# EDGAR Filing Document

**Accession Number:** 0000734383
**File Stem:** 0000734383-26-000087
**Filing Date:** 2026-3
**Character Count:** 59766
**Document Hash:** ba6c530bbf7dfe2ff59f1b417fd3f555
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000734383-26-000087.hdr.sgml**: 20260331

**ACCESSION NUMBER**: 0000734383-26-000087

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260331

**DATE AS OF CHANGE**: 20260331

**PERIOD START**: 20260131

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VANGUARD SPECIALIZED FUNDS
- **CENTRAL INDEX KEY:** 0000734383

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03916
- **FILM NUMBER:** 26819661

**BUSINESS ADDRESS:**
- **STREET 1:** PO BOX 2600
- **STREET 2:** V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482
- **BUSINESS PHONE:** 6106691000

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 2600
- **STREET 2:** V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD SPECIALIZED FUNDS/
- **DATE OF NAME CHANGE:** 20011121

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD SPECIALIZED PORTFOLIOS INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Vanguard Real Estate Index Fund (Series ID: S000002924)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000008010 | Investor Shares      | VGSIX           |
| C000008011 | Admiral Shares       | VGSLX           |
| C000008012 | Institutional Shares | VGSNX           |
| C000032424 | ETF Shares           | VNQ             |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** VANGUARD SPECIALIZED FUNDS

- **b. Investment Company Act file number:** 811-03916

- **c. CIK number of Registrant:** 0000734383

- **d. LEI of Registrant:** 549300OM0CLBHZ9MZW59

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 100 Vanguard Boulevard

  - **City:** Malvern

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19355

  - **Telephone number:** 610-669-1000

**Item A.2. Information about the Series.**

- **a. Name of Series:** VANGUARD REAL ESTATE INDEX FUND

- **b. EDGAR series identifier (if any):** S000002924

- **c. LEI of Series:** B1HNOZOSPCLXHIVBEI82

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-01-31

- **b. Date as of which information is reported:** 2026-01-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $65774047399.76

**Total Liabilities:** $6177086.30

**Net Assets:** $65767870313.46

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000032424 | 2.43%                | -2.23%               | 2.64%                |
| Class ID C000008012 | 2.46%                | -2.21%               | 2.63%                |
| Class ID C000008010 | 2.40%                | -2.22%               | 2.62%                |
| Class ID C000008011 | 2.43%                | -2.23%               | 2.64%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $59255535.92             | $1421244002.14                             |
| Month 2  | $-82389179.64            | $-1809696507.02                            |
| Month 3  | $43582266.30             | $1578084347.17                             |

### Schedule of Portfolio Investments

| Name                                              | Title                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)    | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Digital Realty Trust Inc                          | DIGITAL REALTY                                   | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |  12731829 | NS      | $2112847022.55 | 3.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Outfront Media Inc                                | OUTFRONT MEDIA I                                 | CUSIP: 69007J304<br>LEI: 549300RZWDYU5722I639 | Long             | EC               | CORP              | US        |   5618183 | NS      | $136634210.56  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                                       | EQUINIX INC                                      | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |   3653381 | NS      | $2999170064.33 | 4.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Camden Property Trust                             | CAMDEN PROP TR                                   | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |   3988943 | NS      | $434994234.15  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Health Realty Income Trust              | UNIVERSAL HEALTH                                 | CUSIP: 91359E105<br>LEI: 549300L4MWZL4IH6H172 | Long             | EC               | CORP              | US        |    492126 | NS      | $19552165.98   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Smartstop Self Storage REIT Inc                   | SMARTSTOP SELF S                                 | CUSIP: 83192D402<br>LEI: 549300EC266625K12S42 | Long             | EC               | CORP              | US        |   1159485 | NS      | $36454208.40   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Landbridge Co LLC                                 | LANDBRIDGE CO LL                                 | CUSIP: 514952100<br>LEI: 529900P7NBGGY6C0SF08 | Long             | EC               | CORP              | US        |    709684 | NS      | $40778442.64   | 0.06%             |  |  |  | No            |                  1 | On Loan: —       |
| Alexandria Real Estate Equities Inc               | ALEXANDRIA REAL                                  | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |   5811357 | NS      | $317532546.48  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Four Corners Property Trust Inc                   | FOUR CORNERS PRO                                 | CUSIP: 35086T109<br>LEI: 549300SVTPZPBDVNER42 | Long             | EC               | CORP              | US        |   3898754 | NS      | $96104286.10   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| SITE Centers Corp                                 | SITE CENTERS COR                                 | CUSIP: 82981J851<br>LEI: W2AVA6SODOQ1LCYJQR54 | Long             | EC               | CORP              | US        |   1854769 | NS      | $11351186.28   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| RMR Group Inc/The                                 | RMR GROUP-A                                      | CUSIP: 74967R106<br>LEI: 549300JP4L34E48UJM16 | Long             | EC               | CORP              | US        |    589658 | NS      | $8933318.70    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | TRS:COSTAR GROUP INC USD 2026-Aug-31             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |     75000 | NC      | $-323250.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Extra Space Storage Inc                           | EXTRA SPACE STOR                                 | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   7923772 | NS      | $1093242822.84 | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Centerspace                                       | CENTERSPACE                                      | CUSIP: 15202L107<br>LEI: 5493002LG2SH9EEHT720 | Long             | EC               | CORP              | US        |    625674 | NS      | $40212067.98   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | TRS:REALTY INCOME CORP USD 2026-Aug-31           | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |    270000 | NC      | $205200.00     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| CBL & Associates Properties Inc                   | CBL & ASSOC PROP                                 | CUSIP: 124830878<br>LEI: 529900EIVFBRS4PUBZ13 | Long             | EC               | CORP              | US        |    578680 | NS      | $20716744.00   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| One Liberty Properties Inc                        | ONE LIBERTY PROP                                 | CUSIP: 682406103<br>LEI: 549300QII1CQZGZBZR14 | Long             | EC               | CORP              | US        |    603159 | NS      | $12998076.45   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group Inc                        | BRIXMOR PROPERTY                                 | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |  11427368 | NS      | $306139188.72  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadstone Net Lease Inc                          | BROADSTONE NET                                   | CUSIP: 11135E203<br>LEI: 549300U8D7PT70B49V21 | Long             | EC               | CORP              | US        |   7060855 | NS      | $130696426.05  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Sila Realty Trust Inc                             | SILA REALTY TRUS                                 | CUSIP: 146280508<br>LEI: 549300HXH142HWKKSW59 | Long             | EC               | CORP              | US        |   2058354 | NS      | $50120919.90   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| LTC Properties Inc                                | LTC PROPERTIES                                   | CUSIP: 502175102<br>LEI: 549300NRZP8IJG2KY677 | Long             | EC               | CORP              | US        |   1721150 | NS      | $62770340.50   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Curbline Properties Corp                          | CURBLINE PROPERT                                 | CUSIP: 23128Q101<br>LEI: 529900PGR41LH0I81I15 | Long             | EC               | CORP              | US        |   3535803 | NS      | $85743222.75   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| National Storage Affiliates Trust                 | NATIONAL STORAGE                                 | CUSIP: 637870106<br>LEI: 529900FS06O8GOYNR108 | Long             | EC               | CORP              | US        |   2723041 | NS      | $86619934.21   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Terreno Realty Corp                               | TERRENO REALTY C                                 | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3856458 | NS      | $237326425.32  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Cushman & Wakefield Ltd                           | CUSHMAN & WAKEFI                                 | CUSIP: G2717C106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   8643116 | NS      | $142092827.04  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc                                     | WELLTOWER INC                                    | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |  24705933 | NS      | $4653609539.88 | 7.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Cousins Properties Inc                            | COUSINS PROP                                     | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Long             | EC               | CORP              | US        |   6269450 | NS      | $158240918.00  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Opendoor Technologies Inc                         | OPENDOOR TECHNOL                                 | CUSIP: 683712103<br>LEI: 254900KX11YZ4HV5BQ47 | Long             | EC               | CORP              | US        |  33815756 | NS      | $174151143.40  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimco Realty Corp                                 | KIMCO REALTY                                     | CUSIP: 49446R109<br>LEI: 254900ARY41P4V1JL861 | Long             | EC               | CORP              | US        |  25281585 | NS      | $532935811.80  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Kite Realty Group Trust                           | KITE REALTY GROU                                 | CUSIP: 49803T300<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   8209274 | NS      | $192835846.26  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryman Hospitality Properties Inc                  | RYMAN HOSPITALIT                                 | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               | CORP              | US        |   2234266 | NS      | $211584990.20  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Millrose Properties Inc                           | MILLROSE PROPERT                                 | CUSIP: 601137102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   4604784 | NS      | $137222563.20  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadia Realty Trust                               | ACADIA REALTY                                    | CUSIP: 004239109<br>LEI: 254900C5XLB1YYJQSH07 | Long             | EC               | CORP              | US        |   4891122 | NS      | $97871351.22   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Jones Lang LaSalle Inc                            | JONES LANG LASAL                                 | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |   1768805 | NS      | $633072997.55  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Easterly Government Properties Inc                | EASTERLY GOVERNM                                 | CUSIP: 27616P301<br>LEI: 549300ERMCEFC6S8HL77 | Long             | EC               | CORP              | US        |   1609249 | NS      | $37640334.11   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Communities Inc                               | SUN COMMUNITIES                                  | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |   4672239 | NS      | $595383415.77  | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc                                    | CBRE GROUP INC-A                                 | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |  11108115 | NS      | $1892045227.95 | 2.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Community Healthcare Trust Inc                    | COMMUNITY HEALTH                                 | CUSIP: 20369C106<br>LEI: 549300FATSRCMKOV9536 | Long             | EC               | CORP              | US        |   1060495 | NS      | $18325353.60   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| NNN REIT Inc                                      | NNN REIT INC                                     | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               | CORP              | US        |   7048187 | NS      | $293697952.29  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | TRS:EXP WORLD HOLDINGS INC USD 2027-Jan-29       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |    567000 | NC      | $-136080.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Veris Residential Inc                             | VERIS RESIDENTIA                                 | CUSIP: 554489104<br>LEI: 254900KTVBRYJCQU2J23 | Long             | EC               | CORP              | US        |   3137601 | NS      | $47660159.19   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CubeSmart                                         | CUBESMART                                        | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   8373219 | NS      | $314246909.07  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Gladstone Commercial Corp                         | GLADSTONE COMMER                                 | CUSIP: 376536108<br>LEI: 529900EVVV534W8R0T32 | Long             | EC               | CORP              | US        |   1734038 | NS      | $20201542.70   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Marcus & Millichap Inc                            | MARCUS & MILLICH                                 | CUSIP: 566324109<br>LEI: 549300B2HE8ULXNB1N48 | Long             | EC               | CORP              | US        |    947417 | NS      | $25769742.40   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| First Industrial Realty Trust Inc                 | FIRST IND REALTY                                 | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   4943719 | NS      | $286884013.57  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Ventas Inc                                        | VENTAS INC                                       | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |  16965930 | NS      | $1317743783.10 | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| St Joe Co/The                                     | ST JOE CO                                        | CUSIP: 790148100<br>LEI: 529900XVHOT3BF8PWG49 | Long             | EC               | CORP              | US        |   1405467 | NS      | $93027860.73   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Brandywine Realty Trust                           | BRANDYWINE RLTY                                  | CUSIP: 105368203<br>LEI: 5UZ46ZCYUFYYAC0DS831 | Long             | EC               | CORP              | US        |   6469067 | NS      | $18307459.61   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Net Lease Inc                              | GLOBAL NET LEASE                                 | CUSIP: 379378201<br>LEI: 549300NUYANCT5SU8Z65 | Long             | EC               | CORP              | US        |   7429038 | NS      | $70278699.48   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips Edison & Co Inc                          | PHILLIPS EDISON                                  | CUSIP: 71844V201<br>LEI: 549300JPN4YHYPXTJQ85 | Long             | EC               | CORP              | US        |   4689746 | NS      | $169909497.58  | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Summit Hotel Properties Inc                       | SUMMIT HOTEL PRO                                 | CUSIP: 866082100<br>LEI: 254900OBQWJK6X20LS71 | Long             | EC               | CORP              | US        |   4061591 | NS      | $17952232.22   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI Properties Inc                               | VICI PROPERTIES                                  | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |  37170791 | NS      | $1043755811.28 | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Farmland Partners Inc                             | FARMLAND PARTNER                                 | CUSIP: 31154R109<br>LEI: 549300LB188CHPZ4IL37 | Long             | EC               | CORP              | US        |   1565440 | NS      | $18174758.40   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                                    | PUBLIC STORAGE                                   | CUSIP: 74460D109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   5894913 | NS      | $1628116021.47 | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Medical Properties Trust Inc                      | MEDICAL PROPERTI                                 | CUSIP: 58463J304<br>LEI: 254900U6E39J1MQCCY14 | Long             | EC               | CORP              | US        |  15266030 | NS      | $76635470.60   | 0.12%             |  |  |  | No            |                  1 | On Loan: —       |
| Forestar Group Inc                                | FORESTAR GROUP                                   | CUSIP: 346232101<br>LEI: 549300BC2UB0GHV60V70 | Long             | EC               | CORP              | US        |    757088 | NS      | $19699429.76   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Urban Edge Properties                             | URBAN EDGE P                                     | CUSIP: 91704F104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   4696774 | NS      | $91258318.82   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexander's Inc                                   | ALEXANDER'S INC                                  | CUSIP: 014752109<br>LEI: 549300TZM28P04U5R635 | Long             | EC               | CORP              | US        |     85586 | NS      | $20960011.40   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Peakstone Realty Trust                            | PEAKSTONE REALTY                                 | CUSIP: 39818P799<br>LEI: 549300EZQXWQI2YL1T80 | Long             | EC               | CORP              | US        |   1369966 | NS      | $21398868.92   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| National Health Investors Inc                     | NATL HEALTH INV                                  | CUSIP: 63633D104<br>LEI: 549300ZPKZIG6DKDEC02 | Long             | EC               | CORP              | US        |   1772151 | NS      | $145529040.12  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Americold Realty Trust Inc                        | Americold Realty Trust Inc                       | CUSIP: 03064D108<br>LEI: 894500O3S3W62PQPO460 | Long             | EC               | CORP              | US        |  10631943 | NS      | $131942412.63  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthpeak Properties Inc                         | HEALTHPEAK PROPE                                 | CUSIP: 42250P103<br>LEI: 254900M6MTMZM0I22L81 | Long             | EC               | CORP              | US        |  25943112 | NS      | $447259250.88  | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Highwoods Properties Inc                          | HIGHWOODS PROP                                   | CUSIP: 431284108<br>LEI: ZIIGTYKL9T0X3HLTDX53 | Long             | EC               | CORP              | US        |   4034738 | NS      | $104297977.30  | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | TRS:BXP INC USD 2026-Aug-31                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |     75000 | NC      | $-7500.00      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Pebblebrook Hotel Trust                           | PEBBLEBROOK HOTE                                 | CUSIP: 70509V100<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EC               | CORP              | US        |   4425625 | NS      | $50540637.50   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Medical REIT Inc                           | GLOBAL MEDICAL R                                 | CUSIP: 37954A303<br>LEI: 549300HFRIPQDYU3GU60 | Long             | EC               | CORP              | US        |    474301 | NS      | $16382356.54   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyerhaeuser Co                                   | WEYERHAEUSER CO                                  | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |  26935211 | NS      | $694389739.58  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Saul Centers Inc                                  | SAUL CENTERS INC                                 | CUSIP: 804395101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    499974 | NS      | $15864175.02   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | TRS:WELLTOWER INC USD 2026-Aug-31                | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |    262000 | NC      | $1239260.00    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Xenia Hotels & Resorts Inc                        | XENIA HOTELS & R                                 | CUSIP: 984017103<br>LEI: 54930075IWIPHF5IQL62 | Long             | EC               | CORP              | US        |   3576123 | NS      | $52747814.25   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Independence Realty Trust Inc                     | INDEPENDENCE REA                                 | CUSIP: 45378A106<br>LEI: 549300Z3L8NU44NQEB29 | Long             | EC               | CORP              | US        |   8730090 | NS      | $145792503.00  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Kilroy Realty Corp                                | KILROY REALTY                                    | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               | CORP              | US        |   4195732 | NS      | $144668839.36  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| NET Lease Office Properties                       | NET LEASE OFFICE                                 | CUSIP: 64110Y108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    523994 | NS      | $10223122.94   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Chatham Lodging Trust                             | CHATHAM LODGING                                  | CUSIP: 16208T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1741912 | NS      | $12384994.32   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Service Properties Trust                          | SERVICE PROPERTI                                 | CUSIP: 81761L102<br>LEI: 529900IS770AG1K9QG27 | Long             | EC               | CORP              | US        |   5904270 | NS      | $11749497.30   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Residential                                | EQUITY RESIDENTI                                 | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |  13544110 | NS      | $844068935.20  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| SL Green Realty Corp                              | SL GREEN REALTY                                  | CUSIP: 78440X887<br>LEI: 549300VQZPJU97H3GT17 | Long             | EC               | CORP              | US        |   2651402 | NS      | $118729781.56  | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| CareTrust REIT Inc                                | CARETRUST REI                                    | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               | CORP              | US        |   8335701 | NS      | $311255075.34  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | TRS:MEDICAL PROPERTIES TRUST INC USD 2027-Jan-29 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |   3810000 | NC      | $-533400.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Getty Realty Corp                                 | GETTY REALTY                                     | CUSIP: 374297109<br>LEI: 2549000P1W5SFJWCNP90 | Long             | EC               | CORP              | US        |   2005601 | NS      | $59887245.86   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Realty Trust Inc                       | HEALTHCARE REALT                                 | CUSIP: 42226K105<br>LEI: 549300L0I14L7I0VLX84 | Long             | EC               | CORP              | US        |  12471205 | NS      | $209391531.95  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| PotlatchDeltic Corp                               | POTLATCHDELTIC C                                 | CUSIP: 737630103<br>LEI: 54930084YA8UJOTXDM59 | Long             | EC               | CORP              | US        |   2741683 | NS      | $114410431.59  | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexander & Baldwin Inc                           | ALEXANDER & BALD                                 | CUSIP: 014491104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2717118 | NS      | $56353027.32   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| American Healthcare REIT Inc                      | AMERICAN HEALTHC                                 | CUSIP: 398182303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   6292727 | NS      | $295191823.57  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| NexPoint Residential Trust Inc                    | NEXPOINT RESI                                    | CUSIP: 65341D102<br>LEI: 549300U2J6XVYBF87166 | Long             | EC               | CORP              | US        |    806072 | NS      | $24359495.84   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Safehold Inc                                      | SAFEHOLD INC                                     | CUSIP: 78646V107<br>LEI: QFFLKWYYS3UPWD86E794 | Long             | EC               | CORP              | US        |   1743711 | NS      | $24603762.21   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | TRS:VICI PROPERTIES INC USD 2026-Aug-31          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |   2639352 | NC      | $-1134921.36   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Vanguard Cmt Funds-Vanguard Market Liquidity Fund | Vanguard Market Liquidity Fund                   | CUSIP: N/A<br>LEI: 1I6HV0TLSTR3A4XQ6L78       | Long             | STIV             | CORP              | US        |   1389531 | NS      | $138953095.40  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | TRS:CUBESMART USD 2027-Jan-29                    | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |    140000 | NC      | $-225400.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| STAG Industrial Inc                               | STAG INDUSTRIAL                                  | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               | CORP              | US        |   6969923 | NS      | $261441811.73  | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| EPR Properties                                    | EPR PROPERTIES                                   | CUSIP: 26884U109<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EC               | CORP              | US        |   2841437 | NS      | $154119542.88  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Macerich Co/The                                   | MACERICH CO                                      | CUSIP: 554382101<br>LEI: 529900PSWCB5KI0JYU46 | Long             | EC               | CORP              | US        |   9435242 | NS      | $178609131.06  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Sabra Health Care REIT Inc                        | SABRA HEALTH CAR                                 | CUSIP: 78573L106<br>LEI: 549300E3BC7GU7TAZ621 | Long             | EC               | CORP              | US        |   8952386 | NS      | $167678189.78  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| WP Carey Inc                                      | WP CAREY INC                                     | CUSIP: 92936U109<br>LEI: 54930042CRNE713E3Q67 | Long             | EC               | CORP              | US        |   8175394 | NS      | $570233731.50  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| BXP Inc                                           | BXP INC                                          | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |   5541784 | NS      | $358387171.28  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Apartment Investment and Management Co            | APARTMENT INVEST                                 | CUSIP: 03748R747<br>LEI: 549300O8FT5GJ4RU1D57 | Long             | EC               | CORP              | US        |   5051729 | NS      | $29704166.52   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle Inc                                  | CROWN CASTLE INC                                 | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |  16256828 | NS      | $1411255238.68 | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunstone Hotel Investors Inc                      | SUNSTONE HOTEL                                   | CUSIP: 867892101<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EC               | CORP              | US        |   6737407 | NS      | $59087059.39   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Piedmont Realty Trust Inc                         | PIEDMONT REALTY                                  | CUSIP: 720190206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   4648011 | NS      | $39136252.62   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Vornado Realty Trust                              | VORNADO RLTY TST                                 | CUSIP: 929042109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   6094165 | NS      | $194281980.20  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| RLJ Lodging Trust                                 | RLJ LODGING TRUS                                 | CUSIP: 74965L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   5078220 | NS      | $37731174.60   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Innovative Industrial Properties Inc              | INNOVATIVE INDUS                                 | CUSIP: 45781V101<br>LEI: 5493008BQ0545EZXRR30 | Long             | EC               | CORP              | US        |   1045486 | NS      | $50517883.52   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Douglas Emmett Inc                                | DOUGLAS EMMETT                                   | CUSIP: 25960P109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   6254058 | NS      | $66042852.48   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| COPT Defense Properties                           | COPT DEFENSE PRO                                 | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               | CORP              | US        |   4215567 | NS      | $129881619.27  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| JBG SMITH Properties                              | JBG SMITH PROPER                                 | CUSIP: 46590V100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2303182 | NS      | $38785584.88   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Mid-America Apartment Communities Inc             | MID-AMERICA APAR                                 | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               | CORP              | US        |   4370470 | NS      | $586954121.00  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| UMH Properties Inc                                | UMH PROPERTIES I                                 | CUSIP: 903002103<br>LEI: 529900OM5K3PJ11F0Q09 | Long             | EC               | CORP              | US        |   3009468 | NS      | $47037984.84   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Hospitality REIT Inc                        | APPLE HOSPITALIT                                 | CUSIP: 03784Y200<br>LEI: 549300EVZAR0FBZO4F16 | Long             | EC               | CORP              | US        |   8404946 | NS      | $97833571.44   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Seritage Growth Properties                        | SERITAGE GROWT-A                                 | CUSIP: 81752R100<br>LEI: 5493003CJFC2MM82WB25 | Long             | EC               | CORP              | US        |   1377248 | NS      | $4544918.40    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Realty Investment Trust                   | FED REALTY INVS                                  | CUSIP: 313745101<br>LEI: 549300FHEI1SLVZ0RB48 | Long             | EC               | CORP              | US        |   3059503 | NS      | $309499323.48  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Howard Hughes Holdings Inc                        | HOWARD HUGHES HO                                 | CUSIP: 44267T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1219068 | NS      | $99549092.88   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Lineage Inc                                       | LINEAGE INC                                      | CUSIP: 53566V106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2562385 | NS      | $91502768.35   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Armada Hoffler Properties Inc                     | ARMADA HOFFLER P                                 | CUSIP: 04208T108<br>LEI: 549300WQRSIV6XZT9313 | Long             | EC               | CORP              | US        |   2985086 | NS      | $20806049.42   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Park Hotels & Resorts Inc                         | PARK H&R INC                                     | CUSIP: 700517105<br>LEI: 5493005UZ5TQN0H6HS73 | Long             | EC               | CORP              | US        |   7464425 | NS      | $81586165.25   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Gladstone Land Corp                               | GLADSTONE LAND C                                 | CUSIP: 376549101<br>LEI: 54930002B3Q17H38FG74 | Long             | EC               | CORP              | US        |   1279902 | NS      | $14270907.30   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NETSTREIT Corp                                    | NETSTREIT CORP                                   | CUSIP: 64119V303<br>LEI: 254900CJL0EDMEQ25Q84 | Long             | EC               | CORP              | US        |   3113857 | NS      | $58665065.88   | 0.09%             |  |  |  | No            |                  1 | On Loan: —       |
| American Homes 4 Rent                             | AMERICAN HOMES-A                                 | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |  12440706 | NS      | $389642911.92  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Realty Income Corp                                | REALTY INCOME                                    | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |  33862372 | NS      | $2071022671.52 | 3.15%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group Inc                                  | COSTAR GROUP INC                                 | CUSIP: 22160N109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |  15740540 | NS      | $968043210.00  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaming and Leisure Properties Inc                 | GAMING AND LEISU                                 | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |  10565421 | NS      | $472802589.75  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Rayonier Inc                                      | RAYONIER INC                                     | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               | CORP              | US        |   5711536 | NS      | $129880328.64  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| eXp World Holdings Inc                            | EXP WORLD HOLDIN                                 | CUSIP: 30212W100<br>LEI: 549300TWVVZC283VEC32 | Long             | EC               | CORP              | US        |   2956990 | NS      | $26731189.60   | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| Hudson Pacific Properties Inc                     | HUDSON PACIFIC P                                 | CUSIP: 444097406<br>LEI: 529900EURZA5HRSXQ389 | Long             | EC               | CORP              | US        |   2016384 | NS      | $17381230.08   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain Inc                                 | IRON MOUNTAIN                                    | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               | CORP              | US        |  11025699 | NS      | $1015797648.87 | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmark Group Inc                                 | NEWMARK GROUP-A                                  | CUSIP: 65158N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   5512620 | NS      | $98290014.60   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| American Assets Trust Inc                         | AMERICAN ASSETS                                  | CUSIP: 024013104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1827132 | NS      | $32998003.92   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity LifeStyle Properties Inc                   | EQUITY LIFESTYLE                                 | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |   6872852 | NS      | $434158060.84  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Properties Realty Trust Inc             | ESSENTIAL PROPER                                 | CUSIP: 29670E107<br>LEI: 2549009LXQLVYCGLZO50 | Long             | EC               | CORP              | US        |   7397199 | NS      | $224578961.64  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Host Hotels & Resorts Inc                         | HOST HOTELS & RE                                 | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |  25666242 | NS      | $475595464.26  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| UDR Inc                                           | UDR INC                                          | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               | CORP              | US        |  11751127 | NS      | $436554368.05  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp                                 | AGREE REALTY                                     | CUSIP: 008492100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   4131612 | NS      | $298426334.76  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust Inc                          | ESSEX PROPERTY                                   | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |   2404262 | NS      | $605561469.94  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| LXP Industrial Trust                              | LXP INDUSTRIAL T                                 | CUSIP: 529043408<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EC               | CORP              | US        |   2209199 | NS      | $109465810.45  | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Zillow Group Inc                                  | ZILLOW GROUP I-A                                 | CUSIP: 98954M101<br>LEI: 2549002XEELQDIR6FU05 | Long             | EC               | CORP              | US        |   1786621 | NS      | $111199291.04  | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| New York REIT Liquidating LLC                     | NEW YORK REIT IN                                 | CUSIP: N/A<br>LEI: 549300UXUJOZNJX9N581       | Long             | EC               | CORP              | US        |      1208 | NS      | $2585.12       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| EastGroup Properties Inc                          | EASTGROUP PROP                                   | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |   1991073 | NS      | $361658499.72  | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Zillow Group Inc                                  | ZILLOW GRO-C                                     | CUSIP: 98954M200<br>LEI: 2549002XEELQDIR6FU05 | Long             | EC               | CORP              | US        |   6237945 | NS      | $393177673.35  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Omega Healthcare Investors Inc                    | OMEGA HEALTHCARE                                 | CUSIP: 681936100<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | EC               | CORP              | US        |  11012785 | NS      | $483241005.80  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Diversified Healthcare Trust                      | DIVERSIFIED HEAL                                 | CUSIP: 25525P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   6312009 | NS      | $36672772.29   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Empire State Realty Trust Inc                     | EMPIRE STATE REA                                 | CUSIP: 292104106<br>LEI: 549300VOKY1DUEQSB456 | Long             | EC               | CORP              | US        |   5353135 | NS      | $35491285.05   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Whitestone REIT                                   | WHITESTONE REI                                   | CUSIP: 966084204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1712763 | NS      | $24389745.12   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc                          | SIMON PROPERTY                                   | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |  12188060 | NS      | $2331697758.60 | 3.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Real Estate II Index Fund                | VANG-RL ES2-INS+                                 | CUSIP: 922031695<br>LEI: 549300ZF3K8JV2GHZ643 | Long             | EC               | CORP              | US        | 436700972 | NS      | $9546283248.95 | 14.52%            |  |  |  | No            |                  1 | On Loan: No      |
| Tejon Ranch Co                                    | TEJON RANCH CO                                   | CUSIP: 879080109<br>LEI: 549300TMNDO77VJ6J111 | Long             | EC               | CORP              | US        |    750794 | NS      | $12080275.46   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp                           | SBA COMM CORP                                    | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |   4008621 | NS      | $738027212.31  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Compass Inc                                       | COMPASS INC - A                                  | CUSIP: 20464U100<br>LEI: 254900DMGQSTC3I2IM78 | Long             | EC               | CORP              | US        |  23796923 | NS      | $297937475.96  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp                               | AMERICAN TOWER C                                 | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |  17480517 | NS      | $3133907087.76 | 4.77%             |  |  |  | No            |                  1 | On Loan: No      |
| DiamondRock Hospitality Co                        | DIAMONDROCK HOSP                                 | CUSIP: 252784301<br>LEI: 529900KKD4BPVBUAQ734 | Long             | EC               | CORP              | US        |   7654438 | NS      | $70267740.84   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexford Industrial Realty Inc                     | REXFORD INDUSTRI                                 | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |   8833742 | NS      | $358031563.26  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Invitation Homes Inc                              | INVITATION HOMES                                 | CUSIP: 46187W107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |  21740332 | NS      | $581119074.36  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Cmt Funds-Vanguard Market Liquidity Fund | Vanguard Market Liquidity Fund                   | CUSIP: N/A<br>LEI: 1I6HV0TLSTR3A4XQ6L78       | Long             | STIV             | CORP              | US        |    855153 | NS      | $85515290.00   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | TRS:LAMAR ADVERTISING CO-A USD 2027-Jan-29       | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |     35000 | NC      | $-156800.00    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Regency Centers Corp                              | REGENCY CENTERS                                  | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               | CORP              | US        |   6438916 | NS      | $469203808.92  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| CTO Realty Growth Inc                             | CTO REALTY GROWT                                 | CUSIP: 22948Q101<br>LEI: 254900ZQ99OFO1WXS678 | Long             | EC               | CORP              | US        |   1227137 | NS      | $21806224.49   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| InvenTrust Properties Corp                        | INVENTRUST PROPE                                 | CUSIP: 46124J201<br>LEI: 5493006BQYSOBYVUFA03 | Long             | EC               | CORP              | US        |   2895961 | NS      | $85112293.79   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Kennedy-Wilson Holdings Inc                       | KENNEDY-WILSON H                                 | CUSIP: 489398107<br>LEI: 549300MOI1T78144X610 | Long             | EC               | CORP              | US        |   4121347 | NS      | $40595267.95   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Tanger Inc                                        | TANGER INC                                       | CUSIP: 875465106<br>LEI: UKEW8YSXE4Y581KYOL30 | Long             | EC               | CORP              | US        |   4225180 | NS      | $138247889.60  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                                      | PROLOGIS INC                                     | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |  34668087 | NS      | $4526265438.72 | 6.88%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities Inc                         | AVALONBAY COMMUN                                 | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |   5315412 | NS      | $944389250.04  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamar Advertising Co                              | LAMAR ADVERTIS-A                                 | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               | CORP              | US        |   3205315 | NS      | $411273967.65  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-30

**Name of Applicant:** VANGUARD SPECIALIZED FUNDS

**Signature:** Ashley Grim

**Name of Signer:** Ashley Grim

**Title:** Treasurer