Vanguard Variable Annuity - Growth Portfolio
Holdings

Equity Characteristics as of 04/30/2016
 VVA-GrowthRussell 1000 Growth Index
Number of Stocks116635
Median Market Cap$47.1 billion$72.3 billion
Price/Earnings Ratio 27.6x23.0x
Price/Book Ratio 5.6x5.5x
Return on Equity 22.5%22.8%
Earnings Growth Rate 15.7%12.3%
Foreign Holdings1.9%
Turnover Rate (Fiscal Year End December)38.1%
Short-Term Reserves0.7%
Total Net Assets$384.8 million

Equity Sector Diversification
 VVA-GrowthRussell 1000 Growth Index
Consumer Discretionary20.00%21.30%
Consumer Staples6.30%11.70%
Energy0.60%0.50%
Financials8.20%5.60%
Health Care17.80%15.60%
Industrials7.70%11.10%
Information Technology35.50%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 04/30/2016
RankHolding
1Alphabet Inc.
2Facebook Inc.
3MasterCard Inc.
4Visa Inc.
5Amazon.com Inc.
6Microsoft Corp.
7Home Depot Inc.
8Celgene Corp.
9Allergan plc
10Apple Inc.
Ten largest holdings = 30.2% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary