Vanguard Variable Annuity - Conservative Allocation Portfolio
Holdings

Asset Allocation as of 04/30/2016


Fund Characteristics as of 04/30/2016
 VVA-Conserv AllocationConservative AllocationComposite Ix*
Fund Total Net Assets$218.5 million

Allocation To Underlying Funds as of 04/30/2016
Ranking By PercentageFundPercentage
1Vanguard Variable Insurance Fund - Total Bond Market Index Portfolio 48.4%
2Vanguard Variable Insurance Fund - Equity Index Portfolio 22.7%
3Vanguard Total International Stock Index Fund Investor Shares 12.1%
4Vanguard Total International Bond Index Fund Investor Shares 11.7%
5Vanguard Extended Market Index Fund Investor Shares 5.1%
Total100.0%

* Weighted 48% Barclays U.S. Aggregate Float Adjusted Index, 28% S&P Total Market Index, 12% Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index, and 12% FTSE Global All Cap ex US Index as of June 3, 2013. Previously, the composite was 60% Barclays U.S. Aggregate Float Adjusted Index, 28% S&P Total Market Index, and 12% MSCI ACWI ex USA IMI Index through June 2, 2013. International stock benchmark returns are adjusted for withholding taxes.

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