Vanguard Variable Annuity - International Portfolio
Holdings

Region Allocation as of 01/31/2017


Equity Characteristics as of 01/31/2017
 VVA-InternationalMSCI AC World Index ex USA Net
Number of Stocks1221845
Turnover Rate (Fiscal Year End December)28.8%
Short-Term Reserves
Total Net Assets$967.2 million

Month End Ten Largest Holdings as of 01/31/2017
RankHolding
1Tencent Holdings Ltd.
2Alibaba Group Holding Ltd.
3AIA Group Ltd.
4Amazon.com Inc.
5ASML Holding NV
6Baidu Inc.
7Industria de Diseno Textil SA
8SoftBank Group Corp.
9Svenska Handelsbanken AB
10Atlas Copco AB
Ten largest holdings = 31.1% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Country Diversification (% of common stock) as of 01/31/2017
 VVA-International
China15.0%
Japan12.4%
Other9.7%
Germany8.7%
United Kingdom7.3%
Sweden5.7%
Spain4.8%
Hong Kong4.8%
France4.5%
Italy3.8%
Netherlands3.3%
Denmark3.3%
Switzerland2.9%
Korea2.0%
Canada2.0%
India2.0%
Israel1.8%
Norway1.5%
Taiwan1.2%
Brazil1.0%
Australia0.4%
Indonesia0.3%
Ireland0.3%
Thailand0.4%
Mexico0.3%
Portugal0.3%
Belgium0.2%
Peru0.1%
Finland
Russia
Singapore
South Africa
Turkey

Glossary