Vanguard Variable Annuity - REIT Index Portfolio

Quarter-End Holdings as of 05/31/2017

1Simon Property Group Inc.5.9%
2Equinix Inc.4.1%
3Public Storage4.0%
4Prologis Inc.3.5%
5Welltower Inc.3.2%
6AvalonBay Communities Inc.3.2%
7Equity Residential2.9%
8Ventas Inc.2.8%
9Digital Realty Trust Inc.2.3%
10Boston Properties Inc.2.2%
Ten largest holdings = 34.1% of total net assets

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

Vanguard portfolio holdings disclaimer