Vanguard Variable Annuity - Capital Growth Portfolio

Quarter-End Holdings as of 06/30/2016

1Eli Lilly & Co.5.2%
2Texas Instruments Inc.5.0%
3Amgen Inc.4.8%
4Adobe Systems Inc.4.7%
5Microsoft Corp.4.6%
6Alphabet Inc.4.5%
7Biogen Inc.4.4%
8Roche Holding AG3.4%
9FedEx Corp.3.3%
10Southwest Airlines Co.3.0%
Ten largest holdings = 42.9% of total net assets

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

Vanguard portfolio holdings disclaimer