Vanguard Variable Annuity

Introduction
The Vanguard Variable Annuity is a low-cost, no surrender fee, deferred variable annuity, which offers 15 Vanguard subaccounts as underlying investments. According to the prospectus: "The Contract is intended for long-term investors who want tax-deferred accumulation of funds, generally for retirement but also for other long-term investment purposes. The tax-deferred feature of the Contract is most attractive to investors in high federal and state marginal tax brackets who have exhausted other avenues of tax deferral, such as pre-tax contributions to employer-sponsored retirement or savings plans. The tax-deferred feature of the Contract is unnecessary when the Contract is purchased to fund a qualified plan."

The Vanguard VA offers the following investment choices: