Vanguard Variable Annuity - Capital Growth Portfolio
Holdings

Equity Characteristics as of 11/30/2016
 VVA-Capital GrowthS&P 500 Index
Number of Stocks99505
Median Market Cap$64.4 billion$82.6 billion
Price/Earnings Ratio 21.0x22.7x
Price/Book Ratio 3.8x2.8x
Return on Equity 18.4%17.4%
Earnings Growth Rate 10.5%8.0%
Foreign Holdings9.0%
Turnover Rate (Fiscal Year End December)5.2%
Short-Term Reserves5.8%
Total Net Assets$641.7 million

Equity Sector Diversification as of 11/30/2016
 VVA-Capital GrowthS&P 500 Index
Consumer Discretionary7.90%12.30%
Consumer Staples0.30%9.30%
Energy1.60%7.50%
Financials7.90%14.60%
Health Care23.70%13.70%
Industrials18.40%10.50%
Information Technology37.50%20.80%
Materials1.80%2.90%
Other0.00%
Real Estate0.00%2.80%
Telecommunication Services0.90%2.50%
Utilities0.00%3.10%

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

Month End Ten Largest Holdings as of 11/30/2016
RankHolding
1Biogen Inc.
2Microsoft Corp.
3Texas Instruments Inc.
4Alphabet Inc.
5Amgen Inc.
6Eli Lilly & Co.
7FedEx Corp.
8Adobe Systems Inc.
9Southwest Airlines Co.
10Roche Holding AG
Ten largest holdings = 40.1% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary