# EDGAR Filing Document

**Accession Number:** 0000857490
**File Stem:** 0001752724-23-050243
**Filing Date:** 2023-3
**Character Count:** 58691
**Document Hash:** ef54df37d7b7cb72eebfbf2240be6ac1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-050243.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001752724-23-050243

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VANGUARD VARIABLE INSURANCE FUNDS
- **CENTRAL INDEX KEY:** 0000857490
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05962
- **FILM NUMBER:** 23693809

**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 VARIABLE INSURANCE FUND
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD VARIABLE INSURANCE FUND INC
- **DATE OF NAME CHANGE:** 19910505

## Series and Classes Contracts Data

### Real Estate Index Portfolio (Series ID: S000004392)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000012148 | Real Estate Index Portfolio |  |

## 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 VARIABLE INSURANCE FUNDS

- **b. Investment Company Act file number:** 811-05962

- **c. CIK number of Registrant:** 0000857490

- **d. LEI of Registrant:** 549300N9FZ0B1IR95761

- **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:** REAL ESTATE INDEX PORTFOLIO

- **b. EDGAR series identifier (if any):** S000004392

- **c. LEI of Series:** NSYZG9R2JB2XHYUW8881

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

- **a. Date of fiscal year-end:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-31

**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:** $1099811686.92

**Total Liabilities:** $4850281.66

**Net Assets:** $1094961405.26

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000012148 | 3.44%                | 6.21%                | -5.10%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $807008.77               | $34322848.25                               |
| Month 2  | $886499.79               | $64904527.63                               |
| Month 3  | $2601399.09              | $-68703536.56                              |

### 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        |    252932 | NS      | $25361491.64  | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                                       | EQUINIX INC                    | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Long             | EC               | CORP              | US        |     80126 | NS      | $52484933.78  | 4.79%             |  |  |  | No            |                  1 | On Loan: No      |
| iStar Inc                                         | ISTAR INC                      | CUSIP: 45031U101<br>LEI: QFFLKWYYS3UPWD86E794 | Long             | EC               | CORP              | US        |     74677 | NS      | $569785.51    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Camden Property Trust                             | CAMDEN PROP TR                 | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |     89036 | NS      | $9961347.68   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| NexPoint Diversified Real Estate Trust            | NEXPOINT DIVERSI               | CUSIP: 65340G205<br>LEI: 5493008KGR2NU3OXMR64 | Long             | EC               | CORP              | US        |     27582 | NS      | $309194.22    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Health Realty Income Trust              | UNIVERSAL HEALTH               | CUSIP: 91359E105<br>LEI: 549300L4MWZL4IH6H172 | Long             | EC               | CORP              | US        |     11396 | NS      | $543931.08    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexandria Real Estate Equities Inc               | ALEXANDRIA REAL                | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |    136455 | NS      | $19877399.85  | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Four Corners Property Trust Inc                   | FOUR CORNERS PRO               | CUSIP: 35086T109<br>LEI: 549300SVTPZPBDVNER42 | Long             | EC               | CORP              | US        |     72188 | NS      | $1871834.84   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| RMR Group Inc/The                                 | RMR GROUP-A                    | CUSIP: 74967R106<br>LEI: 549300JP4L34E48UJM16 | Long             | EC               | CORP              | US        |     13332 | NS      | $376629.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Extra Space Storage Inc                           | EXTRA SPACE STOR               | CUSIP: 30225T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    117834 | NS      | $17342808.12  | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Centerspace                                       | CENTERSPACE                    | CUSIP: 15202L107<br>LEI: 5493002LG2SH9EEHT720 | Long             | EC               | CORP              | US        |     13454 | NS      | $789346.18    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Plymouth Industrial REIT Inc                      | PLYMOUTH INDUSTR               | CUSIP: 729640102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35075 | NS      | $672738.50    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| CBL & Associates Properties Inc                   | CBL & ASSOC PROP               | CUSIP: 124830878<br>LEI: 529900EIVFBRS4PUBZ13 | Long             | EC               | CORP              | US        |     11286 | NS      | $260480.88    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| One Liberty Properties Inc                        | ONE LIBERTY PROP               | CUSIP: 682406103<br>LEI: 549300QII1CQZGZBZR14 | Long             | EC               | CORP              | US        |     14726 | NS      | $327211.72    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SITE Centers Corp                                 | SITE CENTERS COR               | CUSIP: 82981J109<br>LEI: W2AVA6SODOQ1LCYJQR54 | Long             | EC               | CORP              | US        |    170458 | NS      | $2328456.28   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Easterly Government Properties Inc                | EASTERLY GOVERNM               | CUSIP: 27616P103<br>LEI: 549300ERMCEFC6S8HL77 | Long             | EC               | CORP              | US        |     75350 | NS      | $1075244.50   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| LXP Industrial Trust                              | LXP INDUSTRIAL T               | CUSIP: 529043101<br>LEI: 549300S4MH2ICXDBFV43 | Long             | EC               | CORP              | US        |    247183 | NS      | $2476773.66   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Brixmor Property Group Inc                        | BRIXMOR PROPERTY               | CUSIP: 11120U105<br>LEI: 5299007UXW6Y0W2EGZ95 | Long             | EC               | CORP              | US        |    263614 | NS      | $5976129.38   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadstone Net Lease Inc                          | BROADSTONE NET                 | CUSIP: 11135E203<br>LEI: 549300U8D7PT70B49V21 | Long             | EC               | CORP              | US        |    152886 | NS      | $2478282.06   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| LTC Properties Inc                                | LTC PROPERTIES                 | CUSIP: 502175102<br>LEI: 549300NRZP8IJG2KY677 | Long             | EC               | CORP              | US        |     35413 | NS      | $1258223.89   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| National Storage Affiliates Trust                 | NATIONAL STORAGE               | CUSIP: 637870106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     76831 | NS      | $2775135.72   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Terreno Realty Corp                               | TERRENO REALTY C               | CUSIP: 88146M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     66488 | NS      | $3781172.56   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc                                     | WELLTOWER INC                  | CUSIP: 95040Q104<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | EC               | CORP              | US        |    407642 | NS      | $26720933.10  | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Cousins Properties Inc                            | COUSINS PROP                   | CUSIP: 222795502<br>LEI: 5493007XPYD5EJABN062 | Long             | EC               | CORP              | US        |    133380 | NS      | $3373180.20   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Opendoor Technologies Inc                         | OPENDOOR TECHNOL               | CUSIP: 683712103<br>LEI: 254900KX11YZ4HV5BQ47 | Long             | EC               | CORP              | US        |    354995 | NS      | $411794.20    | 0.04%             |  |  |  | No            |                  1 | On Loan: —       |
| Retail Opportunity Investments Corp               | RETAIL OPPORTUNI               | CUSIP: 76131N101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    108997 | NS      | $1638224.91   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimco Realty Corp                                 | KIMCO REALTY                   | CUSIP: 49446R109<br>LEI: 549300EA7I6T15IBYS12 | Long             | EC               | CORP              | US        |    544809 | NS      | $11539054.62  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Kite Realty Group Trust                           | KITE REALTY GROU               | CUSIP: 49803T300<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    192741 | NS      | $4057198.05   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryman Hospitality Properties Inc                  | RYMAN HOSPITALIT               | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               | CORP              | US        |     46148 | NS      | $3773983.44   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadia Realty Trust                               | ACADIA REALTY                  | CUSIP: 004239109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     82817 | NS      | $1188423.95   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Jones Lang LaSalle Inc                            | JONES LANG LASAL               | CUSIP: 48020Q107<br>LEI: 6SYKCME112RT8TQUO411 | Long             | EC               | CORP              | US        |     42219 | NS      | $6728442.03   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Industrial Logistics Properties Trust             | INDUSTRIAL LOGIS               | CUSIP: 456237106<br>LEI: 5493004XH9PJW009HR47 | Long             | EC               | CORP              | US        |     56942 | NS      | $186200.34    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Sun Communities Inc                               | SUN COMMUNITIES                | CUSIP: 866674104<br>LEI: 549300H5GEOJYN41ZG57 | Long             | EC               | CORP              | US        |    108522 | NS      | $15518646.00  | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc                                    | CBRE GROUP INC-A               | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |    282816 | NS      | $21765519.36  | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Community Healthcare Trust Inc                    | COMMUNITY HEALTH               | CUSIP: 20369C106<br>LEI: 549300FATSRCMKOV9536 | Long             | EC               | CORP              | US        |     20746 | NS      | $742706.80    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| National Retail Properties Inc                    | NATIONAL RETAIL                | CUSIP: 637417106<br>LEI: 5493008JKH5SOTI0JS97 | Long             | EC               | CORP              | US        |    156038 | NS      | $7140298.88   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Veris Residential Inc                             | VERIS RESIDENTIA               | CUSIP: 554489104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     67793 | NS      | $1079942.49   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| CubeSmart                                         | CUBESMART                      | CUSIP: 229663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    197293 | NS      | $7941043.25   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Gladstone Commercial Corp                         | GLADSTONE COMMER               | CUSIP: 376536108<br>LEI: 529900EVVV534W8R0T32 | Long             | EC               | CORP              | US        |     34614 | NS      | $640359.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Marcus & Millichap Inc                            | MARCUS & MILLICH               | CUSIP: 566324109<br>LEI: 549300B2HE8ULXNB1N48 | Long             | EC               | CORP              | US        |     22699 | NS      | $781980.55    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| First Industrial Realty Trust Inc                 | FIRST IND REALTY               | CUSIP: 32054K103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    115971 | NS      | $5596760.46   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Ventas Inc                                        | VENTAS INC                     | CUSIP: 92276F100<br>LEI: ORQTRC074CWLT3DKHT41 | Long             | EC               | CORP              | US        |    351734 | NS      | $15845616.70  | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Medical REIT Inc                           | GLOBAL MEDICAL R               | CUSIP: 37954A204<br>LEI: 549300HFRIPQDYU3GU60 | Long             | EC               | CORP              | US        |     54165 | NS      | $513484.20    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| STORE Capital Corp                                | STORE CAPITAL                  | CUSIP: 862121100<br>LEI: 5493004EA6C9IHDZ7N66 | Long             | EC               | CORP              | US        |    224010 | NS      | $7181760.60   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| St Joe Co/The                                     | ST JOE CO                      | CUSIP: 790148100<br>LEI: 529900XVHOT3BF8PWG49 | Long             | EC               | CORP              | US        |     28414 | NS      | $1098201.10   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Commonwealth                               | EQUITY COMMONWEA               | CUSIP: 294628102<br>LEI: 549300YPGVU9PR4L0606 | Long             | EC               | CORP              | US        |     98215 | NS      | $2452428.55   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Brandywine Realty Trust                           | BRANDYWINE RLTY                | CUSIP: 105368203<br>LEI: 5UZ46ZCYUFYYAC0DS831 | Long             | EC               | CORP              | US        |    149611 | NS      | $920107.65    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Physicians Realty Trust                           | PHYSICIANS REALT               | CUSIP: 71943U104<br>LEI: 549300ITOVH0OY7PZC34 | Long             | EC               | CORP              | US        |    199172 | NS      | $2882018.84   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Net Lease Inc                              | GLOBAL NET LEASE               | CUSIP: 379378201<br>LEI: 549300NUYANCT5SU8Z65 | Long             | EC               | CORP              | US        |     90754 | NS      | $1140777.78   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips Edison & Co Inc                          | PHILLIPS EDISON                | CUSIP: 71844V201<br>LEI: 549300JPN4YHYPXTJQ85 | Long             | EC               | CORP              | US        |    102796 | NS      | $3273024.64   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Summit Hotel Properties Inc                       | SUMMIT HOTEL PRO               | CUSIP: 866082100<br>LEI: 254900OBQWJK6X20LS71 | Long             | EC               | CORP              | US        |     92884 | NS      | $670622.48    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| VICI Properties Inc                               | VICI PROPERTIES                | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |    846958 | NS      | $27441439.20  | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Spirit Realty Capital Inc                         | SPIRIT REALTY                  | CUSIP: 84860W300<br>LEI: 549300LTU6LVPZSHMJ25 | Long             | EC               | CORP              | US        |    119805 | NS      | $4783813.65   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Uniti Group Inc                                   | UNITI GROUP INC                | CUSIP: 91325V108<br>LEI: 549300V3NU625PJUVA84 | Long             | EC               | CORP              | US        |    207291 | NS      | $1146319.23   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Public Storage                                    | PUBLIC STORAGE                 | CUSIP: 74460D109<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EC               | CORP              | US        |    138959 | NS      | $38934922.21  | 3.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Medical Properties Trust Inc                      | MEDICAL PROPERTI               | CUSIP: 58463J304<br>LEI: 254900U6E39J1MQCCY14 | Long             | EC               | CORP              | US        |    526331 | NS      | $5863327.34   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Forestar Group Inc                                | FORESTAR GROUP                 | CUSIP: 346232101<br>LEI: 549300BC2UB0GHV60V70 | Long             | EC               | CORP              | US        |     17688 | NS      | $272572.08    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Urban Edge Properties                             | URBAN EDGE P                   | CUSIP: 91704F104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    102701 | NS      | $1447057.09   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexander's Inc                                   | ALEXANDER'S INC                | CUSIP: 014752109<br>LEI: 549300TZM28P04U5R635 | Long             | EC               | CORP              | US        |      2001 | NS      | $440340.06    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Cushman & Wakefield PLC                           | CUSHMAN & WAKEFI               | CUSIP: G2717B108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    128227 | NS      | $1597708.42   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| National Health Investors Inc                     | NATL HEALTH INV                | CUSIP: 63633D104<br>LEI: 549300ZPKZIG6DKDEC02 | Long             | EC               | CORP              | US        |     39526 | NS      | $2064047.72   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Americold Realty Trust Inc                        | Americold Realty Trust Inc     | CUSIP: 03064D108<br>LEI: 549300R7N1V5YV8MWH02 | Long             | EC               | CORP              | US        |    236605 | NS      | $6698287.55   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthpeak Properties Inc                         | HEALTHPEAK PROPE               | CUSIP: 42250P103<br>LEI: PZ9HF5U52KPF0MH0QN75 | Long             | EC               | CORP              | US        |    474795 | NS      | $11903110.65  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Highwoods Properties Inc                          | HIGHWOODS PROP                 | CUSIP: 431284108<br>LEI: ZIIGTYKL9T0X3HLTDX53 | Long             | EC               | CORP              | US        |     93105 | NS      | $2605077.90   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Pebblebrook Hotel Trust                           | PEBBLEBROOK HOTE               | CUSIP: 70509V100<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EC               | CORP              | US        |    114931 | NS      | $1538926.09   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Weyerhaeuser Co                                   | WEYERHAEUSER CO                | CUSIP: 962166104<br>LEI: 08IRJODWFYBI7QWRGS31 | Long             | EC               | CORP              | US        |    651437 | NS      | $20194547.00  | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Saul Centers Inc                                  | SAUL CENTERS INC               | CUSIP: 804395101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12456 | NS      | $506710.08    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Xenia Hotels & Resorts Inc                        | XENIA HOTELS & R               | CUSIP: 984017103<br>LEI: 54930075IWIPHF5IQL62 | Long             | EC               | CORP              | US        |     99935 | NS      | $1317143.30   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Independence Realty Trust Inc                     | INDEPENDENCE REA               | CUSIP: 45378A106<br>LEI: 549300Z3L8NU44NQEB29 | Long             | EC               | CORP              | US        |    195882 | NS      | $3302570.52   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Kilroy Realty Corp                                | KILROY REALTY                  | CUSIP: 49427F108<br>LEI: 549300CXXI18B214UN80 | Long             | EC               | CORP              | US        |     92583 | NS      | $3580184.61   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Chatham Lodging Trust                             | CHATHAM LODGING                | CUSIP: 16208T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40128 | NS      | $492370.56    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Vector Group Ltd                                  | DOUGLAS ELLIMAN                | CUSIP: 25961D105<br>LEI: 549300TUIF4WWN6NDN50 | Long             | EC               | CORP              | US        |     62893 | NS      | $255974.51    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Service Properties Trust                          | SERVICE PROPERTI               | CUSIP: 81761L102<br>LEI: 529900IS770AG1K9QG27 | Long             | EC               | CORP              | US        |    143874 | NS      | $1048841.46   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity Residential                                | EQUITY RESIDENTI               | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |    314343 | NS      | $18546237.00  | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| SL Green Realty Corp                              | SL GREEN REALTY                | CUSIP: 78440X887<br>LEI: 549300VQZPJU97H3GT17 | Long             | EC               | CORP              | US        |     57173 | NS      | $1927873.56   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Office Properties Income Trust                    | OFFICE PROPERTIE               | CUSIP: 67623C109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     42152 | NS      | $562729.20    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| CareTrust REIT Inc                                | CARETRUST REI                  | CUSIP: 14174T107<br>LEI: 5493001NVXE2B9GPLU96 | Long             | EC               | CORP              | US        |     84835 | NS      | $1576234.30   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Getty Realty Corp                                 | GETTY REALTY                   | CUSIP: 374297109<br>LEI: 2549000P1W5SFJWCNP90 | Long             | EC               | CORP              | US        |     35356 | NS      | $1196800.60   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Healthcare Realty Trust Inc                       | HEALTHCARE REALT               | CUSIP: 42226K105<br>LEI: 549300L0I14L7I0VLX84 | Long             | EC               | CORP              | US        |    335490 | NS      | $6464892.30   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Hudson Pacific Properties Inc                     | HUDSON PACIFIC P               | CUSIP: 444097109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    123952 | NS      | $1206052.96   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| PotlatchDeltic Corp                               | POTLATCHDELTIC C               | CUSIP: 737630103<br>LEI: 54930084YA8UJOTXDM59 | Long             | EC               | CORP              | US        |     71008 | NS      | $3123641.92   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Outfront Media Inc                                | OUTFRONT MEDIA I               | CUSIP: 69007J106<br>LEI: 549300RZWDYU5722I639 | Long             | EC               | CORP              | US        |    123669 | NS      | $2050432.02   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexander & Baldwin Inc                           | ALEXANDER & BALD               | CUSIP: 014491104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     64652 | NS      | $1210931.96   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Safehold Inc                                      | SAFEHOLD INC                   | CUSIP: 78645L100<br>LEI: 549300MHMP6BIE0XV355 | Long             | EC               | CORP              | US        |     21776 | NS      | $623229.12    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| NexPoint Residential Trust Inc                    | NEXPOINT RESI                  | CUSIP: 65341D102<br>LEI: 549300U2J6XVYBF87166 | Long             | EC               | CORP              | US        |     20299 | NS      | $883412.48    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| WeWork Inc                                        | WEWORK INC-CL A                | CUSIP: 96209A104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    156588 | NS      | $223920.84    | 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        |         0 | NS      | $2.70         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| STAG Industrial Inc                               | STAG INDUSTRIAL                | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               | CORP              | US        |    157509 | NS      | $5089115.79   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| EPR Properties                                    | EPR PROPERTIES                 | CUSIP: 26884U109<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EC               | CORP              | US        |     66154 | NS      | $2495328.88   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Macerich Co/The                                   | MACERICH CO                    | CUSIP: 554382101<br>LEI: 529900PSWCB5KI0JYU46 | Long             | EC               | CORP              | US        |    189555 | NS      | $2134389.30   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Sabra Health Care REIT Inc                        | SABRA HEALTH CAR               | CUSIP: 78573L106<br>LEI: 549300E3BC7GU7TAZ621 | Long             | EC               | CORP              | US        |    203777 | NS      | $2532948.11   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| WP Carey Inc                                      | WP CAREY INC                   | CUSIP: 92936U109<br>LEI: 54930042CRNE713E3Q67 | Long             | EC               | CORP              | US        |    169783 | NS      | $13268541.45  | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Properties Inc                             | BOSTON PROPERTIE               | CUSIP: 101121101<br>LEI: 549300OF70FSEUQBT254 | Long             | EC               | CORP              | US        |    131141 | NS      | $8862508.78   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Apartment Investment and Management Co            | APARTMENT INVEST               | CUSIP: 03748R747<br>LEI: 549300O8FT5GJ4RU1D57 | Long             | EC               | CORP              | US        |    133034 | NS      | $947202.08    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle Inc                                  | CROWN CASTLE INC               | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |    380960 | NS      | $51673414.40  | 4.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunstone Hotel Investors Inc                      | SUNSTONE HOTEL                 | CUSIP: 867892101<br>LEI: 529900ZQ2V52V96ATF67 | Long             | EC               | CORP              | US        |    185623 | NS      | $1793118.18   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Piedmont Office Realty Trust Inc                  | PIEDMONT OFFIC-A               | CUSIP: 720190206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    107968 | NS      | $990066.56    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Offerpad Solutions Inc                            | OFFERPAD SOLUTIO               | CUSIP: 67623L109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     49631 | NS      | $22855.08     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Vornado Realty Trust                              | VORNADO RLTY TST               | CUSIP: 929042109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    143652 | NS      | $2989398.12   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| RLJ Lodging Trust                                 | RLJ LODGING TRUS               | CUSIP: 74965L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    142292 | NS      | $1506872.28   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Apartment Income REIT Corp                        | APARTMENT INCOME               | CUSIP: 03750L109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    135483 | NS      | $4648421.73   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Innovative Industrial Properties Inc              | INNOVATIVE INDUS               | CUSIP: 45781V101<br>LEI: 5493008BQ0545EZXRR30 | Long             | EC               | CORP              | US        |     24709 | NS      | $2504257.15   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Douglas Emmett Inc                                | DOUGLAS EMMETT                 | CUSIP: 25960P109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    155261 | NS      | $2434492.48   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Elme Communities                                  | ELME COMMUNITIES               | CUSIP: 939653101<br>LEI: 549300DI34BGS8LVKW95 | Long             | EC               | CORP              | US        |     76413 | NS      | $1360151.40   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Corporate Office Properties Trust                 | CORP OFFICE PROP               | CUSIP: 22002T108<br>LEI: YY1J47X6LF9TYY8JY420 | Long             | EC               | CORP              | US        |     99264 | NS      | $2574908.16   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| JBG SMITH Properties                              | JBG SMITH PROPER               | CUSIP: 46590V100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     90043 | NS      | $1709016.14   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Mid-America Apartment Communities Inc             | MID-AMERICA APAR               | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               | CORP              | US        |    101552 | NS      | $15942648.48  | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Spirit MTA REIT                                   | SPIRIT MTA REIT RTS            | CUSIP: N/A<br>LEI: 5493001XMVHW4G48PP41       | Long             | EC               | CORP              | US        |     42040 | NS      | $0.42         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| UMH Properties Inc                                | UMH PROPERTIES I               | CUSIP: 903002103<br>LEI: 529900OM5K3PJ11F0Q09 | Long             | EC               | CORP              | US        |     45743 | NS      | $736462.30    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Hospitality REIT Inc                        | APPLE HOSPITALIT               | CUSIP: 03784Y200<br>LEI: 549300EVZAR0FBZO4F16 | Long             | EC               | CORP              | US        |    191630 | NS      | $3023921.40   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Seritage Growth Properties                        | SERITAGE GROWT-A               | CUSIP: 81752R100<br>LEI: 5493003CJFC2MM82WB25 | Long             | EC               | CORP              | US        |     31840 | NS      | $376667.20    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| RPT Realty                                        | RPT REALTY                     | CUSIP: 74971D101<br>LEI: 549300T03GDH1L37S188 | Long             | EC               | CORP              | US        |     74393 | NS      | $746905.72    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Realty Investment Trust                   | FED REALTY INVS                | CUSIP: 313745101<br>LEI: 549300LI6XZ51GOCJ427 | Long             | EC               | CORP              | US        |     63994 | NS      | $6465953.76   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Armada Hoffler Properties Inc                     | ARMADA HOFFLER P               | CUSIP: 04208T108<br>LEI: 549300WQRSIV6XZT9313 | Long             | EC               | CORP              | US        |     59264 | NS      | $681536.00    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Park Hotels & Resorts Inc                         | PARK H&R INC                   | CUSIP: 700517105<br>LEI: 5493005UZ5TQN0H6HS73 | Long             | EC               | CORP              | US        |    198974 | NS      | $2345903.46   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Gladstone Land Corp                               | GLADSTONE LAND C               | CUSIP: 376549101<br>LEI: 54930002B3Q17H38FG74 | Long             | EC               | CORP              | US        |     28701 | NS      | $526663.35    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| NETSTREIT Corp                                    | NETSTREIT CORP                 | CUSIP: 64119V303<br>LEI: 254900CJL0EDMEQ25Q84 | Long             | EC               | CORP              | US        |     44016 | NS      | $806813.28    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| American Homes 4 Rent                             | AMERICAN HOMES-A               | CUSIP: 02665T306<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EC               | CORP              | US        |    275713 | NS      | $8309989.82   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Realty Income Corp                                | REALTY INCOME                  | CUSIP: 756109104<br>LEI: 549300CUWDAUZSH43859 | Long             | EC               | CORP              | US        |    543027 | NS      | $34444202.61  | 3.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaming and Leisure Properties Inc                 | GAMING AND LEISU               | CUSIP: 36467J108<br>LEI: 5493006GWRDBCZYWTM57 | Long             | EC               | CORP              | US        |    225610 | NS      | $11752024.90  | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Rayonier Inc                                      | RAYONIER INC                   | CUSIP: 754907103<br>LEI: HGV8VDVNL0W6SF2U9C50 | Long             | EC               | CORP              | US        |    128732 | NS      | $4243006.72   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| eXp World Holdings Inc                            | EXP WORLD HOLDIN               | CUSIP: 30212W100<br>LEI: 549300TWVVZC283VEC32 | Long             | EC               | CORP              | US        |     60057 | NS      | $665431.56    | 0.06%             |  |  |  | No            |                  1 | On Loan: —       |
| Iron Mountain Inc                                 | IRON MOUNTAIN                  | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | EC               | CORP              | US        |    255943 | NS      | $12758758.55  | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                               | DJ US REAL ESTATE Mar23        | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | N/A       |        20 | NC      | $-17429.30    | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| City Office REIT Inc                              | CITY OFFICE REIT               | CUSIP: 178587101<br>LEI: 5493003J7157VP25NL57 | Long             | EC               | CORP              | US        |     36425 | NS      | $305241.50    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Life Storage Inc                                  | LIFE STORAGE INC               | CUSIP: 53223X107<br>LEI: W9EE01AFDDF9DQCQZC68 | Long             | EC               | CORP              | US        |     74137 | NS      | $7302494.50   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmark Group Inc                                 | NEWMARK GROUP-A                | CUSIP: 65158N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    137954 | NS      | $1099493.38   | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Street Properties Corp                   | FRANKLIN STREET                | CUSIP: 35471R106<br>LEI: 549300STLK2T6QY5WO82 | Long             | EC               | CORP              | US        |     81358 | NS      | $222107.34    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| American Assets Trust Inc                         | AMERICAN ASSETS                | CUSIP: 024013104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     44988 | NS      | $1192182.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Equity LifeStyle Properties Inc                   | EQUITY LIFESTYLE               | CUSIP: 29472R108<br>LEI: 529900PEQG66LENB6798 | Long             | EC               | CORP              | US        |    155488 | NS      | $10044524.80  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Properties Realty Trust Inc             | ESSENTIAL PROPER               | CUSIP: 29670E107<br>LEI: 2549009LXQLVYCGLZO50 | Long             | EC               | CORP              | US        |    124568 | NS      | $2923610.96   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Host Hotels & Resorts Inc                         | HOST HOTELS & RE               | CUSIP: 44107P104<br>LEI: N6EL63S0K3PB1YFTDI24 | Long             | EC               | CORP              | US        |    629300 | NS      | $10100265.00  | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| UDR Inc                                           | UDR INC                        | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               | CORP              | US        |    285935 | NS      | $11074262.55  | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp                                 | AGREE REALTY                   | CUSIP: 008492100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     70129 | NS      | $4974249.97   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| RE/MAX Holdings Inc                               | RE/MAX HOLDINGS                | CUSIP: 75524W108<br>LEI: 54930033W2KS56JHAN30 | Long             | EC               | CORP              | US        |     16415 | NS      | $305975.60    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Essex Property Trust Inc                          | ESSEX PROPERTY                 | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |     57303 | NS      | $12143651.76  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Zillow Group Inc                                  | ZILLOW GROUP I-A               | CUSIP: 98954M101<br>LEI: 2549002XEELQDIR6FU05 | Long             | EC               | CORP              | US        |     51769 | NS      | $1615710.49   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| DigitalBridge Group Inc                           | DIGITALBRIDGE GR               | CUSIP: 25401T603<br>LEI: 549300XG87L902AGBO89 | Long             | EC               | CORP              | US        |    143271 | NS      | $1567384.74   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Howard Hughes Corp/The                            | HOWARD HUGHE                   | CUSIP: 44267D107<br>LEI: 549300BVHY25JZC1KI49 | Long             | EC               | CORP              | US        |     33125 | NS      | $2531412.50   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Redfin Corp                                       | REDFIN CORP                    | CUSIP: 75737F108<br>LEI: 549300HXWD3JEMZU3O57 | Long             | EC               | CORP              | US        |     85350 | NS      | $361884.00    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| EastGroup Properties Inc                          | EASTGROUP PROP                 | CUSIP: 277276101<br>LEI: 31TIGQQZC4P6JMHKSW85 | Long             | EC               | CORP              | US        |     38325 | NS      | $5674399.50   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Zillow Group Inc                                  | ZILLOW GRO-C                   | CUSIP: 98954M200<br>LEI: 2549002XEELQDIR6FU05 | Long             | EC               | CORP              | US        |    139571 | NS      | $4495581.91   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Omega Healthcare Investors Inc                    | OMEGA HEALTHCARE               | CUSIP: 681936100<br>LEI: 549300OJ7ENK42CZ8E73 | Long             | EC               | CORP              | US        |    205568 | NS      | $5745625.60   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Diversified Healthcare Trust                      | DIVERSIFIED HEAL               | CUSIP: 25525P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    211854 | NS      | $137027.17    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Empire State Realty Trust Inc                     | EMPIRE STATE REA               | CUSIP: 292104106<br>LEI: 549300VOKY1DUEQSB456 | Long             | EC               | CORP              | US        |    120872 | NS      | $814677.28    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc                          | SIMON PROPERTY                 | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |    288053 | NS      | $33840466.44  | 3.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Doma Holdings Inc                                 | DOMA HOLDINGS IN               | CUSIP: 25703A104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    108942 | NS      | $49339.83     | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SBA Communications Corp                           | SBA COMM CORP                  | CUSIP: 78410G104<br>LEI: 5299001HX8ZN8Y8QIT49 | Long             | EC               | CORP              | US        |     94908 | NS      | $26603661.48  | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Compass Inc                                       | COMPASS INC - A                | CUSIP: 20464U100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    206156 | NS      | $480343.48    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp                               | AMERICAN TOWER C               | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               | CORP              | US        |    409584 | NS      | $86774466.24  | 7.92%             |  |  |  | No            |                  1 | On Loan: No      |
| DiamondRock Hospitality Co                        | DIAMONDROCK HOSP               | CUSIP: 252784301<br>LEI: 529900KKD4BPVBUAQ734 | Long             | EC               | CORP              | US        |    184275 | NS      | $1509212.25   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Rexford Industrial Realty Inc                     | REXFORD INDUSTRI               | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Long             | EC               | CORP              | US        |    150456 | NS      | $8220915.84   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Urstadt Biddle Properties Inc                     | URSTADT BIDDLE-A               | CUSIP: 917286205<br>LEI: 549300XXD0YL0AER3Z82 | Long             | EC               | CORP              | US        |     26104 | NS      | $494670.80    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Invitation Homes Inc                              | INVITATION HOMES               | CUSIP: 46187W107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    537078 | NS      | $15918991.92  | 1.45%             |  |  |  | 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        |     15357 | NS      | $1535572.43   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Regency Centers Corp                              | REGENCY CENTERS                | CUSIP: 758849103<br>LEI: 529900053A7X7FJ97S58 | Long             | EC               | CORP              | US        |    135336 | NS      | $8458500.00   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| InvenTrust Properties Corp                        | INVENTRUST PROPE               | CUSIP: 46124J201<br>LEI: 5493006BQYSOBYVUFA03 | Long             | EC               | CORP              | US        |     59063 | NS      | $1398021.21   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Paramount Group Inc                               | PARAMOUNT GROUP                | CUSIP: 69924R108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    157703 | NS      | $936755.82    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Kennedy-Wilson Holdings Inc                       | KENNEDY-WILSON H               | CUSIP: 489398107<br>LEI: 549300MOI1T78144X610 | Long             | EC               | CORP              | US        |    110056 | NS      | $1731180.88   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Tanger Factory Outlet Centers Inc                 | TANGER FACTORY                 | CUSIP: 875465106<br>LEI: UKEW8YSXE4Y581KYOL30 | Long             | EC               | CORP              | US        |     91250 | NS      | $1637025.00   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| FRP Holdings Inc                                  | FRP HOLDINGS INC               | CUSIP: 30292L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5453 | NS      | $293698.58    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Prologis Inc                                      | PROLOGIS INC                   | CUSIP: 74340W103<br>LEI: 529900DFH19P073LZ636 | Long             | EC               | CORP              | US        |    812033 | NS      | $91540480.09  | 8.36%             |  |  |  | No            |                  1 | On Loan: No      |
| AvalonBay Communities Inc                         | AVALONBAY COMMUN               | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |    123027 | NS      | $19871321.04  | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Anywhere Real Estate Inc                          | ANYWHERE REAL ES               | CUSIP: 75605Y106<br>LEI: 5493004HBTOTE9DI9P12 | Long             | EC               | CORP              | US        |    100008 | NS      | $639051.12    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Lamar Advertising Co                              | LAMAR ADVERTIS-A               | CUSIP: 512816109<br>LEI: 529900Y8WW4MKVPTB543 | Long             | EC               | CORP              | US        |     76571 | NS      | $7228302.40   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Necessity Retail REIT Inc/The                     | NECESSITY RETAIL               | CUSIP: 02607T109<br>LEI: 549300GN4H0K3IUS8983 | Long             | EC               | CORP              | US        |    116637 | NS      | $691657.41    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Orion Office REIT Inc                             | ORION OFFICE REI               | CUSIP: 68629Y103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     49967 | NS      | $426718.18    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-28

**Name of Applicant:** VANGUARD VARIABLE INSURANCE FUNDS

**Signature:** Ashley Grim

**Name of Signer:** Ashley Grim

**Title:** Treasurer