Vanguard Variable Annuity - Equity Income Portfolio
Holdings

Equity Characteristics as of 07/31/2016
 VVA-Equity IncomeFTSE High Dividend Yield Index
Number of Stocks181421
Median Market Cap$105.0 billion$124.9 billion
Price/Earnings Ratio 21.4x20.5x
Price/Book Ratio 2.6x2.7x
Return on Equity 16.4%16.9%
Earnings Growth Rate 2.2%1.3%
Foreign Holdings8.7%
Turnover Rate (Fiscal Year End December)36.1%
Short-Term Reserves1.9%
Total Net Assets$836.9 million

Equity Sector Diversification as of 07/31/2016
 VVA-Equity IncomeFTSE High Dividend Yield Index
Consumer Discretionary5.70%6.20%
Consumer Staples12.30%14.60%
Energy11.40%10.10%
Financials15.10%12.90%
Health Care13.10%12.00%
Industrials12.40%11.60%
Information Technology13.80%14.80%
Materials2.80%3.40%
Other0.00%
Telecommunication Services4.70%5.90%
Utilities8.70%8.50%

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

Month End Ten Largest Holdings as of 07/31/2016
RankHolding
1Microsoft Corp.
2Johnson & Johnson
3General Electric Co.
4JPMorgan Chase & Co.
5Wells Fargo & Co.
6Exxon Mobil Corp.
7Verizon Communications Inc.
8Pfizer Inc.
9Cisco Systems Inc.
10Merck & Co. Inc.
Ten largest holdings = 27.9% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary