Vanguard Variable Annuity - Small Company Growth Portfolio
Holdings

Equity Characteristics as of 07/31/2017
 VVA-Small Company GrowthRussell 2500 Growth Index
Number of Stocks3781432
Median Market Cap$4.3 billion
Price/Earnings Ratio 23.4x25.9x
Price/Book Ratio 4.1x4.6x
Return on Equity 12.7%12.5%
Earnings Growth Rate 13.1%13.8%
Foreign Holdings1.8%
Turnover Rate (Fiscal Year End December)91.5%
Short-Term Reserves0.8%
Total Net Assets$822.8 million

Equity Sector Diversification
 VVA-Small Company GrowthRussell 2500 Growth Index
Consumer Discretionary17.30%15.50%
Consumer Staples1.50%2.30%
Energy1.30%1.60%
Financials6.90%7.30%
Health Care20.10%18.70%
Industrials23.10%18.50%
Information Technology23.20%24.50%
Materials3.40%6.50%
Other0.00%
Real Estate2.50%3.90%
Telecommunication Services0.40%0.80%
Utilities0.30%0.40%

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

Month End Ten Largest Holdings as of 07/31/2017
RankHolding
1TriNet Group Inc.
2LPL Financial Holdings Inc.
3ServiceMaster Global Holdings Inc.
4Cadence Design Systems Inc.
5Sally Beauty Holdings Inc.
6CDW Corp.
7Sensata Technologies Holding NV
8Clean Harbors Inc.
9STERIS plc
10Carter's Inc.
Ten largest holdings = 12.5% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary