Vanguard Variable Annuity - REIT Index Portfolio

Quarter-End Holdings as of 07/31/2017

1Simon Property Group Inc.5.9%
2Equinix Inc.4.0%
3Prologis Inc.3.8%
4Public Storage3.7%
5Welltower Inc.3.1%
6AvalonBay Communities Inc.3.1%
7Equity Residential2.9%
8Ventas Inc.2.8%
9Boston Properties Inc.2.2%
10Digital Realty Trust Inc.2.1%
Ten largest holdings = 33.6% of total net assets

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

Vanguard portfolio holdings disclaimer