Vanguard Variable Annuity - Equity Income Portfolio
Holdings

Equity Characteristics as of 10/31/2017
 VVA-Equity IncomeFTSE High Dividend Yield Index
Number of Stocks151394
Median Market Cap$137.1 billion
Price/Earnings Ratio 21.3x20.3x
Price/Book Ratio 2.7x2.8x
Return on Equity 16.0%16.4%
Earnings Growth Rate 3.2%4.6%
Foreign Holdings7.8%
Turnover Rate (Fiscal Year End December)32.2%
Short-Term Reserves1.3%
Total Net Assets$926.7 million

Equity Sector Diversification as of 10/31/2017
 VVA-Equity IncomeFTSE High Dividend Yield Index
Consumer Discretionary5.10%6.10%
Consumer Staples11.60%12.50%
Energy10.70%9.50%
Financials17.70%13.90%
Health Care13.50%13.20%
Industrials10.60%11.70%
Information Technology15.60%16.20%
Materials4.40%4.30%
Other0.00%
Real Estate0.10%0.00%
Telecommunication Services3.50%4.40%
Utilities7.20%8.20%

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

Month End Ten Largest Holdings as of 10/31/2017
RankHolding
1Microsoft Corp.
2JPMorgan Chase & Co.
3Philip Morris International Inc.
4Wells Fargo & Co.
5Johnson & Johnson
6Cisco Systems Inc.
7Chevron Corp.
8Intel Corp.
9DowDuPont Inc.
10Exxon Mobil Corp.
Ten largest holdings = 28.0% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary