Vanguard Variable Annuity - Equity Index Portfolio
Holdings

Equity Characteristics as of 07/31/2016
 VVA-Equity IndexS&P 500 Index
Number of Stocks505505
Median Market Cap$85.0 billion$85.1 billion
Price/Earnings Ratio 22.0x22.0x
Price/Book Ratio 2.9x2.9x
Return on Equity 17.5%17.2%
Earnings Growth Rate 6.9%7.0%
Foreign Holdings0.0%
Turnover Rate (Fiscal Year End December)3.8%
Short-Term Reserves0.0%
Total Net Assets$1.4 billion

Equity Sector Diversification as of 07/31/2016
 VVA-Equity IndexS&P 500 Index
Consumer Discretionary12.40%12.40%
Consumer Staples10.10%10.10%
Energy7.00%7.00%
Financials15.70%15.70%
Health Care15.10%15.10%
Industrials9.90%9.90%
Information Technology20.60%20.60%
Materials2.90%2.90%
Other0.00%
Telecommunication Services2.80%2.80%
Utilities3.50%3.50%

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

Month End Ten Largest Holdings as of 07/31/2016
RankHolding
1Apple Inc.
2Alphabet Inc.
3Microsoft Corp.
4Exxon Mobil Corp.
5Johnson & Johnson
6Amazon.com Inc.
7Facebook Inc.
8General Electric Co.
9Berkshire Hathaway Inc.
10AT&T Inc.
Ten largest holdings = 18.9% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary