# EDGAR Filing Document

**Accession Number:** 0000734383
**File Stem:** 0000734383-25-000145
**Filing Date:** 2025-12
**Character Count:** 96568
**Document Hash:** cc0dd81b998e5b1deacea32e863df803
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000734383-25-000145.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0000734383-25-000145

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251223

**PERIOD START**: 20260131

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03916
- **FILM NUMBER:** 251598961

**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 October 31, 2025

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) (92.2%)** | **Equity Real Estate Investment Trusts (REITs) (92.2%)** | **Equity Real Estate Investment Trusts (REITs) (92.2%)** | **Equity Real Estate Investment Trusts (REITs) (92.2%)** |
| **Data Center REITs (8.1%)** | **Data Center REITs (8.1%)** | **Data Center REITs (8.1%)** | **Data Center REITs (8.1%)** |
|  | Equinix Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3633478 | &nbsp;&nbsp;3073959 |
|  | Digital Realty Trust Inc. | &nbsp;&nbsp;12510181 | &nbsp;&nbsp;2131860 |
|  |  |  | **5205819** |
| **Diversified REITs (1.7%)** | **Diversified REITs (1.7%)** | **Diversified REITs (1.7%)** | **Diversified REITs (1.7%)** |
|  | WP Carey Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8133903 | &nbsp;&nbsp;&nbsp;&nbsp;536838 |
|  | Essential Properties Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7336608 | &nbsp;&nbsp;&nbsp;&nbsp;219218 |
|  | Broadstone Net Lease Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7023315 | &nbsp;&nbsp;&nbsp;&nbsp;125858 |
|  | Global Net Lease Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7461832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56859 |
|  | Alexander & Baldwin Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2700713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43130 |
|  | American Assets Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1816532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34714 |
|  | CTO Realty Growth Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1223244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20404 |
|  | Gladstone Commercial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1718942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19647 |
|  | Armada Hoffler Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2977053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19470 |
|  | NexPoint Diversified Real Estate Trust | &nbsp;&nbsp;&nbsp;&nbsp;1292324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4109 |
|  |  |  | **1080247** |
| **Health Care REITs (12.8%)** | **Health Care REITs (12.8%)** | **Health Care REITs (12.8%)** | **Health Care REITs (12.8%)** |
|  | Welltower Inc. | &nbsp;&nbsp;24291162 | &nbsp;&nbsp;4397672 |
|  | Ventas Inc. | &nbsp;&nbsp;16766469 | &nbsp;&nbsp;1237198 |
|  | Healthpeak Properties Inc. | &nbsp;&nbsp;25805917 | &nbsp;&nbsp;&nbsp;&nbsp;463216 |
|  | Omega Healthcare Investors Inc. | &nbsp;&nbsp;10749630 | &nbsp;&nbsp;&nbsp;&nbsp;451807 |
|  | Alexandria Real Estate Equities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5783116 | &nbsp;&nbsp;&nbsp;&nbsp;336693 |
|  | CareTrust REIT Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8183097 | &nbsp;&nbsp;&nbsp;&nbsp;283544 |
|  | American Healthcare REIT Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5924541 | &nbsp;&nbsp;&nbsp;&nbsp;268500 |
|  | Healthcare Realty Trust Inc. Class A | &nbsp;&nbsp;12400968 | &nbsp;&nbsp;&nbsp;&nbsp;219745 |
|  | Sabra Health Care REIT Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8838136 | &nbsp;&nbsp;&nbsp;&nbsp;157496 |
|  | National Health Investors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1734401 | &nbsp;&nbsp;&nbsp;&nbsp;129230 |
| <sup>1</sup> | Medical Properties Trust Inc. | &nbsp;&nbsp;15159178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78373 |
|  | LTC Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1706046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59848 |
|  | Sila Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2048317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48545 |
|  | Diversified Healthcare Trust | &nbsp;&nbsp;&nbsp;&nbsp;6272794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26722 |
|  | Universal Health Realty Income Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18694 |
|  | Community Healthcare Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1052503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15430 |
| <sup>1</sup> | Global Medical REIT Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14490 |
|  |  |  | **8207203** |
| **Hotel & Resort REITs (1.7%)** | **Hotel & Resort REITs (1.7%)** | **Hotel & Resort REITs (1.7%)** | **Hotel & Resort REITs (1.7%)** |
|  | Host Hotels & Resorts Inc. | &nbsp;&nbsp;25768088 | &nbsp;&nbsp;&nbsp;&nbsp;412805 |
|  | Ryman Hospitality Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2222810 | &nbsp;&nbsp;&nbsp;&nbsp;193184 |
|  | Apple Hospitality REIT Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8397823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93972 |
|  | Park Hotels & Resorts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7425587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76409 |
|  | Sunstone Hotel Investors Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7017098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62101 |
|  | DiamondRock Hospitality Co. | &nbsp;&nbsp;&nbsp;&nbsp;7663216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59926 |
|  | Pebblebrook Hotel Trust | &nbsp;&nbsp;&nbsp;&nbsp;4408445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46112 |
|  | Xenia Hotels & Resorts Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3666188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45094 |
|  | RLJ Lodging Trust | &nbsp;&nbsp;&nbsp;&nbsp;5635092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38319 |
|  | Summit Hotel Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4168166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21424 |
|  | Service Properties Trust | &nbsp;&nbsp;&nbsp;&nbsp;5880670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12585 |
|  | Chatham Lodging Trust | &nbsp;&nbsp;&nbsp;&nbsp;1728816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11065 |
|  |  |  | **1072996** |
| **Industrial REITs (9.6%)** | **Industrial REITs (9.6%)** | **Industrial REITs (9.6%)** | **Industrial REITs (9.6%)** |
|  | Prologis Inc. | &nbsp;&nbsp;34467980 | &nbsp;&nbsp;4277132 |
|  | Rexford Industrial Realty Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8791681 | &nbsp;&nbsp;&nbsp;&nbsp;363272 |
|  | EastGroup Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1950708 | &nbsp;&nbsp;&nbsp;&nbsp;340457 |
|  | First Industrial Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4918045 | &nbsp;&nbsp;&nbsp;&nbsp;271869 |
|  | STAG Industrial Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6931932 | &nbsp;&nbsp;&nbsp;&nbsp;265285 |
|  | Terreno Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3837963 | &nbsp;&nbsp;&nbsp;&nbsp;219263 |
|  | Americold Realty Trust Inc. | &nbsp;&nbsp;10047282 | &nbsp;&nbsp;&nbsp;&nbsp;129509 |
|  | LXP Industrial Trust | &nbsp;&nbsp;10985726 | &nbsp;&nbsp;&nbsp;&nbsp;104255 |
|  | Lineage Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2547283 | &nbsp;&nbsp;&nbsp;&nbsp;100363 |
|  | Innovative Industrial Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1040460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52179 |
|  | Plymouth Industrial REIT Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1522621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33498 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value<br> ($000) |
|  | One Liberty Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12890 |
|  |  |  | **6169972** |
| **Multi-Family Residential REITs (6.3%)** | **Multi-Family Residential REITs (6.3%)** | **Multi-Family Residential REITs (6.3%)** | **Multi-Family Residential REITs (6.3%)** |
|  | AvalonBay Communities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5288298 | &nbsp;&nbsp;&nbsp;&nbsp;919741 |
|  | Equity Residential | &nbsp;&nbsp;&nbsp;&nbsp;13407385 | &nbsp;&nbsp;&nbsp;&nbsp;796935 |
|  | Essex Property Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2391596 | &nbsp;&nbsp;&nbsp;&nbsp;602132 |
|  | Mid-America Apartment Communities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4348127 | &nbsp;&nbsp;&nbsp;&nbsp;557561 |
|  | Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3968507 | &nbsp;&nbsp;&nbsp;&nbsp;394787 |
|  | UDR Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11690719 | &nbsp;&nbsp;&nbsp;&nbsp;393860 |
|  | Independence Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8683872 | &nbsp;&nbsp;&nbsp;&nbsp;138334 |
|  | Elme Communities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3274587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53867 |
|  | Veris Residential Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3119649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44798 |
|  | Centerspace | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36829 |
|  | Apartment Investment & Management Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26602 |
|  | NexPoint Residential Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24482 |
|  | BRT Apartments Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6214 |
|  |  |  | **3996142** |
| **Office REITs (2.7%)** | **Office REITs (2.7%)** | **Office REITs (2.7%)** | **Office REITs (2.7%)** |
|  | BXP Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5511935 | &nbsp;&nbsp;&nbsp;&nbsp;392395 |
|  | Vornado Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6060431 | &nbsp;&nbsp;&nbsp;&nbsp;229933 |
|  | Kilroy Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4173834 | &nbsp;&nbsp;&nbsp;&nbsp;176344 |
|  | Cousins Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6237003 | &nbsp;&nbsp;&nbsp;&nbsp;161726 |
| <sup>1</sup> | SL Green Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2637901 | &nbsp;&nbsp;&nbsp;&nbsp;135456 |
|  | COPT Defense Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4192936 | &nbsp;&nbsp;&nbsp;&nbsp;118115 |
|  | Highwoods Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4004555 | &nbsp;&nbsp;&nbsp;&nbsp;114650 |
|  | Douglas Emmett Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6221757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80510 |
| <sup>1</sup> | JBG SMITH Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2713529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52887 |
| <sup>\*</sup> | Paramount Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6514431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42604 |
|  | Empire State Realty Trust Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5288681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39083 |
|  | Piedmont Realty Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4620957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37245 |
| <sup>\*</sup> | Hudson Pacific Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14083381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34363 |
|  | Easterly Government Properties Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1584522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34257 |
|  | Brandywine Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6423815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22034 |
|  | Peakstone Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1365859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18453 |
|  | NET Lease Office Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15342 |
| <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;3 |
|  |  |  | **1705400** |
| **Other (14.5%)<sup>3</sup>** | **Other (14.5%)<sup>3</sup>** | **Other (14.5%)<sup>3</sup>** | **Other (14.5%)<sup>3</sup>** |
| <sup>4,5</sup> | Vanguard Real Estate II Index Fund | &nbsp;&nbsp;432723984 | &nbsp;&nbsp;9286257 |
| **Other Specialized REITs (5.6%)** | **Other Specialized REITs (5.6%)** | **Other Specialized REITs (5.6%)** | **Other Specialized REITs (5.6%)** |
|  | Iron Mountain Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10959458 | &nbsp;&nbsp;1128276 |
|  | VICI Properties Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;35766575 | &nbsp;&nbsp;1072640 |
|  | Gaming & Leisure Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10208699 | &nbsp;&nbsp;&nbsp;&nbsp;455920 |
|  | Lamar Advertising Co. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3232657 | &nbsp;&nbsp;&nbsp;&nbsp;383361 |
| <sup>1</sup> | Millrose Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4581737 | &nbsp;&nbsp;&nbsp;&nbsp;147578 |
|  | EPR Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2825556 | &nbsp;&nbsp;&nbsp;&nbsp;138509 |
|  | Outfront Media Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5274996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93315 |
|  | Four Corners Property Trust Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3731956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88223 |
|  | Safehold Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1731604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24987 |
|  | Farmland Partners Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1622744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16276 |
|  | Gladstone Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1277017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11570 |
|  |  |  | **3560655** |
| **Retail REITs (11.6%)** | **Retail REITs (11.6%)** | **Retail REITs (11.6%)** | **Retail REITs (11.6%)** |
|  | Simon Property Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12124825 | &nbsp;&nbsp;2131059 |
|  | Realty Income Corp. | &nbsp;&nbsp;&nbsp;&nbsp;33545102 | &nbsp;&nbsp;1944945 |
|  | Kimco Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;25128510 | &nbsp;&nbsp;&nbsp;&nbsp;519155 |
|  | Regency Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6405790 | &nbsp;&nbsp;&nbsp;&nbsp;441679 |
|  | Agree Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4253816 | &nbsp;&nbsp;&nbsp;&nbsp;310571 |
|  | Brixmor Property Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11368629 | &nbsp;&nbsp;&nbsp;&nbsp;297403 |
|  | Federal Realty Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3043948 | &nbsp;&nbsp;&nbsp;&nbsp;292797 |
|  | NNN REIT Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6981468 | &nbsp;&nbsp;&nbsp;&nbsp;282470 |
|  | Kite Realty Group Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8164899 | &nbsp;&nbsp;&nbsp;&nbsp;180771 |
|  | Macerich Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9384586 | &nbsp;&nbsp;&nbsp;&nbsp;160946 |
|  | Phillips Edison & Co. Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4657949 | &nbsp;&nbsp;&nbsp;&nbsp;157625 |
|  | Tanger Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4203816 | &nbsp;&nbsp;&nbsp;&nbsp;136876 |
|  | Acadia Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4864461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92765 |
|  | Urban Edge Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4670855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89821 |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value<br> ($000) |
|  | Curbline Properties Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3519014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81148 |
| <sup>1</sup> | InvenTrust Properties Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2881197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78945 |
| <sup>1</sup> | NETSTREIT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3034944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56511 |
|  | Getty Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1956346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53663 |
|  | Whitestone REIT | &nbsp;&nbsp;&nbsp;&nbsp;1606753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20149 |
|  | Alexander's Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18859 |
|  | CBL & Associates Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16988 |
|  | Saul Centers Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14647 |
|  | SITE Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1753349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12852 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**7392645** |
| **Self-Storage REITs (4.8%)** | **Self-Storage REITs (4.8%)** | **Self-Storage REITs (4.8%)** | **Self-Storage REITs (4.8%)** |
|  | Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;5864786 | &nbsp;&nbsp;&nbsp;&nbsp;1633695 |
|  | Extra Space Storage Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7882605 | &nbsp;&nbsp;&nbsp;&nbsp;1052643 |
|  | CubeSmart | &nbsp;&nbsp;&nbsp;&nbsp;8327371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313692 |
|  | National Storage Affiliates Trust | &nbsp;&nbsp;&nbsp;&nbsp;2699085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78516 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**3078546** |
| **Single-Family Residential REITs (3.2%)** | **Single-Family Residential REITs (3.2%)** | **Single-Family Residential REITs (3.2%)** | **Single-Family Residential REITs (3.2%)** |
|  | Invitation Homes Inc. | &nbsp;&nbsp;21629714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608877 |
|  | Sun Communities Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4741273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600245 |
|  | Equity LifeStyle Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6746691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411886 |
|  | American Homes 4 Rent Class A | &nbsp;&nbsp;12353462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390369 |
|  | UMH Properties Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2966673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43135 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**2054512** |
| **Telecom Tower REITs (8.3%)** | **Telecom Tower REITs (8.3%)** | **Telecom Tower REITs (8.3%)** | **Telecom Tower REITs (8.3%)** |
|  | American Tower Corp. | &nbsp;&nbsp;17389094 | &nbsp;&nbsp;&nbsp;&nbsp;3112300 |
|  | Crown Castle Inc. | &nbsp;&nbsp;16175205 | &nbsp;&nbsp;&nbsp;&nbsp;1459327 |
|  | SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3991323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764259 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**5335886** |
| **Timber REITs (1.3%)** | **Timber REITs (1.3%)** | **Timber REITs (1.3%)** | **Timber REITs (1.3%)** |
|  | Weyerhaeuser Co. | &nbsp;&nbsp;26940327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619628 |
|  | Rayonier Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5497483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121329 |
|  | PotlatchDeltic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2773970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110959 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**851916** |
| **Total Equity Real Estate Investment Trusts (REITs) (Cost $57,253,702)** | **Total Equity Real Estate Investment Trusts (REITs) (Cost $57,253,702)** | **Total Equity Real Estate Investment Trusts (REITs) (Cost $57,253,702)** | **58998196** |
| **Real Estate Management & Development (7.5%)** | **Real Estate Management & Development (7.5%)** | **Real Estate Management & Development (7.5%)** | **Real Estate Management & Development (7.5%)** |
| **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;1405732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79817 |
| <sup>\*</sup> | Tejon Ranch Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11848 |
|  | RMR Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9127 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**100792** |
| **Real Estate Development (0.2%)** | **Real Estate Development (0.2%)** | **Real Estate Development (0.2%)** | **Real Estate Development (0.2%)** |
| <sup>\*</sup> | Howard Hughes Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1213348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96194 |
| <sup>\*</sup> | Forestar Group Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19640 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**115834** |
| **Real Estate Operating Companies (0.1%)** | **Real Estate Operating Companies (0.1%)** | **Real Estate Operating Companies (0.1%)** | **Real Estate Operating Companies (0.1%)** |
| <sup>1</sup> | Landbridge Co. LLC Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41466 |
|  | Kennedy-Wilson Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4109409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31067 |
| <sup>\*,1</sup> | Seritage Growth Properties Class A | &nbsp;&nbsp;&nbsp;&nbsp;1254994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5096 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**77629** |
| **Real Estate Services (7.0%)** | **Real Estate Services (7.0%)** | **Real Estate Services (7.0%)** | **Real Estate Services (7.0%)** |
| <sup>\*</sup> | CBRE Group Inc. Class A | &nbsp;&nbsp;11073169 | &nbsp;&nbsp;&nbsp;&nbsp;1687883 |
| <sup>\*</sup> | CoStar Group Inc. | &nbsp;&nbsp;15596069 | &nbsp;&nbsp;&nbsp;&nbsp;1073166 |
| <sup>\*</sup> | Jones Lang LaSalle Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1763431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;538005 |
| <sup>\*</sup> | Zillow Group Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;6129725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459607 |
| <sup>\*,1</sup> | Opendoor Technologies Inc. | &nbsp;&nbsp;19727237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153281 |
| <sup>\*</sup> | Cushman & Wakefield plc | &nbsp;&nbsp;&nbsp;&nbsp;8597668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134983 |
| <sup>\*</sup> | Compass Inc. Class A | &nbsp;&nbsp;17425593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134351 |
| <sup>\*</sup> | Zillow Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1830615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130944 |
|  | Newmark Group Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;5389613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96097 |
| <sup>\*</sup> | Anywhere Real Estate Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3737697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37564 |
| <sup>1</sup> | eXp World Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2913489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29834 |
|  | Marcus & Millichap Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27487 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**4503202** |
| **Total Real Estate Management & Development (Cost $4,149,986)** | **Total Real Estate Management & Development (Cost $4,149,986)** | **Total Real Estate Management & Development (Cost $4,149,986)** | &nbsp;&nbsp;**4797457** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;Coupon | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Market<br> Value<br> ($000) |
| **Temporary Cash Investments (0.7%)** | **Temporary Cash Investments (0.7%)** | **Temporary Cash Investments (0.7%)** | **Temporary Cash Investments (0.7%)** | **Temporary Cash Investments (0.7%)** |
| **Money Market Fund (0.7%)** | **Money Market Fund (0.7%)** | **Money Market Fund (0.7%)** | **Money Market Fund (0.7%)** | **Money Market Fund (0.7%)** |
| <sup>6,7</sup> | Vanguard Market Liquidity Fund<br> **(Cost $473,260)** | &nbsp;&nbsp;4.141% | &nbsp;&nbsp;4733184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**473318** |
| **Total Investments (100.4%) (Cost $61,876,948)** | **Total Investments (100.4%) (Cost $61,876,948)** | **Total Investments (100.4%) (Cost $61,876,948)** | **Total Investments (100.4%) (Cost $61,876,948)** | **64268971** |
| **Other Assets and Liabilities—Net (-0.4%)** | **Other Assets and Liabilities—Net (-0.4%)** | **Other Assets and Liabilities—Net (-0.4%)** | **Other Assets and Liabilities—Net (-0.4%)** | &nbsp;&nbsp;&nbsp;&nbsp;**(274535)** |
| **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | **Net Assets (100%)** | **63994436** |

---

---

| | |
|:---|:---|
| 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 $264,277. |
| 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 $281,148 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;&nbsp;5576 | (4.089) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(203) |
| CoStar Group Inc. | 8/31/2026 | BANA | &nbsp;&nbsp;&nbsp;&nbsp;6328 | (4.089) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1189) |
| CubeSmart | 1/30/2026 | GSI | &nbsp;&nbsp;&nbsp;&nbsp;5755 | (3.860) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(491) |
| eXp World Holdings Inc. | 1/30/2026 | GSI | &nbsp;&nbsp;&nbsp;&nbsp;6186 | (3.860) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(391) |
| Lamar Advertising Co. Class A | 1/30/2026 | GSI | &nbsp;&nbsp;&nbsp;&nbsp;4235 | (3.860) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92) |
| Medical Properties Trust Inc. | 1/30/2026 | GSI | &nbsp;&nbsp;&nbsp;20041 | (3.860) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(377) |
| Opendoor Technologies Inc. | 1/30/2026 | GSI | &nbsp;&nbsp;&nbsp;34302 | (3.860) | 1754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| VICI Properties Inc. Class A | 8/31/2026 | BANA | 110874 | (4.789) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(7822) |
| VICI Properties Inc. Class A | 8/31/2026 | BANA | &nbsp;&nbsp;&nbsp;&nbsp;2772 | (4.739) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(195) |
|  |  |  |  |  | 1754 | (10760) |

---

1 Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/paid monthly. <br> BANA—Bank of America, N.A. <br> GSI—Goldman Sachs International.

------

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. 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.

C. 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 October 31, 2025, 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 | 63795650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;63795653 |
| Temporary Cash Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473318 |
| Total | 64268968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;64268971 |
| **Derivative Financial Instruments** |  |  |  |  |
| Assets |  |  |  |  |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1754 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1754 |
| Liabilities |  |  |  |  |
| Swap Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(10760) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10760) |

---

------

D. 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, 2025<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;Oct. 31, 2025<br> Market Value<br> ($000) |
| Vanguard Market Liquidity Fund | &nbsp;&nbsp;&nbsp;403298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NA<sup>2</sup> | &nbsp;&nbsp;NA<sup>2</sup> | &nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;5037 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;473318 |
| Vanguard Real Estate II Index Fund | 9159864 | &nbsp;&nbsp;261594 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;(135201) | &nbsp;&nbsp;261594 | &nbsp;&nbsp;— | &nbsp;&nbsp;9286257 |
| Total | 9563162 | &nbsp;&nbsp;261594 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;15 | &nbsp;&nbsp;(135171) | &nbsp;&nbsp;266631 | &nbsp;&nbsp;— | &nbsp;&nbsp;9759575 |

---

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:** 2026-01-31

- **b. Date as of which information is reported:** 2025-10-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $64004784775.99

**Total Liabilities:** $3212947.61

**Net Assets:** $64001571828.38

**Cash Not Reported:** $26539647.46

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000032424 | 3.44%                | 0.17%                | -2.56%               |
| Class ID C000008012 | 3.48%                | 0.17%                | -2.59%               |
| Class ID C000008010 | 3.41%                | 0.17%                | -2.56%               |
| Class ID C000008011 | 3.44%                | 0.17%                | -2.55%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-38649592.80            | $2113343668.09                             |
| Month 2  | $5585456.32              | $-386292469.90                             |
| Month 3  | $145298726.46            | $-1869469416.73                            |

### Schedule of Portfolio Investments

| Name                                              | Title                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)    | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Digital Realty Trust Inc                          | DIGITAL REALTY                                   | CUSIP: 253868103<br>LEI: 549300HKCZ31D08NEI41 | Long             | EC               | CORP              | US        |  12504937 | NS      | $2130966314.17 | 3.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Outfront Media Inc                                | OUTFRONT MEDIA I                                 | CUSIP: 69007J304<br>LEI: 549300RZWDYU5722I639 | Long             | EC               | CORP              | US        |   5271926 | NS      | $93260370.94   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                                       | EQUINIX INC                                      | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |   3631833 | NS      | $3072567036.33 | 4.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Camden Property Trust                             | CAMDEN PROP TR                                   | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |   3968445 | NS      | $394780908.60  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | Receive VICI PROPERTIES Pay Overnight Rate +0.65 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |     85000 | NC      | $-195445.60    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NexPoint Diversified Real Estate Trust            | NEXPOINT DIVERSI                                 | CUSIP: 65340G205<br>LEI: 5493008KGR2NU3OXMR64 | Long             | EC               | CORP              | US        |   1288944 | NS      | $4098841.92    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Health Realty Income Trust              | UNIVERSAL HEALTH                                 | CUSIP: 91359E105<br>LEI: 549300L4MWZL4IH6H172 | Long             | EC               | CORP              | US        |    489204 | NS      | $18697376.88   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | Receive BXP INC Pay Overnight Rate               | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |     75000 | NC      | $-202842.46    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| New Issuer: BB Company ID:71694130                | LANDBRIDGE CO LL                                 | CUSIP: 514952100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    700415 | NS      | $41443555.55   | 0.06%             |  |  |  | No            |                  1 | On Loan: —       |
| Alexandria Real Estate Equities Inc               | ALEXANDRIA REAL                                  | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |   5778867 | NS      | $336445636.74  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Four Corners Property Trust Inc                   | FOUR CORNERS PRO                                 | CUSIP: 35086T109<br>LEI: 549300SVTPZPBDVNER42 | Long             | EC               | CORP              | US        |   3729811 | NS      | $88172732.04   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| SITE Centers Corp                                 | SITE CENTERS COR                                 | CUSIP: 82981J851<br>LEI: W2AVA6SODOQ1LCYJQR54 | Long             | EC               | CORP              | US        |   1752279 | NS      | $12844205.07   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| RMR Group Inc/The                                 | RMR GROUP-A                                      | CUSIP: 74967R106<br>LEI: 549300JP4L34E48UJM16 | Long             | EC               | CORP              | US        |    589362 | NS      | $9117430.14    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage Inc                           | EXTRA SPACE STOR                                 | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   7878790 | NS      | $1052133616.60 | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Centerspace                                       | CENTERSPACE                                      | CUSIP: 15202L107<br>LEI: 5493002LG2SH9EEHT720 | Long             | EC               | CORP              | US        |    621255 | NS      | $36809358.75   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Plymouth Industrial REIT Inc                      | PLYMOUTH INDUSTR                                 | CUSIP: 729640102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1521834 | NS      | $33480348.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CBL & Associates Properties Inc                   | CBL & ASSOC PROP                                 | CUSIP: 124830878<br>LEI: 529900EIVFBRS4PUBZ13 | Long             | EC               | CORP              | US        |    574213 | NS      | $16979478.41   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| One Liberty Properties Inc                        | ONE LIBERTY PROP                                 | CUSIP: 682406103<br>LEI: 549300QII1CQZGZBZR14 | Long             | EC               | CORP              | US        |    641238 | NS      | $12882471.42   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| LXP Industrial Trust                              | LXP INDUSTRIAL T                                 | CUSIP: 529043101<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EC               | CORP              | US        |  10980393 | NS      | $104203929.57  | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group Inc                        | BRIXMOR PROPERTY                                 | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |  11361655 | NS      | $297220894.80  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| BRT Apartments Corp                               | BRT APARTMENTS C                                 | CUSIP: 055645303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    422484 | NS      | $6214739.64    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadstone Net Lease Inc                          | BROADSTONE NET                                   | CUSIP: 11135E203<br>LEI: 549300U8D7PT70B49V21 | Long             | EC               | CORP              | US        |   7019652 | NS      | $125792163.84  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Sila Realty Trust Inc                             | SILA REALTY TRUS                                 | CUSIP: 146280508<br>LEI: 549300HXH142HWKKSW59 | Long             | EC               | CORP              | US        |   2047124 | NS      | $48516838.80   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| LTC Properties Inc                                | LTC PROPERTIES                                   | CUSIP: 502175102<br>LEI: 549300NRZP8IJG2KY677 | Long             | EC               | CORP              | US        |   1705008 | NS      | $59811680.64   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Curbline Properties Corp                          | CURBLINE PROPERT                                 | CUSIP: 23128Q101<br>LEI: 529900PGR41LH0I81I15 | Long             | EC               | CORP              | US        |   3519587 | NS      | $81161676.22   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| National Storage Affiliates Trust                 | NATIONAL STORAGE                                 | CUSIP: 637870106<br>LEI: 529900FS06O8GOYNR108 | Long             | EC               | CORP              | US        |   2697736 | NS      | $78477140.24   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Terreno Realty Corp                               | TERRENO REALTY C                                 | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3836024 | NS      | $219152051.12  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc                                     | WELLTOWER INC                                    | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |  24279992 | NS      | $4395649751.68 | 6.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Cousins Properties Inc                            | COUSINS PROP                                     | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Long             | EC               | CORP              | US        |   6233696 | NS      | $161639737.28  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Opendoor Technologies Inc                         | OPENDOOR TECHNOL                                 | CUSIP: 683712103<br>LEI: 254900KX11YZ4HV5BQ47 | Long             | EC               | CORP              | US        |  19712005 | NS      | $153162278.85  | 0.24%             |  |  |  | No            |                  1 | On Loan: —       |
| Kimco Realty Corp                                 | KIMCO REALTY                                     | CUSIP: 49446R109<br>LEI: 254900ARY41P4V1JL861 | Long             | EC               | CORP              | US        |  25113154 | NS      | $518837761.64  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Kite Realty Group Trust                           | KITE REALTY GROU                                 | CUSIP: 49803T300<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   8160459 | NS      | $180672562.26  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryman Hospitality Properties Inc                  | RYMAN HOSPITALIT                                 | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               | CORP              | US        |   2221517 | NS      | $193072042.47  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Millrose Properties Inc                           | MILLROSE PROPERT                                 | CUSIP: 601137102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   4578637 | NS      | $147477897.77  | 0.23%             |  |  |  | No            |                  1 | On Loan: —       |
| Acadia Realty Trust                               | ACADIA REALTY                                    | CUSIP: 004239109<br>LEI: 254900C5XLB1YYJQSH07 | Long             | EC               | CORP              | US        |   4861603 | NS      | $92710769.21   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Jones Lang LaSalle Inc                            | JONES LANG LASAL                                 | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |   1762819 | NS      | $537818448.71  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Easterly Government Properties Inc                | EASTERLY GOVERNM                                 | CUSIP: 27616P301<br>LEI: 549300ERMCEFC6S8HL77 | Long             | EC               | CORP              | US        |   1583708 | NS      | $34239766.96   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Communities Inc                               | SUN COMMUNITIES                                  | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |   4738868 | NS      | $599940688.80  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc                                    | CBRE GROUP INC-A                                 | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |  11068694 | NS      | $1687201026.42 | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Community Healthcare Trust Inc                    | COMMUNITY HEALTH                                 | CUSIP: 20369C106<br>LEI: 549300FATSRCMKOV9536 | Long             | EC               | CORP              | US        |   1051971 | NS      | $15421894.86   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NNN REIT Inc                                      | NNN REIT INC                                     | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               | CORP              | US        |   6979079 | NS      | $282373536.34  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Veris Residential Inc                             | VERIS RESIDENTIA                                 | CUSIP: 554489104<br>LEI: 254900KTVBRYJCQU2J23 | Long             | EC               | CORP              | US        |   3117919 | NS      | $44773316.84   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CubeSmart                                         | CUBESMART                                        | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   8327117 | NS      | $313682497.39  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Gladstone Commercial Corp                         | GLADSTONE COMMER                                 | CUSIP: 376536108<br>LEI: 529900EVVV534W8R0T32 | Long             | EC               | CORP              | US        |   1718100 | NS      | $19637883.00   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Marcus & Millichap Inc                            | MARCUS & MILLICH                                 | CUSIP: 566324109<br>LEI: 549300B2HE8ULXNB1N48 | Long             | EC               | CORP              | US        |    940512 | NS      | $27472355.52   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| First Industrial Realty Trust Inc                 | FIRST IND REALTY                                 | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   4916196 | NS      | $271767314.88  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Ventas Inc                                        | VENTAS INC                                       | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |  16757955 | NS      | $1236569499.45 | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| St Joe Co/The                                     | ST JOE CO                                        | CUSIP: 790148100<br>LEI: 529900XVHOT3BF8PWG49 | Long             | EC               | CORP              | US        |   1404928 | NS      | $79771811.84   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Brandywine Realty Trust                           | BRANDYWINE RLTY                                  | CUSIP: 105368203<br>LEI: 5UZ46ZCYUFYYAC0DS831 | Long             | EC               | CORP              | US        |   6420606 | NS      | $22022678.58   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Net Lease Inc                              | GLOBAL NET LEASE                                 | CUSIP: 379378201<br>LEI: 549300NUYANCT5SU8Z65 | Long             | EC               | CORP              | US        |   7457134 | NS      | $56823361.08   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips Edison & Co Inc                          | PHILLIPS EDISON                                  | CUSIP: 71844V201<br>LEI: 549300JPN4YHYPXTJQ85 | Long             | EC               | CORP              | US        |   4655399 | NS      | $157538702.16  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Summit Hotel Properties Inc                       | SUMMIT HOTEL PRO                                 | CUSIP: 866082100<br>LEI: 254900OBQWJK6X20LS71 | Long             | EC               | CORP              | US        |   4166171 | NS      | $21414118.94   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI Properties Inc                               | VICI PROPERTIES                                  | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |  35745970 | NS      | $1072021640.30 | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Farmland Partners Inc                             | FARMLAND PARTNER                                 | CUSIP: 31154R109<br>LEI: 549300LB188CHPZ4IL37 | Long             | EC               | CORP              | US        |   1621920 | NS      | $16267857.60   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                                    | PUBLIC STORAGE                                   | CUSIP: 74460D109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   5862644 | NS      | $1633098112.64 | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Medical Properties Trust Inc                      | MEDICAL PROPERTI                                 | CUSIP: 58463J304<br>LEI: 254900U6E39J1MQCCY14 | Long             | EC               | CORP              | US        |  15148317 | NS      | $78316798.89   | 0.12%             |  |  |  | No            |                  1 | On Loan: —       |
| Forestar Group Inc                                | FORESTAR GROUP                                   | CUSIP: 346232101<br>LEI: 549300BC2UB0GHV60V70 | Long             | EC               | CORP              | US        |    754698 | NS      | $19629694.98   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Urban Edge Properties                             | URBAN EDGE P                                     | CUSIP: 91704F104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   4668317 | NS      | $89771735.91   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexander's Inc                                   | ALEXANDER'S INC                                  | CUSIP: 014752109<br>LEI: 549300TZM28P04U5R635 | Long             | EC               | CORP              | US        |     85320 | NS      | $18849747.60   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | Receive MEDICAL PROPERTI Pay Overnight Rate      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |   3810000 | NC      | $-377250.97    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Peakstone Realty Trust                            | PEAKSTONE REALTY                                 | CUSIP: 39818P799<br>LEI: 549300EZQXWQI2YL1T80 | Long             | EC               | CORP              | US        |   1365132 | NS      | $18442933.32   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Cushman & Wakefield PLC                           | CUSHMAN & WAKEFI                                 | CUSIP: G2717B108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   8593308 | NS      | $134914935.60  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| National Health Investors Inc                     | NATL HEALTH INV                                  | CUSIP: 63633D104<br>LEI: 549300ZPKZIG6DKDEC02 | Long             | EC               | CORP              | US        |   1733366 | NS      | $129153100.66  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Americold Realty Trust Inc                        | Americold Realty Trust Inc                       | CUSIP: 03064D108<br>LEI: 894500O3S3W62PQPO460 | Long             | EC               | CORP              | US        |  10042506 | NS      | $129447902.34  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthpeak Properties Inc                         | HEALTHPEAK PROPE                                 | CUSIP: 42250P103<br>LEI: 254900M6MTMZM0I22L81 | Long             | EC               | CORP              | US        |  25790338 | NS      | $462936567.10  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Highwoods Properties Inc                          | HIGHWOODS PROP                                   | CUSIP: 431284108<br>LEI: ZIIGTYKL9T0X3HLTDX53 | Long             | EC               | CORP              | US        |   4002155 | NS      | $114581697.65  | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Pebblebrook Hotel Trust                           | PEBBLEBROOK HOTE                                 | CUSIP: 70509V100<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EC               | CORP              | US        |   4406166 | NS      | $46088496.36   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | Receive OPENDOOR TECHNOL Pay Overnight Rate      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |   4648000 | NC      | $1753923.59    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| N/A                                               | Receive CUBESMART Pay Overnight Rate             | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |    140000 | NC      | $-491465.15    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Global Medical REIT Inc                           | GLOBAL MEDICAL R                                 | CUSIP: 37954A303<br>LEI: 549300HFRIPQDYU3GU60 | Long             | EC               | CORP              | US        |    471727 | NS      | $14482018.90   | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| Weyerhaeuser Co                                   | WEYERHAEUSER CO                                  | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |  26934635 | NS      | $619496605.00  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Saul Centers Inc                                  | SAUL CENTERS INC                                 | CUSIP: 804395101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    494367 | NS      | $14638206.87   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Xenia Hotels & Resorts Inc                        | XENIA HOTELS & R                                 | CUSIP: 984017103<br>LEI: 54930075IWIPHF5IQL62 | Long             | EC               | CORP              | US        |   3664234 | NS      | $45070078.20   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Independence Realty Trust Inc                     | INDEPENDENCE REA                                 | CUSIP: 45378A106<br>LEI: 549300Z3L8NU44NQEB29 | Long             | EC               | CORP              | US        |   8684390 | NS      | $138342332.70  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Kilroy Realty Corp                                | KILROY REALTY                                    | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               | CORP              | US        |   4171568 | NS      | $176248748.00  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| NET Lease Office Properties                       | NET LEASE OFFICE                                 | CUSIP: 64110Y108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    522422 | NS      | $15333085.70   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Chatham Lodging Trust                             | CHATHAM LODGING                                  | CUSIP: 16208T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1727540 | NS      | $11056256.00   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Service Properties Trust                          | SERVICE PROPERTI                                 | CUSIP: 81761L102<br>LEI: 529900IS770AG1K9QG27 | Long             | EC               | CORP              | US        |   5876997 | NS      | $12576773.58   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Residential                                | EQUITY RESIDENTI                                 | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |  13399956 | NS      | $796493384.64  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| SL Green Realty Corp                              | SL GREEN REALTY                                  | CUSIP: 78440X887<br>LEI: 549300VQZPJU97H3GT17 | Long             | EC               | CORP              | US        |   2637972 | NS      | $135459862.20  | 0.21%             |  |  |  | No            |                  1 | On Loan: —       |
| CareTrust REIT Inc                                | CARETRUST REI                                    | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               | CORP              | US        |   8182962 | NS      | $283539633.30  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Getty Realty Corp                                 | GETTY REALTY                                     | CUSIP: 374297109<br>LEI: 2549000P1W5SFJWCNP90 | Long             | EC               | CORP              | US        |   1955280 | NS      | $53633330.40   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Realty Trust Inc                       | HEALTHCARE REALT                                 | CUSIP: 42226K105<br>LEI: 549300L0I14L7I0VLX84 | Long             | EC               | CORP              | US        |  12394222 | NS      | $219625613.84  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Hudson Pacific Properties Inc                     | HUDSON PACIFIC P                                 | CUSIP: 444097109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |  14075823 | NS      | $34345008.12   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| PotlatchDeltic Corp                               | POTLATCHDELTIC C                                 | CUSIP: 737630103<br>LEI: 54930084YA8UJOTXDM59 | Long             | EC               | CORP              | US        |   2774422 | NS      | $110976880.00  | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexander & Baldwin Inc                           | ALEXANDER & BALD                                 | CUSIP: 014491104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2698869 | NS      | $43100937.93   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| American Healthcare REIT Inc                      | AMERICAN HEALTHC                                 | CUSIP: 398182303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   5922018 | NS      | $268385855.76  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| NexPoint Residential Trust Inc                    | NEXPOINT RESI                                    | CUSIP: 65341D102<br>LEI: 549300U2J6XVYBF87166 | Long             | EC               | CORP              | US        |    797850 | NS      | $24470059.50   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Safehold Inc                                      | SAFEHOLD INC                                     | CUSIP: 78646V107<br>LEI: QFFLKWYYS3UPWD86E794 | Long             | EC               | CORP              | US        |   1730727 | NS      | $24974390.61   | 0.04%             |  |  |  | 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        |   1707216 | NS      | $170721636.00  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| STAG Industrial Inc                               | STAG INDUSTRIAL                                  | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               | CORP              | US        |   6929297 | NS      | $265184196.19  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| EPR Properties                                    | EPR PROPERTIES                                   | CUSIP: 26884U109<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EC               | CORP              | US        |   2823730 | NS      | $138419244.60  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Macerich Co/The                                   | MACERICH CO                                      | CUSIP: 554382101<br>LEI: 529900PSWCB5KI0JYU46 | Long             | EC               | CORP              | US        |   9379094 | NS      | $160851462.10  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Sabra Health Care REIT Inc                        | SABRA HEALTH CAR                                 | CUSIP: 78573L106<br>LEI: 549300E3BC7GU7TAZ621 | Long             | EC               | CORP              | US        |   8832786 | NS      | $157400246.52  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| WP Carey Inc                                      | WP CAREY INC                                     | CUSIP: 92936U109<br>LEI: 54930042CRNE713E3Q67 | Long             | EC               | CORP              | US        |   8129594 | NS      | $536553204.00  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| BXP Inc                                           | BXP INC                                          | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |   5507963 | NS      | $392111885.97  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Apartment Investment and Management Co            | APARTMENT INVEST                                 | CUSIP: 03748R747<br>LEI: 549300O8FT5GJ4RU1D57 | Long             | EC               | CORP              | US        |   4997706 | NS      | $26587795.92   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle Inc                                  | CROWN CASTLE INC                                 | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |  16169161 | NS      | $1458781705.42 | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunstone Hotel Investors Inc                      | SUNSTONE HOTEL                                   | CUSIP: 867892101<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EC               | CORP              | US        |   7013253 | NS      | $62067289.05   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Piedmont Realty Trust Inc                         | PIEDMONT REALTY                                  | CUSIP: 720190206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   4618542 | NS      | $37225448.52   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Vornado Realty Trust                              | VORNADO RLTY TST                                 | CUSIP: 929042109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   6057727 | NS      | $229830162.38  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| RLJ Lodging Trust                                 | RLJ LODGING TRUS                                 | CUSIP: 74965L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   5632335 | NS      | $38299878.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Innovative Industrial Properties Inc              | INNOVATIVE INDUS                                 | CUSIP: 45781V101<br>LEI: 5493008BQ0545EZXRR30 | Long             | EC               | CORP              | US        |   1039828 | NS      | $52147374.20   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Douglas Emmett Inc                                | DOUGLAS EMMETT                                   | CUSIP: 25960P109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   6222770 | NS      | $80522643.80   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Elme Communities                                  | ELME COMMUNITIES                                 | CUSIP: 939653101<br>LEI: 549300DI34BGS8LVKW95 | Long             | EC               | CORP              | US        |   3272801 | NS      | $53837576.45   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| COPT Defense Properties                           | COPT DEFENSE PRO                                 | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               | CORP              | US        |   4190495 | NS      | $118046244.15  | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| JBG SMITH Properties                              | JBG SMITH PROPER                                 | CUSIP: 46590V100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2711955 | NS      | $52856002.95   | 0.08%             |  |  |  | No            |                  1 | On Loan: —       |
| Mid-America Apartment Communities Inc             | MID-AMERICA APAR                                 | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               | CORP              | US        |   4345482 | NS      | $557221156.86  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| UMH Properties Inc                                | UMH PROPERTIES I                                 | CUSIP: 903002103<br>LEI: 529900OM5K3PJ11F0Q09 | Long             | EC               | CORP              | US        |   2965018 | NS      | $43111361.72   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Hospitality REIT Inc                        | APPLE HOSPITALIT                                 | CUSIP: 03784Y200<br>LEI: 549300EVZAR0FBZO4F16 | Long             | EC               | CORP              | US        |   8399191 | NS      | $93986947.29   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Seritage Growth Properties                        | SERITAGE GROWT-A                                 | CUSIP: 81752R100<br>LEI: 5493003CJFC2MM82WB25 | Long             | EC               | CORP              | US        |   1255199 | NS      | $5096107.94    | 0.01%             |  |  |  | No            |                  1 | On Loan: —       |
| Federal Realty Investment Trust                   | FED REALTY INVS                                  | CUSIP: 313745101<br>LEI: 549300FHEI1SLVZ0RB48 | Long             | EC               | CORP              | US        |   3042849 | NS      | $292691645.31  | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Howard Hughes Holdings Inc                        | HOWARD HUGHES HO                                 | CUSIP: 44267T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1212652 | NS      | $96139050.56   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Lineage Inc                                       | LINEAGE INC                                      | CUSIP: 53566V106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2545983 | NS      | $100311730.20  | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Armada Hoffler Properties Inc                     | ARMADA HOFFLER P                                 | CUSIP: 04208T108<br>LEI: 549300WQRSIV6XZT9313 | Long             | EC               | CORP              | US        |   2975618 | NS      | $19460541.72   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Park Hotels & Resorts Inc                         | PARK H&R INC                                     | CUSIP: 700517105<br>LEI: 5493005UZ5TQN0H6HS73 | Long             | EC               | CORP              | US        |   7426797 | NS      | $76421741.13   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Gladstone Land Corp                               | GLADSTONE LAND C                                 | CUSIP: 376549101<br>LEI: 54930002B3Q17H38FG74 | Long             | EC               | CORP              | US        |   1276110 | NS      | $11561556.60   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NETSTREIT Corp                                    | NETSTREIT CORP                                   | CUSIP: 64119V303<br>LEI: 254900CJL0EDMEQ25Q84 | Long             | EC               | CORP              | US        |   3033429 | NS      | $56482447.98   | 0.09%             |  |  |  | No            |                  1 | On Loan: —       |
| American Homes 4 Rent                             | AMERICAN HOMES-A                                 | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |  12347870 | NS      | $390192692.00  | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Realty Income Corp                                | REALTY INCOME                                    | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |  33531672 | NS      | $1944166342.56 | 3.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group Inc                                  | COSTAR GROUP INC                                 | CUSIP: 22160N109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |  15587702 | NS      | $1072589774.62 | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaming and Leisure Properties Inc                 | GAMING AND LEISU                                 | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |  10202107 | NS      | $455626098.62  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Rayonier Inc                                      | RAYONIER INC                                     | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               | CORP              | US        |   5493631 | NS      | $121244436.17  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| eXp World Holdings Inc                            | EXP WORLD HOLDIN                                 | CUSIP: 30212W100<br>LEI: 549300TWVVZC283VEC32 | Long             | EC               | CORP              | US        |   2911606 | NS      | $29814845.44   | 0.05%             |  |  |  | No            |                  1 | On Loan: —       |
| Iron Mountain Inc                                 | IRON MOUNTAIN                                    | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               | CORP              | US        |  10953714 | NS      | $1127684856.30 | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | Receive LAMAR ADVERTIS-A Pay Overnight Rate      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |     35000 | NC      | $-91609.08     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Newmark Group Inc                                 | NEWMARK GROUP-A                                  | CUSIP: 65158N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   5386818 | NS      | $96046964.94   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| American Assets Trust Inc                         | AMERICAN ASSETS                                  | CUSIP: 024013104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1815637 | NS      | $34696823.07   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity LifeStyle Properties Inc                   | EQUITY LIFESTYLE                                 | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |   6746434 | NS      | $411869795.70  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Properties Realty Trust Inc             | ESSENTIAL PROPER                                 | CUSIP: 29670E107<br>LEI: 2549009LXQLVYCGLZO50 | Long             | EC               | CORP              | US        |   7332731 | NS      | $219102002.28  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Host Hotels & Resorts Inc                         | HOST HOTELS & RE                                 | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |  25750060 | NS      | $412515961.20  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| UDR Inc                                           | UDR INC                                          | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               | CORP              | US        |  11686950 | NS      | $393733345.50  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp                                 | AGREE REALTY                                     | CUSIP: 008492100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   4253740 | NS      | $310565557.40  | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust Inc                          | ESSEX PROPERTY                                   | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |   2390198 | NS      | $601780150.46  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Zillow Group Inc                                  | ZILLOW GROUP I-A                                 | CUSIP: 98954M101<br>LEI: 2549002XEELQDIR6FU05 | Long             | EC               | CORP              | US        |   1829566 | NS      | $130868855.98  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| New York REIT Liquidating LLC                     | NEW YORK REIT IN                                 | CUSIP: N/A<br>LEI: 549300UXUJOZNJX9N581       | Long             | EC               | CORP              | US        |      1208 | NS      | $2947.52       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| EastGroup Properties Inc                          | EASTGROUP PROP                                   | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |   1950629 | NS      | $340443279.37  | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Zillow Group Inc                                  | ZILLOW GRO-C                                     | CUSIP: 98954M200<br>LEI: 2549002XEELQDIR6FU05 | Long             | EC               | CORP              | US        |   6127522 | NS      | $459441599.56  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Omega Healthcare Investors Inc                    | OMEGA HEALTHCARE                                 | CUSIP: 681936100<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | EC               | CORP              | US        |  10749334 | NS      | $451794508.02  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Diversified Healthcare Trust                      | DIVERSIFIED HEAL                                 | CUSIP: 25525P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   6269366 | NS      | $26707499.16   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | Receive VICI PROPERTIES Pay Overnight Rate +0.7  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |   3400000 | NC      | $-7822451.22   | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Empire State Realty Trust Inc                     | EMPIRE STATE REA                                 | CUSIP: 292104106<br>LEI: 549300VOKY1DUEQSB456 | Long             | EC               | CORP              | US        |   5285924 | NS      | $39062978.36   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Whitestone REIT                                   | WHITESTONE REI                                   | CUSIP: 966084204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1605892 | NS      | $20137885.68   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc                          | SIMON PROPERTY                                   | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |  12120009 | NS      | $2130212781.84 | 3.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Real Estate II Index Fund                | VANG-RL ES2-INS+                                 | CUSIP: 922031695<br>LEI: 549300ZF3K8JV2GHZ643 | Long             | EC               | CORP              | US        | 432723984 | NS      | $9286256698.57 | 14.51%            |  |  |  | No            |                  1 | On Loan: No      |
| Tejon Ranch Co                                    | TEJON RANCH CO                                   | CUSIP: 879080109<br>LEI: 549300TMNDO77VJ6J111 | Long             | EC               | CORP              | US        |    748416 | NS      | $11839941.12   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp                           | SBA COMM CORP                                    | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |   3989099 | NS      | $763832676.52  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Compass Inc                                       | COMPASS INC - A                                  | CUSIP: 20464U100<br>LEI: 254900DMGQSTC3I2IM78 | Long             | EC               | CORP              | US        |  17415830 | NS      | $134276049.30  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp                               | AMERICAN TOWER C                                 | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |  17381042 | NS      | $3110858897.16 | 4.86%             |  |  |  | No            |                  1 | On Loan: No      |
| DiamondRock Hospitality Co                        | DIAMONDROCK HOSP                                 | CUSIP: 252784301<br>LEI: 529900KKD4BPVBUAQ734 | Long             | EC               | CORP              | US        |   7658795 | NS      | $59891776.90   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | Receive COSTAR GROUP INC Pay Overnight Rate      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |     75000 | NC      | $-1188668.43   | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Rexford Industrial Realty Inc                     | REXFORD INDUSTRI                                 | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |   8791350 | NS      | $363258582.00  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Invitation Homes Inc                              | INVITATION HOMES                                 | CUSIP: 46187W107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |  21618034 | NS      | $608547657.10  | 0.95%             |  |  |  | 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        |   2697044 | NS      | $269704378.00  | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Regency Centers Corp                              | REGENCY CENTERS                                  | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               | CORP              | US        |   6401776 | NS      | $441402455.20  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| CTO Realty Growth Inc                             | CTO REALTY GROWT                                 | CUSIP: 22948Q101<br>LEI: 254900ZQ99OFO1WXS678 | Long             | EC               | CORP              | US        |   1222615 | NS      | $20393218.20   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| InvenTrust Properties Corp                        | INVENTRUST PROPE                                 | CUSIP: 46124J201<br>LEI: 5493006BQYSOBYVUFA03 | Long             | EC               | CORP              | US        |   2879595 | NS      | $78900903.00   | 0.12%             |  |  |  | No            |                  1 | On Loan: —       |
| Paramount Group Inc                               | PARAMOUNT GROUP                                  | CUSIP: 69924R108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   6510880 | NS      | $42581155.20   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Kennedy-Wilson Holdings Inc                       | KENNEDY-WILSON H                                 | CUSIP: 489398107<br>LEI: 549300MOI1T78144X610 | Long             | EC               | CORP              | US        |   4107200 | NS      | $31050432.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Tanger Inc                                        | TANGER INC                                       | CUSIP: 875465106<br>LEI: UKEW8YSXE4Y581KYOL30 | Long             | EC               | CORP              | US        |   4201471 | NS      | $136799895.76  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                                      | PROLOGIS INC                                     | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |  34452450 | NS      | $4275204520.50 | 6.68%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities Inc                         | AVALONBAY COMMUN                                 | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |   5285719 | NS      | $919292248.48  | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Anywhere Real Estate Inc                          | ANYWHERE REAL ES                                 | CUSIP: 75605Y106<br>LEI: 5493004HBTOTE9DI9P12 | Long             | EC               | CORP              | US        |   3735640 | NS      | $37543182.00   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | Receive EXP WORLD HOLDIN Pay Overnight Rate      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |    567000 | NC      | $-390493.18    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Lamar Advertising Co                              | LAMAR ADVERTIS-A                                 | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               | CORP              | US        |   3232511 | NS      | $383343479.49  | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-23

**Name of Applicant:** VANGUARD SPECIALIZED FUNDS

**Signature:** Ashley Grim

**Name of Signer:** Ashley Grim

**Title:** Treasurer