Vanguard Variable Annuity - Diversified Value Portfolio
Holdings

Equity Characteristics as of 12/31/2016
 VVA-Diversified ValueRussell 1000 Value Index
Number of Stocks43696
Median Market Cap$91.7 billion$58.4 billion
Price/Earnings Ratio 23.1x23.2x
Price/Book Ratio 2.3x2.0x
Return on Equity 15.4%12.4%
Earnings Growth Rate 3.1%2.8%
Foreign Holdings10.6%
Turnover Rate (Fiscal Year End December)12.6%
Short-Term Reserves2.7%
Total Net Assets$454.4 million

Equity Sector Diversification
 VVA-Diversified ValueRussell 1000 Value Index
Consumer Discretionary8.10%4.90%
Consumer Staples12.90%8.90%
Energy11.60%13.40%
Financials17.10%23.40%
Health Care24.00%11.50%
Industrials9.70%9.50%
Information Technology8.60%10.00%
Materials3.90%2.90%
Other0.00%
Real Estate0.00%5.10%
Telecommunication Services4.10%3.90%
Utilities0.00%6.50%

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

Month End Ten Largest Holdings as of 12/31/2016
RankHolding
1Wells Fargo & Co.
2ConocoPhillips
3Philip Morris International Inc.
4United Technologies Corp.
5JPMorgan Chase & Co.
6Bank of America Corp.
7Altria Group Inc.
8CVS Health Corp.
9Cardinal Health Inc.
10Sanofi
Ten largest holdings = 32.2% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary