Vanguard Variable Annuity - Growth Portfolio

Quarter-End Holdings as of 03/31/2017

1Alphabet Inc.5.9%
2Microsoft Corp.4.2%
3Facebook Inc.3.9%
4Mastercard Inc.3.6%
5Visa Inc.3.3%
6PayPal Holdings Inc.2.9%
7Apple Inc.2.7%
8Celgene Corp.2.6%
9Intercontinental Exchange Inc.2.4%
10eBay Inc.2.3%
Ten largest holdings = 33.8% of total net assets

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

Vanguard portfolio holdings disclaimer