Vanguard Variable Annuity - Growth Portfolio

Quarter-End Holdings as of 06/30/2016

1Alphabet Inc.5.6%
2Facebook Inc.3.5%
3MasterCard Inc.3.1%
4Visa Inc.3.1% Inc.3.0%
6Allergan plc2.6%
7Microsoft Corp.2.5%
8Home Depot Inc.2.2%
9PayPal Holdings Inc.2.2%
10Crown Castle International Corp.2.1%
Ten largest holdings = 29.9% of total net assets

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

Vanguard portfolio holdings disclaimer