Vanguard Variable Annuity - REIT Index Portfolio
Holdings

Equity Characteristics as of 03/31/2017
 VVA-REIT IndexMSCI US REIT Index
Number of Stocks156154
Median Market Cap$9.7 billion$9.7 billion
Price/Earnings Ratio 29.4x29.4x
Price/Book Ratio 2.3x2.3x
Return on Equity 8.6%8.6%
Earnings Growth Rate 18.3%18.3%
Foreign Holdings
Turnover Rate (Fiscal Year End December)13.8%
Short-Term Reserves0.0%
Total Net Assets$571.0 million

Equity Sector Diversification as of 03/31/2017
 VVA-REIT IndexMSCI US REIT Index
Consumer Discretionary0.00%
Consumer Staples0.00%
Diversified REITs7.60%7.60%
Diversified Real Estate Activities0.00%
Energy0.00%
Financials0.00%
Health Care0.00%
Health Care REITs12.50%12.50%
Hotel & Resort REITs6.40%6.40%
Industrial REITs6.30%6.30%
Industrials0.00%
Information Technology0.00%
Materials0.00%
Office REITs13.40%13.40%
Other0.00%
Real Estate Development0.00%
Real Estate Operating Companies0.00%
Real Estate Services0.00%
Residential REITs15.90%15.90%
Retail REITs20.80%20.80%
Specialized REITs17.10%17.00%
Telecommunication Services0.00%
Utilities0.00%

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

Month End Ten Largest Holdings as of 03/31/2017
RankHolding
1Simon Property Group Inc.
2Public Storage
3Equinix Inc.
4Prologis Inc.
5Welltower Inc.
6AvalonBay Communities Inc.
7Ventas Inc.
8Equity Residential
9Boston Properties Inc.
10Vornado Realty Trust
Ten largest holdings = 33.6% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary