Vanguard Variable Annuity - Capital Growth Portfolio
Holdings

Equity Characteristics as of 10/31/2017
 VVA-Capital GrowthS&P 500 Index
Number of Stocks107505
Median Market Cap$90.7 billion
Price/Earnings Ratio 22.5x22.5x
Price/Book Ratio 3.9x3.1x
Return on Equity 18.4%16.0%
Earnings Growth Rate 12.0%9.6%
Foreign Holdings9.2%
Turnover Rate (Fiscal Year End December)5.3%
Short-Term Reserves9.4%
Total Net Assets$842.2 million

Equity Sector Diversification as of 10/31/2017
 VVA-Capital GrowthS&P 500 Index
Consumer Discretionary7.70%11.90%
Consumer Staples0.30%7.90%
Energy0.90%5.90%
Financials7.40%14.70%
Health Care23.50%14.10%
Industrials18.20%10.00%
Information Technology40.00%24.50%
Materials1.50%3.00%
Other0.00%
Real Estate0.00%2.90%
Telecommunication Services0.50%1.90%
Utilities0.00%3.20%

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

Month End Ten Largest Holdings as of 10/31/2017
RankHolding
1Biogen Inc.
2Alphabet Inc.
3Adobe Systems Inc.
4Microsoft Corp.
5Texas Instruments Inc.
6Eli Lilly & Co.
7FedEx Corp.
8Amgen Inc.
9Southwest Airlines Co.
10NVIDIA Corp.
Ten largest holdings = 37.2% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary