Vanguard Variable Annuity - REIT Index Portfolio
Holdings

Equity Characteristics as of 01/31/2017
 VVA-REIT IndexMSCI US REIT Index
Number of Stocks156155
Median Market Cap$10.0 billion$10.0 billion
Price/Earnings Ratio 28.1x28.1x
Price/Book Ratio 2.3x2.3x
Return on Equity 8.6%8.6%
Earnings Growth Rate 16.6%16.6%
Foreign Holdings
Turnover Rate (Fiscal Year End December)13.8%
Short-Term Reserves
Total Net Assets$575.9 million

Equity Sector Diversification as of 01/31/2017
 VVA-REIT IndexMSCI US REIT Index
Consumer Discretionary0.00%
Consumer Staples0.00%
Diversified REITs7.80%7.70%
Diversified Real Estate Activities0.00%
Energy0.00%
Financials0.00%
Health Care0.00%
Health Care REITs11.90%11.90%
Hotel & Resort REITs6.40%6.40%
Industrial REITs6.00%6.00%
Industrials0.00%
Information Technology0.00%
Materials0.00%
Office REITs13.70%13.70%
Other0.00%
Real Estate Development0.00%
Real Estate Operating Companies0.00%
Real Estate Services0.00%
Residential REITs15.40%15.40%
Retail REITs22.30%22.40%
Specialized REITs16.50%16.50%
Telecommunication Services0.00%
Utilities0.00%

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

Month End Ten Largest Holdings as of 01/31/2017
RankHolding
1Simon Property Group Inc.
2Public Storage
3Equinix Inc.
4Prologis Inc.
5AvalonBay Communities Inc.
6Welltower Inc.
7Equity Residential
8Ventas Inc.
9Boston Properties Inc.
10Vornado Realty Trust
Ten largest holdings = 33.5% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary