Vanguard Variable Annuity - Equity Income Portfolio
Holdings

Equity Characteristics as of 08/31/2017
 VVA-Equity IncomeFTSE High Dividend Yield Index
Number of Stocks148402
Median Market Cap$129.6 billion
Price/Earnings Ratio 20.9x20.0x
Price/Book Ratio 2.7x2.7x
Return on Equity 16.0%16.7%
Earnings Growth Rate 3.3%4.1%
Foreign Holdings8.6%
Turnover Rate (Fiscal Year End December)32.2%
Short-Term Reserves2.9%
Total Net Assets$902.8 million

Equity Sector Diversification as of 08/31/2017
 VVA-Equity IncomeFTSE High Dividend Yield Index
Consumer Discretionary5.00%6.20%
Consumer Staples12.80%13.40%
Energy10.30%9.10%
Financials16.80%13.30%
Health Care13.80%13.60%
Industrials11.40%12.00%
Information Technology14.60%15.20%
Materials4.30%4.10%
Other0.00%
Real Estate0.10%0.00%
Telecommunication Services3.40%4.70%
Utilities7.50%8.40%

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

Month End Ten Largest Holdings as of 08/31/2017
RankHolding
1Microsoft Corp.
2JPMorgan Chase & Co.
3Philip Morris International Inc.
4Johnson & Johnson
5Wells Fargo & Co.
6Cisco Systems Inc.
7Chevron Corp.
8Merck & Co. Inc.
9Dow Chemical Co.
10Pfizer Inc.
Ten largest holdings = 27.8% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary