Vanguard Variable Annuity - Small Company Growth Portfolio
Holdings

Equity Characteristics as of 08/31/2016
 VVA-Small Company GrowthRussell 2500 Growth Index
Number of Stocks5381454
Median Market Cap$2.1 billion$3.8 billion
Price/Earnings Ratio 39.1x34.0x
Price/Book Ratio 4.0x4.5x
Return on Equity 13.7%15.1%
Earnings Growth Rate 9.8%12.0%
Foreign Holdings2.7%
Turnover Rate (Fiscal Year End December)57.0%
Short-Term Reserves0.3%
Total Net Assets$697.7 million

Equity Sector Diversification
 VVA-Small Company GrowthRussell 2500 Growth Index
Consumer Discretionary15.50%17.50%
Consumer Staples1.70%4.60%
Energy1.30%1.00%
Financials10.50%11.40%
Health Care20.90%18.90%
Industrials18.80%17.60%
Information Technology27.90%21.20%
Materials2.40%6.40%
Other0.00%
Telecommunication Services0.80%0.80%
Utilities0.20%0.60%

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

Month End Ten Largest Holdings as of 08/31/2016
RankHolding
1Cadence Design Systems Inc.
2Fleetmatics Group plc
32U Inc.
4ABIOMED Inc.
5Tennant Co.
6ServiceMaster Global Holdings Inc.
7Sally Beauty Holdings Inc.
8LPL Financial Holdings Inc.
9Clean Harbors Inc.
10Euronet Worldwide Inc.
Ten largest holdings = 9.0% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary