Vanguard Variable Annuity - Capital Growth Portfolio

Quarter-End Holdings as of 12/31/2016

1Microsoft Corp.4.7%
2Biogen Inc.4.6%
3Alphabet Inc.4.5%
4Texas Instruments Inc.4.4%
5Eli Lilly & Co.4.3%
6Amgen Inc.4.1%
7Adobe Systems Inc.3.7%
8FedEx Corp.3.6%
9Southwest Airlines Co.3.4%
10NVIDIA Corp.2.6%
Ten largest holdings = 39.9% of total net assets

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

Vanguard portfolio holdings disclaimer