Vanguard Variable Annuity - Equity Income Portfolio

Quarter-End Holdings as of 03/31/2016

1Microsoft Corp.4.7%
2Johnson & Johnson3.3%
3General Electric Co.3.0%
4Wells Fargo & Co.3.0%
5JPMorgan Chase & Co.2.8%
6Verizon Communications Inc.2.7%
7Exxon Mobil Corp.2.5%
8Cisco Systems Inc.2.4%
9Intel Corp.2.3%
10Merck & Co. Inc.2.2%
Ten largest holdings = 28.9% of total net assets

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

Vanguard portfolio holdings disclaimer