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Vanguard Variable Annuity - Capital Growth Portfolio

Quarter-End Holdings as of 06/30/2015

1Biogen Inc.7.3%
2Eli Lilly & Co.5.2%
3Amgen Inc.4.8%
4Texas Instruments Inc.3.8%
5Adobe Systems Inc.3.8%
6Microsoft Corp.3.7%
7FedEx Corp.3.5%
8Roche Holding AG3.4%
9Google Inc.3.3%
10Novartis AG2.6%
Ten largest holdings = 41.4% of total net assets

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

Vanguard portfolio holdings disclaimer