Vanguard Variable Annuity - Diversified Value Portfolio
Holdings

Equity Characteristics as of 10/31/2017
 VVA-Diversified ValueRussell 1000 Value Index
Number of Stocks40714
Median Market Cap$62.0 billion
Price/Earnings Ratio 18.2x18.9x
Price/Book Ratio 2.4x2.0x
Return on Equity 12.6%11.5%
Earnings Growth Rate 4.7%6.4%
Foreign Holdings7.6%
Turnover Rate (Fiscal Year End December)33.6%
Short-Term Reserves0.1%
Total Net Assets$452.7 million

Equity Sector Diversification
 VVA-Diversified ValueRussell 1000 Value Index
Consumer Discretionary9.00%6.80%
Consumer Staples11.60%8.70%
Energy11.80%10.90%
Financials18.80%26.00%
Health Care18.70%13.90%
Industrials11.10%8.50%
Information Technology9.60%8.20%
Materials5.70%2.90%
Other0.00%
Real Estate0.00%4.80%
Telecommunication Services3.70%3.20%
Utilities0.00%6.10%

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

Month End Ten Largest Holdings as of 10/31/2017
RankHolding
1Oracle Corp.
2Wells Fargo & Co.
3JPMorgan Chase & Co.
4Philip Morris International Inc.
5Air Products & Chemicals Inc.
6United Technologies Corp.
7American Express Co.
8Microsoft Corp.
9ConocoPhillips
10Pfizer Inc.
Ten largest holdings = 34.1% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary