Vanguard Variable Annuity - Equity Income Portfolio
Holdings

Equity Characteristics as of 12/31/2017
 VVA-Equity IncomeFTSE High Dividend Yield Index
Number of Stocks152386
Median Market Cap$140.2 billion
Price/Earnings Ratio 21.6x20.8x
Price/Book Ratio 2.8x2.9x
Return on Equity 16.0%16.9%
Earnings Growth Rate 3.4%4.8%
Foreign Holdings7.5%
Turnover Rate (Fiscal Year End December)32.2%
Short-Term Reserves0.8%
Total Net Assets$961.6 million

Equity Sector Diversification as of 12/31/2017
 VVA-Equity IncomeFTSE High Dividend Yield Index
Consumer Discretionary5.00%6.20%
Consumer Staples12.10%12.80%
Energy11.10%9.60%
Financials16.80%13.90%
Health Care13.40%12.90%
Industrials10.40%11.70%
Information Technology15.30%16.30%
Materials4.20%4.30%
Other0.00%
Real Estate0.70%0.00%
Telecommunication Services4.20%4.70%
Utilities6.80%7.60%

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

Month End Ten Largest Holdings as of 12/31/2017
RankHolding
1Microsoft Corp.
2JPMorgan Chase & Co.
3Johnson & Johnson
4Philip Morris International Inc.
5Wells Fargo & Co.
6Verizon Communications Inc.
7Cisco Systems Inc.
8Intel Corp.
9Pfizer Inc.
10Chevron Corp.
Ten largest holdings = 28.3% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary