Vanguard Variable Annuity - International Portfolio
Holdings

Region Allocation as of 06/30/2016


Equity Characteristics as of 06/30/2016
 VVA-InternationalMSCI AC World Index ex USA Net
Number of Stocks1651849
Turnover Rate (Fiscal Year End December)22.5%
Short-Term Reserves0.2%
Total Net Assets$879.0 million

Month End Ten Largest Holdings as of 06/30/2016
RankHolding
1Tencent Holdings Ltd.
2AIA Group Ltd.
3Industria de Diseno Textil SA
4Alibaba Group Holding Ltd.
5Amazon.com Inc.
6Baidu Inc.
7M3 Inc.
8SoftBank Group Corp.
9ARM Holdings plc
10Rolls-Royce Holdings plc
Ten largest holdings = 28.8% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Country Diversification (% of common stock) as of 06/30/2016
 VVA-International
China14.0%
United Kingdom12.6%
Japan12.4%
Other10.5%
Germany7.2%
Sweden5.4%
Spain5.3%
Hong Kong5.1%
France4.1%
Switzerland3.6%
Denmark2.7%
Italy2.5%
Korea2.3%
Canada2.0%
India1.8%
Netherlands1.4%
Norway1.3%
Israel1.1%
Brazil0.8%
Taiwan0.9%
Ireland0.7%
Australia0.5%
Thailand0.5%
Indonesia0.3%
Mexico0.2%
Portugal0.3%
Singapore0.2%
South Africa0.2%
Belgium0.0%
Peru0.1%
Finland
Russia
Turkey

Glossary