Vanguard Variable Annuity - Capital Growth Portfolio

Quarter-End Holdings as of 09/30/2017

1Biogen Inc.4.9%
2Alphabet Inc.4.5%
3Eli Lilly & Co.4.1%
4Microsoft Corp.3.9%
5Texas Instruments Inc.3.9%
6Adobe Systems Inc.3.9%
7Amgen Inc.3.7%
8FedEx Corp.3.7%
9Southwest Airlines Co.3.2%
10Alibaba Group Holding Ltd.2.4%
Ten largest holdings = 38.2% of total net assets

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

Vanguard portfolio holdings disclaimer