Vanguard Variable Annuity - REIT Index Portfolio
Holdings

Equity Characteristics as of 10/31/2016
 VVA-REIT IndexMSCI US REIT Index
Number of Stocks149148
Median Market Cap$9.8 billion$9.8 billion
Price/Earnings Ratio 29.4x29.4x
Price/Book Ratio 2.3x2.3x
Return on Equity 8.2%8.2%
Earnings Growth Rate 18.1%18.1%
Foreign Holdings
Turnover Rate (Fiscal Year End December)21.0%
Short-Term Reserves0.1%
Total Net Assets$574.6 million

Equity Sector Diversification as of 10/31/2016
 VVA-REIT IndexMSCI US REIT Index
Consumer Discretionary0.00%
Consumer Staples0.00%
Diversified REITs7.50%7.40%
Diversified Real Estate Activites0.00%
Energy0.00%
Financials0.00%
Health Care0.00%
Health Care REITs12.80%12.80%
Hotel & Resort REITs5.10%5.10%
Industrial REITs6.50%6.50%
Industrials0.00%
Information Technology0.00%
Materials0.00%
Office REITs12.90%12.90%
Other0.00%
Real Estate Development0.00%
Real Estate Operating Companies0.00%
Real Estate Services0.00%
Residential REITs15.70%15.70%
Retail REITs23.50%23.50%
Specialized REITs15.90%15.90%
Telecommunication Services0.00%
Utilities0.00%

Sector categories are based on the Global Industry Classification Standard system.

Month End Ten Largest Holdings as of 10/31/2016
RankHolding
1Simon Property Group Inc.
2Public Storage
3Prologis Inc.
4Equinix Inc.
5Welltower Inc.
6AvalonBay Communities Inc.
7Ventas 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