Vanguard Variable Annuity - Equity Index Portfolio
Holdings

Equity Characteristics as of 12/31/2016
 VVA-Equity IndexS&P 500 Index
Number of Stocks505505
Median Market Cap$84.8 billion$84.8 billion
Price/Earnings Ratio 23.0x23.0x
Price/Book Ratio 2.9x2.9x
Return on Equity 17.7%17.4%
Earnings Growth Rate 7.8%8.1%
Foreign Holdings0.0%
Turnover Rate (Fiscal Year End December)3.8%
Short-Term Reserves
Total Net Assets$1.4 billion

Equity Sector Diversification as of 12/31/2016
 VVA-Equity IndexS&P 500 Index
Consumer Discretionary12.00%12.00%
Consumer Staples9.40%9.40%
Energy7.50%7.50%
Financials14.80%14.80%
Health Care13.60%13.60%
Industrials10.30%10.30%
Information Technology20.80%20.80%
Materials2.80%2.80%
Other0.00%
Real Estate2.90%2.90%
Telecommunication Services2.70%2.70%
Utilities3.20%3.20%

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

Month End Ten Largest Holdings as of 12/31/2016
RankHolding
1Apple Inc.
2Microsoft Corp.
3Alphabet Inc.
4Exxon Mobil Corp.
5Johnson & Johnson
6Berkshire Hathaway Inc.
7JPMorgan Chase & Co.
8Amazon.com Inc.
9General Electric Co.
10Facebook Inc.
Ten largest holdings = 19.1% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary