Vanguard Variable Annuity - REIT Index Portfolio

Quarter-End Holdings as of 07/31/2016

1Simon Property Group Inc.8.0%
2Public Storage4.0%
3Prologis Inc.3.3%
4Welltower Inc.3.2%
5Equinix Inc.2.9%
6Ventas Inc.2.9%
7AvalonBay Communities Inc.2.9%
8Equity Residential2.8%
9Boston Properties Inc.2.5%
10General Growth Properties Inc.2.1%
Ten largest holdings = 34.6% of total net assets

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

Vanguard portfolio holdings disclaimer