Vanguard Variable Annuity - Diversified Value Portfolio

Quarter-End Holdings as of 03/31/2017

1Philip Morris International Inc.3.9%
2Wells Fargo & Co.3.8%
3Cardinal Health Inc.3.4%
4Imperial Brands plc3.3%
5Oracle Corp.3.3%
7Altria Group Inc.3.3%
8United Technologies Corp.3.2%
10JPMorgan Chase & Co.3.2%
Ten largest holdings = 33.9% of total net assets

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

Vanguard portfolio holdings disclaimer