Vanguard Variable Annuity - International Portfolio

Quarter-End Holdings as of 03/31/2017

RankHoldingPercentage
1Tencent Holdings Ltd.5.2%
2Alibaba Group Holding Ltd.4.1%
3ASML Holding NV3.3%
4Amazon.com Inc.3.0%
5Industria de Diseno Textil SA3.0%
6AIA Group Ltd.3.0%
7Baidu Inc.2.9%
8SoftBank Group Corp.2.0%
9Atlas Copco AB1.8%
10Zalando SE1.7%
Ten largest holdings = 30.0% of total net assets

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

Vanguard portfolio holdings disclaimer