Vanguard Variable Annuity - Small Company Growth Portfolio
Holdings

Equity Characteristics as of 06/30/2016
 VVA-Small Company GrowthRussell 2500 Growth Index
Number of Stocks5331463
Median Market Cap$2.0 billion$3.5 billion
Price/Earnings Ratio 37.9x34.0x
Price/Book Ratio 3.8x4.4x
Return on Equity 13.8%15.3%
Earnings Growth Rate 12.6%12.8%
Foreign Holdings2.3%
Turnover Rate (Fiscal Year End December)57.0%
Short-Term Reserves0.4%
Total Net Assets$646.1 million

Equity Sector Diversification
 VVA-Small Company GrowthRussell 2500 Growth Index
Consumer Discretionary15.50%21.10%
Consumer Staples1.80%3.50%
Energy1.50%0.70%
Financials10.30%10.40%
Health Care20.80%18.70%
Industrials18.80%17.00%
Information Technology27.80%20.70%
Materials2.40%7.10%
Other0.00%
Telecommunication Services0.80%0.60%
Utilities0.30%0.20%

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

Month End Ten Largest Holdings as of 06/30/2016
RankHolding
1Cadence Design Systems Inc.
2Clean Harbors Inc.
32U Inc.
4LendingTree Inc.
5ServiceMaster Global Holdings Inc.
6ABIOMED Inc.
7Sally Beauty Holdings Inc.
8National CineMedia Inc.
9Tennant Co.
10Fleetmatics Group plc
Ten largest holdings = 9.2% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Glossary