Vanguard Variable Annuity - REIT Index Portfolio

Quarter-End Holdings as of 09/30/2017

1Simon Property Group Inc.5.9%
2Equinix Inc.4.1%
3Prologis Inc.4.0%
4Public Storage3.9%
5Welltower Inc.3.0%
6AvalonBay Communities Inc.2.9%
7Digital Realty Trust Inc.2.8%
8Equity Residential2.8%
9Ventas Inc.2.7%
10Boston Properties Inc.2.2%
Ten largest holdings = 34.3% of total net assets

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

Vanguard portfolio holdings disclaimer