Vanguard Variable Annuity - Capital Growth Portfolio

Quarter-End Holdings as of 09/30/2016

1Biogen Inc.5.3%
2Eli Lilly & Co.4.9%
3Amgen Inc.4.8%
4Alphabet Inc.4.7%
5Texas Instruments Inc.4.6%
6Microsoft Corp.4.5%
7Adobe Systems Inc.4.3%
8FedEx Corp.3.4%
9Roche Holding AG2.9%
10Southwest Airlines Co.2.8%
Ten largest holdings = 42.2% of total net assets

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

Vanguard portfolio holdings disclaimer