Vanguard Variable Annuity - Equity Income Portfolio
Holdings

Equity Characteristics as of 10/31/2016
 VVA-Equity IncomeFTSE High Dividend Yield Index
Number of Stocks183415
Median Market Cap$100.3 billion$108.2 billion
Price/Earnings Ratio 20.4x20.2x
Price/Book Ratio 2.5x2.6x
Return on Equity 16.9%17.4%
Earnings Growth Rate 1.5%1.1%
Foreign Holdings8.8%
Turnover Rate (Fiscal Year End December)36.1%
Short-Term Reserves1.7%
Total Net Assets$815.4 million

Equity Sector Diversification as of 10/31/2016
 VVA-Equity IncomeFTSE High Dividend Yield Index
Consumer Discretionary5.20%5.80%
Consumer Staples12.90%14.70%
Energy11.60%10.50%
Financials16.50%13.70%
Health Care12.00%11.00%
Industrials11.90%11.60%
Information Technology14.90%15.70%
Materials2.80%3.50%
Other0.00%
Real Estate0.20%0.00%
Telecommunication Services4.10%5.20%
Utilities7.90%8.30%

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

Month End Ten Largest Holdings as of 10/31/2016
RankHolding
1Microsoft Corp.
2Johnson & Johnson
3JPMorgan Chase & Co.
4Wells Fargo & Co.
5General Electric Co.
6Philip Morris International Inc.
7Cisco Systems Inc.
8Exxon Mobil Corp.
9Chevron Corp.
10Merck & Co. Inc.
Ten largest holdings = 28.1% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary