.00%
Multi-Sector Holdings0.00%
Multi-line Insurance0.00%
Office REITs12.60%12.60%
Other0.00%
Other Diversified Financial Services0.00%
Property & Casualty Insurance0.00%
Real Estate Development0.00%
Real Estate Operating Companies0.00%
Real Estate Services0.00%
Regional Banks0.00%
Reinsurance0.00%
Residential REITs14.90%14.90%
Retail REITs24.90%24.90%
Specialized Finance0.00%
Specialized REITs16.10%16.10%
Telecommunication Services0.00%
Thrifts & Mortgage Finance0.00%
Utilities0.00%

Month End Ten Largest Holdings as of 07/31/2016
RankHolding
1Simon Property Group Inc.
2Public Storage
3Prologis Inc.
4Welltower Inc.
5Equinix Inc.
6Ventas Inc.
7AvalonBay Communities Inc.
8Equity Residential
9Boston Properties Inc.
10General Growth Properties Inc.
Ten largest holdings = 34.6% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary