Vanguard Variable Annuity - Equity Income Portfolio

Quarter-End Holdings as of 06/30/2017

1Microsoft Corp.4.8%
2JPMorgan Chase & Co.3.7%
3Johnson & Johnson3.3%
4Philip Morris International Inc.3.1%
5Wells Fargo & Co.3.1%
6Cisco Systems Inc.2.2%
7Chevron Corp.2.1%
8Merck & Co. Inc.2.1%
9Exxon Mobil Corp.1.9%
10Pfizer Inc.1.9%
Ten largest holdings = 28.2% of total net assets

Portfolio holdings may exclude any temporary cash investments and equity index products.

Vanguard portfolio holdings disclaimer