Vanguard Variable Annuity - Diversified Value Portfolio

Quarter-End Holdings as of 09/30/2017

1Philip Morris International Inc.3.8%
2Wells Fargo & Co.3.6%
3Oracle Corp.3.5%
4General Electric Co.3.5%
5JPMorgan Chase & Co.3.4%
6Air Products & Chemicals Inc.3.3%
7United Technologies Corp.3.3%
8Pfizer Inc.3.2%
9Express Scripts Holding Co.3.2%
Ten largest holdings = 34.0% of total net assets

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

Vanguard portfolio holdings disclaimer