Vanguard Variable Annuity - Diversified Value Portfolio
Holdings

Equity Characteristics as of 05/31/2016
 VVA-Diversified ValueRussell 1000 Value Index
Number of Stocks42687
Median Market Cap$84.1 billion$54.1 billion
Price/Earnings Ratio 17.7x20.0x
Price/Book Ratio 2.0x1.8x
Return on Equity 14.7%12.2%
Earnings Growth Rate 4.5%2.3%
Foreign Holdings9.5%
Turnover Rate (Fiscal Year End December)12.6%
Short-Term Reserves2.9%
Total Net Assets$431.1 million

Equity Sector Diversification
 VVA-Diversified ValueRussell 1000 Value Index
Consumer Discretionary5.60%5.30%
Consumer Staples9.00%7.40%
Energy12.80%12.70%
Financials23.70%28.20%
Health Care23.00%11.70%
Industrials8.20%10.40%
Information Technology9.00%11.60%
Materials3.20%2.80%
Other0.00%
Telecommunication Services4.10%2.90%
Utilities1.40%7.00%

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

Month End Ten Largest Holdings as of 05/31/2016
RankHolding
1JPMorgan Chase & Co.
2Wells Fargo & Co.
3Philip Morris International Inc.
4Johnson Controls Inc.
5PNC Financial Services Group Inc.
6Air Products & Chemicals Inc.
7United Technologies Corp.
8Pfizer Inc.
9Medtronic plc
10Imperial Brands plc
Ten largest holdings = 33.3% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary