Vanguard Variable Annuity - Diversified Value Portfolio
Holdings

Equity Characteristics as of 04/30/2016
 VVA-Diversified ValueRussell 1000 Value Index
Number of Stocks43688
Median Market Cap$87.3 billion$54.5 billion
Price/Earnings Ratio 18.0x19.8x
Price/Book Ratio 2.0x1.8x
Return on Equity 15.0%12.5%
Earnings Growth Rate 4.2%2.7%
Foreign Holdings8.2%
Turnover Rate (Fiscal Year End December)12.6%
Short-Term Reserves2.7%
Total Net Assets$429.1 million

Equity Sector Diversification
 VVA-Diversified ValueRussell 1000 Value Index
Consumer Discretionary5.80%5.30%
Consumer Staples8.90%7.40%
Energy13.90%12.70%
Financials23.40%28.20%
Health Care20.80%11.70%
Industrials9.00%10.40%
Information Technology8.60%11.60%
Materials3.30%2.80%
Other0.00%
Telecommunication Services4.10%2.90%
Utilities2.20%7.00%

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

Month End Ten Largest Holdings as of 04/30/2016
RankHolding
1Philip Morris International Inc.
2Wells Fargo & Co.
3JPMorgan Chase & Co.
4PNC Financial Services Group Inc.
5Pfizer Inc.
6United Technologies Corp.
7Johnson Controls Inc.
8Air Products & Chemicals Inc.
9Occidental Petroleum Corp.
10Medtronic plc
Ten largest holdings = 33.6% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary