Vanguard Variable Annuity - Capital Growth Portfolio
Holdings

Equity Characteristics as of 06/30/2016
 VVA-Capital GrowthS&P 500 Index
Number of Stocks100505
Median Market Cap$58.1 billion$78.7 billion
Price/Earnings Ratio 20.8x20.7x
Price/Book Ratio 3.6x2.8x
Return on Equity 18.0%17.3%
Earnings Growth Rate 7.3%7.0%
Foreign Holdings10.3%
Turnover Rate (Fiscal Year End December)5.2%
Short-Term Reserves3.5%
Total Net Assets$585.7 million

Equity Sector Diversification as of 06/30/2016
 VVA-Capital GrowthS&P 500 Index
Consumer Discretionary7.90%12.30%
Consumer Staples0.60%10.60%
Energy1.60%7.40%
Financials6.90%15.70%
Health Care26.90%14.70%
Industrials15.70%10.20%
Information Technology37.10%19.80%
Materials2.00%2.80%
Other0.00%
Telecommunication Services1.30%2.90%
Utilities0.00%3.60%

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

Month End Ten Largest Holdings as of 06/30/2016
RankHolding
1Eli Lilly & Co.
2Texas Instruments Inc.
3Amgen Inc.
4Adobe Systems Inc.
5Microsoft Corp.
6Alphabet Inc.
7Biogen Inc.
8Roche Holding AG
9FedEx Corp.
10Southwest Airlines Co.
Ten largest holdings = 42.9% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary