Vanguard Variable Annuity - Mid-Cap Index Portfolio
Holdings

Equity Characteristics as of 07/31/2016
 VVA-Mid-Cap IndexCRSP US Mid Cap Index
Number of Stocks340341
Median Market Cap$11.8 billion$11.8 billion
Price/Earnings Ratio 26.9x26.9x
Price/Book Ratio 2.7x2.7x
Return on Equity 15.5%15.0%
Earnings Growth Rate 10.4%10.4%
Foreign Holdings0.5%
Turnover Rate (Fiscal Year End December)23.5%
Short-Term Reserves
Total Net Assets$735.6 million

Equity Sector Diversification as of 07/31/2016
 VVA-Mid-Cap IndexCRSP US Mid Cap Index
Basic Materials4.50%4.50%
Consumer Goods14.20%14.20%
Consumer Services12.50%12.90%
Financials19.70%19.30%
Health Care8.60%8.60%
Industrials17.00%17.00%
Oil & Gas4.80%4.80%
Other0.00%
Technology12.10%12.10%
Telecommunications1.20%1.20%
Utilities5.40%5.40%

Sector categories are based on the Industry Classification Benchmark system.

Month End Ten Largest Holdings as of 07/31/2016
RankHolding
1NVIDIA Corp.
2Fidelity National Information Services Inc.
3Equinix Inc.
4Newell Brands Inc.
5Ross Stores Inc.
6Fiserv Inc.
7Edwards Lifesciences Corp.
8Newmont Mining Corp.
9Electronic Arts Inc.
10Tyson Foods Inc.
Ten largest holdings = 7.8% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary