Vanguard Variable Annuity - Small Company Growth Portfolio
Holdings

Equity Characteristics as of 09/30/2017
 VVA-Small Company GrowthRussell 2500 Growth Index
Number of Stocks3771429
Median Market Cap$4.5 billion
Price/Earnings Ratio 24.8x27.0x
Price/Book Ratio 4.2x4.8x
Return on Equity 12.7%12.5%
Earnings Growth Rate 13.3%13.7%
Foreign Holdings1.7%
Turnover Rate (Fiscal Year End December)91.5%
Short-Term Reserves1.0%
Total Net Assets$846.0 million

Equity Sector Diversification
 VVA-Small Company GrowthRussell 2500 Growth Index
Consumer Discretionary17.00%15.50%
Consumer Staples1.50%2.30%
Energy1.10%1.60%
Financials6.80%7.30%
Health Care19.40%18.70%
Industrials24.60%18.50%
Information Technology23.30%24.50%
Materials3.30%6.50%
Other0.00%
Real Estate2.40%3.90%
Telecommunication Services0.40%0.80%
Utilities0.20%0.40%

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

Month End Ten Largest Holdings as of 09/30/2017
RankHolding
1LPL Financial Holdings Inc.
2TriNet Group Inc.
3Cadence Design Systems Inc.
4Sensata Technologies Holding NV
5CDW Corp.
6ServiceMaster Global Holdings Inc.
7Carter's Inc.
8Sally Beauty Holdings Inc.
9STERIS plc
10SS&C Technologies Holdings Inc.
Ten largest holdings = 12.8% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary