Vanguard Variable Annuity - REIT Index Portfolio

Quarter-End Holdings as of 05/31/2016

1Simon Property Group Inc.7.8%
2Public Storage4.7%
3Equity Residential3.2%
4Equinix Inc.3.2%
5Prologis Inc.3.2%
6AvalonBay Communities Inc.3.1%
7Welltower Inc.3.1%
8Ventas Inc.2.8%
9Boston Properties Inc.2.4%
10Vornado Realty Trust2.1%
Ten largest holdings = 35.6% of total net assets

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

Vanguard portfolio holdings disclaimer