Vanguard Variable Annuity - Small Company Growth Portfolio
Holdings

Equity Characteristics as of 05/31/2016
 VVA-Small Company GrowthRussell 2500 Growth Index
Number of Stocks5231476
Median Market Cap$2.0 billion$4.1 billion
Price/Earnings Ratio 37.5x31.1x
Price/Book Ratio 3.7x4.2x
Return on Equity 14.0%16.9%
Earnings Growth Rate 13.1%14.7%
Foreign Holdings2.1%
Turnover Rate (Fiscal Year End December)57.0%
Short-Term Reserves1.7%
Total Net Assets$645.9 million

Equity Sector Diversification
 VVA-Small Company GrowthRussell 2500 Growth Index
Consumer Discretionary17.00%21.10%
Consumer Staples1.40%3.50%
Energy1.30%0.70%
Financials10.40%10.40%
Health Care20.70%18.70%
Industrials18.90%17.00%
Information Technology27.00%20.70%
Materials2.70%7.10%
Other0.00%
Telecommunication Services0.50%0.60%
Utilities0.10%0.20%

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

Month End Ten Largest Holdings as of 05/31/2016
RankHolding
1Cadence Design Systems Inc.
2Clean Harbors Inc.
32U Inc.
4ServiceMaster Global Holdings Inc.
5Sally Beauty Holdings Inc.
6LendingTree Inc.
7ABIOMED Inc.
8CEB Inc.
9LDR Holding Corp.
10Tennant Co.
Ten largest holdings = 8.8% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary