Vanguard Variable Annuity - REIT Index Portfolio

Quarter-End Holdings as of 02/28/2017

1Simon Property Group Inc.6.8%
2Public Storage4.0%
3Prologis Inc.3.2%
4Equinix Inc.3.2%
5Welltower Inc.3.0%
6AvalonBay Communities Inc.3.0%
7Equity Residential2.7%
8Ventas Inc.2.7%
9Boston Properties Inc.2.5%
10Vornado Realty Trust2.2%
Ten largest holdings = 33.3% of total net assets

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

Vanguard portfolio holdings disclaimer