Vanguard Variable Annuity - International Portfolio

Quarter-End Holdings as of 09/30/2016

1Tencent Holdings Ltd.5.3%
2Alibaba Group Holding Ltd.4.3%
3AIA Group Ltd.3.7%
4Industria de Diseno Textil SA3.6% Inc.3.4%
6Baidu Inc.3.1%
7ASML Holding NV2.6%
8SoftBank Group Corp.2.0%
9M3 Inc.1.9%
10Zalando SE1.8%
Ten largest holdings = 31.7% of total net assets

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

Vanguard portfolio holdings disclaimer