# EDGAR Filing Document

**Accession Number:** 0000734383
**File Stem:** 0000734383-25-000078
**Filing Date:** 2025-9
**Character Count:** 62563
**Document Hash:** 1d7558d867487d5d35dd8dbc475f403e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000734383-25-000078.hdr.sgml**: 20250925

**ACCESSION NUMBER**: 0000734383-25-000078

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250925

**DATE AS OF CHANGE**: 20250925

**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:** 251343502

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

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

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Malvern

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19355

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

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

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

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

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

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

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

- **b. Date as of which information is reported:** 2025-07-31

**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:** $63718389343.57

**Total Liabilities:** $3193409.00

**Net Assets:** $63715195934.57

**Cash Not Reported:** $14203529.95

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000032424 | 1.06%                | 0.62%                | 0.10%                |
| Class ID C000008012 | 1.08%                | 0.58%                | 0.10%                |
| Class ID C000008010 | 1.05%                | 0.61%                | 0.10%                |
| Class ID C000008011 | 1.06%                | 0.61%                | 0.10%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $102569843.81            | $475582751.30                              |
| Month 2  | $-387284769.75           | $322331833.24                              |
| Month 3  | $173898023.43            | $-171451318.97                             |

### 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        |  12516697 | NS      | $2208446018.68 | 3.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Outfront Media Inc                                | OUTFRONT MEDIA I                                 | CUSIP: 69007J304<br>LEI: 549300RZWDYU5722I639 | Long             | EC               | CORP              | US        |   5274532 | NS      | $92462545.96   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                                       | EQUINIX INC                                      | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |   3635842 | NS      | $2854754063.14 | 4.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Camden Property Trust                             | CAMDEN PROP TR                                   | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |   3967989 | NS      | $433304398.80  | 0.68%             |  |  |  | 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      | $-29370.45     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| NexPoint Diversified Real Estate Trust            | NEXPOINT DIVERSI                                 | CUSIP: 65340G205<br>LEI: 5493008KGR2NU3OXMR64 | Long             | EC               | CORP              | US        |   1301880 | NS      | $5715253.20    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Health Realty Income Trust              | UNIVERSAL HEALTH                                 | CUSIP: 91359E105<br>LEI: 549300L4MWZL4IH6H172 | Long             | EC               | CORP              | US        |    488972 | NS      | $18967223.88   | 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      | $-97789.85     | -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        |    648451 | NS      | $36754202.68   | 0.06%             |  |  |  | No            |                  1 | On Loan: —       |
| Alexandria Real Estate Equities Inc               | ALEXANDRIA REAL                                  | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |   5789887 | NS      | $442521063.41  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Four Corners Property Trust Inc                   | FOUR CORNERS PRO                                 | CUSIP: 35086T109<br>LEI: 549300SVTPZPBDVNER42 | Long             | EC               | CORP              | US        |   3714275 | NS      | $93748301.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| SITE Centers Corp                                 | SITE CENTERS COR                                 | CUSIP: 82981J851<br>LEI: W2AVA6SODOQ1LCYJQR54 | Long             | EC               | CORP              | US        |   1752276 | NS      | $18872012.52   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| RMR Group Inc/The                                 | RMR GROUP-A                                      | CUSIP: 74967R106<br>LEI: 549300JP4L34E48UJM16 | Long             | EC               | CORP              | US        |    587697 | NS      | $9438413.82    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage Inc                           | EXTRA SPACE STOR                                 | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   7888402 | NS      | $1059885692.72 | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Centerspace                                       | CENTERSPACE                                      | CUSIP: 15202L107<br>LEI: 5493002LG2SH9EEHT720 | Long             | EC               | CORP              | US        |    622370 | NS      | $33875599.10   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Plymouth Industrial REIT Inc                      | PLYMOUTH INDUSTR                                 | CUSIP: 729640102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1521171 | NS      | $22087402.92   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CBL & Associates Properties Inc                   | CBL & ASSOC PROP                                 | CUSIP: 124830878<br>LEI: 529900EIVFBRS4PUBZ13 | Long             | EC               | CORP              | US        |    574027 | NS      | $15533170.62   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| One Liberty Properties Inc                        | ONE LIBERTY PROP                                 | CUSIP: 682406103<br>LEI: 549300QII1CQZGZBZR14 | Long             | EC               | CORP              | US        |    642714 | NS      | $14383939.32   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| LXP Industrial Trust                              | LXP INDUSTRIAL T                                 | CUSIP: 529043101<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EC               | CORP              | US        |  10999818 | NS      | $85358587.68   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group Inc                        | BRIXMOR PROPERTY                                 | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |  11376478 | NS      | $297267370.14  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| BRT Apartments Corp                               | BRT APARTMENTS C                                 | CUSIP: 055645303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    423152 | NS      | $6156861.60    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadstone Net Lease Inc                          | BROADSTONE NET                                   | CUSIP: 11135E203<br>LEI: 549300U8D7PT70B49V21 | Long             | EC               | CORP              | US        |   7025749 | NS      | $114098163.76  | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Sila Realty Trust Inc                             | SILA REALTY TRUS                                 | CUSIP: 146280508<br>LEI: 549300HXH142HWKKSW59 | Long             | EC               | CORP              | US        |   2061954 | NS      | $50394155.76   | 0.08%             |  |  |  | No            |                  1 | On Loan: —       |
| LTC Properties Inc                                | LTC PROPERTIES                                   | CUSIP: 502175102<br>LEI: 549300NRZP8IJG2KY677 | Long             | EC               | CORP              | US        |   1705375 | NS      | $58050965.00   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Curbline Properties Corp                          | CURBLINE PROPERT                                 | CUSIP: 23128Q101<br>LEI: 529900PGR41LH0I81I15 | Long             | EC               | CORP              | US        |   3517781 | NS      | $77742960.10   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| National Storage Affiliates Trust                 | NATIONAL STORAGE                                 | CUSIP: 637870106<br>LEI: 529900FS06O8GOYNR108 | Long             | EC               | CORP              | US        |   2698137 | NS      | $79487116.02   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Terreno Realty Corp                               | TERRENO REALTY C                                 | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3829766 | NS      | $212513715.34  | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc                                     | WELLTOWER INC                                    | CUSIP: 95040Q104<br>LEI: 254900F33BIAR82QTA19 | Long             | EC               | CORP              | US        |  23600842 | NS      | $3895790988.94 | 6.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Cousins Properties Inc                            | COUSINS PROP                                     | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Long             | EC               | CORP              | US        |   6240857 | NS      | $169127224.70  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Opendoor Technologies Inc                         | OPENDOOR TECHNOL                                 | CUSIP: 683712103<br>LEI: 254900KX11YZ4HV5BQ47 | Long             | EC               | CORP              | US        |  18189482 | NS      | $33468646.88   | 0.05%             |  |  |  | No            |                  1 | On Loan: —       |
| Kimco Realty Corp                                 | KIMCO REALTY                                     | CUSIP: 49446R109<br>LEI: 254900ARY41P4V1JL861 | Long             | EC               | CORP              | US        |  25256476 | NS      | $536194985.48  | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Kite Realty Group Trust                           | KITE REALTY GROU                                 | CUSIP: 49803T300<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   8171956 | NS      | $179619592.88  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryman Hospitality Properties Inc                  | RYMAN HOSPITALIT                                 | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               | CORP              | US        |   2118902 | NS      | $201422824.12  | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Millrose Properties Inc                           | MILLROSE PROPERT                                 | CUSIP: 601137102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   4585975 | NS      | $137533390.25  | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadia Realty Trust                               | ACADIA REALTY                                    | CUSIP: 004239109<br>LEI: 254900C5XLB1YYJQSH07 | Long             | EC               | CORP              | US        |   4449760 | NS      | $83299507.20   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Jones Lang LaSalle Inc                            | JONES LANG LASAL                                 | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |   1765924 | NS      | $477435212.64  | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Easterly Government Properties Inc                | EASTERLY GOVERNM                                 | CUSIP: 27616P301<br>LEI: 549300ERMCEFC6S8HL77 | Long             | EC               | CORP              | US        |   1526566 | NS      | $33584452.00   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Communities Inc                               | SUN COMMUNITIES                                  | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |   4742404 | NS      | $588200368.12  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc                                    | CBRE GROUP INC-A                                 | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |  11145705 | NS      | $1735832096.70 | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Community Healthcare Trust Inc                    | COMMUNITY HEALTH                                 | CUSIP: 20369C106<br>LEI: 549300FATSRCMKOV9536 | Long             | EC               | CORP              | US        |   1051468 | NS      | $16161063.16   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| NNN REIT Inc                                      | NNN REIT INC                                     | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               | CORP              | US        |   6989777 | NS      | $288398199.02  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Veris Residential Inc                             | VERIS RESIDENTIA                                 | CUSIP: 554489104<br>LEI: 254900KTVBRYJCQU2J23 | Long             | EC               | CORP              | US        |   3109547 | NS      | $43782421.76   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| CubeSmart                                         | CUBESMART                                        | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   8370147 | NS      | $325682419.77  | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Gladstone Commercial Corp                         | GLADSTONE COMMER                                 | CUSIP: 376536108<br>LEI: 529900EVVV534W8R0T32 | Long             | EC               | CORP              | US        |   1705241 | NS      | $22423919.15   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Marcus & Millichap Inc                            | MARCUS & MILLICH                                 | CUSIP: 566324109<br>LEI: 549300B2HE8ULXNB1N48 | Long             | EC               | CORP              | US        |    948487 | NS      | $29554854.92   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| First Industrial Realty Trust Inc                 | FIRST IND REALTY                                 | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   4921884 | NS      | $239794188.48  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Ventas Inc                                        | VENTAS INC                                       | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |  16268763 | NS      | $1092935498.34 | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Medical REIT Inc                           | GLOBAL MEDICAL R                                 | CUSIP: 37954A204<br>LEI: 549300HFRIPQDYU3GU60 | Long             | EC               | CORP              | US        |   2356971 | NS      | $15744566.28   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| St Joe Co/The                                     | ST JOE CO                                        | CUSIP: 790148100<br>LEI: 529900XVHOT3BF8PWG49 | Long             | EC               | CORP              | US        |   1406259 | NS      | $71016079.50   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Brandywine Realty Trust                           | BRANDYWINE RLTY                                  | CUSIP: 105368203<br>LEI: 5UZ46ZCYUFYYAC0DS831 | Long             | EC               | CORP              | US        |   6441346 | NS      | $25765384.00   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Net Lease Inc                              | GLOBAL NET LEASE                                 | CUSIP: 379378201<br>LEI: 549300NUYANCT5SU8Z65 | Long             | EC               | CORP              | US        |   7223862 | NS      | $50494795.38   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips Edison & Co Inc                          | PHILLIPS EDISON                                  | CUSIP: 71844V201<br>LEI: 549300JPN4YHYPXTJQ85 | Long             | EC               | CORP              | US        |   4660562 | NS      | $157480389.98  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Summit Hotel Properties Inc                       | SUMMIT HOTEL PRO                                 | CUSIP: 866082100<br>LEI: 254900OBQWJK6X20LS71 | Long             | EC               | CORP              | US        |   4132408 | NS      | $21571169.76   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI Properties Inc                               | VICI PROPERTIES                                  | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |  35791604 | NS      | $1166806290.40 | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Uniti Group Inc                                   | UNITI GROUP INC                                  | CUSIP: 91325V108<br>LEI: 549300V3NU625PJUVA84 | Long             | EC               | CORP              | US        |   9078421 | NS      | $48297199.72   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Farmland Partners Inc                             | FARMLAND PARTNER                                 | CUSIP: 31154R109<br>LEI: 549300LB188CHPZ4IL37 | Long             | EC               | CORP              | US        |   1623736 | NS      | $17000515.92   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                                    | PUBLIC STORAGE                                   | CUSIP: 74460D109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   5868148 | NS      | $1595784167.12 | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Medical Properties Trust Inc                      | MEDICAL PROPERTI                                 | CUSIP: 58463J304<br>LEI: 254900U6E39J1MQCCY14 | Long             | EC               | CORP              | US        |  15156761 | NS      | $62445855.32   | 0.10%             |  |  |  | No            |                  1 | On Loan: —       |
| Forestar Group Inc                                | FORESTAR GROUP                                   | CUSIP: 346232101<br>LEI: 549300BC2UB0GHV60V70 | Long             | EC               | CORP              | US        |    752454 | NS      | $18660859.20   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Urban Edge Properties                             | URBAN EDGE P                                     | CUSIP: 91704F104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   4671978 | NS      | $92131406.16   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexander's Inc                                   | ALEXANDER'S INC                                  | CUSIP: 014752109<br>LEI: 549300TZM28P04U5R635 | Long             | EC               | CORP              | US        |     85277 | NS      | $21420729.63   | 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      | $162501.11     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Peakstone Realty Trust                            | PEAKSTONE REALTY                                 | CUSIP: 39818P799<br>LEI: 549300EZQXWQI2YL1T80 | Long             | EC               | CORP              | US        |   1364062 | NS      | $18551243.20   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Cushman & Wakefield PLC                           | CUSHMAN & WAKEFI                                 | CUSIP: G2717B108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   8593159 | NS      | $104750608.21  | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| National Health Investors Inc                     | NATL HEALTH INV                                  | CUSIP: 63633D104<br>LEI: 549300ZPKZIG6DKDEC02 | Long             | EC               | CORP              | US        |   1735170 | NS      | $121218976.20  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Americold Realty Trust Inc                        | Americold Realty Trust Inc                       | CUSIP: 03064D108<br>LEI: 894500O3S3W62PQPO460 | Long             | EC               | CORP              | US        |  10054577 | NS      | $161677598.16  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthpeak Properties Inc                         | HEALTHPEAK PROPE                                 | CUSIP: 42250P103<br>LEI: 254900M6MTMZM0I22L81 | Long             | EC               | CORP              | US        |  25965098 | NS      | $439848760.12  | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Highwoods Properties Inc                          | HIGHWOODS PROP                                   | CUSIP: 431284108<br>LEI: ZIIGTYKL9T0X3HLTDX53 | Long             | EC               | CORP              | US        |   4006489 | NS      | $116228245.89  | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | Receive WELLTOWER INC Pay Overnight Rate +0.15   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |    500000 | NC      | $5382553.61    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Pebblebrook Hotel Trust                           | PEBBLEBROOK HOTE                                 | CUSIP: 70509V100<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EC               | CORP              | US        |   4411614 | NS      | $44248488.42   | 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      | $3709671.88    | 0.01%             |  |  |  | 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      | $-338027.34    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Weyerhaeuser Co                                   | WEYERHAEUSER CO                                  | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |  26979780 | NS      | $675843489.00  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Saul Centers Inc                                  | SAUL CENTERS INC                                 | CUSIP: 804395101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    495982 | NS      | $15980540.04   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Xenia Hotels & Resorts Inc                        | XENIA HOTELS & R                                 | CUSIP: 984017103<br>LEI: 54930075IWIPHF5IQL62 | Long             | EC               | CORP              | US        |   3770501 | NS      | $47923067.71   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Independence Realty Trust Inc                     | INDEPENDENCE REA                                 | CUSIP: 45378A106<br>LEI: 549300Z3L8NU44NQEB29 | Long             | EC               | CORP              | US        |   8590696 | NS      | $144065971.92  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Kilroy Realty Corp                                | KILROY REALTY                                    | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               | CORP              | US        |   4176771 | NS      | $153955779.06  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| NET Lease Office Properties                       | NET LEASE OFFICE                                 | CUSIP: 64110Y108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    522590 | NS      | $17344762.10   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Chatham Lodging Trust                             | CHATHAM LODGING                                  | CUSIP: 16208T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1727113 | NS      | $11778910.66   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Service Properties Trust                          | SERVICE PROPERTI                                 | CUSIP: 81761L102<br>LEI: 529900IS770AG1K9QG27 | Long             | EC               | CORP              | US        |   5876835 | NS      | $15456076.05   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Residential                                | EQUITY RESIDENTI                                 | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |  12702043 | NS      | $802769117.60  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| SL Green Realty Corp                              | SL GREEN REALTY                                  | CUSIP: 78440X887<br>LEI: 549300VQZPJU97H3GT17 | Long             | EC               | CORP              | US        |   2639248 | NS      | $151096948.00  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| CareTrust REIT Inc                                | CARETRUST REI                                    | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               | CORP              | US        |   6976181 | NS      | $221842555.80  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Getty Realty Corp                                 | GETTY REALTY                                     | CUSIP: 374297109<br>LEI: 2549000P1W5SFJWCNP90 | Long             | EC               | CORP              | US        |   1942988 | NS      | $53995636.52   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Realty Trust Inc                       | HEALTHCARE REALT                                 | CUSIP: 42226K105<br>LEI: 549300L0I14L7I0VLX84 | Long             | EC               | CORP              | US        |  12395487 | NS      | $190394680.32  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Hudson Pacific Properties Inc                     | HUDSON PACIFIC P                                 | CUSIP: 444097109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |  12595359 | NS      | $30858629.55   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| PotlatchDeltic Corp                               | POTLATCHDELTIC C                                 | CUSIP: 737630103<br>LEI: 54930084YA8UJOTXDM59 | Long             | EC               | CORP              | US        |   2779946 | NS      | $113671991.94  | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexander & Baldwin Inc                           | ALEXANDER & BALD                                 | CUSIP: 014491104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2702688 | NS      | $48594330.24   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| American Healthcare REIT Inc                      | AMERICAN HEALTHC                                 | CUSIP: 398182303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   5898917 | NS      | $227934152.88  | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| NexPoint Residential Trust Inc                    | NEXPOINT RESI                                    | CUSIP: 65341D102<br>LEI: 549300U2J6XVYBF87166 | Long             | EC               | CORP              | US        |    855667 | NS      | $26679697.06   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Safehold Inc                                      | SAFEHOLD INC                                     | CUSIP: 78646V107<br>LEI: QFFLKWYYS3UPWD86E794 | Long             | EC               | CORP              | US        |   1737628 | NS      | $24309415.72   | 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        |   2161138 | NS      | $216092152.42  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| STAG Industrial Inc                               | STAG INDUSTRIAL                                  | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               | CORP              | US        |   6937694 | NS      | $238171035.02  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| EPR Properties                                    | EPR PROPERTIES                                   | CUSIP: 26884U109<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EC               | CORP              | US        |   2827261 | NS      | $155612445.44  | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Macerich Co/The                                   | MACERICH CO                                      | CUSIP: 554382101<br>LEI: 529900PSWCB5KI0JYU46 | Long             | EC               | CORP              | US        |   9386174 | NS      | $156842967.54  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Sabra Health Care REIT Inc                        | SABRA HEALTH CAR                                 | CUSIP: 78573L106<br>LEI: 549300E3BC7GU7TAZ621 | Long             | EC               | CORP              | US        |   8843883 | NS      | $159455210.49  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| WP Carey Inc                                      | WP CAREY INC                                     | CUSIP: 92936U109<br>LEI: 54930042CRNE713E3Q67 | Long             | EC               | CORP              | US        |   8139059 | NS      | $522202025.44  | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| BXP Inc                                           | BXP INC                                          | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |   5515072 | NS      | $360851160.96  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Apartment Investment and Management Co            | APARTMENT INVEST                                 | CUSIP: 03748R747<br>LEI: 549300O8FT5GJ4RU1D57 | Long             | EC               | CORP              | US        |   5015777 | NS      | $42182684.57   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle Inc                                  | CROWN CASTLE INC                                 | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |  16184795 | NS      | $1700860106.55 | 2.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunstone Hotel Investors Inc                      | SUNSTONE HOTEL                                   | CUSIP: 867892101<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EC               | CORP              | US        |   7102209 | NS      | $62144328.75   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Piedmont Realty Trust Inc                         | PIEDMONT REALTY                                  | CUSIP: 720190206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   4629379 | NS      | $34998105.24   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Vornado Realty Trust                              | VORNADO RLTY TST                                 | CUSIP: 929042109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   6065421 | NS      | $233033474.82  | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| RLJ Lodging Trust                                 | RLJ LODGING TRUS                                 | CUSIP: 74965L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   5639336 | NS      | $41731086.40   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Innovative Industrial Properties Inc              | INNOVATIVE INDUS                                 | CUSIP: 45781V101<br>LEI: 5493008BQ0545EZXRR30 | Long             | EC               | CORP              | US        |   1052779 | NS      | $54428674.30   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Douglas Emmett Inc                                | DOUGLAS EMMETT                                   | CUSIP: 25960P109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   6221375 | NS      | $94316045.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Elme Communities                                  | ELME COMMUNITIES                                 | CUSIP: 939653101<br>LEI: 549300DI34BGS8LVKW95 | Long             | EC               | CORP              | US        |   3271983 | NS      | $49341503.64   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| COPT Defense Properties                           | COPT DEFENSE PRO                                 | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               | CORP              | US        |   4196334 | NS      | $114475991.52  | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| JBG SMITH Properties                              | JBG SMITH PROPER                                 | CUSIP: 46590V100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3049863 | NS      | $64596098.34   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Mid-America Apartment Communities Inc             | MID-AMERICA APAR                                 | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               | CORP              | US        |   4345091 | NS      | $618871311.13  | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Spirit MTA REIT                                   | SPIRIT MTA REIT RTS                              | CUSIP: N/A<br>LEI: 5493001XMVHW4G48PP41       | Long             | EC               | CORP              | US        |   2071263 | NS      | $186413.67     | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| UMH Properties Inc                                | UMH PROPERTIES I                                 | CUSIP: 903002103<br>LEI: 529900OM5K3PJ11F0Q09 | Long             | EC               | CORP              | US        |   2916168 | NS      | $47475215.04   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Hospitality REIT Inc                        | APPLE HOSPITALIT                                 | CUSIP: 03784Y200<br>LEI: 549300EVZAR0FBZO4F16 | Long             | EC               | CORP              | US        |   8432946 | NS      | $99087115.50   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Seritage Growth Properties                        | SERITAGE GROWT-A                                 | CUSIP: 81752R100<br>LEI: 5493003CJFC2MM82WB25 | Long             | EC               | CORP              | US        |   1249512 | NS      | $3985943.28    | 0.01%             |  |  |  | No            |                  1 | On Loan: —       |
| Federal Realty Investment Trust                   | FED REALTY INVS                                  | CUSIP: 313745101<br>LEI: 549300FHEI1SLVZ0RB48 | Long             | EC               | CORP              | US        |   3029049 | NS      | $279157155.84  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Howard Hughes Holdings Inc                        | HOWARD HUGHES HO                                 | CUSIP: 44267T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1215021 | NS      | $83508393.33   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Lineage Inc                                       | LINEAGE INC                                      | CUSIP: 53566V106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2543709 | NS      | $109761043.35  | 0.17%             |  |  |  | No            |                  1 | On Loan: —       |
| Armada Hoffler Properties Inc                     | ARMADA HOFFLER P                                 | CUSIP: 04208T108<br>LEI: 549300WQRSIV6XZT9313 | Long             | EC               | CORP              | US        |   2972166 | NS      | $20299893.78   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Park Hotels & Resorts Inc                         | PARK H&R INC                                     | CUSIP: 700517105<br>LEI: 5493005UZ5TQN0H6HS73 | Long             | EC               | CORP              | US        |   7501141 | NS      | $79962163.06   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Gladstone Land Corp                               | GLADSTONE LAND C                                 | CUSIP: 376549101<br>LEI: 54930002B3Q17H38FG74 | Long             | EC               | CORP              | US        |   1275985 | NS      | $11739062.00   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NETSTREIT Corp                                    | NETSTREIT CORP                                   | CUSIP: 64119V303<br>LEI: 254900CJL0EDMEQ25Q84 | Long             | EC               | CORP              | US        |   3037037 | NS      | $55365184.51   | 0.09%             |  |  |  | No            |                  1 | On Loan: —       |
| American Homes 4 Rent                             | AMERICAN HOMES-A                                 | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |  12361171 | NS      | $428809021.99  | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Realty Income Corp                                | REALTY INCOME                                    | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |  33146429 | NS      | $1860509059.77 | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group Inc                                  | COSTAR GROUP INC                                 | CUSIP: 22160N109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |  15601852 | NS      | $1485140291.88 | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaming and Leisure Properties Inc                 | GAMING AND LEISU                                 | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |  10215294 | NS      | $465613100.52  | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Rayonier Inc                                      | RAYONIER INC                                     | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               | CORP              | US        |   5511144 | NS      | $128464766.64  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| eXp World Holdings Inc                            | EXP WORLD HOLDIN                                 | CUSIP: 30212W100<br>LEI: 549300TWVVZC283VEC32 | Long             | EC               | CORP              | US        |   2258191 | NS      | $24343298.98   | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| Iron Mountain Inc                                 | IRON MOUNTAIN                                    | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               | CORP              | US        |  10918229 | NS      | $1062998775.44 | 1.67%             |  |  |  | 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      | $-52957.23     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| Newmark Group Inc                                 | NEWMARK GROUP-A                                  | CUSIP: 65158N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   5323466 | NS      | $80756979.22   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| American Assets Trust Inc                         | AMERICAN ASSETS                                  | CUSIP: 024013104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1819750 | NS      | $34629842.50   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity LifeStyle Properties Inc                   | EQUITY LIFESTYLE                                 | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |   6749078 | NS      | $404404753.76  | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Properties Realty Trust Inc             | ESSENTIAL PROPER                                 | CUSIP: 29670E107<br>LEI: 2549009LXQLVYCGLZO50 | Long             | EC               | CORP              | US        |   7285279 | NS      | $222128156.71  | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Host Hotels & Resorts Inc                         | HOST HOTELS & RE                                 | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |  25765391 | NS      | $405031946.52  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| UDR Inc                                           | UDR INC                                          | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               | CORP              | US        |  11694127 | NS      | $459462249.83  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp                                 | AGREE REALTY                                     | CUSIP: 008492100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3989771 | NS      | $286066580.70  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust Inc                          | ESSEX PROPERTY                                   | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |   2390896 | NS      | $622063321.28  | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | Receive VICI PROPERTIES Pay Overnight Rate +0.75 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |   3400000 | NC      | $1000486.39    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Zillow Group Inc                                  | ZILLOW GROUP I-A                                 | CUSIP: 98954M101<br>LEI: 2549002XEELQDIR6FU05 | Long             | EC               | CORP              | US        |   2057053 | NS      | $157878817.75  | 0.25%             |  |  |  | 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      | $3020.00       | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| EastGroup Properties Inc                          | EASTGROUP PROP                                   | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |   1942786 | NS      | $317140386.64  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Zillow Group Inc                                  | ZILLOW GRO-C                                     | CUSIP: 98954M200<br>LEI: 2549002XEELQDIR6FU05 | Long             | EC               | CORP              | US        |   6052828 | NS      | $481502467.40  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Omega Healthcare Investors Inc                    | OMEGA HEALTHCARE                                 | CUSIP: 681936100<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | EC               | CORP              | US        |  10475110 | NS      | $407481779.00  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Diversified Healthcare Trust                      | DIVERSIFIED HEAL                                 | CUSIP: 25525P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   6290287 | NS      | $20569238.49   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Empire State Realty Trust Inc                     | EMPIRE STATE REA                                 | CUSIP: 292104106<br>LEI: 549300VOKY1DUEQSB456 | Long             | EC               | CORP              | US        |   5258085 | NS      | $38068535.40   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Whitestone REIT                                   | WHITESTONE REI                                   | CUSIP: 966084204<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1605769 | NS      | $19574324.11   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc                          | SIMON PROPERTY                                   | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |  12126281 | NS      | $1986163564.99 | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Real Estate II Index Fund                | VANG-RL ES2-INS+                                 | CUSIP: 922031695<br>LEI: 549300ZF3K8JV2GHZ643 | Long             | EC               | CORP              | US        | 428915780 | NS      | $9195954315.67 | 14.43%            |  |  |  | No            |                  1 | On Loan: No      |
| Tejon Ranch Co                                    | TEJON RANCH CO                                   | CUSIP: 879080109<br>LEI: 549300TMNDO77VJ6J111 | Long             | EC               | CORP              | US        |    748974 | NS      | $13451573.04   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp                           | SBA COMM CORP                                    | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |   4015288 | NS      | $902315519.36  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Compass Inc                                       | COMPASS INC - A                                  | CUSIP: 20464U100<br>LEI: 254900DMGQSTC3I2IM78 | Long             | EC               | CORP              | US        |  17008868 | NS      | $135050411.92  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp                               | AMERICAN TOWER C                                 | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |  17399570 | NS      | $3625896392.30 | 5.69%             |  |  |  | No            |                  1 | On Loan: No      |
| DiamondRock Hospitality Co                        | DIAMONDROCK HOSP                                 | CUSIP: 252784301<br>LEI: 529900KKD4BPVBUAQ734 | Long             | EC               | CORP              | US        |   7758450 | NS      | $59895234.00   | 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      | $1087455.07    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Rexford Industrial Realty Inc                     | REXFORD INDUSTRI                                 | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |   8779591 | NS      | $320718459.23  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Invitation Homes Inc                              | INVITATION HOMES                                 | CUSIP: 46187W107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |  21641291 | NS      | $663305569.15  | 1.04%             |  |  |  | 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        |   1849382 | NS      | $184919701.28  | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Regency Centers Corp                              | REGENCY CENTERS                                  | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               | CORP              | US        |   6409541 | NS      | $457641227.40  | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| CTO Realty Growth Inc                             | CTO REALTY GROWT                                 | CUSIP: 22948Q101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1161280 | NS      | $19172732.80   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| InvenTrust Properties Corp                        | INVENTRUST PROPE                                 | CUSIP: 46124J201<br>LEI: 5493006BQYSOBYVUFA03 | Long             | EC               | CORP              | US        |   2877534 | NS      | $79333612.38   | 0.12%             |  |  |  | No            |                  1 | On Loan: —       |
| Paramount Group Inc                               | PARAMOUNT GROUP                                  | CUSIP: 69924R108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   6929550 | NS      | $42408846.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Kennedy-Wilson Holdings Inc                       | KENNEDY-WILSON H                                 | CUSIP: 489398107<br>LEI: 549300MOI1T78144X610 | Long             | EC               | CORP              | US        |   4109368 | NS      | $30080573.76   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Tanger Inc                                        | TANGER INC                                       | CUSIP: 875465106<br>LEI: UKEW8YSXE4Y581KYOL30 | Long             | EC               | CORP              | US        |   4208366 | NS      | $126335147.32  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                                      | PROLOGIS INC                                     | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |  34455285 | NS      | $3679135332.30 | 5.77%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities Inc                         | AVALONBAY COMMUN                                 | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |   5291720 | NS      | $985741601.60  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Anywhere Real Estate Inc                          | ANYWHERE REAL ES                                 | CUSIP: 75605Y106<br>LEI: 5493004HBTOTE9DI9P12 | Long             | EC               | CORP              | US        |   3532421 | NS      | $16319785.02   | 0.03%             |  |  |  | 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      | $397940.82     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Lamar Advertising Co                              | LAMAR ADVERTIS-A                                 | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               | CORP              | US        |   3239726 | NS      | $396056503.50  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-25

**Name of Applicant:** VANGUARD SPECIALIZED FUNDS

**Signature:** Ashley Grim

**Name of Signer:** Ashley Grim

**Title:** Treasurer