Vanguard Lifetime Income Program - REIT Index Portfolio

Equity Characteristics as of 03/31/2016
 VLIP-REIT Index PortfolioMSCI US REIT Index
Number of Stocks149149
Median Market Cap$11.9 billion
Price/Earnings Ratio 40.4x40.3x
Price/Book Ratio 2.5x2.5x
Return on Equity 7.7%7.8%
Earnings Growth Rate 16.0%16.0%
Foreign Holdings
Turnover Rate (Fiscal Year End December)21.0%
Short-Term Reserves
Total Net Assets

Equity Sector Diversification as of 03/31/2016
 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 REITs8.10%8.20%
Diversified Real Estate Activities0.00%
Health Care0.00%
Health Care REITs12.00%12.00%
Hotel & Resort REITs5.50%5.50%
Industrial REITs4.50%4.50%
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 REITs12.00%12.00%
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%
Residential REITs16.40%16.40%
Retail REITs24.90%24.90%
Specialized Finance0.00%
Specialized REITs16.50%16.50%
Telecommunication Services0.00%
Thrifts & Mortgage Finance0.00%

Month End Ten Largest Holdings as of 03/31/2016
1Simon Property Group Inc.
2Public Storage
3Equity Residential
4AvalonBay Communities Inc.
5Welltower Inc.
6Prologis Inc.
7Equinix Inc.
8Ventas Inc.
9Boston Properties Inc.
10General Growth Properties Inc.
Ten largest holdings = 36.7% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings