Vanguard Variable Annuity - Equity Index Portfolio
Holdings

Equity Characteristics as of 05/31/2016
 VVA-Equity IndexS&P 500 Index
Number of Stocks508505
Median Market Cap$82.1 billion$82.1 billion
Price/Earnings Ratio 20.7x20.7x
Price/Book Ratio 2.8x2.8x
Return on Equity 17.8%17.6%
Earnings Growth Rate 7.2%7.2%
Foreign Holdings0.0%
Turnover Rate (Fiscal Year End December)3.8%
Short-Term Reserves
Total Net Assets$1.3 billion

Equity Sector Diversification as of 05/31/2016
 VVA-Equity IndexS&P 500 Index
Consumer Discretionary12.60%12.60%
Consumer Staples10.10%10.10%
Energy7.10%7.10%
Financials16.30%16.30%
Health Care14.70%14.70%
Industrials10.00%10.00%
Information Technology20.40%20.40%
Materials2.80%2.80%
Other0.00%
Telecommunication Services2.70%2.70%
Utilities3.30%3.30%

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

Month End Ten Largest Holdings as of 05/31/2016
RankHolding
1Apple Inc.
2Alphabet Inc.
3Microsoft Corp.
4Exxon Mobil Corp.
5Johnson & Johnson
6General Electric Co.
7Amazon.com Inc.
8Facebook Inc.
9Berkshire Hathaway Inc.
10AT&T Inc.
Ten largest holdings = 18.6% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary