Vanguard Variable Annuity - Diversified Value Portfolio
Holdings

Equity Characteristics as of 06/30/2016
 VVA-Diversified ValueRussell 1000 Value Index
Number of Stocks42692
Median Market Cap$85.8 billion$57.8 billion
Price/Earnings Ratio 17.6x19.2x
Price/Book Ratio 2.0x1.9x
Return on Equity 14.7%12.6%
Earnings Growth Rate 4.6%3.4%
Foreign Holdings9.8%
Turnover Rate (Fiscal Year End December)12.6%
Short-Term Reserves2.8%
Total Net Assets$429.3 million

Equity Sector Diversification
 VVA-Diversified ValueRussell 1000 Value Index
Consumer Discretionary5.50%5.30%
Consumer Staples9.30%7.40%
Energy13.30%12.70%
Financials21.60%28.20%
Health Care23.90%11.70%
Industrials8.40%10.40%
Information Technology9.00%11.60%
Materials3.20%2.80%
Other0.00%
Telecommunication Services4.50%2.90%
Utilities1.30%7.00%

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

Month End Ten Largest Holdings as of 06/30/2016
RankHolding
1Philip Morris International Inc.
2JPMorgan Chase & Co.
3Johnson Controls Inc.
4Wells Fargo & Co.
5Medtronic plc
6United Technologies Corp.
7Verizon Communications Inc.
8Air Products & Chemicals Inc.
9PNC Financial Services Group Inc.
10Pfizer Inc.
Ten largest holdings = 33.4% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary