Vanguard Variable Annuity - Equity Index Portfolio
Holdings

Equity Characteristics as of 09/30/2017
 VVA-Equity IndexS&P 500 Index
Number of Stocks505505
Median Market Cap$92.1 billion
Price/Earnings Ratio 22.3x22.3x
Price/Book Ratio 3.0x3.0x
Return on Equity 16.0%16.0%
Earnings Growth Rate 9.3%9.3%
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 09/30/2017
 VVA-Equity IndexS&P 500 Index
Consumer Discretionary11.90%11.90%
Consumer Staples8.20%8.20%
Energy6.10%6.10%
Financials14.60%14.60%
Health Care14.50%14.50%
Industrials10.20%10.20%
Information Technology23.20%23.20%
Materials3.00%3.00%
Other0.00%
Real Estate3.00%3.00%
Telecommunication Services2.20%2.20%
Utilities3.10%3.10%

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

Month End Ten Largest Holdings as of 09/30/2017
RankHolding
1Apple Inc.
2Alphabet Inc.
3Microsoft Corp.
4Facebook Inc.
5Amazon.com Inc.
6Berkshire Hathaway Inc.
7Johnson & Johnson
8Exxon Mobil Corp.
9JPMorgan Chase & Co.
10Bank of America Corp.
Ten largest holdings = 20.1% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary