Vanguard Variable Annuity - International Portfolio

Quarter-End Holdings as of 03/31/2016

1Tencent Holdings Ltd.4.0%
2Baidu Inc.3.5%
3Industria de Diseno Textil SA3.5%
4AIA Group Ltd.3.5%
5Alibaba Group Holding Ltd.2.9% Inc.2.8%
7SoftBank Group Corp.2.0%
8Rolls-Royce Holdings plc1.9%
9ARM Holdings plc1.7%
10Svenska Handelsbanken AB1.6%
Ten largest holdings = 27.4% of total net assets

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

Vanguard portfolio holdings disclaimer