Vanguard Variable Annuity - International Portfolio
Holdings

Region Allocation as of 02/28/2017


Equity Characteristics as of 02/28/2017
 VVA-InternationalMSCI AC World Index ex USA Net
Number of Stocks1231845
Turnover Rate (Fiscal Year End December)28.8%
Short-Term Reserves
Total Net Assets$976.7 million

Month End Ten Largest Holdings as of 02/28/2017
RankHolding
1Tencent Holdings Ltd.
2Alibaba Group Holding Ltd.
3AIA Group Ltd.
4ASML Holding NV
5Baidu Inc.
6Amazon.com Inc.
7Industria de Diseno Textil SA
8SoftBank Group Corp.
9Atlas Copco AB
10Genmab A/S
Ten largest holdings = 30.5% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Country Diversification (% of common stock) as of 02/28/2017
 VVA-International
China15.6%
Japan12.3%
Other9.7%
Germany8.6%
United Kingdom7.5%
Sweden5.6%
Hong Kong4.8%
Spain4.6%
France4.4%
Italy3.6%
Denmark3.3%
Netherlands3.2%
Switzerland2.8%
India2.1%
Korea2.1%
Canada2.0%
Israel1.8%
Norway1.4%
Taiwan1.2%
Brazil1.0%
Australia0.4%
Indonesia0.3%
Ireland0.4%
Mexico0.3%
Thailand0.4%
Belgium0.2%
Portugal0.3%
Peru0.1%
Russia
Singapore
South Africa
Turkey

Glossary