Vanguard Variable Annuity - Balanced Portfolio

Quarter-End Holdings as of 12/31/2016

1Microsoft Corp.2.1%
2JPMorgan Chase & Co.2.0%
3Chevron Corp.1.9%
4Intel Corp.1.7%
5Wells Fargo & Co.1.7%
6Alphabet Inc.1.7%
7Bank of America Corp.1.7%
8Comcast Corp.1.6%
9Merck & Co. Inc.1.5%
10Chubb Ltd.1.5%
Ten largest holdings = 17.4% of total net assets

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

Vanguard portfolio holdings disclaimer