Vanguard Variable Annuity - Small Company Growth Portfolio
Holdings

Equity Characteristics as of 01/31/2017
 VVA-Small Company GrowthRussell 2500 Growth Index
Number of Stocks5381466
Median Market Cap$2.4 billion$4.0 billion
Price/Earnings Ratio 44.3x34.3x
Price/Book Ratio 4.2x4.5x
Return on Equity 13.1%15.6%
Earnings Growth Rate 11.6%13.1%
Foreign Holdings2.6%
Turnover Rate (Fiscal Year End December)91.5%
Short-Term Reserves0.1%
Total Net Assets$765.1 million

Equity Sector Diversification
 VVA-Small Company GrowthRussell 2500 Growth Index
Consumer Discretionary14.30%17.00%
Consumer Staples1.70%4.30%
Energy2.00%1.20%
Financials8.70%6.30%
Health Care21.10%18.20%
Industrials20.00%19.00%
Information Technology25.60%21.10%
Materials2.60%6.70%
Other0.00%
Real Estate2.80%5.10%
Telecommunication Services0.90%0.70%
Utilities0.30%0.40%

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

Month End Ten Largest Holdings as of 01/31/2017
RankHolding
1Cadence Design Systems Inc.
2ABIOMED Inc.
3CEB Inc.
4LPL Financial Holdings Inc.
5INC Research Holdings Inc.
6ServiceMaster Global Holdings Inc.
7TriNet Group Inc.
8Exact Sciences Corp.
92U Inc.
10Tennant Co.
Ten largest holdings = 9.2% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary