Vanguard Lifetime Income Program - REIT Index Portfolio

Equity Characteristics as of 05/31/2016
 VLIP-REIT Index PortfolioMSCI US REIT Index
Number of Stocks150149
Median Market Cap$11.4 billion
Price/Earnings Ratio 33.9x33.9x
Price/Book Ratio 2.5x2.5x
Return on Equity 8.0%8.0%
Earnings Growth Rate 18.7%18.8%
Foreign Holdings
Turnover Rate (Fiscal Year End December)21.0%
Short-Term Reserves0.1%
Total Net Assets

Equity Sector Diversification as of 05/31/2016
 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 REITs7.40%8.60%
Diversified Real Estate Activities0.00%
Health Care0.00%
Health Care REITs12.20%12.10%
Hotel & Resort REITs5.00%5.00%
Industrial REITs5.90%4.90%
Information Technology0.00%
Insurance Brokers0.00%
Investment Banking & Brokerage0.00%
Life & Health Insurance0.00%
Mortgage REITs0.00%
Multi-Sector Holdings0.00%
Multi-line Insurance0.00%
Office REITs12.30%12.30%
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%
Residential REITs15.80%15.90%
Retail REITs23.90%24.00%
Specialized Finance0.00%
Specialized REITs17.50%17.30%
Telecommunication Services0.00%
Thrifts & Mortgage Finance0.00%

Month End Ten Largest Holdings as of 05/31/2016
1Simon Property Group Inc.
2Public Storage
3Equity Residential
4Equinix Inc.
5Prologis Inc.
6AvalonBay Communities Inc.
7Welltower Inc.
8Ventas Inc.
9Boston Properties Inc.
10Vornado Realty Trust
Ten largest holdings = 35.6% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings