Vanguard Variable Annuity - Diversified Value Portfolio

Quarter-End Holdings as of 12/31/2017

1Wells Fargo & Co.3.7%
2JPMorgan Chase & Co.3.6%
3Express Scripts Holding Co.3.5%
4United Technologies Corp.3.4%
5Philip Morris International Inc.3.4%
6Air Products & Chemicals Inc.3.4%
8Occidental Petroleum Corp.3.3%
9Oracle Corp.3.2%
10QUALCOMM Inc.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