Vanguard Variable Annuity - Mid-Cap Index Portfolio
Holdings

Equity Characteristics as of 06/30/2016
 VVA-Mid-Cap IndexCRSP US Mid Cap Index
Number of Stocks342343
Median Market Cap$11.1 billion$11.1 billion
Price/Earnings Ratio 26.5x25.8x
Price/Book Ratio 2.6x2.6x
Return on Equity 15.6%15.2%
Earnings Growth Rate 10.4%10.4%
Foreign Holdings0.5%
Turnover Rate (Fiscal Year End December)23.5%
Short-Term Reserves
Total Net Assets$707.2 million

Equity Sector Diversification as of 06/30/2016
 VVA-Mid-Cap IndexCRSP US Mid Cap Index
Basic Materials4.40%4.40%
Consumer Goods14.20%14.20%
Consumer Services12.50%12.50%
Financials19.40%19.40%
Health Care8.40%8.40%
Industrials17.00%17.10%
Oil & Gas5.40%5.40%
Other0.00%
Technology11.70%11.60%
Telecommunications1.20%1.20%
Utilities5.80%5.80%

Sector categories are based on the Industry Classification Benchmark system.

Month End Ten Largest Holdings as of 06/30/2016
RankHolding
1Equinix Inc.
2Fiserv Inc.
3Fidelity National Information Services Inc.
4NVIDIA Corp.
5Newell Brands Inc.
6Ross Stores Inc.
7Electronic Arts Inc.
8Edwards Lifesciences Corp.
9Dollar Tree Inc.
10ConAgra Foods Inc.
Ten largest holdings = 7.6% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary