Vanguard Variable Annuity - Diversified Value Portfolio
Holdings

Equity Characteristics as of 06/30/2017
 VVA-Diversified ValueRussell 1000 Value Index
Number of Stocks41719
Median Market Cap$65.5 billion
Price/Earnings Ratio 19.3x18.2x
Price/Book Ratio 2.4x2.0x
Return on Equity 15.4%13.5%
Earnings Growth Rate 3.3%6.0%
Foreign Holdings10.0%
Turnover Rate (Fiscal Year End December)33.6%
Short-Term Reserves2.3%
Total Net Assets$470.7 million

Equity Sector Diversification
 VVA-Diversified ValueRussell 1000 Value Index
Consumer Discretionary5.60%4.50%
Consumer Staples13.80%8.50%
Energy10.00%12.20%
Financials16.40%26.50%
Health Care26.10%10.80%
Industrials9.60%10.20%
Information Technology9.30%10.00%
Materials5.50%2.90%
Other0.00%
Real Estate0.00%4.60%
Telecommunication Services3.70%3.60%
Utilities0.00%6.20%

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

Month End Ten Largest Holdings as of 06/30/2017
RankHolding
1Philip Morris International Inc.
2Wells Fargo & Co.
3Oracle Corp.
4United Technologies Corp.
5Medtronic plc
6Altria Group Inc.
7Johnson & Johnson
8JPMorgan Chase & Co.
9Express Scripts Holding Co.
10Cardinal Health Inc.
Ten largest holdings = 34.6% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary