Vanguard Variable Annuity - International Portfolio
Holdings

Region Allocation as of 03/31/2016


Equity Characteristics as of 03/31/2016
 VVA-InternationalMSCI AC World Index ex USA Net
Number of Stocks1701848
Turnover Rate (Fiscal Year End December)22.5%
Short-Term Reserves0.5%
Total Net Assets$881.8 million

Month End Ten Largest Holdings as of 03/31/2016
RankHolding
1Tencent Holdings Ltd.
2Baidu Inc.
3Industria de Diseno Textil SA
4AIA Group Ltd.
5Alibaba Group Holding Ltd.
6Amazon.com Inc.
7SoftBank Group Corp.
8Rolls-Royce Holdings plc
9ARM Holdings plc
10Svenska Handelsbanken AB
Ten largest holdings = 27.4% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Country Diversification (% of common stock) as of 03/31/2016
 VVA-International
China13.4%
United Kingdom12.1%
Japan11.1%
Other9.8%
Germany6.9%
Sweden5.6%
Spain5.4%
Hong Kong5.1%
France4.8%
Switzerland4.3%
Italy3.0%
Korea2.5%
Canada2.2%
Denmark2.2%
India1.6%
Netherlands1.6%
Ireland1.2%
Norway1.3%
Israel1.2%
Taiwan0.9%
Brazil0.7%
Australia0.7%
Thailand0.6%
Russia0.5%
Indonesia0.2%
Mexico0.2%
Portugal0.3%
Singapore0.3%
South Africa0.2%
Peru0.1%
Chile
Finland
Turkey

Glossary