Vanguard Variable Annuity - Capital Growth Portfolio
Holdings

Equity Characteristics as of 08/31/2017
 VVA-Capital GrowthS&P 500 Index
Number of Stocks105505
Median Market Cap$87.9 billion
Price/Earnings Ratio 22.2x22.0x
Price/Book Ratio 3.8x3.0x
Return on Equity 18.4%16.0%
Earnings Growth Rate 12.4%9.1%
Foreign Holdings9.3%
Turnover Rate (Fiscal Year End December)5.3%
Short-Term Reserves7.1%
Total Net Assets$785.4 million

Equity Sector Diversification as of 08/31/2017
 VVA-Capital GrowthS&P 500 Index
Consumer Discretionary7.90%12.00%
Consumer Staples0.30%8.50%
Energy0.80%5.70%
Financials7.10%14.20%
Health Care25.10%14.70%
Industrials18.80%10.10%
Information Technology37.80%23.50%
Materials1.60%2.90%
Other0.00%
Real Estate0.00%3.00%
Telecommunication Services0.60%2.10%
Utilities0.00%3.30%

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

Month End Ten Largest Holdings as of 08/31/2017
RankHolding
1Biogen Inc.
2Alphabet Inc.
3Adobe Systems Inc.
4Microsoft Corp.
5Eli Lilly & Co.
6Amgen Inc.
7Texas Instruments Inc.
8FedEx Corp.
9Southwest Airlines Co.
10Alibaba Group Holding Ltd.
Ten largest holdings = 38.7% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary