Vanguard Variable Annuity - Growth Portfolio
Holdings

Equity Characteristics as of 05/31/2017
 VVA-GrowthRussell 1000 Growth Index
Number of Stocks107608
Median Market Cap$85.9 billion
Price/Earnings Ratio 27.1x25.6x
Price/Book Ratio 5.0x5.8x
Return on Equity 25.3%44.1%
Earnings Growth Rate 15.4%13.9%
Foreign Holdings0.6%
Turnover Rate (Fiscal Year End December)27.8%
Short-Term Reserves0.7%
Total Net Assets$416.6 million

Equity Sector Diversification
 VVA-GrowthRussell 1000 Growth Index
Consumer Discretionary14.40%20.90%
Consumer Staples3.50%9.10%
Energy0.30%0.50%
Financials6.30%2.80%
Health Care13.70%15.90%
Industrials9.10%10.70%
Information Technology45.30%32.70%
Materials0.70%3.60%
Other2.00%
Real Estate4.50%2.80%
Telecommunication Services0.10%1.00%
Utilities0.10%0.00%

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

Month End Ten Largest Holdings as of 05/31/2017
RankHolding
1Alphabet Inc.
2Microsoft Corp.
3Facebook Inc.
4Mastercard Inc.
5PayPal Holdings Inc.
6Visa Inc.
7Apple Inc.
8eBay Inc.
9Celgene Corp.
10Intercontinental Exchange Inc.
Ten largest holdings = 34.5% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary