Vanguard Variable Annuity - International Portfolio

Quarter-End Holdings as of 06/30/2016

1Tencent Holdings Ltd.4.6%
2AIA Group Ltd.3.5%
3Industria de Diseno Textil SA3.5%
4Alibaba Group Holding Ltd.3.3% Inc.3.2%
6Baidu Inc.3.1%
7M3 Inc.2.0%
8SoftBank Group Corp.1.9%
9ARM Holdings plc1.9%
10Rolls-Royce Holdings plc1.8%
Ten largest holdings = 28.8% of total net assets

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

Vanguard portfolio holdings disclaimer