Vanguard Variable Annuity - REIT Index Portfolio

Quarter-End Holdings as of 06/30/2016

1Simon Property Group Inc.8.0%
2Public Storage4.5%
3Welltower Inc.3.2%
4Equinix Inc.3.2%
5Prologis Inc.3.1%
6Equity Residential3.0%
7AvalonBay Communities Inc.2.9%
8Ventas Inc.2.9%
9Boston Properties Inc.2.4%
10Realty Income Corp.2.1%
Ten largest holdings = 35.3% of total net assets

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

Vanguard portfolio holdings disclaimer