Vanguard Variable Annuity - International Portfolio

Quarter-End Holdings as of 12/31/2016

RankHoldingPercentage
1Tencent Holdings Ltd.4.9%
2Alibaba Group Holding Ltd.3.8%
3AIA Group Ltd.3.3%
4Industria de Diseno Textil SA3.3%
5Amazon.com Inc.3.2%
6ASML Holding NV3.1%
7Baidu Inc.3.1%
8SoftBank Group Corp.2.1%
9Svenska Handelsbanken AB1.8%
10Zalando SE1.8%
Ten largest holdings = 30.4% of total net assets

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

Vanguard portfolio holdings disclaimer