Vanguard Variable Annuity - Capital Growth Portfolio
Holdings

Equity Characteristics as of 04/30/2019
 VVA-Capital GrowthS&P 500 Index
Number of Stocks108505
Median Market Cap$117.4 billion
Price/Earnings Ratio 17.1x20.6x
Price/Book Ratio 3.8x3.3x
Return on Equity 15.9%16.6%
Earnings Growth Rate 13.2%9.0%
Foreign Holdings13.6%
Turnover Rate (Fiscal Year End December)5.6%
Short-Term Reserves7.6%
Total Net Assets$972.6 million

Equity Sector Diversification as of 04/30/2019
 VVA-Capital GrowthS&P 500 Index
Communication Services6.00%10.30%
Consumer Discretionary9.70%10.30%
Consumer Staples0.00%7.20%
Energy0.90%5.20%
Financials8.80%13.30%
Health Care23.00%13.60%
Industrials19.00%9.50%
Information Technology31.90%21.70%
Materials0.70%2.70%
Other0.00%
Real Estate0.00%3.00%
Utilities0.00%3.20%

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

Month End Ten Largest Holdings as of 04/30/2019
RankHolding
1Adobe Inc.
2Microsoft Corp.
3Alphabet Inc.
4Eli Lilly & Co.
5Texas Instruments Inc.
6Biogen Inc.
7Amgen Inc.
8Southwest Airlines Co.
9FedEx Corp.
10Alibaba Group Holding Ltd.
Ten largest holdings = 35.9% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary