Vanguard Variable Annuity - REIT Index Portfolio

Quarter-End Holdings as of 12/31/2017

1Simon Property Group Inc.6.2%
2Equinix Inc.4.1%
3Prologis Inc.4.0%
4Public Storage3.8%
5AvalonBay Communities Inc.2.9%
6Welltower Inc.2.7%
7Equity Residential2.7%
8Digital Realty Trust Inc.2.7%
9Ventas Inc.2.5%
10Boston Properties Inc.2.3%
Ten largest holdings = 33.9% of total net assets

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

Vanguard portfolio holdings disclaimer