Vanguard Variable Annuity - International Portfolio

Quarter-End Holdings as of 12/31/2017

1Tencent Holdings Ltd.5.3%
2Alibaba Group Holding Ltd.4.8%
3ASML Holding NV3.5%
4Baidu Inc.3.4%
5AIA Group Ltd.3.1% Inc.2.9%
7Industria de Diseno Textil SA2.5%
8Ferrari NV1.7%
9Banco Bilbao Vizcaya Argentaria SA1.7%
10Atlas Copco AB1.7%
Ten largest holdings = 30.6% of total net assets

Portfolio holdings may exclude any temporary cash investments and equity index products.

Vanguard portfolio holdings disclaimer