Vanguard Variable Annuity - International Portfolio
Holdings

Region Allocation as of 03/31/2017


Equity Characteristics as of 03/31/2017
 VVA-InternationalMSCI AC World Index ex USA Net
Number of Stocks1261844
Turnover Rate (Fiscal Year End December)28.8%
Short-Term Reserves
Total Net Assets$1.0 billion

Month End Ten Largest Holdings as of 03/31/2017
RankHolding
1Tencent Holdings Ltd.
2Alibaba Group Holding Ltd.
3ASML Holding NV
4Amazon.com Inc.
5Industria de Diseno Textil SA
6AIA Group Ltd.
7Baidu Inc.
8SoftBank Group Corp.
9Atlas Copco AB
10Zalando SE
Ten largest holdings = 30.0% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Country Diversification (% of common stock) as of 03/31/2017
 VVA-International
China16.2%
Japan11.7%
Other9.9%
Germany8.4%
United Kingdom7.7%
Sweden5.5%
Spain5.3%
France4.4%
Hong Kong4.3%
Italy3.6%
Netherlands3.4%
Denmark2.9%
Switzerland2.9%
India2.1%
Korea2.1%
Israel2.0%
Canada1.7%
Norway1.2%
Taiwan1.2%
Brazil1.0%
Australia0.4%
Indonesia0.3%
Ireland0.3%
Mexico0.4%
Thailand0.4%
Belgium0.2%
Portugal0.3%
Peru0.2%
Russia
Singapore
South Africa

Glossary