Vanguard Variable Annuity - Diversified Value Portfolio
Holdings

Equity Characteristics as of 12/31/2017
 VVA-Diversified ValueRussell 1000 Value Index
Number of Stocks40713
Median Market Cap$65.6 billion
Price/Earnings Ratio 19.2x19.8x
Price/Book Ratio 2.5x2.0x
Return on Equity 14.6%11.5%
Earnings Growth Rate 4.3%6.5%
Foreign Holdings7.1%
Turnover Rate (Fiscal Year End December)33.6%
Short-Term Reserves0.4%
Total Net Assets$472.2 million

Equity Sector Diversification
 VVA-Diversified ValueRussell 1000 Value Index
Consumer Discretionary10.00%6.80%
Consumer Staples11.60%8.70%
Energy12.20%10.90%
Financials18.70%26.00%
Health Care18.30%13.90%
Industrials10.10%8.50%
Information Technology9.70%8.20%
Materials5.50%2.90%
Other0.00%
Real Estate0.00%4.80%
Telecommunication Services3.90%3.20%
Utilities0.00%6.10%

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

Month End Ten Largest Holdings as of 12/31/2017
RankHolding
1Wells Fargo & Co.
2JPMorgan Chase & Co.
3Express Scripts Holding Co.
4United Technologies Corp.
5Philip Morris International Inc.
6Air Products & Chemicals Inc.
7ConocoPhillips
8Occidental Petroleum Corp.
9Oracle Corp.
10QUALCOMM Inc.
Ten largest holdings = 34.0% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary