Vanguard Variable Annuity - REIT Index Portfolio

Quarter-End Holdings as of 03/31/2017

1Simon Property Group Inc.6.5%
2Public Storage3.9%
3Equinix Inc.3.7%
4Prologis Inc.3.3%
5Welltower Inc.3.1%
6AvalonBay Communities Inc.3.0%
7Ventas Inc.2.8%
8Equity Residential2.7%
9Boston Properties Inc.2.5%
10Vornado Realty Trust2.1%
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