Vanguard Variable Annuity - Capital Growth Portfolio
Holdings

Equity Characteristics as of 01/31/2017
 VVA-Capital GrowthS&P 500 Index
Number of Stocks99505
Median Market Cap$60.7 billion$84.6 billion
Price/Earnings Ratio 21.7x22.7x
Price/Book Ratio 3.8x3.0x
Return on Equity 18.2%17.4%
Earnings Growth Rate 10.2%8.3%
Foreign Holdings9.1%
Turnover Rate (Fiscal Year End December)5.3%
Short-Term Reserves5.2%
Total Net Assets$676.3 million

Equity Sector Diversification as of 01/31/2017
 VVA-Capital GrowthS&P 500 Index
Consumer Discretionary7.50%12.30%
Consumer Staples0.40%9.30%
Energy1.50%7.20%
Financials7.90%14.60%
Health Care23.90%13.70%
Industrials18.30%10.20%
Information Technology37.70%21.30%
Materials1.80%2.90%
Other0.00%
Real Estate0.00%2.80%
Telecommunication Services1.00%2.50%
Utilities0.00%3.20%

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

Month End Ten Largest Holdings as of 01/31/2017
RankHolding
1Microsoft Corp.
2Alphabet Inc.
3Texas Instruments Inc.
4Biogen Inc.
5Eli Lilly & Co.
6Amgen Inc.
7Adobe Systems Inc.
8FedEx Corp.
9Southwest Airlines Co.
10Roche Holding AG
Ten largest holdings = 40.2% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary