Vanguard Variable Annuity - Equity Index Portfolio
Holdings

Equity Characteristics as of 03/31/2017
 VVA-Equity IndexS&P 500 Index
Number of Stocks508505
Median Market Cap$88.5 billion$88.5 billion
Price/Earnings Ratio 23.9x23.9x
Price/Book Ratio 3.1x3.1x
Return on Equity 17.4%17.2%
Earnings Growth Rate 7.0%7.0%
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 03/31/2017
 VVA-Equity IndexS&P 500 Index
Consumer Discretionary12.30%12.30%
Consumer Staples9.30%9.30%
Energy6.60%6.60%
Financials14.40%14.40%
Health Care13.90%13.90%
Industrials10.10%10.10%
Information Technology22.10%22.10%
Materials2.80%2.80%
Other0.00%
Real Estate2.90%2.90%
Telecommunication Services2.40%2.40%
Utilities3.20%3.20%

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

Month End Ten Largest Holdings as of 03/31/2017
RankHolding
1Apple Inc.
2Microsoft Corp.
3Alphabet Inc.
4Amazon.com Inc.
5Exxon Mobil Corp.
6Johnson & Johnson
7Facebook Inc.
8Berkshire Hathaway Inc.
9JPMorgan Chase & Co.
10General Electric Co.
Ten largest holdings = 19.7% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary