Vanguard Variable Annuity - Diversified Value Portfolio
Holdings

Equity Characteristics as of 08/31/2016
 VVA-Diversified ValueRussell 1000 Value Index
Number of Stocks42691
Median Market Cap$89.1 billion$58.7 billion
Price/Earnings Ratio 19.2x21.3x
Price/Book Ratio 2.0x1.9x
Return on Equity 15.5%12.7%
Earnings Growth Rate 3.8%2.9%
Foreign Holdings9.7%
Turnover Rate (Fiscal Year End December)12.6%
Short-Term Reserves2.4%
Total Net Assets$442.2 million

Equity Sector Diversification
 VVA-Diversified ValueRussell 1000 Value Index
Consumer Discretionary6.10%4.70%
Consumer Staples8.70%9.10%
Energy12.80%13.60%
Financials23.40%27.70%
Health Care24.00%11.30%
Industrials8.40%9.80%
Information Technology8.20%9.50%
Materials3.40%2.80%
Other0.00%
Telecommunication Services4.10%4.20%
Utilities0.90%7.30%

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

Month End Ten Largest Holdings as of 08/31/2016
RankHolding
1JPMorgan Chase & Co.
2Philip Morris International Inc.
3Wells Fargo & Co.
4PNC Financial Services Group Inc.
5Johnson Controls Inc.
6Air Products & Chemicals Inc.
7United Technologies Corp.
8Medtronic plc
9Merck & Co. Inc.
10Pfizer Inc.
Ten largest holdings = 33.3% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary