Vanguard Variable Annuity - Growth Portfolio
Holdings

Equity Characteristics as of 03/31/2017
 VVA-GrowthRussell 1000 Growth Index
Number of Stocks113609
Median Market Cap$60.4 billion$84.3 billion
Price/Earnings Ratio 31.7x25.0x
Price/Book Ratio 6.1x6.0x
Return on Equity 22.1%22.1%
Earnings Growth Rate 13.3%11.4%
Foreign Holdings0.6%
Turnover Rate (Fiscal Year End December)27.8%
Short-Term Reserves0.4%
Total Net Assets$391.8 million

Equity Sector Diversification
 VVA-GrowthRussell 1000 Growth Index
Consumer Discretionary15.20%20.80%
Consumer Staples3.60%9.50%
Energy0.40%0.60%
Financials6.50%2.90%
Health Care15.00%16.10%
Industrials9.20%11.10%
Information Technology42.70%31.40%
Materials0.70%3.60%
Other2.10%
Real Estate4.40%2.70%
Telecommunication Services0.10%1.30%
Utilities0.10%0.00%

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

Month End Ten Largest Holdings as of 03/31/2017
RankHolding
1Alphabet Inc.
2Microsoft Corp.
3Facebook Inc.
4Mastercard Inc.
5Visa Inc.
6PayPal Holdings Inc.
7Apple Inc.
8Celgene Corp.
9Intercontinental Exchange Inc.
10eBay Inc.
Ten largest holdings = 33.8% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary