Vanguard Variable Annuity - REIT Index Portfolio
Holdings

Equity Characteristics as of 12/31/2016
 VVA-REIT IndexMSCI US REIT Index
Number of Stocks155154
Median Market Cap$10.1 billion$10.1 billion
Price/Earnings Ratio 29.2x29.2x
Price/Book Ratio 2.4x2.4x
Return on Equity 8.4%8.4%
Earnings Growth Rate 17.4%17.4%
Foreign Holdings
Turnover Rate (Fiscal Year End December)21.0%
Short-Term Reserves0.0%
Total Net Assets$582.2 million

Equity Sector Diversification as of 12/31/2016
 VVA-REIT IndexMSCI US REIT Index
Consumer Discretionary0.00%
Consumer Staples0.00%
Diversified REITs7.30%7.30%
Diversified Real Estate Activities0.00%
Energy0.00%
Financials0.00%
Health Care0.00%
Health Care REITs12.00%12.00%
Hotel & Resort REITs6.20%6.20%
Industrial REITs6.50%6.50%
Industrials0.00%
Information Technology0.00%
Materials0.00%
Office REITs13.50%13.50%
Other0.00%
Real Estate Development0.00%
Real Estate Operating Companies0.00%
Real Estate Services0.00%
Residential REITs15.90%15.90%
Retail REITs22.40%22.40%
Specialized REITs16.20%16.20%
Telecommunication Services0.00%
Utilities0.00%

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

Month End Ten Largest Holdings as of 12/31/2016
RankHolding
1Simon Property Group Inc.
2Public Storage
3Prologis Inc.
4Equinix Inc.
5AvalonBay Communities Inc.
6Welltower Inc.
7Equity Residential
8Ventas Inc.
9Boston Properties Inc.
10Vornado Realty Trust
Ten largest holdings = 33.7% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary