Shares | Market Value ($000) | |||||
Equity Real Estate Investment Trusts (REITs) (95.4%) | ||||||
Diversified REITs (2.6%) | ||||||
WP Carey Inc. | 8,743,369 | 667,119 | ||||
STORE Capital Corp. | 11,446,220 | 363,990 | ||||
Broadstone Net Lease Inc. | 7,675,891 | 131,565 | ||||
Essential Properties Realty Trust Inc. | 5,942,488 | 127,882 | ||||
Alexander & Baldwin Inc. | 3,296,565 | 64,217 | ||||
American Assets Trust Inc. | 2,333,327 | 64,120 | ||||
Global Net Lease Inc. | 4,695,098 | 57,515 | ||||
Empire State Realty Trust Inc. Class A | 6,418,550 | 47,305 | ||||
iStar Inc. | 3,759,165 | 39,396 | ||||
Armada Hoffler Properties Inc. | 3,064,853 | 35,828 | ||||
Gladstone Commercial Corp. | 1,750,302 | 30,788 | ||||
One Liberty Properties Inc. | 767,354 | 17,296 | ||||
1,647,021 | ||||||
Health Care REITs (6.5%) | ||||||
Welltower Inc. | 19,828,192 | 1,210,313 | ||||
Ventas Inc. | 18,117,858 | 708,952 | ||||
Healthpeak Properties Inc. | 24,457,063 | 580,366 | ||||
Healthcare Realty Trust Inc. Class A | 17,257,885 | 350,853 | ||||
Omega Healthcare Investors Inc. | 10,662,907 | 338,867 | ||||
Medical Properties Trust Inc. | 27,201,107 | 311,453 | ||||
Physicians Realty Trust | 10,211,904 | 153,791 | ||||
Sabra Health Care REIT Inc. | 10,477,458 | 143,122 | ||||
National Health Investors Inc. | 2,077,443 | 117,791 | ||||
CareTrust REIT Inc. | 4,398,714 | 82,168 | ||||
LTC Properties Inc. | 1,789,009 | 69,181 | ||||
Community Healthcare Trust Inc. | 1,077,880 | 37,295 | ||||
Universal Health Realty Income Trust | 592,941 | 28,858 | ||||
Global Medical REIT Inc. | 2,819,735 | 25,772 | ||||
Diversified Healthcare Trust | 10,850,174 | 14,756 | ||||
4,173,538 | ||||||
Hotel & Resort REITs (2.7%) | ||||||
Host Hotels & Resorts Inc. | 32,400,332 | 611,718 | ||||
Ryman Hospitality Properties Inc. | 2,374,731 | 211,161 | ||||
Apple Hospitality REIT Inc. | 9,856,164 | 168,737 | ||||
Park Hotels & Resorts Inc. | 10,579,556 | 138,381 | ||||
Sunstone Hotel Investors Inc. | 9,756,841 | 108,789 | ||||
Pebblebrook Hotel Trust | 5,956,832 | 95,548 | ||||
RLJ Lodging Trust | 7,562,545 | 92,036 | ||||
DiamondRock Hospitality Co. | 9,557,724 | 89,269 | ||||
Xenia Hotels & Resorts Inc. | 5,183,352 | 88,532 | ||||
Service Properties Trust | 7,484,477 | 60,699 |
Shares | Market Value ($000) | |||||
Summit Hotel Properties Inc. | 4,850,051 | 41,904 | ||||
* | Chatham Lodging Trust | 2,098,124 | 27,213 | |||
1,733,987 | ||||||
Industrial REITs (10.5%) | ||||||
Prologis Inc. | 41,834,196 | 4,633,137 | ||||
Rexford Industrial Realty Inc. | 7,480,257 | 413,509 | ||||
EastGroup Properties Inc. | 1,889,330 | 296,039 | ||||
Americold Realty Trust Inc. | 12,206,049 | 295,997 | ||||
First Industrial Realty Trust Inc. | 5,983,339 | 284,986 | ||||
STAG Industrial Inc. | 8,123,276 | 256,614 | ||||
Terreno Realty Corp. | 3,426,007 | 195,762 | ||||
Innovative Industrial Properties Inc. | 1,268,135 | 137,085 | ||||
LXP Industrial Trust | 12,988,169 | 125,726 | ||||
Plymouth Industrial REIT Inc. | 1,816,118 | 33,489 | ||||
Industrial Logistics Properties Trust | 2,972,749 | 13,913 | ||||
6,686,257 | ||||||
Office REITs (5.1%) | ||||||
Alexandria Real Estate Equities Inc. | 7,028,649 | 1,021,263 | ||||
Boston Properties Inc. | 6,748,367 | 490,606 | ||||
Kilroy Realty Corp. | 4,761,398 | 203,502 | ||||
Vornado Realty Trust | 7,386,945 | 174,258 | ||||
Cousins Properties Inc. | 6,742,303 | 160,197 | ||||
Douglas Emmett Inc. | 7,964,717 | 140,099 | ||||
Corporate Office Properties Trust | 5,097,257 | 135,842 | ||||
Highwoods Properties Inc. | 4,780,890 | 134,964 | ||||
Equity Commonwealth | 5,107,170 | 133,604 | ||||
1 | SL Green Realty Corp. | 2,906,407 | 115,326 | |||
JBG SMITH Properties | 5,039,822 | 99,184 | ||||
Hudson Pacific Properties Inc. | 6,558,840 | 72,410 | ||||
Easterly Government Properties Inc. Class A | 3,911,296 | 68,017 | ||||
Piedmont Office Realty Trust Inc. Class A | 5,586,431 | 58,378 | ||||
* | Veris Residential Inc. | 3,508,388 | 55,538 | |||
Paramount Group Inc. | 7,940,541 | 51,375 | ||||
Brandywine Realty Trust | 7,765,875 | 50,944 | ||||
Office Properties Income Trust | 2,192,301 | 33,542 | ||||
Orion Office REIT Inc. | 2,565,500 | 24,039 | ||||
City Office REIT Inc. | 1,976,364 | 20,989 | ||||
Franklin Street Properties Corp. | 4,654,362 | 13,405 | ||||
*,2 | New York REIT Liquidating LLC | 1,208 | 14 | |||
3,257,496 | ||||||
Other (11.9%)3 | ||||||
4,5 | Vanguard Real Estate II Index Fund | 380,582,611 | 7,611,295 | |||
Residential REITs (12.5%) | ||||||
AvalonBay Communities Inc. | 6,337,904 | 1,109,894 | ||||
Equity Residential | 15,593,565 | 982,706 | ||||
Invitation Homes Inc. | 27,665,675 | 876,725 | ||||
Mid-America Apartment Communities Inc. | 5,232,295 | 823,825 | ||||
Sun Communities Inc. | 5,512,684 | 743,385 | ||||
Essex Property Trust Inc. | 2,961,518 | 658,168 | ||||
UDR Inc. | 14,432,710 | 573,845 | ||||
Camden Property Trust | 4,586,737 | 529,997 | ||||
Equity LifeStyle Properties Inc. | 8,009,556 | 512,291 | ||||
American Homes 4 Rent Class A | 13,133,012 | 419,468 | ||||
Apartment Income REIT Corp. Class A | 7,120,720 | 273,649 | ||||
Independence Realty Trust Inc. | 10,024,850 | 168,017 | ||||
Elme Communities | 3,960,342 | 75,603 |
Shares | Market Value ($000) | |||||
Apartment Investment & Management Co. Class A | 6,916,720 | 54,919 | ||||
Centerspace | 696,284 | 48,252 | ||||
NexPoint Residential Trust Inc. | 1,048,247 | 47,800 | ||||
UMH Properties Inc. | 2,335,616 | 40,967 | ||||
* | Bluerock Homes Trust Inc. | 149 | 4 | |||
7,939,515 | ||||||
Retail REITs (10.9%) | ||||||
Realty Income Corp. | 27,270,271 | 1,698,120 | ||||
Simon Property Group Inc. | 14,497,069 | 1,579,891 | ||||
Kimco Realty Corp. | 28,012,966 | 598,917 | ||||
Regency Centers Corp. | 7,031,518 | 425,477 | ||||
National Retail Properties Inc. | 7,974,279 | 335,159 | ||||
Federal Realty Investment Trust | 3,239,907 | 320,686 | ||||
Brixmor Property Group Inc. | 13,576,729 | 289,320 | ||||
Spirit Realty Capital Inc. | 6,087,563 | 236,380 | ||||
Agree Realty Corp. | 3,407,605 | 234,102 | ||||
Kite Realty Group Trust | 9,941,559 | 195,252 | ||||
Phillips Edison & Co. Inc. | 5,163,378 | 155,624 | ||||
Macerich Co. | 9,728,899 | 108,283 | ||||
SITE Centers Corp. | 8,725,421 | 108,021 | ||||
Tanger Factory Outlet Centers Inc. | 4,732,014 | 85,224 | ||||
Retail Opportunity Investments Corp. | 5,631,661 | 81,546 | ||||
InvenTrust Properties Corp. | 3,051,042 | 76,886 | ||||
Urban Edge Properties | 5,325,326 | 75,194 | ||||
Acadia Realty Trust | 4,297,134 | 60,031 | ||||
Getty Realty Corp. | 1,799,900 | 56,679 | ||||
Necessity Retail REIT Inc. Class A | 6,020,269 | 41,179 | ||||
NETSTREIT Corp. | 2,173,222 | 40,900 | ||||
RPT Realty | 3,852,377 | 35,827 | ||||
Saul Centers Inc. | 648,884 | 26,572 | ||||
Urstadt Biddle Properties Inc. Class A | 1,351,018 | 25,318 | ||||
Alexander's Inc. | 104,199 | 24,475 | ||||
1 | CBL & Associates Properties Inc. | 578,079 | 16,608 | |||
Urstadt Biddle Properties Inc. | 16,032 | 304 | ||||
*,2 | Spirit MTA REIT | 2,071,263 | — | |||
6,931,975 | ||||||
Specialized REITs (32.7%) | ||||||
American Tower Corp. | 20,683,266 | 4,285,366 | ||||
Crown Castle Inc. | 19,629,290 | 2,615,799 | ||||
Equinix Inc. | 4,126,003 | 2,337,133 | ||||
Public Storage | 7,161,036 | 2,218,131 | ||||
SBA Communications Corp. Class A | 4,887,890 | 1,319,241 | ||||
Digital Realty Trust Inc. | 12,279,108 | 1,230,981 | ||||
VICI Properties Inc. | 38,252,597 | 1,224,848 | ||||
Extra Space Storage Inc. | 6,086,883 | 1,080,057 | ||||
Weyerhaeuser Co. | 33,747,711 | 1,043,817 | ||||
Iron Mountain Inc. | 13,171,040 | 659,474 | ||||
Gaming & Leisure Properties Inc. | 11,580,584 | 580,419 | ||||
CubeSmart | 10,173,540 | 425,966 | ||||
Life Storage Inc. | 3,824,163 | 422,991 | ||||
Lamar Advertising Co. Class A | 3,947,195 | 364,050 | ||||
Rayonier Inc. | 6,631,250 | 223,473 | ||||
National Storage Affiliates Trust | 3,941,254 | 168,134 | ||||
PotlatchDeltic Corp. | 3,657,880 | 162,739 | ||||
EPR Properties | 3,398,794 | 131,193 | ||||
Outfront Media Inc. | 6,319,447 | 114,066 | ||||
Four Corners Property Trust Inc. | 3,641,810 | 93,303 |
Shares | Market Value ($000) | |||||
Uniti Group Inc. | 10,749,575 | 83,417 | ||||
Gladstone Land Corp. | 1,471,572 | 29,946 | ||||
Safehold Inc. | 841,838 | 24,624 | ||||
20,839,168 | ||||||
Total Equity Real Estate Investment Trusts (REITs) (Cost $61,447,619) | 60,820,252 | |||||
Real Estate Management & Development (4.0%) | ||||||
Diversified Real Estate Activities (0.1%) | ||||||
St. Joe Co. | 1,468,009 | 52,159 | ||||
RMR Group Inc. Class A | 703,409 | 19,252 | ||||
71,411 | ||||||
Real Estate Development (0.2%) | ||||||
* | Howard Hughes Corp. | 1,745,507 | 107,087 | |||
* | Forestar Group Inc. | 897,007 | 10,387 | |||
117,474 | ||||||
Real Estate Operating Companies (0.4%) | ||||||
Kennedy-Wilson Holdings Inc. | 5,616,612 | 93,292 | ||||
DigitalBridge Group Inc. | 6,764,713 | 86,588 | ||||
*,1 | WeWork Inc. | 7,988,984 | 20,532 | |||
* | FRP Holdings Inc. | 278,466 | 16,883 | |||
*,1 | Seritage Growth Properties Class A | 1,189,516 | 12,764 | |||
230,059 | ||||||
Real Estate Services (3.3%) | ||||||
* | CBRE Group Inc. Class A | 14,815,782 | 1,051,032 | |||
* | Jones Lang LaSalle Inc. | 2,216,566 | 352,633 | |||
* | Zillow Group Inc. Class C | 7,353,040 | 226,915 | |||
* | Zillow Group Inc. Class A | 2,714,081 | 83,947 | |||
* | Cushman & Wakefield plc | 6,646,466 | 76,767 | |||
Newmark Group Inc. Class A | 7,403,741 | 60,637 | ||||
* | Opendoor Technologies Inc. | 18,389,800 | 47,630 | |||
Marcus & Millichap Inc. | 1,146,309 | 42,230 | ||||
1 | eXp World Holdings Inc. | 3,070,555 | 40,562 | |||
* | Anywhere Real Estate Inc. | 5,355,245 | 39,789 | |||
*,1 | Compass Inc. Class A | 10,683,693 | 28,205 | |||
*,1 | Redfin Corp. | 4,017,565 | 19,324 | |||
RE/MAX Holdings Inc. Class A | 873,133 | 16,991 | ||||
Douglas Elliman Inc. | 3,312,718 | 15,305 | ||||
*,1 | Offerpad Solutions Inc. | 2,619,112 | 2,552 | |||
* | Doma Holdings Inc. | 4,440,493 | 2,409 | |||
2,106,928 | ||||||
Total Real Estate Management & Development (Cost $3,983,940) | 2,525,872 |
Coupon | Shares | Market Value ($000) | ||||
Temporary Cash Investments (0.7%) | ||||||
Money Market Fund (0.7%) | ||||||
6,7 | Vanguard Market Liquidity Fund (Cost $468,414) | 3.117% | 4,685,585 | 468,465 | ||
Total Investments (100.1%) (Cost $65,899,973) | 63,814,589 | |||||
Other Assets and Liabilities—Net (-0.1%) | (64,946) | |||||
Net Assets (100%) | 63,749,643 |
Cost is in $000. | |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $68,266,000. |
2 | Security value determined using significant unobservable inputs. |
3 | “Other” represents securities that are not classified by the fund’s benchmark index. |
4 | Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group. |
5 | Represents a wholly owned subsidiary of the fund. |
6 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
7 | Collateral of $73,374,000 was received for securities on loan. |
REIT—Real Estate Investment Trust. |
Over-the-Counter Total Return Swaps | ||||||
Reference Entity | Termination Date | Counterparty | Notional Amount ($000) | Floating Interest Rate Received (Paid)1 (%) | Value and Unrealized Appreciation ($000) | Value and Unrealized (Depreciation) ($000) |
American Homes 4 Rent Class A | 8/31/23 | BANA | 34,451 | (3.224) | — | (1,000) |
Digital Realty Trust Inc. | 8/31/23 | BANA | 37,193 | (3.224) | 308 | — |
Digital Realty Trust Inc. | 1/31/23 | GSI | 23,788 | (3.486) | 1,250 | — |
Equity Residential | 8/31/23 | BANA | 40,332 | (3.224) | — | (2,246) |
Redfin Corp. | 1/31/23 | GSI | 1,470 | (3.436) | 212 | — |
Seritage Growth Properties Class A | 1/31/23 | GSI | 3,924 | (3.436) | 321 | — |
Simon Property Group Inc. | 1/31/23 | GSI | 39,660 | (3.486) | 3,891 | — |
VICI Properties Inc. | 8/31/23 | BANA | 161,190 | (3.624) | 13,369 | — |
Welltower Inc. | 8/31/23 | BANA | 48,240 | (3.224) | — | (2,581) |
19,351 | (5,827) |
1 | Based on USD Overnight Bank Funding Rate as of the most recent payment date. Floating interest payment received/paid monthly. |
BANA—Bank of America, N.A. | |
GSI—Goldman Sachs International. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 63,346,110 | — | 14 | 63,346,124 |
Temporary Cash Investments | 468,465 | — | — | 468,465 |
Total | 63,814,575 | — | 14 | 63,814,589 |
Derivative Financial Instruments | ||||
Assets | ||||
Swap Contracts | — | 19,351 | — | 19,351 |
Liabilities | ||||
Swap Contracts | — | 5,827 | — | 5,827 |
Current Period Transactions | ||||||||
Jan. 31, 2022 Market Value ($000) | Purchases at Cost ($000) | Proceeds from Securities Sold1 ($000) | Realized Net Gain (Loss) ($000) | Change in Unrealized App. (Dep.) ($000) | Income ($000) | Capital Gain Distributions Received ($000) | Oct. 31, 2022 Market Value ($000) | |
Easterly Government Properties Inc. | 90,343 | 11,044 | 19,051 | (406) | (12,829) | 2,083 | — | NA2 |
Equity Commonwealth | NA3 | 15,245 | 35,220 | (782) | 2,748 | 4,274 | — | NA2 |
Hudson Pacific Properties Inc. | NA3 | 14,213 | 25,906 | (11,979) | (74,634) | 3,291 | — | NA2 |
Vanguard Market Liquidity Fund | 147,613 | NA4 | NA4 | (4) | 28 | 2,849 | — | 468,465 |
Vanguard Real Estate II Index Fund | 9,542,041 | 200,163 | — | — | (2,131,085) | 200,163 | — | 7,611,295 |
VICI Properties Inc. | NA3,5 | 535,628 | 343,441 | 42,580 | 157,087 | 33,372 | — | NA2 |
Total | 9,779,997 | 776,293 | 423,618 | 29,409 | (2,058,685) | 246,032 | — | 8,079,760 |
1 | Does not include adjustments related to return of capital. |
2 | Not applicable—at October 31, 2022, the security was still held, but the issuer was no longer an affiliated company of the fund. |
3 | Not applicable—at January 31, 2022, the issuer was not an affiliated company of the fund. |
4 | Not applicable—purchases and sales are for temporary cash investment purposes. |
5 | Not applicable—in April 2022, VICI Properties Inc. acquired MGM Growth Properties LLC. |