Vanguard Variable Annuity - Balanced Portfolio

Quarter-End Holdings as of 09/30/2016

1Merck & Co. Inc.2.1%
2Microsoft Corp.2.0%
3Comcast Corp.1.8%
4Alphabet Inc.1.8%
5Intel Corp.1.7%
6JPMorgan Chase & Co.1.6%
7Wells Fargo & Co.1.6%
8Chevron Corp.1.6%
9Chubb Ltd.1.4%
10Verizon Communications Inc.1.3%
Ten largest holdings = 16.9% of total net assets

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

Vanguard portfolio holdings disclaimer