Vanguard Variable Annuity - Diversified Value Portfolio
Holdings

Equity Characteristics as of 07/31/2016
 VVA-Diversified ValueRussell 1000 Value Index
Number of Stocks41692
Median Market Cap$90.1 billion$58.2 billion
Price/Earnings Ratio 17.7x21.0x
Price/Book Ratio 2.0x1.9x
Return on Equity 14.6%12.5%
Earnings Growth Rate 4.6%3.5%
Foreign Holdings9.6%
Turnover Rate (Fiscal Year End December)12.6%
Short-Term Reserves3.8%
Total Net Assets$439.6 million

Equity Sector Diversification
 VVA-Diversified ValueRussell 1000 Value Index
Consumer Discretionary5.60%4.70%
Consumer Staples9.00%9.10%
Energy12.80%13.60%
Financials22.60%27.70%
Health Care24.30%11.30%
Industrials8.60%9.80%
Information Technology8.40%9.50%
Materials3.30%2.80%
Other0.00%
Telecommunication Services4.40%4.20%
Utilities1.00%7.30%

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

Month End Ten Largest Holdings as of 07/31/2016
RankHolding
1Philip Morris International Inc.
2JPMorgan Chase & Co.
3Johnson Controls Inc.
4Wells Fargo & Co.
5United Technologies Corp.
6Medtronic plc
7Air Products & Chemicals Inc.
8Pfizer Inc.
9Verizon Communications Inc.
10PNC Financial Services Group Inc.
Ten largest holdings = 33.4% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary