Vanguard Variable Annuity - Equity Income Portfolio
Holdings

Equity Characteristics as of 12/31/2016
 VVA-Equity IncomeFTSE High Dividend Yield Index
Number of Stocks177412
Median Market Cap$101.1 billion$108.3 billion
Price/Earnings Ratio 21.6x21.9x
Price/Book Ratio 2.7x2.8x
Return on Equity 16.9%17.2%
Earnings Growth Rate 1.5%0.7%
Foreign Holdings8.1%
Turnover Rate (Fiscal Year End December)36.1%
Short-Term Reserves0.4%
Total Net Assets$876.5 million

Equity Sector Diversification as of 12/31/2016
 VVA-Equity IncomeFTSE High Dividend Yield Index
Consumer Discretionary5.00%5.60%
Consumer Staples12.00%13.80%
Energy11.50%10.80%
Financials18.30%15.20%
Health Care12.30%10.60%
Industrials11.80%11.80%
Information Technology14.60%15.30%
Materials2.80%3.60%
Other0.00%
Real Estate0.10%0.00%
Telecommunication Services4.20%5.50%
Utilities7.40%7.80%

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

Month End Ten Largest Holdings as of 12/31/2016
RankHolding
1Microsoft Corp.
2JPMorgan Chase & Co.
3Wells Fargo & Co.
4Johnson & Johnson
5General Electric Co.
6Philip Morris International Inc.
7Exxon Mobil Corp.
8Verizon Communications Inc.
9Chevron Corp.
10Cisco Systems Inc.
Ten largest holdings = 29.0% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary