Vanguard Variable Annuity - Capital Growth Portfolio
Holdings

Equity Characteristics as of 04/30/2017
 VVA-Capital GrowthS&P 500 Index
Number of Stocks98505
Median Market Cap$65.1 billion$89.6 billion
Price/Earnings Ratio 23.6x23.7x
Price/Book Ratio 3.9x3.0x
Return on Equity 29.1%29.0%
Earnings Growth Rate 10.0%9.6%
Foreign Holdings9.4%
Turnover Rate (Fiscal Year End December)5.3%
Short-Term Reserves6.7%
Total Net Assets$733.1 million

Equity Sector Diversification as of 04/30/2017
 VVA-Capital GrowthS&P 500 Index
Consumer Discretionary7.70%12.50%
Consumer Staples0.30%9.30%
Energy1.10%6.30%
Financials7.00%14.10%
Health Care24.20%14.00%
Industrials18.00%10.10%
Information Technology39.20%22.50%
Materials1.60%2.80%
Other0.00%
Real Estate0.00%2.90%
Telecommunication Services0.90%2.30%
Utilities0.00%3.20%

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

Month End Ten Largest Holdings as of 04/30/2017
RankHolding
1Alphabet Inc.
2Adobe Systems Inc.
3Eli Lilly & Co.
4Microsoft Corp.
5Texas Instruments Inc.
6Biogen Inc.
7Amgen Inc.
8Southwest Airlines Co.
9FedEx Corp.
10Roche Holding AG
Ten largest holdings = 39.8% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary