# EDGAR Filing Document

**Accession Number:** 0000734383
**File Stem:** 0001752724-23-075076
**Filing Date:** 2023-3
**Character Count:** 66229
**Document Hash:** f7c06b20b0e2fbcbc50d4beae5da0199
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-075076.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001752724-23-075076

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**PERIOD START**: 20230131

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VANGUARD SPECIALIZED FUNDS
- **CENTRAL INDEX KEY:** 0000734383
- **IRS NUMBER:** 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:** 23784165

**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:** 2023-01-31

- **b. Date as of which information is reported:** 2023-01-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $69684956137.66

**Total Liabilities:** $54988999.69

**Net Assets:** $69629967137.97

**Cash Not Reported:** $28904875.03

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000032424 | 6.20%                | -5.08%               | 10.43%               |
| Class ID C000008012 | 6.21%                | -5.09%               | 10.39%               |
| Class ID C000008010 | 6.17%                | -5.07%               | 10.40%               |
| Class ID C000008011 | 6.20%                | -5.09%               | 10.42%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-178717432.54           | $3992269930.86                             |
| Month 2  | $19980511.59             | $-3931364238.75                            |
| Month 3  | $180514152.66            | $6305368685.93                             |

### 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        |  12192768 | NS      | $1397535068.16 | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                                       | EQUINIX INC                                       | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |   4061641 | NS      | $2998019071.33 | 4.31%             |  |  |  | No            |                  1 | On Loan: No      |
| iStar Inc                                         | ISTAR INC                                         | CUSIP: 45031U101<br>LEI: QFFLKWYYS3UPWD86E794 | Long             | EC               | CORP              | US        |   3803892 | NS      | $35300117.76   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Camden Property Trust                             | CAMDEN PROP TR                                    | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |   4513335 | NS      | $556088005.35  | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| NexPoint Diversified Real Estate Trust            | NEXPOINT DIVERSI                                  | CUSIP: 65340G205<br>LEI: 5493008KGR2NU3OXMR64 | Long             | EC               | CORP              | US        |   1404736 | NS      | $18387994.24   | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| Universal Health Realty Income Trust              | UNIVERSAL HEALTH                                  | CUSIP: 91359E105<br>LEI: 549300L4MWZL4IH6H172 | Long             | EC               | CORP              | US        |    584541 | NS      | $32038692.21   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexandria Real Estate Equities Inc               | ALEXANDRIA REAL                                   | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |   6913155 | NS      | $1111220534.70 | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Four Corners Property Trust Inc                   | FOUR CORNERS PRO                                  | CUSIP: 35086T109<br>LEI: 549300SVTPZPBDVNER42 | Long             | EC               | CORP              | US        |   3632390 | NS      | $104467536.40  | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| RMR Group Inc/The                                 | RMR GROUP-A                                       | CUSIP: 74967R106<br>LEI: 549300JP4L34E48UJM16 | Long             | EC               | CORP              | US        |    690261 | NS      | $21411896.22   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage Inc                           | EXTRA SPACE STOR                                  | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   5972080 | NS      | $942573386.40  | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Centerspace                                       | CENTERSPACE                                       | CUSIP: 15202L107<br>LEI: 5493002LG2SH9EEHT720 | Long             | EC               | CORP              | US        |    684760 | NS      | $46303471.20   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Plymouth Industrial REIT Inc                      | PLYMOUTH INDUSTR                                  | CUSIP: 729640102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1787660 | NS      | $40007830.80   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CBL & Associates Properties Inc                   | CBL & ASSOC PROP                                  | CUSIP: 124830878<br>LEI: 529900EIVFBRS4PUBZ13 | Long             | EC               | CORP              | US        |    566264 | NS      | $15090935.60   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| One Liberty Properties Inc                        | ONE LIBERTY PROP                                  | CUSIP: 682406103<br>LEI: 549300QII1CQZGZBZR14 | Long             | EC               | CORP              | US        |    751677 | NS      | $18122932.47   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SITE Centers Corp                                 | SITE CENTERS COR                                  | CUSIP: 82981J109<br>LEI: W2AVA6SODOQ1LCYJQR54 | Long             | EC               | CORP              | US        |   8591959 | NS      | $117280240.35  | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | Receive VICI PROPERTIES Pay Overnight Rate +0.55  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |   5400000 | NC      | $11054209.67   | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Easterly Government Properties Inc                | EASTERLY GOVERNM                                  | CUSIP: 27616P103<br>LEI: 549300ERMCEFC6S8HL77 | Long             | EC               | CORP              | US        |   3849217 | NS      | $62511284.08   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| LXP Industrial Trust                              | LXP INDUSTRIAL T                                  | CUSIP: 529043101<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EC               | CORP              | US        |  12482964 | NS      | $144178234.20  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group Inc                        | BRIXMOR PROPERTY                                  | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |  13361627 | NS      | $314399083.31  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadstone Net Lease Inc                          | BROADSTONE NET                                    | CUSIP: 11135E203<br>LEI: 549300U8D7PT70B49V21 | Long             | EC               | CORP              | US        |   7720735 | NS      | $139822510.85  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| LTC Properties Inc                                | LTC PROPERTIES                                    | CUSIP: 502175102<br>LEI: 549300NRZP8IJG2KY677 | Long             | EC               | CORP              | US        |   1806489 | NS      | $68917555.35   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| National Storage Affiliates Trust                 | NATIONAL STORAGE                                  | CUSIP: 637870106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3888019 | NS      | $158631175.20  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Terreno Realty Corp                               | TERRENO REALTY C                                  | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3369644 | NS      | $217106162.92  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc                                     | WELLTOWER INC                                     | CUSIP: 95040Q104<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | EC               | CORP              | US        |  19914445 | NS      | $1494379952.80 | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Cousins Properties Inc                            | COUSINS PROP                                      | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Long             | EC               | CORP              | US        |   6750769 | NS      | $185106085.98  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Opendoor Technologies Inc                         | OPENDOOR TECHNOL                                  | CUSIP: 683712103<br>LEI: 254900KX11YZ4HV5BQ47 | Long             | EC               | CORP              | US        |  18204569 | NS      | $39868006.11   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Retail Opportunity Investments Corp               | RETAIL OPPORTUNI                                  | CUSIP: 76131N101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   5554854 | NS      | $87933338.82   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimco Realty Corp                                 | KIMCO REALTY                                      | CUSIP: 49446R109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |  27583861 | NS      | $619533518.06  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Kite Realty Group Trust                           | KITE REALTY GROU                                  | CUSIP: 49803T300<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   9769568 | NS      | $211999625.60  | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryman Hospitality Properties Inc                  | RYMAN HOSPITALIT                                  | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               | CORP              | US        |   2337121 | NS      | $217095169.69  | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadia Realty Trust                               | ACADIA REALTY                                     | CUSIP: 004239109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   4234895 | NS      | $65767919.35   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Jones Lang LaSalle Inc                            | JONES LANG LASAL                                  | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |   2137278 | NS      | $395118583.86  | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Industrial Logistics Properties Trust             | INDUSTRIAL LOGIS                                  | CUSIP: 456237106<br>LEI: 5493004XH9PJW009HR47 | Long             | EC               | CORP              | US        |   2907399 | NS      | $12821629.59   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Communities Inc                               | SUN COMMUNITIES                                   | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |   5499958 | NS      | $862723411.88  | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc                                    | CBRE GROUP INC-A                                  | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |  14324142 | NS      | $1224857382.42 | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Community Healthcare Trust Inc                    | COMMUNITY HEALTH                                  | CUSIP: 20369C106<br>LEI: 549300FATSRCMKOV9536 | Long             | EC               | CORP              | US        |   1062239 | NS      | $45548808.32   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| National Retail Properties Inc                    | NATIONAL RETAIL                                   | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               | CORP              | US        |   7899012 | NS      | $374018218.20  | 0.54%             |  |  |  | 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       |    750000 | NC      | $6946298.51    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Veris Residential Inc                             | VERIS RESIDENTIA                                  | CUSIP: 554489104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3453885 | NS      | $59752210.50   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| CubeSmart                                         | CUBESMART                                         | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |  10010655 | NS      | $458387892.45  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Gladstone Commercial Corp                         | GLADSTONE COMMER                                  | CUSIP: 376536108<br>LEI: 529900EVVV534W8R0T32 | Long             | EC               | CORP              | US        |   1759831 | NS      | $29899528.69   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Marcus & Millichap Inc                            | MARCUS & MILLICH                                  | CUSIP: 566324109<br>LEI: 549300B2HE8ULXNB1N48 | Long             | EC               | CORP              | US        |   1159659 | NS      | $42026042.16   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| First Industrial Realty Trust Inc                 | FIRST IND REALTY                                  | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   5889008 | NS      | $314178576.80  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Ventas Inc                                        | VENTAS INC                                        | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |  17825567 | NS      | $923542626.27  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Medical REIT Inc                           | GLOBAL MEDICAL R                                  | CUSIP: 37954A204<br>LEI: 549300HFRIPQDYU3GU60 | Long             | EC               | CORP              | US        |   2772080 | NS      | $31130458.40   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| STORE Capital Corp                                | STORE CAPITAL                                     | CUSIP: 862121100<br>LEI: 5493004EA6C9IHDZ7N66 | Long             | EC               | CORP              | US        |  11347223 | NS      | $365494052.83  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| St Joe Co/The                                     | ST JOE CO                                         | CUSIP: 790148100<br>LEI: 529900XVHOT3BF8PWG49 | Long             | EC               | CORP              | US        |   1445432 | NS      | $68079847.20   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Commonwealth                               | EQUITY COMMONWEA                                  | CUSIP: 294628102<br>LEI: 549300YPGVU9PR4L0606 | Long             | EC               | CORP              | US        |   4960405 | NS      | $126589535.60  | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Brandywine Realty Trust                           | BRANDYWINE RLTY                                   | CUSIP: 105368203<br>LEI: 5UZ46ZCYUFYYAC0DS831 | Long             | EC               | CORP              | US        |   7657955 | NS      | $50236184.80   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Physicians Realty Trust                           | PHYSICIANS REALT                                  | CUSIP: 71943U104<br>LEI: 549300ITOVH0OY7PZC34 | Long             | EC               | CORP              | US        |  10093491 | NS      | $160082767.26  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Net Lease Inc                              | GLOBAL NET LEASE                                  | CUSIP: 379378201<br>LEI: 549300NUYANCT5SU8Z65 | Long             | EC               | CORP              | US        |   4625364 | NS      | $69149191.80   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips Edison & Co Inc                          | PHILLIPS EDISON                                   | CUSIP: 71844V201<br>LEI: 549300JPN4YHYPXTJQ85 | Long             | EC               | CORP              | US        |   5204555 | NS      | $174456683.60  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Summit Hotel Properties Inc                       | SUMMIT HOTEL PRO                                  | CUSIP: 866082100<br>LEI: 254900OBQWJK6X20LS71 | Long             | EC               | CORP              | US        |   4762257 | NS      | $40574429.64   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI Properties Inc                               | VICI PROPERTIES                                   | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |  37548729 | NS      | $1283415557.22 | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Spirit Realty Capital Inc                         | SPIRIT REALTY                                     | CUSIP: 84860W300<br>LEI: 549300LTU6LVPZSHMJ25 | Long             | EC               | CORP              | US        |   6078899 | NS      | $266742088.12  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Uniti Group Inc                                   | UNITI GROUP INC                                   | CUSIP: 91325V108<br>LEI: 549300V3NU625PJUVA84 | Long             | EC               | CORP              | US        |  10583633 | NS      | $69746141.47   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                                    | PUBLIC STORAGE                                    | CUSIP: 74460D109<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EC               | CORP              | US        |   7045487 | NS      | $2144223513.58 | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Medical Properties Trust Inc                      | MEDICAL PROPERTI                                  | CUSIP: 58463J304<br>LEI: 254900U6E39J1MQCCY14 | Long             | EC               | CORP              | US        |  26715489 | NS      | $345965582.55  | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Forestar Group Inc                                | FORESTAR GROUP                                    | CUSIP: 346232101<br>LEI: 549300BC2UB0GHV60V70 | Long             | EC               | CORP              | US        |    886352 | NS      | $13188917.76   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Urban Edge Properties                             | URBAN EDGE P                                      | CUSIP: 91704F104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   5238231 | NS      | $82502138.25   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexander's Inc                                   | ALEXANDER'S INC                                   | CUSIP: 014752109<br>LEI: 549300TZM28P04U5R635 | Long             | EC               | CORP              | US        |    102346 | NS      | $24284658.88   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | Receive REDFIN CORP Pay Overnight Rate            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |    350000 | NC      | $409822.89     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Cushman & Wakefield PLC                           | CUSHMAN & WAKEFI                                  | CUSIP: G2717B108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   6543824 | NS      | $94427380.32   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| National Health Investors Inc                     | NATL HEALTH INV                                   | CUSIP: 63633D104<br>LEI: 549300ZPKZIG6DKDEC02 | Long             | EC               | CORP              | US        |   1991438 | NS      | $117156297.54  | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Americold Realty Trust Inc                        | Americold Realty Trust Inc                        | CUSIP: 03064D108<br>LEI: 549300R7N1V5YV8MWH02 | Long             | EC               | CORP              | US        |  12011180 | NS      | $377271163.80  | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthpeak Properties Inc                         | HEALTHPEAK PROPE                                  | CUSIP: 42250P103<br>LEI: PZ9HF5U52KPF0MH0QN75 | Long             | EC               | CORP              | US        |  24062935 | NS      | $661249453.80  | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Highwoods Properties Inc                          | HIGHWOODS PROP                                    | CUSIP: 431284108<br>LEI: ZIIGTYKL9T0X3HLTDX53 | Long             | EC               | CORP              | US        |   4691295 | NS      | $142474629.15  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | Receive DIGITAL REALTY Pay Overnight Rate +0.05   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |    250000 | NC      | $1903565.44    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Pebblebrook Hotel Trust                           | PEBBLEBROOK HOTE                                  | CUSIP: 70509V100<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EC               | CORP              | US        |   5863203 | NS      | $96156529.20   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyerhaeuser Co                                   | WEYERHAEUSER CO                                   | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |  33015572 | NS      | $1136726143.96 | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Saul Centers Inc                                  | SAUL CENTERS INC                                  | CUSIP: 804395101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    638678 | NS      | $27341805.18   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Xenia Hotels & Resorts Inc                        | XENIA HOTELS & R                                  | CUSIP: 984017103<br>LEI: 54930075IWIPHF5IQL62 | Long             | EC               | CORP              | US        |   5100563 | NS      | $75998388.70   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Independence Realty Trust Inc                     | INDEPENDENCE REA                                  | CUSIP: 45378A106<br>LEI: 549300Z3L8NU44NQEB29 | Long             | EC               | CORP              | US        |   9904834 | NS      | $186508024.22  | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Kilroy Realty Corp                                | KILROY REALTY                                     | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               | CORP              | US        |   4691569 | NS      | $192541991.76  | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Chatham Lodging Trust                             | CHATHAM LODGING                                   | CUSIP: 16208T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2068821 | NS      | $29397946.41   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Vector Group Ltd                                  | DOUGLAS ELLIMAN                                   | CUSIP: 25961D105<br>LEI: 549300TUIF4WWN6NDN50 | Long             | EC               | CORP              | US        |   3257699 | NS      | $15180877.34   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Service Properties Trust                          | SERVICE PROPERTI                                  | CUSIP: 81761L102<br>LEI: 529900IS770AG1K9QG27 | Long             | EC               | CORP              | US        |   7368073 | NS      | $65649530.43   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Residential                                | EQUITY RESIDENTI                                  | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |  15334559 | NS      | $976044680.35  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| SL Green Realty Corp                              | SL GREEN REALTY                                   | CUSIP: 78440X887<br>LEI: 549300VQZPJU97H3GT17 | Long             | EC               | CORP              | US        |   2868044 | NS      | $118020010.60  | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Office Properties Income Trust                    | OFFICE PROPERTIE                                  | CUSIP: 67623C109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2158143 | NS      | $37033733.88   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CareTrust REIT Inc                                | CARETRUST REI                                     | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               | CORP              | US        |   4327044 | NS      | $89656351.68   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Getty Realty Corp                                 | GETTY REALTY                                      | CUSIP: 374297109<br>LEI: 2549000P1W5SFJWCNP90 | Long             | EC               | CORP              | US        |   1771766 | NS      | $64545435.38   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Realty Trust Inc                       | HEALTHCARE REALT                                  | CUSIP: 42226K105<br>LEI: 549300L0I14L7I0VLX84 | Long             | EC               | CORP              | US        |  16972576 | NS      | $365419561.28  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Hudson Pacific Properties Inc                     | HUDSON PACIFIC P                                  | CUSIP: 444097109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   6319188 | NS      | $71975551.32   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| PotlatchDeltic Corp                               | POTLATCHDELTIC C                                  | CUSIP: 737630103<br>LEI: 54930084YA8UJOTXDM59 | Long             | EC               | CORP              | US        |   3594958 | NS      | $175973194.10  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Outfront Media Inc                                | OUTFRONT MEDIA I                                  | CUSIP: 69007J106<br>LEI: 549300RZWDYU5722I639 | Long             | EC               | CORP              | US        |   6219595 | NS      | $123769940.50  | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexander & Baldwin Inc                           | ALEXANDER & BALD                                  | CUSIP: 014491104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3243608 | NS      | $64937032.16   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Safehold Inc                                      | SAFEHOLD INC                                      | CUSIP: 78645L100<br>LEI: 549300MHMP6BIE0XV355 | Long             | EC               | CORP              | US        |   1099760 | NS      | $38447609.60   | 0.06%             |  |  |  | No            |                  1 | On Loan: —       |
| N/A                                               | Receive DIGITAL REALTY Pay Overnight Rate +0.15   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |    375000 | NC      | $5707808.94    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| NexPoint Residential Trust Inc                    | NEXPOINT RESI                                     | CUSIP: 65341D102<br>LEI: 549300U2J6XVYBF87166 | Long             | EC               | CORP              | US        |   1030288 | NS      | $52029544.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| WeWork Inc                                        | WEWORK INC-CL A                                   | CUSIP: 96209A104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   7885961 | NS      | $12538677.99   | 0.02%             |  |  |  | No            |                  1 | On Loan: —       |
| Vanguard Cmt Funds-Vanguard Market Liquidity Fund | Vanguard Market Liquidity Fund                    | CUSIP: N/A<br>LEI: 1I6HV0TLSTR3A4XQ6L78       | Long             | STIV             | CORP              | US        |   3316830 | NS      | $331649854.00  | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| STAG Industrial Inc                               | STAG INDUSTRIAL                                   | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               | CORP              | US        |   7991204 | NS      | $284486862.40  | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| EPR Properties                                    | EPR PROPERTIES                                    | CUSIP: 26884U109<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EC               | CORP              | US        |   3345641 | NS      | $142122829.68  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Macerich Co/The                                   | MACERICH CO                                       | CUSIP: 554382101<br>LEI: 529900PSWCB5KI0JYU46 | Long             | EC               | CORP              | US        |   9579692 | NS      | $131624968.08  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | Receive AMERICAN HOMES-A Pay Overnight Rate +0.15 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |   1050000 | NC      | $4247293.78    | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Sabra Health Care REIT Inc                        | SABRA HEALTH CAR                                  | CUSIP: 78573L106<br>LEI: 549300E3BC7GU7TAZ621 | Long             | EC               | CORP              | US        |  10300781 | NS      | $139060543.50  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| WP Carey Inc                                      | WP CAREY INC                                      | CUSIP: 92936U109<br>LEI: 54930042CRNE713E3Q67 | Long             | EC               | CORP              | US        |   8601699 | NS      | $735703315.47  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Properties Inc                             | BOSTON PROPERTIE                                  | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |   6640521 | NS      | $494984435.34  | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Apartment Investment and Management Co            | APARTMENT INVEST                                  | CUSIP: 03748R747<br>LEI: 549300O8FT5GJ4RU1D57 | Long             | EC               | CORP              | US        |   6789328 | NS      | $50987853.28   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle Inc                                  | CROWN CASTLE INC                                  | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |  19311944 | NS      | $2860292025.84 | 4.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunstone Hotel Investors Inc                      | SUNSTONE HOTEL                                    | CUSIP: 867892101<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EC               | CORP              | US        |   9469368 | NS      | $104068354.32  | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Piedmont Office Realty Trust Inc                  | PIEDMONT OFFIC-A                                  | CUSIP: 720190206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   5506621 | NS      | $58370182.60   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Offerpad Solutions Inc                            | OFFERPAD SOLUTIO                                  | CUSIP: 67623L109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2604127 | NS      | $2389286.52    | 0.00%             |  |  |  | No            |                  1 | On Loan: —       |
| Vornado Realty Trust                              | VORNADO RLTY TST                                  | CUSIP: 929042109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   7270910 | NS      | $177337494.90  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | Receive EQUITY RESIDENTI Pay Overnight Rate +0.15 | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |    600000 | NC      | $3041724.48    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| RLJ Lodging Trust                                 | RLJ LODGING TRUS                                  | CUSIP: 74965L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   7258958 | NS      | $91245102.06   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Apartment Income REIT Corp                        | APARTMENT INCOME                                  | CUSIP: 03750L109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   6876748 | NS      | $263104378.48  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Innovative Industrial Properties Inc              | INNOVATIVE INDUS                                  | CUSIP: 45781V101<br>LEI: 5493008BQ0545EZXRR30 | Long             | EC               | CORP              | US        |   1247376 | NS      | $111989417.28  | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Douglas Emmett Inc                                | DOUGLAS EMMETT                                    | CUSIP: 25960P109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   7839676 | NS      | $131314573.00  | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Elme Communities                                  | ELME COMMUNITIES                                  | CUSIP: 939653101<br>LEI: 549300DI34BGS8LVKW95 | Long             | EC               | CORP              | US        |   3897947 | NS      | $74840582.40   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Corporate Office Properties Trust                 | CORP OFFICE PROP                                  | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               | CORP              | US        |   5013689 | NS      | $140734250.23  | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| JBG SMITH Properties                              | JBG SMITH PROPER                                  | CUSIP: 46590V100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   4591687 | NS      | $92476576.18   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Mid-America Apartment Communities Inc             | MID-AMERICA APAR                                  | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               | CORP              | US        |   5148059 | NS      | $858284396.48  | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Spirit MTA REIT                                   | SPIRIT MTA REIT RTS                               | CUSIP: N/A<br>LEI: 5493001XMVHW4G48PP41       | Long             | EC               | CORP              | US        |   2071263 | NS      | $20.71         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| UMH Properties Inc                                | UMH PROPERTIES I                                  | CUSIP: 903002103<br>LEI: 529900OM5K3PJ11F0Q09 | Long             | EC               | CORP              | US        |   2329976 | NS      | $41753169.92   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Hospitality REIT Inc                        | APPLE HOSPITALIT                                  | CUSIP: 03784Y200<br>LEI: 549300EVZAR0FBZO4F16 | Long             | EC               | CORP              | US        |   9697922 | NS      | $171944157.06  | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Seritage Growth Properties                        | SERITAGE GROWT-A                                  | CUSIP: 81752R100<br>LEI: 5493003CJFC2MM82WB25 | Long             | EC               | CORP              | US        |   1621933 | NS      | $19706485.95   | 0.03%             |  |  |  | No            |                  1 | On Loan: —       |
| RPT Realty                                        | RPT REALTY                                        | CUSIP: 74971D101<br>LEI: 549300T03GDH1L37S188 | Long             | EC               | CORP              | US        |   3793443 | NS      | $39755282.64   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Realty Investment Trust                   | FED REALTY INVS                                   | CUSIP: 313745101<br>LEI: 549300LI6XZ51GOCJ427 | Long             | EC               | CORP              | US        |   3246887 | NS      | $362125307.11  | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Armada Hoffler Properties Inc                     | ARMADA HOFFLER P                                  | CUSIP: 04208T108<br>LEI: 549300WQRSIV6XZT9313 | Long             | EC               | CORP              | US        |   3016716 | NS      | $38251958.88   | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Park Hotels & Resorts Inc                         | PARK H&R INC                                      | CUSIP: 700517105<br>LEI: 5493005UZ5TQN0H6HS73 | Long             | EC               | CORP              | US        |  10028857 | NS      | $147524486.47  | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Gladstone Land Corp                               | GLADSTONE LAND C                                  | CUSIP: 376549101<br>LEI: 54930002B3Q17H38FG74 | Long             | EC               | CORP              | US        |   1450299 | NS      | $28338842.46   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| NETSTREIT Corp                                    | NETSTREIT CORP                                    | CUSIP: 64119V303<br>LEI: 254900CJL0EDMEQ25Q84 | Long             | EC               | CORP              | US        |   2247124 | NS      | $45234606.12   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent                             | AMERICAN HOMES-A                                  | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |  12907998 | NS      | $442615251.42  | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Realty Income Corp                                | REALTY INCOME                                     | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |  27539885 | NS      | $1868030399.55 | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaming and Leisure Properties Inc                 | GAMING AND LEISU                                  | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |  11444706 | NS      | $612978453.36  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Rayonier Inc                                      | RAYONIER INC                                      | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               | CORP              | US        |   6531125 | NS      | $237667638.75  | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| eXp World Holdings Inc                            | EXP WORLD HOLDIN                                  | CUSIP: 30212W100<br>LEI: 549300TWVVZC283VEC32 | Long             | EC               | CORP              | US        |   3044713 | NS      | $47467075.67   | 0.07%             |  |  |  | No            |                  1 | On Loan: —       |
| Iron Mountain Inc                                 | IRON MOUNTAIN                                     | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               | CORP              | US        |  12963596 | NS      | $707553069.68  | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Urstadt Biddle Properties Inc                     | URSTADT BIDDLE                                    | CUSIP: 917286106<br>LEI: 549300XXD0YL0AER3Z82 | Long             | EC               | CORP              | US        |     16032 | NS      | $268536.00     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| City Office REIT Inc                              | CITY OFFICE REIT                                  | CUSIP: 178587101<br>LEI: 5493003J7157VP25NL57 | Long             | EC               | CORP              | US        |   1850805 | NS      | $18211921.20   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Life Storage Inc                                  | LIFE STORAGE INC                                  | CUSIP: 53223X107<br>LEI: W9EE01AFDDF9DQCQZC68 | Long             | EC               | CORP              | US        |   3762696 | NS      | $406521675.84  | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | Receive SIMON PROPERTY Pay Overnight Rate +0.05   | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |    400000 | NC      | $1303111.29    | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Bluerock Homes Trust Inc                          | BLUEROCK HOM                                      | CUSIP: 09631H100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       149 | NS      | $3219.89       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmark Group Inc                                 | NEWMARK GROUP-A                                   | CUSIP: 65158N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   7040314 | NS      | $60335490.98   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Street Properties Corp                   | FRANKLIN STREET                                   | CUSIP: 35471R106<br>LEI: 549300STLK2T6QY5WO82 | Long             | EC               | CORP              | US        |   4130116 | NS      | $12720757.28   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| American Assets Trust Inc                         | AMERICAN ASSETS                                   | CUSIP: 024013104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2294936 | NS      | $65313878.56   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity LifeStyle Properties Inc                   | EQUITY LIFESTYLE                                  | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |   7883949 | NS      | $565909859.22  | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Properties Realty Trust Inc             | ESSENTIAL PROPER                                  | CUSIP: 29670E107<br>LEI: 2549009LXQLVYCGLZO50 | Long             | EC               | CORP              | US        |   6298252 | NS      | $160479460.96  | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Host Hotels & Resorts Inc                         | HOST HOTELS & RE                                  | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |  31882793 | NS      | $600990648.05  | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| UDR Inc                                           | UDR INC                                           | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               | CORP              | US        |  14490520 | NS      | $617151246.80  | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp                                 | AGREE REALTY                                      | CUSIP: 008492100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   3560892 | NS      | $265749369.96  | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| RE/MAX Holdings Inc                               | RE/MAX HOLDINGS                                   | CUSIP: 75524W108<br>LEI: 54930033W2KS56JHAN30 | Long             | EC               | CORP              | US        |    836018 | NS      | $19069570.58   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust Inc                          | ESSEX PROPERTY                                    | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |   2904272 | NS      | $656568771.04  | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Zillow Group Inc                                  | ZILLOW GROUP I-A                                  | CUSIP: 98954M101<br>LEI: 2549002XEELQDIR6FU05 | Long             | EC               | CORP              | US        |   2635921 | NS      | $113239166.16  | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalBridge Group Inc                           | DIGITALBRIDGE GR                                  | CUSIP: 25401T603<br>LEI: 549300XG87L902AGBO89 | Long             | EC               | CORP              | US        |   7311132 | NS      | $108204753.60  | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Howard Hughes Corp/The                            | HOWARD HUGHE                                      | CUSIP: 44267D107<br>LEI: 549300BVHY25JZC1KI49 | Long             | EC               | CORP              | US        |   1669830 | NS      | $142753766.70  | 0.21%             |  |  |  | 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      | $13553.76      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Redfin Corp                                       | REDFIN CORP                                       | CUSIP: 75737F108<br>LEI: 549300HXWD3JEMZU3O57 | Long             | EC               | CORP              | US        |   3997058 | NS      | $29897993.84   | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| EastGroup Properties Inc                          | EASTGROUP PROP                                    | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |   1942659 | NS      | $326852376.75  | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Zillow Group Inc                                  | ZILLOW GRO-C                                      | CUSIP: 98954M200<br>LEI: 2549002XEELQDIR6FU05 | Long             | EC               | CORP              | US        |   7056002 | NS      | $311945848.42  | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Omega Healthcare Investors Inc                    | OMEGA HEALTHCARE                                  | CUSIP: 681936100<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | EC               | CORP              | US        |  10441862 | NS      | $307408417.28  | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Diversified Healthcare Trust                      | DIVERSIFIED HEAL                                  | CUSIP: 25525P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |  10725962 | NS      | $8488526.33    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Empire State Realty Trust Inc                     | EMPIRE STATE REA                                  | CUSIP: 292104106<br>LEI: 549300VOKY1DUEQSB456 | Long             | EC               | CORP              | US        |   6157581 | NS      | $51354225.54   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc                          | SIMON PROPERTY                                    | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |  14198697 | NS      | $1823964616.62 | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Real Estate II Index Fund                | VANG-RL ES2-INS+                                  | CUSIP: 922031695<br>LEI: 549300ZF3K8JV2GHZ643 | Long             | EC               | CORP              | US        | 387519976 | NS      | $8471186674.07 | 12.17%            |  |  |  | No            |                  1 | On Loan: No      |
| Doma Holdings Inc                                 | DOMA HOLDINGS IN                                  | CUSIP: 25703A104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   5135277 | NS      | $3646046.67    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp                           | SBA COMM CORP                                     | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |   4810968 | NS      | $1431407309.04 | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Compass Inc                                       | COMPASS INC - A                                   | CUSIP: 20464U100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |  10596837 | NS      | $42599284.74   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp                               | AMERICAN TOWER C                                  | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |  20763384 | NS      | $4638332351.76 | 6.66%             |  |  |  | No            |                  1 | On Loan: No      |
| DiamondRock Hospitality Co                        | DIAMONDROCK HOSP                                  | CUSIP: 252784301<br>LEI: 529900KKD4BPVBUAQ734 | Long             | EC               | CORP              | US        |   9407748 | NS      | $90596613.24   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexford Industrial Realty Inc                     | REXFORD INDUSTRI                                  | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |   7628199 | NS      | $484161790.53  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Urstadt Biddle Properties Inc                     | URSTADT BIDDLE-A                                  | CUSIP: 917286205<br>LEI: 549300XXD0YL0AER3Z82 | Long             | EC               | CORP              | US        |   1332858 | NS      | $25031073.24   | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Invitation Homes Inc                              | INVITATION HOMES                                  | CUSIP: 46187W107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |  27220737 | NS      | $884673952.50  | 1.27%             |  |  |  | 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        |    437931 | NS      | $43788701.69   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Regency Centers Corp                              | REGENCY CENTERS                                   | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               | CORP              | US        |   6868464 | NS      | $457645756.32  | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| InvenTrust Properties Corp                        | INVENTRUST PROPE                                  | CUSIP: 46124J201<br>LEI: 5493006BQYSOBYVUFA03 | Long             | EC               | CORP              | US        |   3007408 | NS      | $74794236.96   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Paramount Group Inc                               | PARAMOUNT GROUP                                   | CUSIP: 69924R108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   8046320 | NS      | $51898764.00   | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Kennedy-Wilson Holdings Inc                       | KENNEDY-WILSON H                                  | CUSIP: 489398107<br>LEI: 549300MOI1T78144X610 | Long             | EC               | CORP              | US        |   5532313 | NS      | $98917756.44   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Tanger Factory Outlet Centers Inc                 | TANGER FACTORY                                    | CUSIP: 875465106<br>LEI: UKEW8YSXE4Y581KYOL30 | Long             | EC               | CORP              | US        |   4654889 | NS      | $88954928.79   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| FRP Holdings Inc                                  | FRP HOLDINGS INC                                  | CUSIP: 30292L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    273619 | NS      | $15369179.23   | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                                      | PROLOGIS INC                                      | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |  41162569 | NS      | $5321496920.32 | 7.64%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities Inc                         | AVALONBAY COMMUN                                  | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |   6235848 | NS      | $1106488869.12 | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Anywhere Real Estate Inc                          | ANYWHERE REAL ES                                  | CUSIP: 75605Y106<br>LEI: 5493004HBTOTE9DI9P12 | Long             | EC               | CORP              | US        |   5096853 | NS      | $43221313.44   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamar Advertising Co                              | LAMAR ADVERTIS-A                                  | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               | CORP              | US        |   3885355 | NS      | $413945721.70  | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Necessity Retail REIT Inc/The                     | NECESSITY RETAIL                                  | CUSIP: 02607T109<br>LEI: 549300GN4H0K3IUS8983 | Long             | EC               | CORP              | US        |   5937605 | NS      | $40553842.15   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Orion Office REIT Inc                             | ORION OFFICE REI                                  | CUSIP: 68629Y103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   2522336 | NS      | $24340542.40   | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-30

**Name of Applicant:** VANGUARD SPECIALIZED FUNDS

**Signature:** Ashley Grim

**Name of Signer:** Ashley Grim

**Title:** Treasurer