Vanguard Variable Annuity - Equity Index Portfolio
Holdings

Equity Characteristics as of 07/31/2017
 VVA-Equity IndexS&P 500 Index
Number of Stocks506505
Median Market Cap$88.6 billion
Price/Earnings Ratio 21.9x21.9x
Price/Book Ratio 3.0x3.0x
Return on Equity 16.0%16.0%
Earnings Growth Rate 8.1%8.1%
Foreign Holdings0.1%
Turnover Rate (Fiscal Year End December)7.0%
Short-Term Reserves
Total Net Assets$1.6 billion

Equity Sector Diversification as of 07/31/2017
 VVA-Equity IndexS&P 500 Index
Consumer Discretionary12.30%12.30%
Consumer Staples8.70%8.70%
Energy6.00%6.00%
Financials14.50%14.50%
Health Care14.40%14.40%
Industrials10.10%10.10%
Information Technology22.80%22.80%
Materials2.90%2.90%
Other0.00%
Real Estate2.90%2.90%
Telecommunication Services2.20%2.20%
Utilities3.20%3.20%

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

Month End Ten Largest Holdings as of 07/31/2017
RankHolding
1Apple Inc.
2Microsoft Corp.
3Alphabet Inc.
4Facebook Inc.
5Amazon.com Inc.
6Johnson & Johnson
7Exxon Mobil Corp.
8Berkshire Hathaway Inc.
9JPMorgan Chase & Co.
10Wells Fargo & Co.
Ten largest holdings = 20.0% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary