Vanguard Variable Annuity - International Portfolio
Holdings

Region Allocation as of 08/31/2016


Equity Characteristics as of 08/31/2016
 VVA-InternationalMSCI AC World Index ex USA Net
Number of Stocks1301846
Turnover Rate (Fiscal Year End December)22.5%
Short-Term Reserves0.5%
Total Net Assets$945.2 million

Month End Ten Largest Holdings as of 08/31/2016
RankHolding
1Tencent Holdings Ltd.
2Alibaba Group Holding Ltd.
3Industria de Diseno Textil SA
4AIA Group Ltd.
5Amazon.com Inc.
6Baidu Inc.
7ARM Holdings plc
8SoftBank Group Corp.
9Rolls-Royce Holdings plc
10SMC Corp.
Ten largest holdings = 30.1% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Country Diversification (% of common stock) as of 08/31/2016
 VVA-International
China15.5%
Japan12.2%
United Kingdom11.4%
Other9.9%
Germany8.3%
Spain5.6%
Sweden5.2%
Hong Kong4.6%
France4.1%
Switzerland3.1%
Italy2.7%
Denmark2.4%
Korea2.4%
India2.0%
Canada1.8%
Israel1.8%
Peru0.1%
Netherlands1.4%
Norway1.3%
Brazil1.0%
Taiwan1.0%
Australia0.4%
Indonesia0.3%
Ireland0.4%
Mexico0.3%
Thailand0.4%
Portugal0.3%
Belgium0.1%
Finland
Russia
Singapore
South Africa
Turkey

Glossary