Vanguard Lifetime Income Program - REIT Index Portfolio
Holdings

Equity Characteristics as of 02/28/2017
 VLIP-REIT Index PortfolioMSCI US REIT Index
Number of Stocks157155
Median Market Cap$10.0 billion
Price/Earnings Ratio 30.3x30.2x
Price/Book Ratio 2.4x2.4x
Return on Equity 8.7%8.7%
Earnings Growth Rate 16.3%16.2%
Foreign Holdings
Turnover Rate (Fiscal Year End December)13.8%
Short-Term Reserves
Total Net Assets

Equity Sector Diversification as of 02/28/2017
 VLIP-REIT Index PortfolioMSCI US REIT Index
Consumer Discretionary0.00%
Consumer Staples0.00%
Diversified REITs7.80%7.80%
Diversified Real Estate Activities0.00%
Energy0.00%
Financials0.00%
Health Care0.00%
Health Care REITs12.30%12.20%
Hotel & Resort REITs6.10%6.10%
Industrial REITs6.10%6.10%
Industrials0.00%
Information Technology0.00%
Materials0.00%
Office REITs13.90%13.80%
Other0.00%
Real Estate Development0.00%
Real Estate Operating Companies0.00%
Real Estate Services0.00%
Residential REITs15.70%15.70%
Retail REITs21.60%21.70%
Specialized REITs16.60%16.60%
Telecommunication Services0.00%
Utilities0.00%

Month End Ten Largest Holdings as of 02/28/2017
RankHolding
1Simon Property Group Inc.
2Public Storage
3Prologis Inc.
4Equinix Inc.
5Welltower Inc.
6AvalonBay Communities Inc.
7Equity Residential
8Ventas Inc.
9Boston Properties Inc.
10Vornado Realty Trust
Ten largest holdings = 33.3% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary