Vanguard Variable Annuity - Growth Portfolio
Holdings

Equity Characteristics as of 05/31/2016
 VVA-GrowthRussell 1000 Growth Index
Number of Stocks114635
Median Market Cap$49.8 billion$73.7 billion
Price/Earnings Ratio 28.0x23.0x
Price/Book Ratio 5.6x5.6x
Return on Equity 22.6%22.9%
Earnings Growth Rate 15.2%12.2%
Foreign Holdings1.2%
Turnover Rate (Fiscal Year End December)38.1%
Short-Term Reserves1.1%
Total Net Assets$391.6 million

Equity Sector Diversification
 VVA-GrowthRussell 1000 Growth Index
Consumer Discretionary19.90%21.30%
Consumer Staples6.10%11.70%
Energy0.50%0.50%
Financials8.90%5.60%
Health Care16.60%15.60%
Industrials7.70%11.10%
Information Technology36.40%28.20%
Materials1.40%3.50%
Other2.10%
Telecommunication Services0.30%2.40%
Utilities0.10%0.10%

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

Month End Ten Largest Holdings as of 05/31/2016
RankHolding
1Alphabet Inc.
2Facebook Inc.
3MasterCard Inc.
4Visa Inc.
5Amazon.com Inc.
6Allergan plc
7Microsoft Corp.
8Celgene Corp.
9Home Depot Inc.
10Apple Inc.
Ten largest holdings = 30.2% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary