Vanguard Variable Annuity - International Portfolio
Holdings

Region Allocation as of 04/30/2016


Equity Characteristics as of 04/30/2016
 VVA-InternationalMSCI AC World Index ex USA Net
Number of Stocks1681847
Turnover Rate (Fiscal Year End December)22.5%
Short-Term Reserves1.3%
Total Net Assets$897.6 million

Month End Ten Largest Holdings as of 04/30/2016
RankHolding
1Tencent Holdings Ltd.
2Baidu Inc.
3AIA Group Ltd.
4Industria de Diseno Textil SA
5Amazon.com Inc.
6Alibaba Group Holding Ltd.
7SoftBank Group Corp.
8Rolls-Royce Holdings plc
9Svenska Handelsbanken AB
10ARM Holdings plc
Ten largest holdings = 27.1% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Country Diversification (% of common stock) as of 04/30/2016
 VVA-International
China13.4%
United Kingdom11.9%
Japan11.7%
Other10.3%
Germany7.3%
Sweden5.7%
Spain5.7%
Hong Kong5.2%
France4.7%
Switzerland3.8%
Italy2.9%
Thailand0.5%
Canada2.4%
Korea2.4%
Denmark2.2%
India1.6%
Netherlands1.5%
Norway1.4%
Israel1.1%
Brazil0.8%
Ireland0.7%
Taiwan0.8%
Australia0.7%
Portugal0.3%
Singapore0.3%
South Africa0.2%
Indonesia0.2%
Mexico0.2%
Peru0.1%
Finland
Russia
Turkey

Glossary