Vanguard Variable Annuity - REIT Index Portfolio

Quarter-End Holdings as of 01/31/2017

1Simon Property Group Inc.7.1%
2Public Storage3.9%
3Equinix Inc.3.4%
4Prologis Inc.3.2%
5AvalonBay Communities Inc.2.9%
6Welltower Inc.2.9%
7Equity Residential2.7%
8Ventas Inc.2.7%
9Boston Properties Inc.2.5%
10Vornado Realty Trust2.2%
Ten largest holdings = 33.5% of total net assets

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

Vanguard portfolio holdings disclaimer