Vanguard Variable Annuity - Small Company Growth Portfolio
Holdings

Equity Characteristics as of 04/30/2017
 VVA-Small Company GrowthRussell 2500 Growth Index
Number of Stocks3921450
Median Market Cap$3.2 billion$4.2 billion
Price/Earnings Ratio 48.5x52.8x
Price/Book Ratio 4.2x4.3x
Return on Equity 12.5%11.6%
Earnings Growth Rate 12.2%14.4%
Foreign Holdings1.9%
Turnover Rate (Fiscal Year End December)91.5%
Short-Term Reserves0.3%
Total Net Assets$803.4 million

Equity Sector Diversification
 VVA-Small Company GrowthRussell 2500 Growth Index
Consumer Discretionary17.00%16.60%
Consumer Staples2.30%4.00%
Energy1.10%1.00%
Financials7.10%6.20%
Health Care20.50%19.10%
Industrials21.20%18.50%
Information Technology22.90%21.60%
Materials3.60%6.80%
Other0.00%
Real Estate3.50%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 04/30/2017
RankHolding
1LPL Financial Holdings Inc.
2TriNet Group Inc.
3ServiceMaster Global Holdings Inc.
4Cadence Design Systems Inc.
5CDW Corp.
6INC Research Holdings Inc.
7Gartner Inc.
8Carter's Inc.
9Clean Harbors Inc.
10Sensata Technologies Holding NV
Ten largest holdings = 11.7% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary