Vanguard Variable Annuity - Balanced Portfolio

Quarter-End Holdings as of 06/30/2016

1Wells Fargo & Co.2.1%
2Merck & Co. Inc.2.1%
3Microsoft Corp.2.0%
4Comcast Corp.1.9%
5Verizon Communications Inc.1.7%
6Chevron Corp.1.7%
7Alphabet Inc.1.6%
8JPMorgan Chase & Co.1.6%
9Chubb Ltd.1.5%
10Intel Corp.1.5%
Ten largest holdings = 17.7% of total net assets

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

Vanguard portfolio holdings disclaimer