Vanguard Variable Annuity - International Portfolio

Quarter-End Holdings as of 06/30/2017

RankHoldingPercentage
1Tencent Holdings Ltd.5.5%
2Alibaba Group Holding Ltd.4.8%
3AIA Group Ltd.3.1%
4ASML Holding NV2.9%
5Industria de Diseno Textil SA2.9%
6Amazon.com Inc.2.8%
7Baidu Inc.2.7%
8SoftBank Group Corp.2.0%
9Svenska Handelsbanken AB1.9%
10Atlas Copco AB1.8%
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