Vanguard Variable Annuity - Equity Index Portfolio
Holdings

Equity Characteristics as of 11/30/2017
 VVA-Equity IndexS&P 500 Index
Number of Stocks507505
Median Market Cap$97.0 billion
Price/Earnings Ratio 23.0x23.0x
Price/Book Ratio 3.2x3.2x
Return on Equity 16.0%16.0%
Earnings Growth Rate 9.4%9.4%
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 11/30/2017
 VVA-Equity IndexS&P 500 Index
Consumer Discretionary12.10%12.10%
Consumer Staples8.10%8.10%
Energy5.80%5.80%
Financials14.80%14.80%
Health Care14.10%14.10%
Industrials10.10%10.10%
Information Technology24.00%24.00%
Materials3.00%3.00%
Other0.00%
Real Estate2.90%2.90%
Telecommunication Services2.00%2.00%
Utilities3.10%3.10%

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

Month End Ten Largest Holdings as of 11/30/2017
RankHolding
1Apple Inc.
2Microsoft Corp.
3Alphabet Inc.
4Amazon.com Inc.
5Facebook Inc.
6Johnson & Johnson
7Berkshire Hathaway Inc.
8JPMorgan Chase & Co.
9Exxon Mobil Corp.
10Bank of America Corp.
Ten largest holdings = 20.8% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary