# EDGAR Filing Document

**Accession Number:** 0000734383
**File Stem:** 0000734383-26-000215
**Filing Date:** 2026-6
**Character Count:** 95636
**Document Hash:** 808f6d18a8b7f3e12cec6a233394af39
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000734383-26-000215.hdr.sgml**: 20260626

**ACCESSION NUMBER**: 0000734383-26-000215

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260430

**FILED AS OF DATE**: 20260626

**DATE AS OF CHANGE**: 20260626

**PERIOD START**: 20270131

**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:** 261128237

**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             |

## Nport-Ex

Vanguard<sup>®</sup> Real Estate Index Fund

Schedule of Investments (unaudited)

As of April 30, 2026

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund's Form N-PORT reports are available on the SEC's website at www.sec.gov.

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value<br> ($000) |
| **Equity Real Estate Investment Trusts (REITs) (94.0%)** | **Equity Real Estate Investment Trusts (REITs) (94.0%)** | **Equity Real Estate Investment Trusts (REITs) (94.0%)** | **Equity Real Estate Investment Trusts (REITs) (94.0%)** |
| **Data Center REITs (9.3%)** | **Data Center REITs (9.3%)** | **Data Center REITs (9.3%)** | **Data Center REITs (9.3%)** |
|  | Equinix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3642627 | &nbsp;&nbsp;3944346 |
|  | Digital Realty Trust Inc. | &nbsp;&nbsp;12743645 | &nbsp;&nbsp;2560708 |
|  |  |  | **6505054** |
| **Diversified REITs (1.6%)** | **Diversified REITs (1.6%)** | **Diversified REITs (1.6%)** | **Diversified REITs (1.6%)** |
|  | WP Carey Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8130085 | &nbsp;&nbsp;&nbsp;&nbsp;592927 |
|  | Essential Properties Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7351013 | &nbsp;&nbsp;&nbsp;&nbsp;231042 |
|  | Broadstone Net Lease Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7019901 | &nbsp;&nbsp;&nbsp;&nbsp;138994 |
|  | Global Net Lease Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7319861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69978 |
|  | American Assets Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1815209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37648 |
|  | CTO Realty Growth Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1201296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24326 |
|  | Gladstone Commercial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1795469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22641 |
|  | AH Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2973402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18108 |
|  |  |  | **1135664** |
| **Health Care REITs (13.9%)** | **Health Care REITs (13.9%)** | **Health Care REITs (13.9%)** | **Health Care REITs (13.9%)** |
|  | Welltower Inc. | &nbsp;&nbsp;25200255 | &nbsp;&nbsp;5477023 |
|  | Ventas Inc. | &nbsp;&nbsp;17426731 | &nbsp;&nbsp;1531113 |
|  | Omega Healthcare Investors Inc. | &nbsp;&nbsp;10963892 | &nbsp;&nbsp;&nbsp;&nbsp;514974 |
|  | Healthpeak Properties Inc. | &nbsp;&nbsp;25782074 | &nbsp;&nbsp;&nbsp;&nbsp;416896 |
|  | American Healthcare REIT Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6581848 | &nbsp;&nbsp;&nbsp;&nbsp;334226 |
|  | CareTrust REIT Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8284320 | &nbsp;&nbsp;&nbsp;&nbsp;326816 |
|  | Alexandria Real Estate Equities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5770500 | &nbsp;&nbsp;&nbsp;&nbsp;233763 |
|  | Healthcare Realty Trust Inc. Class A | &nbsp;&nbsp;12392861 | &nbsp;&nbsp;&nbsp;&nbsp;231747 |
|  | Sabra Health Care REIT Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9250674 | &nbsp;&nbsp;&nbsp;&nbsp;191119 |
|  | National Health Investors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1767381 | &nbsp;&nbsp;&nbsp;&nbsp;135929 |
| <sup>1</sup> | Medical Properties Trust Inc. | &nbsp;&nbsp;15157437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74878 |
|  | LTC Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1766432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67513 |
|  | Sila Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2044883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62226 |
|  | Diversified Healthcare Trust | &nbsp;&nbsp;&nbsp;&nbsp;6288135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47413 |
|  | Universal Health Realty Income Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19910 |
|  | Community Healthcare Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1052206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18119 |
|  | Chiron Real Estate Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16569 |
|  |  |  | **9700234** |
| **Hotel & Resort REITs (1.9%)** | **Hotel & Resort REITs (1.9%)** | **Hotel & Resort REITs (1.9%)** | **Hotel & Resort REITs (1.9%)** |
|  | Host Hotels & Resorts Inc. | &nbsp;&nbsp;25512848 | &nbsp;&nbsp;&nbsp;&nbsp;539087 |
|  | Ryman Hospitality Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2220537 | &nbsp;&nbsp;&nbsp;&nbsp;233356 |
|  | Apple Hospitality REIT Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8337802 | &nbsp;&nbsp;&nbsp;&nbsp;112310 |
|  | Park Hotels & Resorts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7415989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85061 |
|  | DiamondRock Hospitality Co. | &nbsp;&nbsp;&nbsp;&nbsp;7557003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77081 |
|  | Sunstone Hotel Investors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6693189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65727 |
|  | Pebblebrook Hotel Trust | &nbsp;&nbsp;&nbsp;&nbsp;4214189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59209 |
|  | Xenia Hotels & Resorts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3517197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57225 |
|  | RLJ Lodging Trust | &nbsp;&nbsp;&nbsp;&nbsp;5047652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41593 |
|  | Service Properties Trust | &nbsp;&nbsp;21693376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33625 |
|  | Summit Hotel Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4036383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20061 |
|  | Chatham Lodging Trust | &nbsp;&nbsp;&nbsp;&nbsp;1709678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14840 |
|  |  |  | **1339175** |
| **Industrial REITs (9.8%)** | **Industrial REITs (9.8%)** | **Industrial REITs (9.8%)** | **Industrial REITs (9.8%)** |
|  | Prologis Inc. | &nbsp;&nbsp;34460256 | &nbsp;&nbsp;4894046 |
|  | EastGroup Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1979196 | &nbsp;&nbsp;&nbsp;&nbsp;398214 |
|  | Rexford Industrial Realty Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8637101 | &nbsp;&nbsp;&nbsp;&nbsp;309986 |
|  | First Industrial Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4912774 | &nbsp;&nbsp;&nbsp;&nbsp;304641 |
|  | STAG Industrial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6928260 | &nbsp;&nbsp;&nbsp;&nbsp;267292 |
|  | Terreno Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3835882 | &nbsp;&nbsp;&nbsp;&nbsp;250099 |
|  | Americold Realty Trust Inc. | &nbsp;&nbsp;10568213 | &nbsp;&nbsp;&nbsp;&nbsp;129249 |
|  | LXP Industrial Trust | &nbsp;&nbsp;&nbsp;&nbsp;2196212 | &nbsp;&nbsp;&nbsp;&nbsp;111831 |
|  | Lineage Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2540717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93702 |
|  | Innovative Industrial Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1039618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56399 |
|  | One Liberty Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13672 |
|  |  |  | **6829131** |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Market<br> Value<br> ($000)** |
| **Multi-Family Residential REITs (5.9%)** | **Multi-Family Residential REITs (5.9%)** | **Multi-Family Residential REITs (5.9%)** | **Multi-Family Residential REITs (5.9%)** |
|  | AvalonBay Communities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5253062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961311 |
|  | Equity Residential | &nbsp;&nbsp;&nbsp;&nbsp;13409544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876716 |
|  | Essex Property Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2389343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628899 |
|  | Mid-America Apartment Communities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4343640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561112 |
|  | UDR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11647741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423279 |
|  | Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3947182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414533 |
|  | Independence Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8870525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144678 |
|  | Veris Residential Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3119203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59171 |
|  | Centerspace | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42308 |
|  | NexPoint Residential Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23106 |
|  | Apartment Investment & Management Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5016990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21322 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**4156435** |
| **Office REITs (2.0%)** | **Office REITs (2.0%)** | **Office REITs (2.0%)** | **Office REITs (2.0%)** |
|  | BXP Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5510108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322121 |
|  | Vornado Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6056351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181024 |
|  | Cousins Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6231549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159590 |
|  | Kilroy Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4169426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138675 |
|  | COPT Defense Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131253 |
|  | SL Green Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2634904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111746 |
|  | Highwoods Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4076930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99110 |
|  | Douglas Emmett Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6212915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67162 |
| <sup>\*</sup> | Piedmont Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4619895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38622 |
|  | Easterly Government Properties Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1625333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38049 |
|  | JBG SMITH Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2195675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32935 |
|  | Empire State Realty Trust Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5336848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29726 |
|  | Peakstone Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1364875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28635 |
|  | Brandywine Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6445075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19529 |
| <sup>\*</sup> | Hudson Pacific Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2011417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18525 |
| <sup>\*,2</sup> | New York REIT Liquidating LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**1416705** |
| **Other (14.6%)<sup>3</sup>** | **Other (14.6%)<sup>3</sup>** | **Other (14.6%)<sup>3</sup>** | **Other (14.6%)<sup>3</sup>** |
| <sup>4,5</sup> | Vanguard Real Estate II Index Fund | &nbsp;&nbsp;441410735 | &nbsp;&nbsp;10231901 |
| **Other Specialized REITs (5.9%)** | **Other Specialized REITs (5.9%)** | **Other Specialized REITs (5.9%)** | **Other Specialized REITs (5.9%)** |
|  | Iron Mountain Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10966144 | &nbsp;&nbsp;&nbsp;&nbsp;1381625 |
|  | VICI Properties Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;37710247 | &nbsp;&nbsp;&nbsp;&nbsp;1101139 |
|  | Gaming & Leisure Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10499371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508800 |
|  | Lamar Advertising Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3187560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439373 |
|  | Millrose Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5720093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175435 |
|  | Outfront Media Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5583853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172262 |
|  | EPR Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2824772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157651 |
|  | Four Corners Property Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3935444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100629 |
|  | Safehold Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1730731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27726 |
|  | Farmland Partners Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1518883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16328 |
|  | Gladstone Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12595 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**4093563** |
| **Retail REITs (12.1%)** | **Retail REITs (12.1%)** | **Retail REITs (12.1%)** | **Retail REITs (12.1%)** |
|  | Simon Property Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12111478 | &nbsp;&nbsp;&nbsp;&nbsp;2467229 |
|  | Realty Income Corp. | &nbsp;&nbsp;&nbsp;&nbsp;33857791 | &nbsp;&nbsp;&nbsp;&nbsp;2175024 |
|  | Kimco Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;25123351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593916 |
|  | Regency Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6446203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501837 |
|  | Brixmor Property Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11356041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341703 |
|  | Federal Realty Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3040525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337194 |
|  | Agree Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4263967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328795 |
|  | NNN REIT Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7045858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308538 |
|  | Kite Realty Group Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8032222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210123 |
|  | Macerich Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9501804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206474 |
|  | Phillips Edison & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4667003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187450 |
|  | Tanger Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4270488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158350 |
|  | Acadia Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4861160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105098 |
|  | Urban Edge Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4668915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102343 |
|  | Curbline Properties Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3518296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97105 |
|  | InvenTrust Properties Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2879447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92488 |
|  | Getty Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2035050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67401 |
| <sup>1</sup> | NETSTREIT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3099900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63765 |
|  | Whitestone REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1703434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32263 |
|  | CBL & Associates Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25623 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value<br> ($000) |
|  | Alexander's Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21482 |
|  | Saul Centers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17156 |
|  | SITE Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1848727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10150 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**8451507** |
| **Self-Storage REITs (4.9%)** | **Self-Storage REITs (4.9%)** | **Self-Storage REITs (4.9%)** | **Self-Storage REITs (4.9%)** |
|  | Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;5858589 | &nbsp;&nbsp;&nbsp;&nbsp;1771930 |
|  | Extra Space Storage Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7874224 | &nbsp;&nbsp;&nbsp;&nbsp;1128612 |
|  | CubeSmart | &nbsp;&nbsp;&nbsp;&nbsp;8319932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336791 |
|  | National Storage Affiliates Trust | &nbsp;&nbsp;&nbsp;&nbsp;2712549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115446 |
|  | Smartstop Self Storage REIT Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2053929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64658 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**3417437** |
| **Single-Family Residential REITs (3.0%)** | **Single-Family Residential REITs (3.0%)** | **Single-Family Residential REITs (3.0%)** | **Single-Family Residential REITs (3.0%)** |
|  | Invitation Homes Inc. | &nbsp;&nbsp;21605484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621590 |
|  | Sun Communities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4587988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586529 |
|  | Equity LifeStyle Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6831338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432355 |
|  | American Homes 4 Rent Class A | &nbsp;&nbsp;12369764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393853 |
|  | UMH Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3003984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46712 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**2081039** |
| **Telecom Tower REITs (7.8%)** | **Telecom Tower REITs (7.8%)** | **Telecom Tower REITs (7.8%)** | **Telecom Tower REITs (7.8%)** |
|  | American Tower Corp. | &nbsp;&nbsp;17367869 | &nbsp;&nbsp;&nbsp;&nbsp;3173283 |
|  | Crown Castle Inc. | &nbsp;&nbsp;16155928 | &nbsp;&nbsp;&nbsp;&nbsp;1434323 |
|  | SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3952807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874361 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**5481967** |
| **Timber REITs (1.3%)** | **Timber REITs (1.3%)** | **Timber REITs (1.3%)** | **Timber REITs (1.3%)** |
|  | Weyerhaeuser Co. | &nbsp;&nbsp;26743365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655747 |
|  | Rayonier Inc. | &nbsp;&nbsp;10642732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225733 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**881480** |
| **Total Equity Real Estate Investment Trusts (REITs) (Cost $57,682,414)** | **Total Equity Real Estate Investment Trusts (REITs) (Cost $57,682,414)** | **Total Equity Real Estate Investment Trusts (REITs) (Cost $57,682,414)** | **65721292** |
| **Real Estate Management & Development (5.7%)** | **Real Estate Management & Development (5.7%)** | **Real Estate Management & Development (5.7%)** | **Real Estate Management & Development (5.7%)** |
| **Diversified Real Estate Activities (0.2%)** | **Diversified Real Estate Activities (0.2%)** | **Diversified Real Estate Activities (0.2%)** | **Diversified Real Estate Activities (0.2%)** |
|  | St. Joe Co. | &nbsp;&nbsp;&nbsp;&nbsp;1392532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89916 |
| <sup>\*</sup> | Tejon Ranch Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14647 |
|  | RMR Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10615 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**115178** |
| **Real Estate Development (0.1%)** | **Real Estate Development (0.1%)** | **Real Estate Development (0.1%)** | **Real Estate Development (0.1%)** |
| <sup>\*</sup> | Howard Hughes Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1211808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75459 |
| <sup>\*</sup> | Forestar Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21339 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**96798** |
| **Real Estate Operating Companies (0.2%)** | **Real Estate Operating Companies (0.2%)** | **Real Estate Operating Companies (0.2%)** | **Real Estate Operating Companies (0.2%)** |
| <sup>1</sup> | Landbridge Co. LLC Class A | &nbsp;&nbsp;&nbsp;&nbsp;1032707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70978 |
|  | Kennedy-Wilson Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4092669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44610 |
| <sup>\*</sup> | Seritage Growth Properties Class A | &nbsp;&nbsp;&nbsp;&nbsp;1360270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3510 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**119098** |
| **Real Estate Services (5.2%)** | **Real Estate Services (5.2%)** | **Real Estate Services (5.2%)** | **Real Estate Services (5.2%)** |
| <sup>\*</sup> | CBRE Group Inc. Class A | &nbsp;&nbsp;11040463 | &nbsp;&nbsp;&nbsp;&nbsp;1575805 |
| <sup>\*</sup> | Jones Lang LaSalle Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1750886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557009 |
| <sup>\*</sup> | CoStar Group Inc. | &nbsp;&nbsp;15648494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541594 |
| <sup>\*</sup> | Zillow Group Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;6216507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276013 |
| <sup>\*,1</sup> | Opendoor Technologies Inc. | &nbsp;&nbsp;33615590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180852 |
| <sup>\*</sup> | Compass Inc. Class A | &nbsp;&nbsp;23845783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180512 |
| <sup>\*</sup> | Cushman & Wakefield Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;8592072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120633 |
|  | Newmark Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;5619578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90588 |
| <sup>\*,1</sup> | Zillow Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1749894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78063 |
|  | Marcus & Millichap Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26088 |
|  | eXp World Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2968327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18463 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**3645620** |
| **Total Real Estate Management & Development (Cost $4,337,001)** | **Total Real Estate Management & Development (Cost $4,337,001)** | **Total Real Estate Management & Development (Cost $4,337,001)** | &nbsp;&nbsp;**3976694** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value<br> ($000) |
| **Temporary Cash Investments (0.4%)** | **Temporary Cash Investments (0.4%)** | **Temporary Cash Investments (0.4%)** | **Temporary Cash Investments (0.4%)** | **Temporary Cash Investments (0.4%)** |
| **Money Market Fund (0.4%)** | **Money Market Fund (0.4%)** | **Money Market Fund (0.4%)** | **Money Market Fund (0.4%)** | **Money Market Fund (0.4%)** |
| <sup>6,7</sup> | Vanguard Market Liquidity Fund<br> **(Cost $276,401)** | &nbsp;&nbsp;3.685% | &nbsp;&nbsp;2764541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**276426** |
| **Total Investments (100.1%) (Cost $62,295,816)** | **Total Investments (100.1%) (Cost $62,295,816)** | **Total Investments (100.1%) (Cost $62,295,816)** | **Total Investments (100.1%) (Cost $62,295,816)** | **69974412** |
| **Other Assets and Liabilities—Net (-0.1%)** | **Other Assets and Liabilities—Net (-0.1%)** | **Other Assets and Liabilities—Net (-0.1%)** | **Other Assets and Liabilities—Net (-0.1%)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(78080)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | **69896332** |

---

---

| | |
|:---|:---|
| Cost is in $000. | Cost is in $000. |
| \* | Non-income-producing security. |
| 1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $114,844. |
| 2 | Security value determined using significant unobservable inputs. |
| 3 | "Other" represents securities that are not classified by the fund's benchmark index. |
| 4 | Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group. |
| 5 | Represents a wholly owned fund. |
| 6 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 7 | Collateral of $125,415 was received for securities on loan. |

---

REIT—Real Estate Investment Trust.

------

#### Derivative Financial Instruments Outstanding as of Period End

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps | Over-the-Counter Total Return Swaps |
| Reference Entity | Termination<br> Date | Counterparty | Notional<br> Amount<br> ($000) | Floating<br> Interest<br> Rate<br> Received<br> (Paid)<sup>1</sup><br> (%) | Value and<br> Unrealized<br> Appreciation<br> ($000) | Value and<br> Unrealized<br> (Depreciation)<br> ($000) |
| BXP Inc. | 8/31/2026 | BANA | &nbsp;&nbsp;&nbsp;4352 | (3.640) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| CoStar Group Inc. | 8/31/2026 | BANA | &nbsp;&nbsp;&nbsp;2718 | (3.640) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (123) |
| CubeSmart | &nbsp;&nbsp;&nbsp;2/1/2027 | GSI | &nbsp;&nbsp;&nbsp;5453 | (3.640) | &nbsp;&nbsp;&nbsp;&nbsp;206 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| eXp World Holdings Inc. | &nbsp;&nbsp;&nbsp;2/1/2027 | GSI | &nbsp;&nbsp;&nbsp;3544 | (3.640) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(22) |
| Lamar Advertising Co. Class A | &nbsp;&nbsp;&nbsp;2/1/2027 | GSI | &nbsp;&nbsp;&nbsp;4703 | (3.640) | &nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Medical Properties Trust Inc. | &nbsp;&nbsp;&nbsp;2/1/2027 | GSI | 19050 | (3.640) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (255) |
| Realty Income Corp. | 8/31/2026 | BANA | 16943 | (3.640) | &nbsp;&nbsp;&nbsp;&nbsp;472 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| VICI Properties Inc. Class A | 8/31/2026 | BANA | 77540 | (4.338) | 2053 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| VICI Properties Inc. Class A | 3/12/2027 | CITNA | &nbsp;&nbsp;&nbsp;2628 | (4.090) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Welltower Inc. | 8/31/2026 | BANA | 55020 | (3.640) | 1912 | &nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  |  |  | 4878 | (400) |

---

---

| |
|:---|
| 1 Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/(paid) monthly. |
| BANA—Bank of America, N.A. |
| CITNA—Citibank, N.A. |
| GSI—Goldman Sachs International. |

---

At April 30, 2026, the counterparties had deposited in segregated accounts securities with a value of $1,717 in connection with open over-the-counter swap contracts.

------

A. Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund's pricing time but after the close of the securities' primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees. Investments in affiliated Vanguard funds are valued at that fund's net asset value.

B. Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund's performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments.

Futures contracts are valued at their quoted daily settlement prices. Fluctuations in the value of the contracts are recorded as an asset (liability).

The fund had no open futures contracts at April 30, 2026.

C. Swap Contracts: The fund has entered into equity swap contracts to earn the total return on selected reference stocks or indexes in the fund's target index. Under the terms of the swaps, the fund receives the total return on the referenced stock (i.e., receiving the increase or paying the decrease in value of the selected reference stock and receiving the equivalent of any dividends in respect of the selected referenced stock) over a specified period of time, applied to a notional amount that represents the value of a designated number of shares of the selected reference stock at the beginning of the equity swap contract. The fund also pays a floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the fund generally invests an amount approximating the notional amount of the swap in high-quality temporary cash investments.

A risk associated with all types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund's maximum amount subject to counterparty risk is the unrealized appreciation on the swap contract. The fund mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. In the event of a counterparty's default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The swap contracts contain provisions whereby a counterparty may terminate open contracts if the fund's net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days.

Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is recorded as an asset (liability) and as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap, at which time realized gain (loss) is recorded.

D. Various inputs may be used to determine the value of the fund's investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

#### Level 1 —Quoted prices in active markets for identical securities.

#### Level 2 —Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
**Level 3—Significant unobservable inputs (including the fund's own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant unobservable inputs are noted on the Schedule of Investments.**

------

The following table summarizes the market value of the fund's investments and derivatives as of April 30, 2026, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1<br> ($000) | &nbsp;&nbsp;&nbsp;Level 2<br> ($000) | &nbsp;&nbsp;&nbsp;Level 3<br> ($000) | &nbsp;&nbsp;&nbsp;Total<br> ($000) |
| **Investments** |  |  |  |  |
| Assets |  |  |  |  |
| Common Stocks | 69697983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;69697986 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276426 |
| Total | 69974409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;69974412 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;4878 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4878 |
| Liabilities |  |  |  |  |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(400) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(400) |

---

E. Transactions during the period in investments where the issuer is another member of The Vanguard Group were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions | &nbsp;&nbsp;Current Period Transactions |  |
|  | Jan. 31, 2026<br> Market Value<br> ($000) | &nbsp;&nbsp;Purchases<br> at Cost<br> ($000) | &nbsp;&nbsp;Proceeds<br> from<br> Securities<br> Sold<sup>1</sup><br> ($000) | &nbsp;&nbsp;Realized<br> Net Gain<br> (Loss)<br> ($000) | &nbsp;&nbsp;Change in<br> Unrealized<br> App. (Dep.)<br> ($000) | &nbsp;&nbsp;Income<br> ($000) | &nbsp;&nbsp;Capital Gain<br> Distributions<br> Received<br> ($000) | &nbsp;&nbsp;Apr. 30, 2026<br> Market Value<br> ($000) |
| Vanguard Market Liquidity Fund | &nbsp;&nbsp;&nbsp;221837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>2</sup> | &nbsp;&nbsp;NA<sup>2</sup> | &nbsp;&nbsp;(20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276426 |
| Vanguard Real Estate II Index Fund | 9546283 | &nbsp;&nbsp;99611 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;586007 | &nbsp;&nbsp;&nbsp;&nbsp;99611 | &nbsp;&nbsp;— | &nbsp;&nbsp;10231901 |
| Total | 9768120 | &nbsp;&nbsp;99611 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(20) | &nbsp;&nbsp;585999 | &nbsp;&nbsp;100525 | &nbsp;&nbsp;— | &nbsp;&nbsp;10508327 |

---

1 Does not include adjustments related to return of capital. <br> 2 Not applicable—purchases and sales are for temporary cash investment purposes.

## 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:** 2027-01-31

- **b. Date as of which information is reported:** 2026-04-30

**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:** $69952100426.49

**Total Liabilities:** $3194491.58

**Net Assets:** $69948905934.91

**Cash Not Reported:** $9444914.23

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000008010 | 5.33%                | -6.33%               | 8.55%                |
| Class ID C000008011 | 5.36%                | -6.31%               | 8.56%                |
| Class ID C000008012 | 5.37%                | -6.33%               | 8.59%                |
| Class ID C000032424 | 5.36%                | -6.32%               | 8.57%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $27063877.54             | $3431547762.52                             |
| Month 2  | $265455104.35            | $-4662150957.20                            |
| Month 3  | $84563415.02             | $5422327656.91                             |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Acadia Realty Trust                               | ACADIA REALTY                                    | CUSIP: 004239109<br>LEI: 254900C5XLB1YYJQSH07 | Long             | EC               | CORP              | US        |   4865080 | NS      | $105183029.60   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp                                 | AGREE REALTY                                     | CUSIP: 008492100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   4267045 | NS      | $329031839.95   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexander's Inc                                   | ALEXANDER'S INC                                  | CUSIP: 014752109<br>LEI: 549300TZM28P04U5R635 | Long             | EC               | CORP              | US        |     85249 | NS      | $21479338.04    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexandria Real Estate Equities Inc               | ALEXANDRIA REAL                                  | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |   5774824 | NS      | $233938120.24   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| American Assets Trust Inc                         | AMERICAN ASSETS                                  | CUSIP: 024013104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1816674 | NS      | $37677818.76    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent                             | AMERICAN HOMES-A                                 | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |  12378845 | NS      | $394142424.80   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp                               | AMERICAN TOWER C                                 | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |  17380581 | NS      | $3175605954.51  | 4.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Americold Realty Trust Inc                        | Americold Realty Trust Inc                       | CUSIP: 03064D108<br>LEI: 894500O3S3W62PQPO460 | Long             | EC               | CORP              | US        |  10575903 | NS      | $129343293.69   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Apartment Investment and Management Co            | APARTMENT INVEST                                 | CUSIP: 03748R747<br>LEI: 549300O8FT5GJ4RU1D57 | Long             | EC               | CORP              | US        |   5021035 | NS      | $21339398.75    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Hospitality REIT Inc                        | APPLE HOSPITALIT                                 | CUSIP: 03784Y200<br>LEI: 549300EVZAR0FBZO4F16 | Long             | EC               | CORP              | US        |   8344527 | NS      | $112400778.69   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| AH Realty Trust Inc                               | AH REALTY TRUST                                  | CUSIP: 04208T108<br>LEI: 549300WQRSIV6XZT9313 | Long             | EC               | CORP              | US        |   2972724 | NS      | $18103889.16    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities Inc                         | AVALONBAY COMMUN                                 | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |   5256906 | NS      | $962013798.00   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| BXP Inc                                           | BXP INC                                          | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |   5514264 | NS      | $322363873.44   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Brandywine Realty Trust                           | BRANDYWINE RLTY                                  | CUSIP: 105368203<br>LEI: 5UZ46ZCYUFYYAC0DS831 | Long             | EC               | CORP              | US        |   6450275 | NS      | $19544333.25    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group Inc                        | BRIXMOR PROPERTY                                 | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |  11364259 | NS      | $341950553.31   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadstone Net Lease Inc                          | BROADSTONE NET                                   | CUSIP: 11135E203<br>LEI: 549300U8D7PT70B49V21 | Long             | EC               | CORP              | US        |   7025055 | NS      | $139096089.00   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| CBL & Associates Properties Inc                   | CBL & ASSOC PROP                                 | CUSIP: 124830878<br>LEI: 529900EIVFBRS4PUBZ13 | Long             | EC               | CORP              | US        |    569605 | NS      | $25643617.10    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc                                    | CBRE GROUP INC-A                                 | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |  11048540 | NS      | $1576958114.20  | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Camden Property Trust                             | CAMDEN PROP TR                                   | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |   3950083 | NS      | $414837716.66   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| CareTrust REIT Inc                                | CARETRUST REI                                    | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               | CORP              | US        |   8290280 | NS      | $327051546.00   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Sila Realty Trust Inc                             | SILA REALTY TRUS                                 | CUSIP: 146280508<br>LEI: 549300HXH142HWKKSW59 | Long             | EC               | CORP              | US        |   2046533 | NS      | $62275999.19    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Centerspace                                       | CENTERSPACE                                      | CUSIP: 15202L107<br>LEI: 5493002LG2SH9EEHT720 | Long             | EC               | CORP              | US        |    620220 | NS      | $42342419.40    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Chatham Lodging Trust                             | CHATHAM LODGING                                  | CUSIP: 16208T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1709869 | NS      | $14841662.92    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Community Healthcare Trust Inc                    | COMMUNITY HEALTH                                 | CUSIP: 20369C106<br>LEI: 549300FATSRCMKOV9536 | Long             | EC               | CORP              | US        |   1052257 | NS      | $18119865.54    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Compass Inc                                       | COMPASS INC - A                                  | CUSIP: 20464U100<br>LEI: 254900DMGQSTC3I2IM78 | Long             | EC               | CORP              | US        |  23863361 | NS      | $180645642.77   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| COPT Defense Properties                           | COPT DEFENSE PRO                                 | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               | CORP              | US        |   4203148 | NS      | $131348375.00   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group Inc                                  | COSTAR GROUP INC                                 | CUSIP: 22160N109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |  15660048 | NS      | $541994261.28   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Cousins Properties Inc                            | COUSINS PROP                                     | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Long             | EC               | CORP              | US        |   6236174 | NS      | $159708416.14   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle Inc                                  | CROWN CASTLE INC                                 | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |  16167778 | NS      | $1435375330.84  | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CTO Realty Growth Inc                             | CTO REALTY GROWT                                 | CUSIP: 22948Q101<br>LEI: 254900ZQ99OFO1WXS678 | Long             | EC               | CORP              | US        |   1202266 | NS      | $24345886.50    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CubeSmart                                         | CUBESMART                                        | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   8326189 | NS      | $337044130.72   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Curbline Properties Corp                          | CURBLINE PROPERT                                 | CUSIP: 23128Q101<br>LEI: 529900PGR41LH0I81I15 | Long             | EC               | CORP              | US        |   3520772 | NS      | $97173307.20    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| DiamondRock Hospitality Co                        | DIAMONDROCK HOSP                                 | CUSIP: 252784301<br>LEI: 529900KKD4BPVBUAQ734 | Long             | EC               | CORP              | US        |   7563098 | NS      | $77143599.60    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Digital Realty Trust Inc                          | DIGITAL REALTY                                   | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |  12752947 | NS      | $2562577170.18  | 3.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Diversified Healthcare Trust                      | DIVERSIFIED HEAL                                 | CUSIP: 25525P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   6293205 | NS      | $47450765.70    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Douglas Emmett Inc                                | DOUGLAS EMMETT                                   | CUSIP: 25960P109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   6217925 | NS      | $67215769.25    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| EPR Properties                                    | EPR PROPERTIES                                   | CUSIP: 26884U109<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EC               | CORP              | US        |   2826871 | NS      | $157767670.51   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Easterly Government Properties Inc                | EASTERLY GOVERNM                                 | CUSIP: 27616P301<br>LEI: 549300ERMCEFC6S8HL77 | Long             | EC               | CORP              | US        |   1626643 | NS      | $38079712.63    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| EastGroup Properties Inc                          | EASTGROUP PROP                                   | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |   1980619 | NS      | $398500542.80   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Empire State Realty Trust Inc                     | EMPIRE STATE REA                                 | CUSIP: 292104106<br>LEI: 549300VOKY1DUEQSB456 | Long             | EC               | CORP              | US        |   5341153 | NS      | $29750222.21    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                                       | EQUINIX INC                                      | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |   3645286 | NS      | $3947225039.38  | 5.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity LifeStyle Properties Inc                   | EQUITY LIFESTYLE                                 | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |   6836268 | NS      | $432667401.72   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Residential                                | EQUITY RESIDENTI                                 | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |  13419368 | NS      | $877358279.84   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Properties Realty Trust Inc             | ESSENTIAL PROPER                                 | CUSIP: 29670E107<br>LEI: 2549009LXQLVYCGLZO50 | Long             | EC               | CORP              | US        |   7356352 | NS      | $231210143.36   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust Inc                          | ESSEX PROPERTY                                   | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |   2391080 | NS      | $629356166.80   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| eXp World Holdings Inc                            | EXP WORLD HOLDIN                                 | CUSIP: 30212W100<br>LEI: 549300TWVVZC283VEC32 | Long             | EC               | CORP              | US        |   2968750 | NS      | $18465625.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage Inc                           | EXTRA SPACE STOR                                 | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   7879992 | NS      | $1129439253.36  | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Farmland Partners Inc                             | FARMLAND PARTNER                                 | CUSIP: 31154R109<br>LEI: 549300LB188CHPZ4IL37 | Long             | EC               | CORP              | US        |   1518473 | NS      | $16323584.75    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Realty Investment Trust                   | FED REALTY INVS                                  | CUSIP: 313745101<br>LEI: 549300FHEI1SLVZ0RB48 | Long             | EC               | CORP              | US        |   3042712 | NS      | $337436760.80   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| First Industrial Realty Trust Inc                 | FIRST IND REALTY                                 | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   4916349 | NS      | $304862801.49   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Forestar Group Inc                                | FORESTAR GROUP                                   | CUSIP: 346232101<br>LEI: 549300BC2UB0GHV60V70 | Long             | EC               | CORP              | US        |    754905 | NS      | $21333615.30    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Four Corners Property Trust Inc                   | FOUR CORNERS PRO                                 | CUSIP: 35086T109<br>LEI: 549300SVTPZPBDVNER42 | Long             | EC               | CORP              | US        |   3938619 | NS      | $100710487.83   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaming and Leisure Properties Inc                 | GAMING AND LEISU                                 | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |  10507056 | NS      | $509171933.76   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Getty Realty Corp                                 | GETTY REALTY                                     | CUSIP: 374297109<br>LEI: 2549000P1W5SFJWCNP90 | Long             | EC               | CORP              | US        |   2036690 | NS      | $67455172.80    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Gladstone Commercial Corp                         | GLADSTONE COMMER                                 | CUSIP: 376536108<br>LEI: 529900EVVV534W8R0T32 | Long             | EC               | CORP              | US        |   1795754 | NS      | $22644457.94    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Gladstone Land Corp                               | GLADSTONE LAND C                                 | CUSIP: 376549101<br>LEI: 54930002B3Q17H38FG74 | Long             | EC               | CORP              | US        |   1312939 | NS      | $12591085.01    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Net Lease Inc                              | GLOBAL NET LEASE                                 | CUSIP: 379378201<br>LEI: 549300NUYANCT5SU8Z65 | Long             | EC               | CORP              | US        |   7325766 | NS      | $70034322.96    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Chiron Real Estate Inc                            | CHIRON REAL ESTA                                 | CUSIP: 37954A303<br>LEI: 549300HFRIPQDYU3GU60 | Long             | EC               | CORP              | US        |    472456 | NS      | $16569031.92    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| American Healthcare REIT Inc                      | AMERICAN HEALTHC                                 | CUSIP: 398182303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   6586572 | NS      | $334466126.16   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Peakstone Realty Trust                            | PEAKSTONE REALTY                                 | CUSIP: 39818P799<br>LEI: 549300EZQXWQI2YL1T80 | Long             | EC               | CORP              | US        |   1365975 | NS      | $28658155.50    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Realty Trust Inc                       | HEALTHCARE REALT                                 | CUSIP: 42226K105<br>LEI: 549300L0I14L7I0VLX84 | Long             | EC               | CORP              | US        |  12402047 | NS      | $231918278.90   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthpeak Properties Inc                         | HEALTHPEAK PROPE                                 | CUSIP: 42250P103<br>LEI: 254900M6MTMZM0I22L81 | Long             | EC               | CORP              | US        |  25801144 | NS      | $417204498.48   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Highwoods Properties Inc                          | HIGHWOODS PROP                                   | CUSIP: 431284108<br>LEI: ZIIGTYKL9T0X3HLTDX53 | Long             | EC               | CORP              | US        |   4080220 | NS      | $99190148.20    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Host Hotels & Resorts Inc                         | HOST HOTELS & RE                                 | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |  25531403 | NS      | $539478545.39   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Howard Hughes Holdings Inc                        | HOWARD HUGHES HO                                 | CUSIP: 44267T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1212783 | NS      | $75519997.41    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Hudson Pacific Properties Inc                     | HUDSON PACIFIC P                                 | CUSIP: 444097406<br>LEI: 529900EURZA5HRSXQ389 | Long             | EC               | CORP              | US        |   2010196 | NS      | $18513905.16    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Independence Realty Trust Inc                     | INDEPENDENCE REA                                 | CUSIP: 45378A106<br>LEI: 549300Z3L8NU44NQEB29 | Long             | EC               | CORP              | US        |   8877680 | NS      | $144794960.80   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Innovative Industrial Properties Inc              | INNOVATIVE INDUS                                 | CUSIP: 45781V101<br>LEI: 5493008BQ0545EZXRR30 | Long             | EC               | CORP              | US        |   1040458 | NS      | $56444846.50    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| InvenTrust Properties Corp                        | INVENTRUST PROPE                                 | CUSIP: 46124J201<br>LEI: 5493006BQYSOBYVUFA03 | Long             | EC               | CORP              | US        |   2881772 | NS      | $92562516.64    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Invitation Homes Inc                              | INVITATION HOMES                                 | CUSIP: 46187W107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |  21621323 | NS      | $622045462.71   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain Inc                                 | IRON MOUNTAIN                                    | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               | CORP              | US        |  10974169 | NS      | $1382635552.31  | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| JBG SMITH Properties                              | JBG SMITH PROPER                                 | CUSIP: 46590V100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2197445 | NS      | $32961675.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Jones Lang LaSalle Inc                            | JONES LANG LASAL                                 | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |   1752170 | NS      | $557417842.10   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Kennedy-Wilson Holdings Inc                       | KENNEDY-WILSON H                                 | CUSIP: 489398107<br>LEI: 549300MOI1T78144X610 | Long             | EC               | CORP              | US        |   4095969 | NS      | $44646062.10    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Kilroy Realty Corp                                | KILROY REALTY                                    | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               | CORP              | US        |   4172791 | NS      | $138787028.66   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimco Realty Corp                                 | KIMCO REALTY                                     | CUSIP: 49446R109<br>LEI: 254900ARY41P4V1JL861 | Long             | EC               | CORP              | US        |  25141699 | NS      | $594349764.36   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Kite Realty Group Trust                           | KITE REALTY GROU                                 | CUSIP: 49803T300<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   8038016 | NS      | $210274498.56   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| LTC Properties Inc                                | LTC PROPERTIES                                   | CUSIP: 502175102<br>LEI: 549300NRZP8IJG2KY677 | Long             | EC               | CORP              | US        |   1767857 | NS      | $67567494.54    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamar Advertising Co                              | LAMAR ADVERTIS-A                                 | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               | CORP              | US        |   3189921 | NS      | $439698710.64   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Landbridge Co LLC                                 | LANDBRIDGE CO LL                                 | CUSIP: 514952100<br>LEI: 529900P7NBGGY6C0SF08 | Long             | EC               | CORP              | US        |   1033542 | NS      | $71035341.66    | 0.10%             |  |  |  | No            |                  1 | On Loan: —       |
| LXP Industrial Trust                              | LXP INDUSTRIAL T                                 | CUSIP: 529043408<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EC               | CORP              | US        |   2197982 | NS      | $111921243.44   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Lineage Inc                                       | LINEAGE INC                                      | CUSIP: 53566V106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2542767 | NS      | $93777246.96    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Macerich Co/The                                   | MACERICH CO                                      | CUSIP: 554382101<br>LEI: 529900PSWCB5KI0JYU46 | Long             | EC               | CORP              | US        |   9508860 | NS      | $206627527.80   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Veris Residential Inc                             | VERIS RESIDENTIA                                 | CUSIP: 554489104<br>LEI: 254900KTVBRYJCQU2J23 | Long             | EC               | CORP              | US        |   3121718 | NS      | $59218990.46    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Marcus & Millichap Inc                            | MARCUS & MILLICH                                 | CUSIP: 566324109<br>LEI: 549300B2HE8ULXNB1N48 | Long             | EC               | CORP              | US        |    939503 | NS      | $26108788.37    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Medical Properties Trust Inc                      | MEDICAL PROPERTI                                 | CUSIP: 58463J304<br>LEI: 254900U6E39J1MQCCY14 | Long             | EC               | CORP              | US        |  15172737 | NS      | $74953320.78    | 0.11%             |  |  |  | No            |                  1 | On Loan: —       |
| Mid-America Apartment Communities Inc             | MID-AMERICA APAR                                 | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               | CORP              | US        |   4346822 | NS      | $561522465.96   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Millrose Properties Inc                           | MILLROSE PROPERT                                 | CUSIP: 601137102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   5724349 | NS      | $175565783.83   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| National Health Investors Inc                     | NATL HEALTH INV                                  | CUSIP: 63633D104<br>LEI: 549300ZPKZIG6DKDEC02 | Long             | EC               | CORP              | US        |   1768674 | NS      | $136028717.34   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| NNN REIT Inc                                      | NNN REIT INC                                     | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               | CORP              | US        |   7051078 | NS      | $308766705.62   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| National Storage Affiliates Trust                 | NATIONAL STORAGE                                 | CUSIP: 637870106<br>LEI: 529900FS06O8GOYNR108 | Long             | EC               | CORP              | US        |   2714497 | NS      | $115528992.32   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| NETSTREIT Corp                                    | NETSTREIT CORP                                   | CUSIP: 64119V303<br>LEI: 254900CJL0EDMEQ25Q84 | Long             | EC               | CORP              | US        |   3102400 | NS      | $63816368.00    | 0.09%             |  |  |  | No            |                  1 | On Loan: —       |
| New York REIT Liquidating LLC                     | NEW YORK REIT IN                                 | CUSIP: N/A<br>LEI: 549300UXUJOZNJX9N581       | Long             | EC               | CORP              | US        |      1208 | NS      | $2403.92        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Newmark Group Inc                                 | NEWMARK GROUP-A                                  | CUSIP: 65158N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   5624113 | NS      | $90660701.56    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| NexPoint Residential Trust Inc                    | NEXPOINT RESI                                    | CUSIP: 65341D102<br>LEI: 549300U2J6XVYBF87166 | Long             | EC               | CORP              | US        |    799978 | NS      | $23111364.42    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Omega Healthcare Investors Inc                    | OMEGA HEALTHCARE                                 | CUSIP: 681936100<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | EC               | CORP              | US        |  10971882 | NS      | $515349297.54   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| One Liberty Properties Inc                        | ONE LIBERTY PROP                                 | CUSIP: 682406103<br>LEI: 549300QII1CQZGZBZR14 | Long             | EC               | CORP              | US        |    601790 | NS      | $13666650.90    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Opendoor Technologies Inc                         | OPENDOOR TECHNOL                                 | CUSIP: 683712103<br>LEI: 254900KX11YZ4HV5BQ47 | Long             | EC               | CORP              | US        |  33640161 | NS      | $180984066.18   | 0.26%             |  |  |  | No            |                  1 | On Loan: —       |
| Outfront Media Inc                                | OUTFRONT MEDIA I                                 | CUSIP: 69007J304<br>LEI: 549300RZWDYU5722I639 | Long             | EC               | CORP              | US        |   5587952 | NS      | $172388319.20   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Park Hotels & Resorts Inc                         | PARK H&R INC                                     | CUSIP: 700517105<br>LEI: 5493005UZ5TQN0H6HS73 | Long             | EC               | CORP              | US        |   7421969 | NS      | $85129984.43    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Pebblebrook Hotel Trust                           | PEBBLEBROOK HOTE                                 | CUSIP: 70509V100<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EC               | CORP              | US        |   4217589 | NS      | $59257125.45    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips Edison & Co Inc                          | PHILLIPS EDISON                                  | CUSIP: 71844V201<br>LEI: 549300JPN4YHYPXTJQ85 | Long             | EC               | CORP              | US        |   4670467 | NS      | $187589307.06   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Piedmont Realty Trust Inc                         | PIEDMONT REALTY                                  | CUSIP: 720190206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   4623620 | NS      | $38653463.20    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                                      | PROLOGIS INC                                     | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |  34485382 | NS      | $4897613951.64  | 7.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                                    | PUBLIC STORAGE                                   | CUSIP: 74460D109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   5862875 | NS      | $1773226543.75  | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| RLJ Lodging Trust                                 | RLJ LODGING TRUS                                 | CUSIP: 74965L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   5051722 | NS      | $41626189.28    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| RMR Group Inc/The                                 | RMR GROUP-A                                      | CUSIP: 74967R106<br>LEI: 549300JP4L34E48UJM16 | Long             | EC               | CORP              | US        |    596502 | NS      | $10623700.62    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Rayonier Inc                                      | RAYONIER INC                                     | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               | CORP              | US        |  10650592 | NS      | $225899056.32   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Realty Income Corp                                | REALTY INCOME                                    | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |  33882600 | NS      | $2176618224.00  | 3.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Regency Centers Corp                              | REGENCY CENTERS                                  | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               | CORP              | US        |   6450846 | NS      | $502198361.10   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexford Industrial Realty Inc                     | REXFORD INDUSTRI                                 | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |   8643495 | NS      | $310215035.55   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryman Hospitality Properties Inc                  | RYMAN HOSPITALIT                                 | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               | CORP              | US        |   2222166 | NS      | $233527424.94   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp                           | SBA COMM CORP                                    | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |   3955701 | NS      | $875001061.20   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| SL Green Realty Corp                              | SL GREEN REALTY                                  | CUSIP: 78440X887<br>LEI: 549300VQZPJU97H3GT17 | Long             | EC               | CORP              | US        |   2637029 | NS      | $111836399.89   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Sabra Health Care REIT Inc                        | SABRA HEALTH CAR                                 | CUSIP: 78573L106<br>LEI: 549300E3BC7GU7TAZ621 | Long             | EC               | CORP              | US        |   9257459 | NS      | $191259102.94   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Safehold Inc                                      | SAFEHOLD INC                                     | CUSIP: 78646V107<br>LEI: QFFLKWYYS3UPWD86E794 | Long             | EC               | CORP              | US        |   1732126 | NS      | $27748658.52    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| St Joe Co/The                                     | ST JOE CO                                        | CUSIP: 790148100<br>LEI: 529900XVHOT3BF8PWG49 | Long             | EC               | CORP              | US        |   1393512 | NS      | $89979069.84    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Saul Centers Inc                                  | SAUL CENTERS INC                                 | CUSIP: 804395101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    498696 | NS      | $17170103.28    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Seritage Growth Properties                        | SERITAGE GROWT-A                                 | CUSIP: 81752R100<br>LEI: 5493003CJFC2MM82WB25 | Long             | EC               | CORP              | US        |   1361365 | NS      | $3512321.70     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Service Properties Trust                          | SERVICE PROPERTI                                 | CUSIP: 81761L102<br>LEI: 529900IS770AG1K9QG27 | Long             | EC               | CORP              | US        |  21710871 | NS      | $33651850.05    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc                          | SIMON PROPERTY                                   | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |  12120320 | NS      | $2469030387.20  | 3.53%             |  |  |  | No            |                  1 | On Loan: No      |
| SITE Centers Corp                                 | SITE CENTERS COR                                 | CUSIP: 82981J851<br>LEI: W2AVA6SODOQ1LCYJQR54 | Long             | EC               | CORP              | US        |   1847743 | NS      | $10144109.07    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Smartstop Self Storage REIT Inc                   | SMARTSTOP SELF S                                 | CUSIP: 83192D402<br>LEI: 549300EC266625K12S42 | Long             | EC               | CORP              | US        |   2055584 | NS      | $64709784.32    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| STAG Industrial Inc                               | STAG INDUSTRIAL                                  | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               | CORP              | US        |   6933345 | NS      | $267488450.10   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Summit Hotel Properties Inc                       | SUMMIT HOTEL PRO                                 | CUSIP: 866082100<br>LEI: 254900OBQWJK6X20LS71 | Long             | EC               | CORP              | US        |   4034897 | NS      | $20053438.09    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Communities Inc                               | SUN COMMUNITIES                                  | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |   4591358 | NS      | $586959206.72   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunstone Hotel Investors Inc                      | SUNSTONE HOTEL                                   | CUSIP: 867892101<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EC               | CORP              | US        |   6698589 | NS      | $65780143.98    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Tanger Inc                                        | TANGER INC                                       | CUSIP: 875465106<br>LEI: UKEW8YSXE4Y581KYOL30 | Long             | EC               | CORP              | US        |   4273640 | NS      | $158466571.20   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Tejon Ranch Co                                    | TEJON RANCH CO                                   | CUSIP: 879080109<br>LEI: 549300TMNDO77VJ6J111 | Long             | EC               | CORP              | US        |    749038 | NS      | $14658673.66    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Terreno Realty Corp                               | TERRENO REALTY C                                 | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3838688 | NS      | $250282457.60   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| UDR Inc                                           | UDR INC                                          | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               | CORP              | US        |  11656233 | NS      | $423587507.22   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| UMH Properties Inc                                | UMH PROPERTIES I                                 | CUSIP: 903002103<br>LEI: 529900OM5K3PJ11F0Q09 | Long             | EC               | CORP              | US        |   3006409 | NS      | $46749659.95    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Health Realty Income Trust              | UNIVERSAL HEALTH                                 | CUSIP: 91359E105<br>LEI: 549300L4MWZL4IH6H172 | Long             | EC               | CORP              | US        |    489594 | NS      | $19926475.80    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Urban Edge Properties                             | URBAN EDGE P                                     | CUSIP: 91704F104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   4672680 | NS      | $102425145.60   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Real Estate II Index Fund                | VANG-RL ES2-INS+                                 | CUSIP: 922031695<br>LEI: 549300ZF3K8JV2GHZ643 | Long             | EC               | CORP              | US        | 441410735 | NS      | $10231900843.07 | 14.63%            |  |  |  | No            |                  1 | On Loan: No      |
| Ventas Inc                                        | VENTAS INC                                       | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |  17439395 | NS      | $1532225244.70  | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI Properties Inc                               | VICI PROPERTIES                                  | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |  37740098 | NS      | $1102010861.60  | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Vornado Realty Trust                              | VORNADO RLTY TST                                 | CUSIP: 929042109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   6060881 | NS      | $181159733.09   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| WP Carey Inc                                      | WP CAREY INC                                     | CUSIP: 92936U109<br>LEI: 54930042CRNE713E3Q67 | Long             | EC               | CORP              | US        |   8136028 | NS      | $593360522.04   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc                                     | WELLTOWER INC                                    | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |  25218808 | NS      | $5481055730.72  | 7.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyerhaeuser Co                                   | WEYERHAEUSER CO                                  | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |  26763067 | NS      | $656230402.84   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Whitestone REIT                                   | WHITESTONE REI                                   | CUSIP: 966084204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1704809 | NS      | $32289082.46    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Xenia Hotels & Resorts Inc                        | XENIA HOTELS & R                                 | CUSIP: 984017103<br>LEI: 54930075IWIPHF5IQL62 | Long             | EC               | CORP              | US        |   3520032 | NS      | $57270920.64    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Zillow Group Inc                                  | ZILLOW GROUP I-A                                 | CUSIP: 98954M101<br>LEI: 2549002XEELQDIR6FU05 | Long             | EC               | CORP              | US        |   1751009 | NS      | $78112511.49    | 0.11%             |  |  |  | No            |                  1 | On Loan: —       |
| Zillow Group Inc                                  | ZILLOW GRO-C                                     | CUSIP: 98954M200<br>LEI: 2549002XEELQDIR6FU05 | Long             | EC               | CORP              | US        |   6221226 | NS      | $276222434.40   | 0.39%             |  |  |  | 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        |   1734475 | NS      | $173430118.95   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Cushman & Wakefield Ltd                           | CUSHMAN & WAKEFI                                 | CUSIP: G2717C106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   8599002 | NS      | $120729988.08   | 0.17%             |  |  |  | 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        |   1221887 | NS      | $122176513.13   | 0.17%             |  |  |  | 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      | $-228600.00     | -0.00%            |  |  |  | No            |                  2 | 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      | $-17010.00      | -0.00%            |  |  |  | No            |                  2 | 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      | $214200.00      | 0.00%             |  |  |  | No            |                  2 | 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      | $121450.00      | 0.00%             |  |  |  | No            |                  2 | 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       |   2726441 | NC      | $2072095.16     | 0.00%             |  |  |  | No            |                  2 | 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      | $32250.00       | 0.00%             |  |  |  | No            |                  2 | 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      | $-122250.00     | -0.00%            |  |  |  | No            |                  2 | 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      | $1923080.00     | 0.00%             |  |  |  | No            |                  2 | 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      | $402300.00      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                               | TRS:VICI PROPERTIES INC USD 2027-Jan-29          | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |     91314 | NC      | $38351.88       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-06-25

**Name of Applicant:** VANGUARD SPECIALIZED FUNDS

**Signature:** My Trieu-Gatt

**Name of Signer:** My Trieu-Gatt

**Title:** Treasurer