Vanguard Variable Annuity - Diversified Value Portfolio
Holdings

Equity Characteristics as of 04/30/2017
 VVA-Diversified ValueRussell 1000 Value Index
Number of Stocks42694
Median Market Cap$93.9 billion$60.0 billion
Price/Earnings Ratio 21.7x24.5x
Price/Book Ratio 2.3x1.9x
Return on Equity 18.2%10.2%
Earnings Growth Rate 3.2%4.8%
Foreign Holdings10.7%
Turnover Rate (Fiscal Year End December)33.6%
Short-Term Reserves1.0%
Total Net Assets$462.6 million

Equity Sector Diversification
 VVA-Diversified ValueRussell 1000 Value Index
Consumer Discretionary8.00%4.50%
Consumer Staples13.70%8.50%
Energy10.20%12.20%
Financials15.50%26.50%
Health Care25.40%10.80%
Industrials10.40%10.20%
Information Technology8.80%10.00%
Materials4.20%2.90%
Other0.00%
Real Estate0.00%4.60%
Telecommunication Services3.80%3.60%
Utilities0.00%6.20%

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

Month End Ten Largest Holdings as of 04/30/2017
RankHolding
1Philip Morris International Inc.
2Wells Fargo & Co.
3Sanofi
4United Technologies Corp.
5Imperial Brands plc
6Oracle Corp.
7Altria Group Inc.
8Medtronic plc
9CVS Health Corp.
10JPMorgan Chase & Co.
Ten largest holdings = 33.7% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary