Vanguard Variable Annuity - Balanced Portfolio

Quarter-End Holdings as of 03/31/2017

1Microsoft Corp.2.1%
2JPMorgan Chase & Co.1.8%
3Chevron Corp.1.8%
4Bank of America Corp.1.7%
5Comcast Corp.1.7%
6Intel Corp.1.6%
7Apple Inc.1.6%
8Alphabet Inc.1.6%
9Merck & Co. Inc.1.5%
10Wells Fargo & Co.1.5%
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