Vanguard Variable Annuity - Growth Portfolio
Holdings

Equity Characteristics as of 11/30/2017
 VVA-GrowthRussell 1000 Growth Index
Number of Stocks108550
Median Market Cap$93.2 billion
Price/Earnings Ratio 29.5x27.0x
Price/Book Ratio 5.4x6.4x
Return on Equity 16.9%21.7%
Earnings Growth Rate 13.7%12.7%
Foreign Holdings0.9%
Turnover Rate (Fiscal Year End December)27.8%
Short-Term Reserves0.7%
Total Net Assets$475.1 million

Equity Sector Diversification
 VVA-GrowthRussell 1000 Growth Index
Consumer Discretionary12.30%17.70%
Consumer Staples3.70%6.70%
Energy0.20%0.90%
Financials8.50%3.40%
Health Care12.90%13.80%
Industrials9.60%12.50%
Information Technology46.60%37.60%
Materials0.70%3.80%
Other1.50%
Real Estate3.80%2.60%
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 11/30/2017
RankHolding
1Alphabet Inc.
2Microsoft Corp.
3Facebook Inc.
4Mastercard Inc.
5PayPal Holdings Inc.
6Visa Inc.
7Intercontinental Exchange Inc.
8Amazon.com Inc.
9eBay Inc.
10Apple Inc.
Ten largest holdings = 35.1% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary