Vanguard Variable Annuity - Equity Income Portfolio
Holdings

Equity Characteristics as of 03/31/2017
 VVA-Equity IncomeFTSE High Dividend Yield Index
Number of Stocks167410
Median Market Cap$107.6 billion$116.0 billion
Price/Earnings Ratio 22.0x21.7x
Price/Book Ratio 2.9x2.9x
Return on Equity 16.6%16.8%
Earnings Growth Rate 2.2%1.7%
Foreign Holdings8.6%
Turnover Rate (Fiscal Year End December)32.2%
Short-Term Reserves1.6%
Total Net Assets$903.4 million

Equity Sector Diversification as of 03/31/2017
 VVA-Equity IncomeFTSE High Dividend Yield Index
Consumer Discretionary5.40%5.60%
Consumer Staples12.90%14.40%
Energy10.10%9.80%
Financials17.40%14.90%
Health Care13.80%10.90%
Industrials11.60%11.90%
Information Technology14.50%15.70%
Materials3.30%3.70%
Other0.00%
Real Estate0.10%0.00%
Telecommunication Services3.50%5.10%
Utilities7.40%8.00%

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

Month End Ten Largest Holdings as of 03/31/2017
RankHolding
1Microsoft Corp.
2JPMorgan Chase & Co.
3Johnson & Johnson
4Wells Fargo & Co.
5Philip Morris International Inc.
6Cisco Systems Inc.
7General Electric Co.
8Merck & Co. Inc.
9Exxon Mobil Corp.
10Pfizer Inc.
Ten largest holdings = 28.5% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary