Vanguard Variable Annuity - Small Company Growth Portfolio
Holdings

Equity Characteristics as of 05/31/2017
 VVA-Small Company GrowthRussell 2500 Growth Index
Number of Stocks3911445
Median Market Cap$4.4 billion
Price/Earnings Ratio 45.4x53.6x
Price/Book Ratio 4.0x4.2x
Return on Equity 12.3%12.5%
Earnings Growth Rate 12.9%14.6%
Foreign Holdings2.0%
Turnover Rate (Fiscal Year End December)91.5%
Short-Term Reserves
Total Net Assets$795.6 million

Equity Sector Diversification
 VVA-Small Company GrowthRussell 2500 Growth Index
Consumer Discretionary16.70%16.60%
Consumer Staples2.30%4.00%
Energy1.10%1.00%
Financials6.80%6.20%
Health Care20.50%19.10%
Industrials21.40%18.50%
Information Technology23.20%21.60%
Materials3.60%6.80%
Other0.00%
Real Estate3.60%5.20%
Telecommunication Services0.40%0.60%
Utilities0.40%0.40%

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

Month End Ten Largest Holdings as of 05/31/2017
RankHolding
1TriNet Group Inc.
2Cadence Design Systems Inc.
3LPL Financial Holdings Inc.
4ServiceMaster Global Holdings Inc.
5CDW Corp.
6INC Research Holdings Inc.
7Sensata Technologies Holding NV
8Clean Harbors Inc.
9Sally Beauty Holdings Inc.
10STERIS plc
Ten largest holdings = 12.3% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary