Vanguard Variable Annuity - International Portfolio
Holdings

Region Allocation as of 09/30/2017


Equity Characteristics as of 09/30/2017
 VVA-InternationalMSCI AC World Index ex USA Net
Number of Stocks1251859
Turnover Rate (Fiscal Year End December)28.8%
Short-Term Reserves0.3%
Total Net Assets$1.3 billion

Month End Ten Largest Holdings as of 09/30/2017
RankHolding
1Tencent Holdings Ltd.
2Alibaba Group Holding Ltd.
3Baidu Inc.
4ASML Holding NV
5AIA Group Ltd.
6Industria de Diseno Textil SA
7Amazon.com Inc.
8Ferrari NV
9Svenska Handelsbanken AB
10Banco Bilbao Vizcaya Argentaria SA
Ten largest holdings = 31.8% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Country Diversification (% of common stock) as of 09/30/2017
 VVA-International
China19.3%
Japan11.0%
Other9.5%
Germany9.1%
United Kingdom6.6%
Sweden6.0%
Spain4.8%
France4.5%
Italy4.2%
Hong Kong3.9%
Netherlands3.8%
Switzerland3.2%
Denmark2.9%
Brazil0.6%
India2.0%
Canada1.6%
Korea1.2%
Israel1.0%
Taiwan1.1%
Norway0.8%
Thailand0.4%
Australia0.4%
Belgium0.4%
Ireland0.3%
Mexico0.4%
Indonesia0.3%
Portugal0.2%
Singapore0.3%
Peru0.2%

Glossary