Vanguard Variable Annuity - Balanced Portfolio

Quarter-End Holdings as of 09/30/2017

1Microsoft Corp.2.2%
2JPMorgan Chase & Co.1.9%
3Chevron Corp.1.8%
4Bank of America Corp.1.8%
5Alphabet Inc.1.8%
6Intel Corp.1.7%
7Comcast Corp.1.7%
8Verizon Communications Inc.1.6%
9Chubb Ltd.1.4%
10Bristol-Myers Squibb Co.1.4%
Ten largest holdings = 17.3% of total net assets

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

Vanguard portfolio holdings disclaimer