Vanguard Variable Annuity - Equity Index Portfolio
Holdings

Equity Characteristics as of 05/31/2017
 VVA-Equity IndexS&P 500 Index
Number of Stocks505505
Median Market Cap$87.6 billion
Price/Earnings Ratio 24.0x24.1x
Price/Book Ratio 3.0x3.0x
Return on Equity 28.9%29.0%
Earnings Growth Rate 9.8%9.7%
Foreign Holdings0.1%
Turnover Rate (Fiscal Year End December)7.0%
Short-Term Reserves0.0%
Total Net Assets$1.5 billion

Equity Sector Diversification as of 05/31/2017
 VVA-Equity IndexS&P 500 Index
Consumer Discretionary12.50%12.50%
Consumer Staples9.40%9.40%
Energy6.00%6.00%
Financials13.70%13.70%
Health Care13.90%13.90%
Industrials10.20%10.10%
Information Technology23.10%23.20%
Materials2.80%2.80%
Other0.00%
Real Estate2.90%2.90%
Telecommunication Services2.20%2.20%
Utilities3.30%3.30%

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

Month End Ten Largest Holdings as of 05/31/2017
RankHolding
1Apple Inc.
2Alphabet Inc.
3Microsoft Corp.
4Amazon.com Inc.
5Facebook Inc.
6Johnson & Johnson
7Exxon Mobil Corp.
8Berkshire Hathaway Inc.
9JPMorgan Chase & Co.
10General Electric Co.
Ten largest holdings = 20.1% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary