Vanguard Variable Annuity - Mid-Cap Index Portfolio
Holdings

Equity Characteristics as of 03/31/2017
 VVA-Mid-Cap IndexCRSP US Mid Cap Index
Number of Stocks343343
Median Market Cap$12.7 billion$12.7 billion
Price/Earnings Ratio 31.3x31.3x
Price/Book Ratio 2.7x2.7x
Return on Equity 14.9%14.8%
Earnings Growth Rate 9.2%9.0%
Foreign Holdings0.8%
Turnover Rate (Fiscal Year End December)20.8%
Short-Term Reserves
Total Net Assets$797.2 million

Equity Sector Diversification as of 03/31/2017
 VVA-Mid-Cap IndexCRSP US Mid Cap Index
Basic Materials4.50%4.50%
Consumer Goods12.90%12.90%
Consumer Services11.20%11.20%
Financials23.00%23.00%
Health Care8.10%8.10%
Industrials16.40%16.40%
Oil & Gas4.70%4.70%
Other0.00%
Technology13.30%13.30%
Telecommunications0.80%0.80%
Utilities5.10%5.10%

Sector categories are based on the Industry Classification Benchmark system.

Month End Ten Largest Holdings as of 03/31/2017
RankHolding
1Equinix Inc.
2Electronic Arts Inc.
3Fiserv Inc.
4Western Digital Corp.
5Newell Brands Inc.
6Amphenol Corp.
7M&T Bank Corp.
8Roper Technologies Inc.
9Lam Research Corp.
10Incyte Corp.
Ten largest holdings = 6.8% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary