Vanguard Lifetime Income Program - REIT Index Portfolio

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%
Health Care0.00%
Health Care REITs12.60%12.60%
Hotel & Resort REITs5.20%5.20%
Industrial REITs6.20%6.20%
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 REITs12.60%12.60%
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 REITs14.90%14.90%
Retail REITs24.90%24.90%
Specialized Finance0.00%
Specialized REITs16.10%16.10%
Telecommunication Services0.00%
Thrifts & Mortgage Finance0.00%

Month End Ten Largest Holdings as of 07/31/2016
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