Vanguard Variable Annuity - Diversified Value Portfolio
Holdings

Equity Characteristics as of 08/31/2017
 VVA-Diversified ValueRussell 1000 Value Index
Number of Stocks41718
Median Market Cap$61.4 billion
Price/Earnings Ratio 18.0x18.5x
Price/Book Ratio 2.4x1.9x
Return on Equity 16.0%11.5%
Earnings Growth Rate 4.5%6.1%
Foreign Holdings7.7%
Turnover Rate (Fiscal Year End December)33.6%
Short-Term Reserves1.5%
Total Net Assets$452.9 million

Equity Sector Diversification
 VVA-Diversified ValueRussell 1000 Value Index
Consumer Discretionary8.70%6.90%
Consumer Staples13.10%9.20%
Energy10.20%10.50%
Financials16.90%25.50%
Health Care22.30%14.20%
Industrials9.10%8.70%
Information Technology9.90%8.10%
Materials5.80%2.70%
Other0.00%
Real Estate0.00%5.00%
Telecommunication Services4.00%3.10%
Utilities0.00%6.10%

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

Month End Ten Largest Holdings as of 08/31/2017
RankHolding
1Philip Morris International Inc.
2Oracle Corp.
3Wells Fargo & Co.
4United Technologies Corp.
5JPMorgan Chase & Co.
6Express Scripts Holding Co.
7Air Products & Chemicals Inc.
8Pfizer Inc.
9Medtronic plc
10Johnson Controls International plc
Ten largest holdings = 34.4% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary