Vanguard Variable Annuity - International Portfolio
Holdings

Region Allocation as of 11/30/2017


Equity Characteristics as of 11/30/2017
 VVA-InternationalMSCI AC World Index ex USA Net
Number of Stocks1221858
Turnover Rate (Fiscal Year End December)28.8%
Short-Term Reserves
Total Net Assets$1.3 billion

Month End Ten Largest Holdings as of 11/30/2017
RankHolding
1Tencent Holdings Ltd.
2Alibaba Group Holding Ltd.
3ASML Holding NV
4Baidu Inc.
5AIA Group Ltd.
6Amazon.com Inc.
7Industria de Diseno Textil SA
8SoftBank Group Corp.
9Ferrari NV
10Banco Bilbao Vizcaya Argentaria SA
Ten largest holdings = 31.2% of total net assets

Quarter-end top ten holdings with weighting

Portfolio holdings

Country Diversification (% of common stock) as of 11/30/2017
 VVA-International
China17.7%
Japan12.3%
Other10.4%
Germany9.6%
United Kingdom7.3%
Sweden5.5%
France4.8%
Spain4.6%
Hong Kong4.2%
Netherlands3.7%
Italy3.3%
Switzerland3.1%
Canada1.5%
Denmark2.5%
India2.1%
Korea1.4%
Taiwan1.1%
Belgium0.9%
Israel0.7%
Norway0.7%
Brazil0.6%
Thailand0.5%
Australia0.4%
Singapore0.3%
Indonesia0.3%
Mexico0.3%
Portugal0.2%
Ireland
Peru

Glossary