Vanguard Lifetime Income Program - REIT Index Portfolio
Holdings

Equity Characteristics as of 05/31/2017
 VLIP-REIT Index PortfolioMSCI US REIT Index
Number of Stocks156153
Median Market Cap$10.2 billion
Price/Earnings Ratio 38.3x38.0x
Price/Book Ratio 2.3x2.3x
Return on Equity 9.5%9.5%
Earnings Growth Rate 17.0%16.8%
Foreign Holdings
Turnover Rate (Fiscal Year End December)13.8%
Short-Term Reserves
Total Net Assets

Equity Sector Diversification as of 05/31/2017
 VLIP-REIT Index PortfolioMSCI US REIT Index
Consumer Discretionary0.00%
Consumer Staples0.00%
Diversified REITs7.60%7.70%
Diversified Real Estate Activities0.00%
Energy0.00%
Financials0.00%
Health Care0.00%
Health Care REITs12.80%12.90%
Hotel & Resort REITs6.30%6.30%
Industrial REITs6.90%6.90%
Industrials0.00%
Information Technology0.00%
Materials0.00%
Office REITs13.20%13.10%
Other0.00%
Real Estate Development0.00%
Real Estate Operating Companies0.00%
Real Estate Services0.00%
Residential REITs16.60%16.60%
Retail REITs18.70%18.70%
Specialized REITs18.00%17.80%
Telecommunication Services0.00%
Utilities0.00%

Month End Ten Largest Holdings as of 05/31/2017
RankHolding
1Simon Property Group Inc.
2Equinix Inc.
3Public Storage
4Prologis Inc.
5Welltower Inc.
6AvalonBay Communities Inc.
7Equity Residential
8Ventas Inc.
9Digital Realty Trust Inc.
10Boston Properties Inc.
Ten largest holdings = 34.1% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary