Vanguard Variable Annuity - REIT Index Portfolio
Holdings

Equity Characteristics as of 08/31/2016
 VVA-REIT IndexMSCI US REIT Index
Number of Stocks149148
Median Market Cap$11.3 billion$11.3 billion
Price/Earnings Ratio 32.2x32.1x
Price/Book Ratio 2.6x2.6x
Return on Equity 8.3%8.3%
Earnings Growth Rate 18.8%18.9%
Foreign Holdings
Turnover Rate (Fiscal Year End December)21.0%
Short-Term Reserves0.0%
Total Net Assets$627.0 million

Equity Sector Diversification as of —
 VVA-REIT IndexMSCI US REIT Index

Month End Ten Largest Holdings as of 08/31/2016
RankHolding
1Simon Property Group Inc.
2Public Storage
3Prologis Inc.
4Welltower Inc.
5Equinix Inc.
6Ventas Inc.
7AvalonBay Communities Inc.
8Equity Residential
9Boston Properties Inc.
10HCP Inc.
Ten largest holdings = 34.5% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary