Vanguard Lifetime Income Program - REIT Index Portfolio
Holdings

Equity Characteristics as of 06/30/2016
 VLIP-REIT Index PortfolioMSCI US REIT Index
Number of Stocks150150
Median Market Cap$11.7 billion
Price/Earnings Ratio 35.8x35.8x
Price/Book Ratio 2.6x2.6x
Return on Equity 8.1%8.1%
Earnings Growth Rate 18.6%18.6%
Foreign Holdings
Turnover Rate (Fiscal Year End December)21.0%
Short-Term Reserves0.1%
Total Net Assets

Equity Sector Diversification as of 06/30/2016
 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 REITs7.30%7.30%
Diversified Real Estate Activities0.00%
Energy0.00%
Health Care0.00%
Health Care REITs12.40%12.40%
Hotel & Resort REITs4.90%4.90%
Industrial REITs5.90%5.90%
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 REITs12.10%12.10%
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 REITs15.30%15.30%
Retail REITs24.70%24.70%
Specialized Finance0.00%
Specialized REITs17.30%17.30%
Telecommunication Services0.00%
Thrifts & Mortgage Finance0.00%
Utilities0.00%

Month End Ten Largest Holdings as of 06/30/2016
RankHolding
1Simon Property Group Inc.
2Public Storage
3Welltower Inc.
4Equinix Inc.
5Prologis Inc.
6Equity Residential
7AvalonBay Communities Inc.
8Ventas Inc.
9Boston Properties Inc.
10Realty Income Corp.
Ten largest holdings = 35.3% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary