Vanguard Variable Annuity - REIT Index Portfolio

Quarter-End Holdings as of 12/31/2016

1Simon Property Group Inc.6.9%
2Public Storage4.1%
3Prologis Inc.3.4%
4Equinix Inc.3.1%
5AvalonBay Communities Inc.3.0%
6Welltower Inc.3.0%
7Equity Residential2.9%
8Ventas Inc.2.7%
9Boston Properties Inc.2.4%
10Vornado Realty Trust2.2%
Ten largest holdings = 33.7% of total net assets

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

Vanguard portfolio holdings disclaimer