Vanguard Variable Annuity - Small Company Growth Portfolio
Holdings

Equity Characteristics as of 02/28/2017
 VVA-Small Company GrowthRussell 2500 Growth Index
Number of Stocks5111457
Median Market Cap$2.8 billion$4.3 billion
Price/Earnings Ratio 38.9x35.5x
Price/Book Ratio 4.4x4.7x
Return on Equity 14.1%15.8%
Earnings Growth Rate 10.5%12.8%
Foreign Holdings2.5%
Turnover Rate (Fiscal Year End December)91.5%
Short-Term Reserves
Total Net Assets$782.8 million

Equity Sector Diversification
 VVA-Small Company GrowthRussell 2500 Growth Index
Consumer Discretionary16.30%17.00%
Consumer Staples2.20%4.30%
Energy1.50%1.20%
Financials7.60%6.30%
Health Care20.70%18.20%
Industrials21.50%19.00%
Information Technology23.10%21.10%
Materials3.10%6.70%
Other0.00%
Real Estate3.20%5.10%
Telecommunication Services0.50%0.70%
Utilities0.30%0.40%

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

Month End Ten Largest Holdings as of 02/28/2017
RankHolding
1LPL Financial Holdings Inc.
2ServiceMaster Global Holdings Inc.
3Cadence Design Systems Inc.
4CDW Corp.
5Clean Harbors Inc.
6Carter's Inc.
7INC Research Holdings Inc.
8Cooper Cos. Inc.
9Sensata Technologies Holding NV
10Sally Beauty Holdings Inc.
Ten largest holdings = 11.1% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary