Vanguard Variable Annuity - Growth Portfolio

Quarter-End Holdings as of 09/30/2017

1Alphabet Inc.5.9%
2Microsoft Corp.4.2%
3Facebook Inc.4.0%
4Mastercard Inc.3.9%
5PayPal Holdings Inc.3.6%
6Visa Inc.3.3%
7Celgene Corp.2.8%
8eBay Inc.2.6%
9Intercontinental Exchange Inc.2.4%
10Biogen Inc.1.9%
Ten largest holdings = 34.6% of total net assets

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

Vanguard portfolio holdings disclaimer