Vanguard Variable Annuity - International Portfolio
Holdings

Region Allocation as of 07/31/2016


Equity Characteristics as of 07/31/2016
 VVA-InternationalMSCI AC World Index ex USA Net
Number of Stocks1321845
Turnover Rate (Fiscal Year End December)22.5%
Short-Term Reserves0.5%
Total Net Assets$924.5 million

Month End Ten Largest Holdings as of 07/31/2016
RankHolding
1Tencent Holdings Ltd.
2Alibaba Group Holding Ltd.
3Industria de Diseno Textil SA
4AIA Group Ltd.
5Amazon.com Inc.
6Baidu Inc.
7ARM Holdings plc
8Rolls-Royce Holdings plc
9M3 Inc.
10SoftBank Group Corp.
Ten largest holdings = 29.0% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Country Diversification (% of common stock) as of 07/31/2016
 VVA-International
China14.5%
Japan11.9%
United Kingdom12.5%
Other10.1%
Germany8.4%
Spain5.5%
Sweden5.4%
Hong Kong4.8%
France3.8%
Switzerland3.2%
Denmark2.6%
Italy2.5%
India2.0%
Korea2.1%
Canada1.8%
Israel1.6%
Netherlands1.4%
Norway1.3%
Taiwan1.2%
Brazil1.0%
Australia0.5%
Ireland0.4%
Mexico0.3%
Thailand0.4%
Indonesia0.3%
Portugal0.3%
Belgium0.1%
Peru0.1%
Finland
Russia
Singapore
South Africa
Turkey

Glossary