Vanguard Variable Annuity - Capital Growth Portfolio
Holdings

Equity Characteristics as of 06/30/2017
 VVA-Capital GrowthS&P 500 Index
Number of Stocks104505
Median Market Cap$87.8 billion
Price/Earnings Ratio 21.8x21.5x
Price/Book Ratio 3.9x3.0x
Return on Equity 20.6%24.1%
Earnings Growth Rate 12.0%8.1%
Foreign Holdings9.7%
Turnover Rate (Fiscal Year End December)5.3%
Short-Term Reserves8.0%
Total Net Assets$773.2 million

Equity Sector Diversification as of 06/30/2017
 VVA-Capital GrowthS&P 500 Index
Consumer Discretionary7.40%12.30%
Consumer Staples0.30%9.00%
Energy1.00%6.00%
Financials7.60%14.50%
Health Care24.30%14.50%
Industrials20.30%10.30%
Information Technology37.00%22.30%
Materials1.50%2.90%
Other0.00%
Real Estate0.00%2.90%
Telecommunication Services0.60%2.10%
Utilities0.00%3.20%

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

Month End Ten Largest Holdings as of 06/30/2017
RankHolding
1Alphabet Inc.
2Eli Lilly & Co.
3Adobe Systems Inc.
4Microsoft Corp.
5Amgen Inc.
6Southwest Airlines Co.
7Biogen Inc.
8FedEx Corp.
9Texas Instruments Inc.
10Roche Holding AG
Ten largest holdings = 37.7% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary