Vanguard Variable Annuity - Small Company Growth Portfolio
Holdings

Equity Characteristics as of 11/30/2017
 VVA-Small Company GrowthRussell 2500 Growth Index
Number of Stocks3911418
Median Market Cap$4.9 billion
Price/Earnings Ratio 25.7x27.7x
Price/Book Ratio 4.1x4.8x
Return on Equity 12.9%12.8%
Earnings Growth Rate 13.0%14.1%
Foreign Holdings1.6%
Turnover Rate (Fiscal Year End December)91.5%
Short-Term Reserves1.1%
Total Net Assets$874.8 million

Equity Sector Diversification
 VVA-Small Company GrowthRussell 2500 Growth Index
Consumer Discretionary17.10%14.80%
Consumer Staples1.60%2.30%
Energy1.00%1.70%
Financials6.80%7.40%
Health Care18.20%18.30%
Industrials24.20%19.10%
Information Technology23.90%25.10%
Materials3.90%6.50%
Other0.00%
Real Estate2.40%3.60%
Telecommunication Services0.40%0.80%
Utilities0.50%0.40%

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

Month End Ten Largest Holdings as of 11/30/2017
RankHolding
1TriNet Group Inc.
2LPL Financial Holdings Inc.
3Sensata Technologies Holding NV
4CDW Corp.
5STERIS plc
6ServiceMaster Global Holdings Inc.
7SS&C Technologies Holdings Inc.
8MSC Industrial Direct Co. Inc.
9Sally Beauty Holdings Inc.
10Kirby Corp.
Ten largest holdings = 11.6% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary