| Shares | Market Value ($000) | ||
| Common Stocks (99.0%) | |||
| Australia (9.5%) | |||
| Goodman Group | 8,078,587 | 133,391 | |
| Scentre Group | 24,661,484 | 51,201 | |
| Dexus Industria REIT (XASX) | 5,111,494 | 37,211 | |
| Mirvac Group | 18,735,564 | 34,720 | |
| Stockland | 11,346,533 | 32,706 | |
| GPT Group | 9,104,936 | 32,265 | |
| Charter Hall Group | 2,215,139 | 26,533 | |
| Lendlease Corp. Ltd. | 3,270,662 | 23,145 | |
| Vicinity Centres | 18,376,517 | 21,304 | |
| Shopping Centres Australasia Property Group | 5,285,529 | 10,560 | |
| Charter Hall Long Wale REIT | 2,883,000 | 9,862 | |
| National Storage REIT | 5,124,339 | 8,983 | |
| Charter Hall Retail REIT | 2,466,859 | 7,039 | |
| Centuria Industrial REIT | 2,567,384 | 6,942 | |
| Ingenia Communities Group | 1,733,581 | 6,779 | |
| 1 | Waypoint REIT | 3,425,901 | 6,581 |
| BWP Trust | 2,283,454 | 6,440 | |
| Centuria Capital Group | 2,996,033 | 6,367 | |
| Arena REIT | 1,638,393 | 5,461 | |
| Lifestyle Communities Ltd. | 450,941 | 5,405 | |
| Aventus Group | 1,947,454 | 4,461 | |
| Abacus Property Group | 1,813,957 | 4,433 | |
| Charter Hall Social Infrastructure REIT | 1,570,381 | 4,278 | |
| *,1 | Home Consortium Ltd. | 866,544 | 4,020 |
| Cromwell Property Group | 6,711,184 | 4,004 | |
| Growthpoint Properties Australia Ltd. | 1,390,315 | 3,885 | |
| Rural Funds Group | 1,806,871 | 3,657 | |
| Irongate Group | 2,477,087 | 3,242 | |
| Centuria Office REIT | 2,093,221 | 3,206 | |
| HomeCo Daily Needs REIT | 2,585,256 | 2,497 | |
| Dexus Industria REIT | 1,058,815 | 2,342 | |
| Hotel Property Investments | 912,840 | 2,236 | |
| GDI Property Group | 2,401,425 | 1,754 | |
| Cedar Woods Properties Ltd. | 309,669 | 1,130 | |
| 518,040 | |||
| Austria (0.5%) | |||
| *,1 | IMMOFINANZ AG | 457,609 | 11,871 |
| CA Immobilien Anlagen AG (XWBO) | 222,158 | 8,107 | |
| S IMMO AG | 198,825 | 5,095 | |
| *,2 | CA Immobilien Anlagen AG | 344,780 | — |
| 25,073 | |||
| Shares | Market Value ($000) | ||
| Belgium (2.2%) | |||
| Warehouses De Pauw CVA | 666,591 | 28,678 | |
| Aedifica SA | 172,637 | 20,764 | |
| * | Cofinimmo SA | 139,966 | 20,648 |
| VGP NV | 42,436 | 12,025 | |
| Shurgard Self Storage SA | 118,273 | 6,818 | |
| Montea NV | 48,410 | 6,696 | |
| Xior Student Housing NV | 89,723 | 4,911 | |
| Befimmo SA | 115,784 | 4,341 | |
| Retail Estates NV | 53,896 | 4,341 | |
| Care Property Invest NV | 122,272 | 3,478 | |
| Intervest Offices & Warehouses NV | 112,129 | 3,440 | |
| 1 | Immobel SA | 19,425 | 1,732 |
| 117,872 | |||
| Brazil (0.5%) | |||
| * | BR Malls Participacoes SA | 4,099,453 | 7,434 |
| Multiplan Empreendimentos Imobiliarios SA | 1,255,010 | 5,081 | |
| * | Iguatemi SA (BVMF) | 923,840 | 3,479 |
| Aliansce Sonae Shopping Centers SA | 630,037 | 2,690 | |
| JHSF Participacoes SA | 1,434,596 | 1,737 | |
| BR Properties SA | 890,371 | 1,214 | |
| LOG Commercial Properties e Participacoes SA | 198,714 | 1,058 | |
| * | Terra Santa Propriedades Agricolas SA | 144,500 | 536 |
| Lavvi Empreendimentos Imobiliarios Ltda | 391,486 | 426 | |
| 3 | Mitre Realty Empreendimentos E Participacoes LTDA | 226,858 | 325 |
| SYN prop e tech SA | 229,298 | 313 | |
| * | Moura Dubeux Engenharia SA | 218,122 | 269 |
| * | HBR Realty Empreendimentos Imobiliarios SA | 168,978 | 254 |
| Iguatemi SA | 60 | — | |
| 24,816 | |||
| Canada (3.1%) | |||
| 1 | Tricon Capital Group Inc. | 1,305,673 | 19,136 |
| 1 | Canadian Apartment Properties REIT | 403,149 | 17,732 |
| 1 | RioCan REIT | 739,972 | 12,882 |
| Granite REIT | 152,559 | 11,579 | |
| 1 | Allied Properties REIT | 295,493 | 10,398 |
| 1 | Choice Properties REIT | 760,312 | 8,679 |
| 1 | SmartCentres REIT | 336,025 | 8,126 |
| 1 | First Capital REIT | 509,824 | 7,123 |
| 1 | Summit Industrial Income REIT | 407,861 | 6,931 |
| 1 | H&R REIT | 669,752 | 6,807 |
| Dream Industrial REIT | 533,563 | 6,619 | |
| 1 | NorthWest Healthcare Properties REIT | 504,909 | 5,315 |
| 1 | Boardwalk REIT | 108,220 | 4,762 |
| 1 | Killam Apartment REIT | 256,146 | 4,407 |
| InterRent REIT | 324,376 | 4,068 | |
| Cominar REIT | 423,754 | 3,897 | |
| DREAM Unlimited Corp. Class A | 109,352 | 3,444 | |
| 1 | CT REIT | 246,383 | 3,285 |
| 1 | Crombie REIT | 225,850 | 3,076 |
| 1 | Artis REIT | 290,108 | 2,773 |
| 1 | Dream Office REIT | 114,891 | 2,222 |
| Morguard Corp. | 20,551 | 2,121 | |
| Primaris REIT | 166,939 | 1,861 | |
| 1 | Slate Grocery REIT | 136,689 | 1,611 |
| 1,3 | Minto Apartment REIT | 92,228 | 1,598 |
| 1 | Morguard North American Residential REIT | 90,922 | 1,253 |
| Shares | Market Value ($000) | ||
| 1 | True North Commercial REIT | 205,301 | 1,168 |
| 1 | Automotive Properties REIT | 91,056 | 1,028 |
| 1 | Nexus REIT | 108,535 | 1,016 |
| 1 | Plaza Retail REIT | 235,884 | 867 |
| 1 | European Residential REIT | 204,797 | 690 |
| 1 | Slate Office REIT | 155,044 | 613 |
| 1 | Inovalis REIT | 75,863 | 590 |
| 1 | BTB REIT | 165,617 | 520 |
| 168,197 | |||
| Chile (0.1%) | |||
| * | Parque Arauco SA | 3,177,344 | 3,677 |
| Cencosud Shopping SA | 2,246,172 | 2,655 | |
| Plaza SA | 1,355,153 | 1,583 | |
| 7,915 | |||
| China (8.8%) | |||
| China Resources Land Ltd. | 13,556,446 | 65,527 | |
| China Overseas Land & Investment Ltd. | 17,680,710 | 52,184 | |
| 3 | Longfor Group Holdings Ltd. | 7,505,008 | 45,021 |
| Country Garden Holdings Co. | 34,196,163 | 28,087 | |
| Wharf Holdings Ltd. | 6,533,652 | 22,329 | |
| China Vanke Co. Ltd. Class H | 7,711,483 | 19,936 | |
| Sunac China Holdings Ltd. | 15,793,136 | 19,462 | |
| CIFI Holdings Group Co. Ltd. | 19,989,400 | 13,059 | |
| China Vanke Co. Ltd. Class A | 3,944,408 | 12,649 | |
| Poly Developments and Holdings Group Co. Ltd. Class A | 4,541,017 | 11,202 | |
| China Jinmao Holdings Group Ltd. | 25,229,054 | 9,165 | |
| 1 | Hopson Development Holdings Ltd. | 3,273,481 | 6,821 |
| * | Seazen Group Ltd. | 9,876,666 | 6,682 |
| China Merchants Shekou Industrial Zone Holdings Co. Ltd. Class A | 3,005,315 | 6,423 | |
| 1 | Greentown China Holdings Ltd. | 3,662,814 | 6,048 |
| Yuexiu Property Co. Ltd. | 5,879,218 | 5,974 | |
| *,1,3 | China Logistics Property Holdings Co. Ltd. | 8,684,000 | 4,907 |
| C&D International Investment Group Ltd. | 2,561,000 | 4,865 | |
| China Overseas Grand Oceans Group Ltd. | 8,112,079 | 4,847 | |
| Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class B | 5,267,140 | 4,845 | |
| Seazen Holdings Co. Ltd. Class A | 857,702 | 4,489 | |
| 1 | Shimao Group Holdings Ltd. | 6,061,664 | 4,467 |
| Yuexiu REIT | 10,603,576 | 4,446 | |
| Zhenro Properties Group Ltd. | 9,311,000 | 4,422 | |
| Powerlong Real Estate Holdings Ltd. | 6,876,139 | 3,838 | |
| Sino-Ocean Group Holding Ltd. | 14,802,829 | 3,636 | |
| 1 | Agile Group Holdings Ltd. | 6,849,409 | 3,631 |
| Gemdale Corp. Class A | 1,720,532 | 3,507 | |
| 1 | Guangzhou R&F Properties Co. Ltd. Class H | 7,821,013 | 3,481 |
| Gemdale Properties & Investment Corp. Ltd. | 29,196,000 | 3,260 | |
| * | Kwg Group Holdings Ltd. | 5,581,658 | 3,052 |
| Shenzhen Investment Ltd. | 11,830,201 | 2,779 | |
| Shoucheng Holdings Ltd. | 13,498,000 | 2,484 | |
| Poly Property Group Co. Ltd. | 9,339,048 | 2,456 | |
| Zhuguang Holdings Group Co. Ltd. | 11,342,000 | 2,450 | |
| 1 | Logan Group Co. Ltd. | 3,926,984 | 2,445 |
| Shui On Land Ltd. | 17,216,538 | 2,434 | |
| *,3 | Red Star Macalline Group Corp. Ltd. Class H | 4,014,236 | 2,215 |
| 1 | Jiayuan International Group Ltd. | 5,832,000 | 2,026 |
| * | SOHO China Ltd. | 8,870,045 | 1,938 |
| 1 | China Evergrande Group | 8,798,921 | 1,880 |
| Tianjin Guangyu Development Co. Ltd. Class A | 530,450 | 1,763 | |
| Shares | Market Value ($000) | ||
| China SCE Group Holdings Ltd. | 7,816,766 | 1,746 | |
| *,1 | Radiance Holdings Group Co. Ltd. | 3,068,000 | 1,725 |
| Shanghai Lingang Holdings Corp. Ltd. Class A | 731,261 | 1,668 | |
| 3 | Midea Real Estate Holding Ltd. | 1,109,816 | 1,640 |
| China South City Holdings Ltd. | 20,332,111 | 1,625 | |
| 1 | Datang Group Holdings Ltd. | 2,556,000 | 1,584 |
| 1 | Redsun Properties Group Ltd. | 4,571,000 | 1,555 |
| 1,3 | Redco Properties Group Ltd. | 4,368,000 | 1,503 |
| Times China Holdings Ltd. | 3,770,000 | 1,461 | |
| Shanghai Wanye Enterprises Co. Ltd. Class A | 365,542 | 1,446 | |
| Jinke Properties Group Co. Ltd. Class A | 2,028,945 | 1,438 | |
| Skyfame Realty Holdings Ltd. | 12,711,012 | 1,370 | |
| 1 | Zhongliang Holdings Group Co. Ltd. | 2,909,500 | 1,368 |
| Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class A | 817,264 | 1,360 | |
| * | Kaisa Group Holdings Ltd. | 11,971,944 | 1,354 |
| *,1 | Dexin China Holdings Co. Ltd. | 3,866,000 | 1,311 |
| Shanghai Zhangjiang High-Tech Park Development Co. Ltd. Class A | 572,772 | 1,239 | |
| 1 | China Aoyuan Group Ltd. | 6,060,000 | 1,215 |
| Shanghai Jinqiao Export Processing Zone Development Co. Ltd. Class B | 1,354,599 | 1,211 | |
| * | Nam Tai Property Inc. | 134,007 | 1,205 |
| 1 | Ganglong China Property Group Ltd. | 2,003,000 | 1,204 |
| RiseSun Real Estate Development Co. Ltd. Class A | 1,676,879 | 1,180 | |
| Shanghai Lingang Holdings Corp. Ltd. Class B | 1,004,789 | 1,124 | |
| Hangzhou Binjiang Real Estate Group Co. Ltd. Class A | 1,200,647 | 1,123 | |
| * | Ronshine China Holdings Ltd. | 2,631,500 | 1,089 |
| 1 | Yincheng International Holding Co. Ltd. | 2,712,000 | 1,084 |
| Road King Infrastructure Ltd. | 1,083,000 | 1,028 | |
| Jiangsu Zhongnan Construction Group Co. Ltd. Class A | 1,477,888 | 1,009 | |
| 1 | China Merchants Commercial REIT | 2,844,000 | 1,002 |
| *,1 | Leading Holdings Group Ltd. | 1,314,000 | 991 |
| Financial Street Holdings Co. Ltd. Class A | 1,105,518 | 986 | |
| 1 | Huijing Holdings Co. Ltd. | 3,918,000 | 969 |
| Beijing Capital Development Co. Ltd. Class A | 992,876 | 912 | |
| *,1 | Sunkwan Properties Group Ltd. | 3,414,000 | 863 |
| Joy City Property Ltd. | 16,947,500 | 828 | |
| Shanghai Industrial Urban Development Group Ltd. | 8,418,799 | 813 | |
| Huafa Industrial Co. Ltd. Zhuhai Class A | 808,624 | 809 | |
| *,1 | LVGEM China Real Estate Investment Co. Ltd. | 4,102,000 | 774 |
| 1 | Yuzhou Group Holdings Co. Ltd. | 9,421,383 | 761 |
| * | Suning Universal Co. Ltd. Class A | 1,184,575 | 757 |
| Yango Group Co. Ltd. Class A | 1,605,275 | 727 | |
| Greenland Hong Kong Holdings Ltd. | 3,615,000 | 712 | |
| * | Grandjoy Holdings Group Co. Ltd. Class A | 1,192,302 | 705 |
| * | Gree Real Estate Co. Ltd. Class A | 716,889 | 687 |
| 1 | JY Grandmark Holdings Ltd. | 2,040,000 | 674 |
| DaFa Properties Group Ltd. | 1,142,970 | 668 | |
| Beijing North Star Co. Ltd. Class H | 4,358,000 | 655 | |
| Lushang Health Industry Development Co. Ltd. Class A | 372,098 | 641 | |
| * | Yida China Holdings Ltd. | 4,082,000 | 626 |
| Shanghai Shibei Hi-Tech Co. Ltd. Class B | 2,202,109 | 620 | |
| Shanghai Shimao Co. Ltd. Class A | 1,195,104 | 616 | |
| * | Jingrui Holdings Ltd. | 2,325,000 | 612 |
| * | GR Properties Ltd. | 4,376,000 | 583 |
| Shanghai Jinqiao Export Processing Zone Development Co. Ltd. Class A | 294,396 | 541 | |
| Greattown Holdings Ltd. Class A | 895,512 | 506 | |
| China World Trade Center Co. Ltd. Class A | 228,364 | 493 | |
| Central China Real Estate Ltd. | 4,524,000 | 489 |
| Shares | Market Value ($000) | ||
| China-Singapore Suzhou Industrial Park Development Group Co. Ltd. Class A | 345,436 | 474 | |
| *,1 | Shinsun Holdings Group Co. Ltd. | 3,357,000 | 461 |
| Hefei Urban Construction Development Co. Ltd. Class A | 317,300 | 409 | |
| Chongqing Dima Industry Co. Ltd. Class A | 979,187 | 369 | |
| * | Zhong An Group Ltd. | 9,507,000 | 368 |
| * | Sichuan Languang Development Co. Ltd. Class A | 1,166,344 | 365 |
| Shenzhen Properties & Resources Development Group Ltd. Class A | 203,800 | 352 | |
| Shenzhen Zhenye Group Co. Ltd. Class A | 516,934 | 350 | |
| * | Sanxun Holdings Group Ltd. | 844,000 | 323 |
| * | Red Star Macalline Group Corp. Ltd. Class A | 203,941 | 279 |
| *,1 | Fantasia Holdings Group Co. Ltd. | 6,641,943 | 269 |
| Beijing North Star Co. Ltd. Class A | 639,373 | 258 | |
| * | Xinji Shaxi Group Co. Ltd. | 3,072,000 | 237 |
| 1,3 | China Vast Industrial Urban Development Co. Ltd. | 1,171,000 | 223 |
| *,1,2 | Sinic Holdings Group Co. Ltd. Class H | 2,979,000 | 191 |
| * | Silver Grant International Holdings Group Ltd. | 2,162,000 | 134 |
| 481,079 | |||
| Egypt (0.1%) | |||
| Talaat Moustafa Group | 4,649,218 | 2,759 | |
| Medinet Nasr Housing | 4,171,816 | 757 | |
| Heliopolis Housing | 1,848,100 | 743 | |
| Palm Hills Developments SAE | 6,502,877 | 727 | |
| * | Emaar Misr for Development SAE | 2,958,705 | 547 |
| 5,533 | |||
| Finland (0.3%) | |||
| Kojamo OYJ | 716,678 | 16,431 | |
| *,1 | Citycon OYJ | 362,713 | 2,903 |
| 19,334 | |||
| France (2.8%) | |||
| * | Unibail-Rodamco-Westfield | 553,237 | 42,155 |
| Gecina SA | 258,315 | 35,051 | |
| *,1 | Klepierre SA | 937,425 | 24,934 |
| Covivio | 224,700 | 18,764 | |
| ICADE | 151,706 | 10,954 | |
| Nexity SA | 234,212 | 9,807 | |
| Altarea SCA | 20,206 | 3,601 | |
| Carmila SA | 214,759 | 3,572 | |
| Mercialys SA | 235,847 | 2,615 | |
| 151,453 | |||
| Germany (6.5%) | |||
| Vonovia SE | 3,690,026 | 210,168 | |
| LEG Immobilien SE (XETR) | 346,194 | 45,926 | |
| Aroundtown SA | 4,596,702 | 28,392 | |
| TAG Immobilien AG | 696,187 | 18,385 | |
| Grand City Properties SA | 495,047 | 10,926 | |
| alstria office REIT AG | 425,368 | 9,323 | |
| Deutsche Wohnen SE | 227,666 | 9,275 | |
| 1,3 | ADLER Group SA | 389,725 | 4,609 |
| Deutsche EuroShop AG | 234,250 | 4,401 | |
| 3 | Instone Real Estate Group SE | 222,747 | 3,964 |
| Hamborner REIT AG | 335,199 | 3,687 | |
| DIC Asset AG | 174,686 | 3,005 | |
| 352,061 | |||
| Greece (0.0%) | |||
| * | LAMDA Development SA | 326,360 | 2,578 |
| Shares | Market Value ($000) | ||
| Hong Kong (8.4%) | |||
| Sun Hung Kai Properties Ltd. | 7,299,941 | 89,063 | |
| Link REIT | 9,943,789 | 85,373 | |
| CK Asset Holdings Ltd. | 9,350,113 | 62,416 | |
| Wharf Real Estate Investment Co. Ltd. | 7,359,652 | 35,003 | |
| Hongkong Land Holdings Ltd. | 5,540,412 | 30,006 | |
| Henderson Land Development Co. Ltd. | 6,205,936 | 27,140 | |
| *,3 | ESR Cayman Ltd. | 6,801,600 | 23,062 |
| Sino Land Co. Ltd. | 14,776,022 | 19,145 | |
| Hang Lung Properties Ltd. | 8,753,932 | 18,728 | |
| Swire Properties Ltd. | 4,993,400 | 13,311 | |
| Hang Lung Group Ltd. | 3,942,103 | 8,773 | |
| Hysan Development Co. Ltd. | 2,848,655 | 8,744 | |
| Kerry Properties Ltd. | 2,773,832 | 7,836 | |
| Fortune REIT | 6,824,861 | 7,039 | |
| Champion REIT | 9,005,512 | 4,531 | |
| * | Shun Tak Holdings Ltd. | 11,136,000 | 2,952 |
| Sunlight REIT | 4,925,400 | 2,681 | |
| K Wah International Holdings Ltd. | 6,693,338 | 2,621 | |
| Prosperity REIT | 5,963,649 | 2,318 | |
| Far East Consortium International Ltd. | 5,367,000 | 1,943 | |
| Zensun Enterprises Ltd. | 2,551,000 | 1,444 | |
| * | SF REIT | 2,462,000 | 1,166 |
| 455,295 | |||
| India (1.6%) | |||
| DLF Ltd. | 2,932,668 | 15,530 | |
| * | Godrej Properties Ltd. | 553,406 | 12,802 |
| Embassy Office Parks REIT | 2,515,176 | 12,448 | |
| * | Macrotech Developers Ltd. | 410,558 | 7,185 |
| * | Oberoi Realty Ltd. | 551,318 | 6,811 |
| Phoenix Mills Ltd. | 439,572 | 5,893 | |
| 3 | Mindspace Business Parks REIT | 1,038,729 | 4,791 |
| Prestige Estates Projects Ltd. | 665,382 | 4,397 | |
| Brigade Enterprises Ltd. | 610,697 | 4,113 | |
| * | Indiabulls Real Estate Ltd. | 1,602,379 | 3,127 |
| 3 | Brookfield India Real Estate Trust | 655,237 | 2,645 |
| Sobha Ltd. | 168,591 | 1,938 | |
| Sunteck Realty Ltd. | 229,823 | 1,586 | |
| * | Mahindra Lifespace Developers Ltd. | 348,946 | 1,179 |
| NESCO Ltd. | 101,212 | 792 | |
| * | Hemisphere Properties India Ltd. | 360,320 | 666 |
| 85,903 | |||
| Indonesia (0.3%) | |||
| * | Bumi Serpong Damai Tbk PT | 43,176,927 | 2,740 |
| Ciputra Development Tbk PT | 41,360,191 | 2,528 | |
| * | Pakuwon Jati Tbk PT | 70,825,328 | 2,129 |
| * | Summarecon Agung Tbk PT | 42,273,181 | 2,010 |
| *,2 | Hanson International Tbk PT | 444,252,900 | 1,544 |
| * | Lippo Karawaci Tbk PT | 154,618,749 | 1,422 |
| * | Mega Manunggal Property Tbk PT | 21,225,300 | 690 |
| * | Kawasan Industri Jababeka Tbk PT | 52,932,800 | 590 |
| * | Alam Sutera Realty Tbk PT | 56,270,297 | 577 |
| Puradelta Lestari Tbk PT | 43,591,000 | 567 | |
| * | Pollux Properti Indonesia Tbk PT | 8,391,000 | 503 |
| *,2 | Armidian Karyatama Tbk PT | 34,315,100 | 119 |
| 15,419 | |||
| Shares | Market Value ($000) | ||
| Ireland (0.1%) | |||
| Hibernia REIT plc | 3,137,282 | 4,481 | |
| Irish Residential Properties REIT plc | 2,026,913 | 3,817 | |
| 8,298 | |||
| Israel (2.3%) | |||
| Azrieli Group Ltd. | 172,906 | 15,633 | |
| Alony Hetz Properties & Investments Ltd. | 710,473 | 13,272 | |
| Mivne Real Estate KD Ltd. | 2,813,377 | 12,030 | |
| * | Melisron Ltd. | 107,956 | 9,511 |
| Big Shopping Centers Ltd. | 52,064 | 8,366 | |
| Amot Investments Ltd. | 904,363 | 7,673 | |
| * | Airport City Ltd. | 312,605 | 7,620 |
| REIT 1 Ltd. | 849,369 | 6,170 | |
| Mega Or Holdings Ltd. | 106,828 | 4,863 | |
| * | Summit Real Estate Holdings Ltd. | 167,955 | 4,163 |
| Sella Capital Real Estate Ltd. | 1,020,660 | 3,742 | |
| Israel Canada T.R Ltd. | 581,427 | 3,617 | |
| Gav-Yam Lands Corp. Ltd. | 278,255 | 3,539 | |
| YH Dimri Construction & Development Ltd. | 32,941 | 3,440 | |
| Gazit-Globe Ltd. | 323,475 | 3,377 | |
| AFI Properties Ltd. | 46,303 | 2,963 | |
| Blue Square Real Estate Ltd. | 23,566 | 2,135 | |
| Electra Real Estate Ltd. | 97,140 | 2,127 | |
| Isras Investment Co. Ltd. | 7,690 | 1,998 | |
| * | Brack Capital Properties NV | 10,994 | 1,825 |
| * | Property & Building Corp. Ltd. | 12,952 | 1,723 |
| Norstar Holdings Inc. | 114,386 | 1,691 | |
| Prashkovsky Investments and Construction Ltd. | 30,605 | 1,390 | |
| Israel Land Development - Urban Renewal Ltd. | 74,865 | 1,259 | |
| 124,127 | |||
| Italy (0.0%) | |||
| * | Immobiliare Grande Distribuzione SIIQ SpA | 255,399 | 1,189 |
| 3 | COIMA RES SpA | 104,607 | 856 |
| 2,045 | |||
| Japan (21.1%) | |||
| Mitsui Fudosan Co. Ltd. | 4,588,157 | 98,358 | |
| Mitsubishi Estate Co. Ltd. | 6,614,745 | 95,268 | |
| Daiwa House Industry Co. Ltd. | 3,166,574 | 92,411 | |
| Sumitomo Realty & Development Co. Ltd. | 2,262,667 | 70,007 | |
| Nippon Building Fund Inc. | 7,854 | 45,484 | |
| Nippon Prologis REIT Inc. | 12,261 | 38,257 | |
| Daito Trust Construction Co. Ltd. | 327,525 | 37,556 | |
| Japan Real Estate Investment Corp. | 6,585 | 36,211 | |
| GLP J-REIT | 21,324 | 34,323 | |
| Nomura Real Estate Master Fund Inc. | 22,399 | 31,077 | |
| Daiwa House REIT Investment Corp. | 10,027 | 29,870 | |
| Japan Metropolitan Fund Investment | 33,197 | 27,976 | |
| Hulic Co. Ltd. | 2,808,637 | 27,147 | |
| 1 | Advance Residence Investment Corp. | 6,574 | 19,382 |
| Orix JREIT Inc. | 13,126 | 18,837 | |
| United Urban Investment Corp. | 14,830 | 17,522 | |
| 1 | Industrial & Infrastructure Fund Investment Corp. | 9,818 | 16,460 |
| Tokyu Fudosan Holdings Corp. | 2,874,144 | 15,745 | |
| Japan Prime Realty Investment Corp. | 4,551 | 14,867 | |
| Tokyo Tatemono Co. Ltd. | 991,883 | 14,785 | |
| Sekisui House REIT Inc. | 21,059 | 14,344 | |
| LaSalle Logiport REIT | 8,484 | 13,572 | |
| Shares | Market Value ($000) | ||
| Nomura Real Estate Holdings Inc. | 554,629 | 12,988 | |
| Nippon Accommodations Fund Inc. | 2,387 | 12,924 | |
| Kenedix Office Investment Corp. | 2,042 | 12,399 | |
| 4 | Mitsui Fudosan Logistics Park Inc. | 2,473 | 12,180 |
| Activia Properties Inc. | 3,563 | 12,060 | |
| 1 | Japan Logistics Fund Inc. | 4,305 | 11,933 |
| Japan Hotel REIT Investment Corp. | 21,176 | 10,324 | |
| Daiwa Securities Living Investments Corp. | 10,497 | 10,272 | |
| 1 | AEON REIT Investment Corp. | 8,042 | 10,229 |
| Frontier Real Estate Investment Corp. | 2,414 | 10,187 | |
| 1 | Mori Hills REIT Investment Corp. | 7,729 | 9,482 |
| Invincible Investment Corp. | 28,883 | 9,098 | |
| NTT UD REIT Investment Corp. | 6,639 | 8,929 | |
| Hulic REIT Inc. | 6,074 | 8,730 | |
| Daiwa Office Investment Corp. | 1,388 | 8,697 | |
| 1 | Kenedix Residential Next Investment Corp. | 4,729 | 8,244 |
| 1 | Comforia Residential REIT Inc. | 2,989 | 8,018 |
| Mitsubishi Estate Logistics REIT Investment Corp. | 1,858 | 7,300 | |
| Katitas Co. Ltd. | 239,192 | 7,296 | |
| NIPPON REIT Investment Corp. | 2,146 | 7,231 | |
| 1 | Tokyu REIT Inc. | 4,427 | 7,153 |
| Japan Excellent Inc. | 6,092 | 7,006 | |
| Aeon Mall Co. Ltd. | 456,083 | 6,593 | |
| Kenedix Retail REIT Corp. | 2,766 | 6,474 | |
| Hoshino Resorts REIT Inc. | 1,065 | 6,018 | |
| Mori Trust Sogo REIT Inc. | 4,581 | 5,550 | |
| Heiwa Real Estate REIT Inc. | 4,395 | 5,406 | |
| Heiwa Real Estate Co. Ltd. | 157,732 | 5,388 | |
| Ichigo Office REIT Investment Corp. | 7,171 | 5,120 | |
| Fukuoka REIT Corp. | 3,423 | 4,813 | |
| CRE Logistics REIT Inc. | 2,688 | 4,671 | |
| Global One Real Estate Investment Corp. | 4,573 | 4,505 | |
| Star Asia Investment Corp. | 8,469 | 4,457 | |
| Hankyu Hanshin REIT Inc. | 3,289 | 4,260 | |
| * | SOSiLA Logistics REIT Inc. | 2,903 | 4,063 |
| 1 | Itochu Advance Logistics Investment Corp. | 2,683 | 3,660 |
| Starts Corp. Inc. | 157,500 | 3,429 | |
| Samty Residential Investment Corp. | 3,349 | 3,407 | |
| Mirai Corp. | 7,883 | 3,313 | |
| One REIT Inc. | 1,264 | 3,279 | |
| Ichigo Inc. | 1,174,900 | 2,889 | |
| Takara Leben Real Estate Investment Corp. | 2,735 | 2,766 | |
| Keihanshin Building Co. Ltd. | 209,600 | 2,426 | |
| SAMTY Co. Ltd. | 127,100 | 2,308 | |
| Sankei Real Estate REIT Inc. | 2,210 | 2,211 | |
| 1 | ESCON Japan REIT Investment Corp. | 1,681 | 1,975 |
| Starts Proceed Investment Corp. | 1,047 | 1,963 | |
| 1 | Health Care & Medical Investment Corp. | 1,463 | 1,671 |
| Tosei REIT Investment Corp. | 1,413 | 1,599 | |
| Mori Trust Hotel REIT Inc. | 1,509 | 1,552 | |
| TOC Co. Ltd. | 225,429 | 1,403 | |
| * | Leopalace21 Corp. | 876,150 | 1,286 |
| Tosei Corp. | 132,800 | 1,216 | |
| Sun Frontier Fudousan Co. Ltd. | 131,200 | 1,191 | |
| * | SRE Holdings Corp. | 29,900 | 1,159 |
| Goldcrest Co. Ltd. | 70,540 | 1,106 | |
| Takara Leben Co. Ltd. | 396,152 | 1,079 | |
| Xymax REIT Investment Corp. | 998 | 1,079 |
| Shares | Market Value ($000) | ||
| 1 | Shinoken Group Co. Ltd. | 112,100 | 959 |
| 1 | Nippon Commercial Development Co. Ltd. | 56,300 | 838 |
| 1 | CRE Inc. | 56,500 | 833 |
| Ichigo Hotel REIT Investment Corp. | 1,206 | 812 | |
| *,1 | TKP Corp. | 73,700 | 789 |
| 1 | Marimo Regional Revitalization REIT Inc. | 710 | 785 |
| Star Mica Holdings Co. Ltd. | 57,800 | 699 | |
| 1 | Ooedo Onsen REIT Investment Corp. | 1,105 | 593 |
| Airport Facilities Co. Ltd. | 121,000 | 575 | |
| Japan Property Management Center Co. Ltd. | 64,700 | 551 | |
| 1 | Arealink Co. Ltd. | 42,600 | 540 |
| 1 | Tokyo Rakutenchi Co. Ltd. | 14,400 | 482 |
| 1 | Dear Life Co. Ltd. | 103,800 | 475 |
| 1 | Good Com Asset Co. Ltd. | 39,100 | 367 |
| 1 | Ardepro Co. Ltd. | 835,200 | 358 |
| *,1 | Mirainovate Co. Ltd. | 183,129 | 278 |
| * | Daibiru Corp. | 6,300 | 121 |
| 1,147,479 | |||
| Kuwait (0.1%) | |||
| * | National Real Estate Co. KPSC | 4,319,079 | 3,219 |
| Commercial Real Estate Co. KSC | 6,801,001 | 2,815 | |
| * | Kuwait Real Estate Co. KSC | 2,731,841 | 1,642 |
| * | Al Mazaya Holding Co. KSCP | 2,302,856 | 591 |
| 8,267 | |||
| Malaysia (0.5%) | |||
| KLCCP Stapled Group | 2,405,770 | 3,682 | |
| Sunway REIT | 8,677,834 | 2,882 | |
| IGB REIT | 7,401,400 | 2,722 | |
| Axis REIT | 5,113,400 | 2,274 | |
| IOI Properties Group Bhd. | 9,292,300 | 2,267 | |
| * | SP Setia Bhd. Group | 6,362,000 | 1,875 |
| Sime Darby Property Bhd. | 12,788,200 | 1,773 | |
| Matrix Concepts Holdings Bhd. | 2,820,028 | 1,509 | |
| Eco World Development Group Bhd. (XKLS) | 5,930,400 | 1,314 | |
| UOA Development Bhd. | 3,293,000 | 1,288 | |
| Mah Sing Group Bhd. | 7,343,825 | 1,186 | |
| Pavilion REIT | 3,374,000 | 1,016 | |
| OSK Holdings Bhd | 4,255,800 | 874 | |
| YTL Hospitality REIT | 3,736,200 | 808 | |
| * | YNH Property Bhd. | 1,232,700 | 772 |
| * | UEM Sunrise Bhd. | 5,575,165 | 416 |
| Eco World International Bhd | 4,131,600 | 407 | |
| * | Eastern & Oriental Bhd. | 2,335,000 | 340 |
| * | Sunway Bhd. Warrants Exp. 10/3/24 | 1,339,862 | 125 |
| * | Eco World Development Group Bhd. Warrants Exp. 3/26/22 | 450,320 | — |
| 27,530 | |||
| Mexico (0.7%) | |||
| Fibra Uno Administracion SA | 14,050,185 | 14,440 | |
| Corp. Inmobiliaria Vesta SAB de CV | 3,138,650 | 5,945 | |
| PLA Administradora Industrial S de RL de CV | 3,865,708 | 5,410 | |
| Prologis Property Mexico SA de CV | 2,108,819 | 5,245 | |
| Concentradora Fibra Danhos SA de CV | 4,094,998 | 4,411 | |
| 3 | Macquarie Mexico Real Estate Management SA de CV | 3,565,690 | 4,154 |
| 39,605 | |||
| Netherlands (0.3%) | |||
| 3 | CTP NV | 284,564 | 5,789 |
| Eurocommercial Properties NV | 187,065 | 4,524 | |
| Shares | Market Value ($000) | ||
| NSI NV | 84,001 | 3,483 | |
| Wereldhave NV | 190,710 | 2,930 | |
| Vastned Retail NV | 86,484 | 2,421 | |
| 19,147 | |||
| New Zealand (0.5%) | |||
| Goodman Property Trust | 4,966,692 | 8,124 | |
| Precinct Properties New Zealand Ltd. | 6,159,728 | 6,544 | |
| Kiwi Property Group Ltd. | 7,440,627 | 5,574 | |
| Vital Healthcare Property Trust | 1,982,424 | 4,065 | |
| Argosy Property Ltd. | 4,051,400 | 3,986 | |
| 28,293 | |||
| Norway (0.4%) | |||
| 3 | Entra ASA | 865,437 | 19,060 |
| Selvaag Bolig ASA | 209,298 | 1,232 | |
| 20,292 | |||
| Other (0.5%)5 | |||
| 6 | Vanguard Real Estate ETF | 250,514 | 26,615 |
| Philippines (1.3%) | |||
| SM Prime Holdings Inc. | 53,484,107 | 36,987 | |
| Ayala Land Inc. | 27,938,560 | 19,727 | |
| Robinson's Land Corp. | 9,505,772 | 3,422 | |
| Megaworld Corp. | 55,328,100 | 3,372 | |
| AREIT Inc. | 2,833,820 | 2,817 | |
| Filinvest REIT Corp. | 8,963,600 | 1,341 | |
| DDMP REIT Inc. | 30,906,000 | 1,085 | |
| Vista Land & Lifescapes Inc. | 14,774,178 | 1,011 | |
| Filinvest Land Inc. | 39,829,000 | 851 | |
| DoubleDragon Properties Corp. | 3,498,860 | 478 | |
| 71,091 | |||
| Poland (0.1%) | |||
| 1 | Develia SA | 2,197,077 | 1,818 |
| * | EPP NV | 2,087,245 | 1,471 |
| 3,289 | |||
| Qatar (0.2%) | |||
| Barwa Real Estate Co. | 9,048,332 | 8,354 | |
| * | Ezdan Holding Group QSC | 7,460,285 | 2,980 |
| 11,334 | |||
| Romania (0.0%) | |||
| MAS Real Estate Inc. | 1,997,288 | 2,678 | |
| Russia (0.0%) | |||
| Etalon Group plc GDR (Registered) | 993,429 | 1,209 | |
| INGRAD PJSC | 43,530 | 1,058 | |
| 2,267 | |||
| Saudi Arabia (0.7%) | |||
| * | Emaar Economic City | 2,630,976 | 9,083 |
| * | Dar Al Arkan Real Estate Development Co. | 2,512,534 | 6,923 |
| Arabian Centres Co. Ltd. | 498,113 | 3,056 | |
| Arriyadh Development Co. | 415,827 | 3,009 | |
| Jadwa REIT Saudi Fund | 584,002 | 2,479 | |
| * | Saudi Real Estate Co. | 396,099 | 2,244 |
| Al Rajhi REIT | 566,526 | 1,725 | |
| Derayah REIT | 480,969 | 1,622 | |
| Riyad REIT Fund | 580,774 | 1,553 | |
| Alandalus Property Co. | 206,521 | 1,058 | |
| Musharaka Real Estate Income Fund | 292,854 | 771 | |
| Shares | Market Value ($000) | ||
| Alahli REIT Fund 1 | 193,537 | 629 | |
| Alkhabeer REIT | 246,220 | 595 | |
| Al Maather REIT Fund | 197,064 | 494 | |
| Sedco Capital REIT Fund | 152,904 | 448 | |
| * | Swicorp Wabel REIT | 203,729 | 387 |
| 36,076 | |||
| Singapore (5.6%) | |||
| CapitaLand Integrated Commercial Trust | 23,713,468 | 34,188 | |
| Ascendas REIT | 15,951,884 | 32,715 | |
| * | Capitaland Investment Ltd. | 11,854,238 | 30,416 |
| Mapletree Logistics Trust | 14,198,123 | 17,869 | |
| Mapletree Industrial Trust | 9,229,891 | 17,193 | |
| Frasers Logistics & Commercial Trust | 13,842,552 | 14,083 | |
| Mapletree Commercial Trust | 10,389,641 | 13,907 | |
| UOL Group Ltd. | 2,240,478 | 12,150 | |
| City Developments Ltd. | 2,243,990 | 11,788 | |
| Suntec REIT | 10,271,927 | 11,601 | |
| Keppel DC REIT | 6,252,524 | 9,925 | |
| Frasers Centrepoint Trust | 5,076,440 | 8,522 | |
| Mapletree North Asia Commercial Trust | 10,247,366 | 8,220 | |
| Keppel REIT | 9,286,215 | 7,740 | |
| Ascott Residence Trust | 9,157,622 | 6,939 | |
| Parkway Life REIT | 1,834,397 | 6,524 | |
| CapitaLand China Trust | 5,347,308 | 4,687 | |
| Manulife US REIT | 6,899,510 | 4,460 | |
| ESR-REIT | 13,269,598 | 4,181 | |
| Cromwell European REIT | 1,477,366 | 3,850 | |
| ARA LOGOS Logistics Trust | 6,262,731 | 3,831 | |
| OUE Commercial REIT | 11,345,567 | 3,448 | |
| Ascendas India Trust | 3,447,300 | 3,327 | |
| SPH REIT | 4,458,500 | 3,177 | |
| Starhill Global REIT | 6,654,968 | 3,064 | |
| Wing Tai Holdings Ltd. | 2,342,600 | 3,063 | |
| CDL Hospitality Trusts | 3,611,106 | 3,039 | |
| Keppel Pacific Oak US REIT | 3,702,500 | 2,742 | |
| Lendlease Global Commercial REIT | 4,235,900 | 2,580 | |
| Yanlord Land Group Ltd. | 2,665,004 | 2,278 | |
| AIMS APAC REIT | 2,144,976 | 2,211 | |
| Prime US REIT | 2,652,400 | 2,058 | |
| Far East Hospitality Trust | 4,957,492 | 2,043 | |
| Sasseur REIT | 2,474,000 | 1,459 | |
| OUE Ltd. | 1,461,500 | 1,431 | |
| First REIT | 5,731,926 | 1,299 | |
| IREIT Global | 1,914,353 | 900 | |
| Tuan Sing Holdings Ltd. | 2,398,300 | 791 | |
| EC World REIT | 1,229,600 | 656 | |
| *,2 | Eagle Hospitality Trust | 2,602,300 | 356 |
| 304,711 | |||
| South Africa (1.3%) | |||
| Growthpoint Properties Ltd. | 16,255,401 | 15,449 | |
| NEPI Rockcastle plc | 2,250,272 | 15,302 | |
| Redefine Properties Ltd. | 25,807,942 | 6,867 | |
| Resilient REIT Ltd. | 1,537,265 | 6,047 | |
| Equites Property Fund Ltd. | 3,569,506 | 4,979 | |
| Fortress REIT Ltd. Class A | 5,688,441 | 4,781 | |
| Hyprop Investments Ltd. | 1,627,926 | 3,824 | |
| Vukile Property Fund Ltd. | 4,253,961 | 3,292 | |
| Shares | Market Value ($000) | ||
| Investec Property Fund Ltd. | 2,807,195 | 2,225 | |
| Stor-Age Property REIT Ltd. | 2,141,702 | 2,037 | |
| * | Attacq Ltd. | 3,715,159 | 1,869 |
| SA Corporate Real Estate Ltd. | 11,929,326 | 1,860 | |
| * | Fortress REIT Ltd. Class B | 4,042,457 | 958 |
| Emira Property Fund Ltd. | 1,426,236 | 938 | |
| Fairvest Ltd. | 3,973,005 | 901 | |
| 71,329 | |||
| South Korea (0.3%) | |||
| ESR Kendall Square REIT Co. Ltd. | 695,521 | 3,365 | |
| LOTTE REIT Co. Ltd. | 572,411 | 2,469 | |
| JR Global REIT | 545,716 | 2,369 | |
| Mirae Asset Maps Asia Pacific Real Estate 1 Investment | 439,708 | 1,644 | |
| Shinhan Alpha REIT Co. Ltd. | 197,563 | 1,321 | |
| Korea Real Estate Investment & Trust Co. Ltd. | 664,567 | 1,304 | |
| SK D&D Co. Ltd. | 37,059 | 823 | |
| Koramco Energy Plus REIT | 156,931 | 810 | |
| IGIS Value Plus REIT Co. Ltd. | 116,702 | 545 | |
| 14,650 | |||
| Spain (0.6%) | |||
| Merlin Properties Socimi SA | 1,584,913 | 17,917 | |
| Inmobiliaria Colonial Socimi SA | 1,283,743 | 11,336 | |
| 3 | Aedas Homes SA | 86,602 | 2,358 |
| Lar Espana Real Estate Socimi SA | 298,426 | 1,804 | |
| 3 | Metrovacesa SA | 215,964 | 1,598 |
| 35,013 | |||
| Sweden (4.3%) | |||
| * | Fastighets AB Balder Class B | 499,286 | 33,077 |
| Samhallsbyggnadsbolaget i Norden AB | 5,324,921 | 32,115 | |
| Castellum AB | 1,358,182 | 31,990 | |
| Sagax AB Class B | 788,400 | 23,014 | |
| Fabege AB | 1,285,285 | 19,176 | |
| Wallenstam AB Class B | 994,810 | 15,657 | |
| Wihlborgs Fastigheter AB | 633,695 | 13,102 | |
| Nyfosa AB | 802,725 | 12,496 | |
| Hufvudstaden AB Class A | 557,962 | 7,969 | |
| Catena AB | 138,717 | 7,874 | |
| * | Pandox AB Class B | 422,822 | 6,147 |
| Cibus Nordic Real Estate AB | 189,479 | 5,219 | |
| Atrium Ljungberg AB Class B | 226,592 | 4,904 | |
| Dios Fastigheter AB | 407,786 | 4,540 | |
| NP3 Fastigheter AB | 136,433 | 4,246 | |
| Platzer Fastigheter Holding AB Class B | 297,580 | 3,936 | |
| * | K-fast Holding AB Class B | 296,666 | 2,226 |
| Samhallsbyggnadsbolaget i Norden AB Class D | 672,707 | 2,199 | |
| Akelius Residential Property AB Class D | 1,044,833 | 1,951 | |
| * | Sagax AB Class D | 556,809 | 1,890 |
| * | Annehem Fastigheter AB Class B | 191,073 | 720 |
| 234,448 | |||
| Switzerland (1.7%) | |||
| Swiss Prime Site AG (Registered) | 360,866 | 35,681 | |
| PSP Swiss Property AG (Registered) | 217,852 | 26,415 | |
| Allreal Holding AG (Registered) | 71,570 | 15,529 | |
| Mobimo Holding AG (Registered) | 31,303 | 10,244 | |
| Intershop Holding AG | 5,865 | 3,874 | |
| 91,743 | |||
| Shares | Market Value ($000) | ||
| Taiwan (1.0%) | |||
| Ruentex Development Co. Ltd. | 6,493,580 | 15,120 | |
| Highwealth Construction Corp. | 5,025,598 | 8,501 | |
| Huaku Development Co. Ltd. | 1,096,854 | 3,598 | |
| Chong Hong Construction Co. Ltd. | 1,054,297 | 2,818 | |
| Prince Housing & Development Corp. | 5,081,478 | 2,378 | |
| Kindom Development Co. Ltd. | 1,724,900 | 2,224 | |
| Farglory Land Development Co. Ltd. | 960,631 | 2,220 | |
| Cathay Real Estate Development Co. Ltd. | 2,231,100 | 1,521 | |
| Hung Sheng Construction Ltd. | 1,627,520 | 1,400 | |
| Sakura Development Co. Ltd. | 1,103,931 | 1,226 | |
| * | Chung Lien Co. Ltd. | 384,000 | 1,107 |
| * | Kuo Yang Construction Co. Ltd. | 1,226,802 | 1,028 |
| ZongTai Real Estate Development Co. Ltd. | 686,516 | 970 | |
| Advancetek Enterprise Co. Ltd. | 1,194,000 | 956 | |
| KEE TAI Properties Co. Ltd. | 1,879,869 | 812 | |
| Hong Pu Real Estate Development Co. Ltd. | 1,002,194 | 796 | |
| * | Shining Building Business Co. Ltd. | 2,114,869 | 788 |
| * | King's Town Construction Co. Ltd. | 542,000 | 742 |
| Huang Hsiang Construction Corp. | 509,000 | 722 | |
| * | Delpha Construction Co. Ltd. | 1,360,000 | 715 |
| Yungshin Construction & Development Co. Ltd. | 289,000 | 680 | |
| Hung Ching Development & Construction Co. Ltd. | 632,000 | 668 | |
| GTM Holdings Corp. | 619,000 | 591 | |
| Yea Shin International Development Co. Ltd. | 619,000 | 508 | |
| * | Taiwan Land Development Corp. | 3,341,000 | 476 |
| 52,565 | |||
| Thailand (1.0%) | |||
| Central Pattana PCL | 6,330,900 | 10,405 | |
| * | CPN Retail Growth Leasehold REIT | 9,507,235 | 5,257 |
| Land & Houses PCL (Registered) | 17,003,900 | 5,023 | |
| WHA Corp. PCL | 38,533,886 | 3,976 | |
| Lotus's Retail Growth Freehold And Leasehold Property Fund | 8,388,530 | 3,228 | |
| Supalai PCL | 3,904,881 | 2,666 | |
| WHA Premium Growth Freehold & Leasehold REIT Class F | 7,127,396 | 2,439 | |
| Frasers Property THA | 6,954,700 | 2,298 | |
| Amata Corp. PCL | 2,583,923 | 1,670 | |
| Origin Property PCL Class F | 4,265,798 | 1,485 | |
| 1 | Quality Houses PCL | 20,342,600 | 1,446 |
| AP Thailand PCL | 4,322,820 | 1,329 | |
| Bangkok Land PCL | 41,154,995 | 1,313 | |
| * | MBK PCL | 3,232,892 | 1,248 |
| Pruksa Holding PCL | 2,817,300 | 1,232 | |
| * | IMPACT Growth REIT | 2,770,000 | 1,216 |
| * | Pruksa Real Estate PCL | 3,024,500 | 988 |
| SC Asset Corp. PCL | 8,213,540 | 940 | |
| * | Sansiri PCL | 22,369,825 | 895 |
| Hemaraj Leasehold REIT | 3,302,800 | 872 | |
| *,1 | U City PCL Class F | 13,441,624 | 797 |
| * | Singha Estate PCL | 13,481,700 | 791 |
| Ally Leasehold REIT (XBKK) | 3,321,700 | 653 | |
| Noble Development PCL | 2,908,128 | 553 | |
| 1 | LPN Development PCL | 2,237,500 | 340 |
| * | Sansiri PCL NDVR | 4,335,675 | 173 |
| * | IMPACT Growth REIT (XBKK) | 70,200 | 31 |
| SC Asset Corp. PCL NVDR | 251,197 | 29 | |
| * | MBK PCL Warrants Exp. 11/15/23 | 127,968 | 24 |
| * | Noble Development PCL Warrants Exp. 1/12/24 | 783,375 | 22 |
| Shares | Market Value ($000) | ||
| S Prime Growth Leasehold REIT | 73,400 | 14 | |
| *,2 | PACE Development Corp. PCL Warrants Exp. 8/29/22 | 11,308,800 | 7 |
| 53,360 | |||
| Turkey (0.1%) | |||
| Emlak Konut Gayrimenkul Yatirim Ortakligi A/S | 9,179,467 | 1,666 | |
| Yeni Gimat Gayrimenkul Ortakligi A/S | 618,399 | 985 | |
| * | Is Gayrimenkul Yatirim Ortakligi A/S | 2,123,195 | 739 |
| * | Ziraat Gayrimenkul Yatirim Ortakligi A/S | 4,204,979 | 689 |
| * | Sinpas Gayrimenkul Yatirim Ortakligi A/S | 1,508,095 | 477 |
| * | Vakif Gayrimenkul Yatirim Ortakligi A/S | 2,223,143 | 288 |
| 4,844 | |||
| United Arab Emirates (1.0%) | |||
| Emaar Properties PJSC | 18,955,097 | 25,257 | |
| Aldar Properties PJSC | 18,300,039 | 20,653 | |
| * | Emaar Development PJSC | 3,990,331 | 4,709 |
| * | RAK Properties PJSC | 4,530,375 | 1,018 |
| * | Deyaar Development PJSC | 6,662,554 | 870 |
| * | Manazel PJSC | 5,880,245 | 788 |
| * | Eshraq Investments PJSC | 5,062,592 | 459 |
| 53,754 | |||
| United Kingdom (8.6%) | |||
| Segro plc | 5,713,317 | 100,724 | |
| Land Securities Group plc | 3,570,504 | 38,349 | |
| British Land Co. plc | 4,457,616 | 33,332 | |
| Tritax Big Box REIT plc | 8,867,974 | 28,445 | |
| UNITE Group plc | 1,895,126 | 26,515 | |
| Derwent London plc | 532,734 | 24,616 | |
| Safestore Holdings plc | 1,002,089 | 17,181 | |
| Big Yellow Group plc | 821,963 | 16,585 | |
| LondonMetric Property plc | 4,326,343 | 15,588 | |
| Grainger plc | 3,525,553 | 14,358 | |
| Assura plc | 14,007,043 | 12,669 | |
| Great Portland Estates plc | 1,203,187 | 12,466 | |
| Primary Health Properties plc | 6,337,421 | 12,291 | |
| Shaftesbury plc | 1,365,711 | 11,467 | |
| 1 | Hammerson plc | 19,918,050 | 10,500 |
| Sirius Real Estate Ltd. | 5,544,681 | 9,692 | |
| Capital & Counties Properties plc | 4,033,997 | 9,383 | |
| Supermarket Income REIT plc | 4,701,231 | 7,522 | |
| Workspace Group plc | 609,412 | 6,963 | |
| LXI REIT plc | 3,317,350 | 6,582 | |
| BMO Commercial Property Trust Ltd. | 3,788,331 | 5,854 | |
| UK Commercial Property REIT Ltd. | 4,066,393 | 4,497 | |
| Home REIT plc | 2,663,930 | 4,183 | |
| Civitas Social Housing REIT plc | 2,949,000 | 3,834 | |
| Picton Property Income Ltd. | 2,597,628 | 3,611 | |
| PRS REIT plc | 2,603,345 | 3,539 | |
| Empiric Student Property REIT plc | 2,859,723 | 3,356 | |
| Helical plc | 521,175 | 3,040 | |
| Custodian REIT plc | 1,993,369 | 2,842 | |
| CLS Holdings plc | 873,513 | 2,647 | |
| Impact Healthcare REIT plc (XLON) | 1,678,050 | 2,604 | |
| Phoenix Spree Deutschland Ltd. | 486,151 | 2,551 | |
| 3 | Regional REIT Ltd. | 2,054,207 | 2,471 |
| 3 | Triple Point Social Housing REIT plc | 1,758,533 | 2,211 |
| Standard Life Investment Property Income Trust REIT Ltd. | 1,931,038 | 2,144 | |
| Schroder REIT Ltd. | 2,784,963 | 2,046 | |
| Shares | Market Value ($000) | ||
| NewRiver REIT plc | 1,452,829 | 1,802 | |
| AEW UK REIT plc | 756,833 | 1,183 | |
| * | LXI REIT plc (XLON) | 393,789 | 26 |
| * | Impact Healthcare REIT plc | 209,755 | 4 |
| *,1,2 | Intu Properties plc | 5,001,586 | — |
| 469,673 | |||
| Total Common Stocks (Cost $5,478,885) | 5,395,091 | ||
| Temporary Cash Investments (4.1%) | |||
| Money Market Fund (4.1%) | |||
| 7,8 | Vanguard Market Liquidity Fund, 0.120% (Cost $222,160) | 2,221,841 | 222,162 |
| Total Investments (103.1%) (Cost $5,701,045) | 5,617,253 | ||
| Other Assets and Liabilities—Net (-3.1%) | (170,489) | ||
| Net Assets (100%) | 5,446,764 | ||
| 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 $197,488,000. |
| 2 | Security value determined using significant unobservable inputs. |
| 3 | Security exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At January 31, 2022, the aggregate value was $135,000,000, representing 2.5% of net assets. |
| 4 | Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of January 31, 2022. |
| 5 | “Other” represents securities that are not classified by the fund’s benchmark index. |
| 6 | Considered an affiliated company of the fund as the issuer is another member of The Vanguard Group. |
| 7 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 8 | Collateral of $210,473,000 was received for securities on loan. |
| GDR—Global Depositary Receipt. | |
| NVDR—Non-Voting Depository Receipt. | |
| REIT—Real Estate Investment Trust. |
| Futures Contracts | ||||
| ($000) | ||||
| Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
| Long Futures Contracts | ||||
| E-mini S&P 500 Index | March 2022 | 43 | 9,684 | (220) |
| MSCI Emerging Markets Index | March 2022 | 442 | 27,068 | (55) |
| Topix Index | March 2022 | 85 | 14,023 | (581) |
| (856) | ||||
| Forward Currency Contracts | |||||||
| Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | ||||
| Counterparty | Receive | Deliver | |||||
| Barclays Bank plc | 3/16/22 | EUR | 32,632 | USD | 36,828 | — | (131) |
| State Street Bank & Trust Co. | 4/4/22 | GBP | 4,877 | USD | 6,593 | — | (36) |
| Forward Currency Contracts (continued) | |||||||
| Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | ||||
| Counterparty | Receive | Deliver | |||||
| State Street Bank & Trust Co. | 4/4/22 | HKD | 10,407 | USD | 1,335 | — | (1) |
| State Street Bank & Trust Co. | 4/4/22 | JPY | 514,745 | USD | 4,434 | 42 | — |
| Standard Chartered Bank | 3/16/22 | JPY | 339,490 | USD | 2,959 | — | (8) |
| Bank of America, N.A. | 3/16/22 | USD | 2,686 | AUD | 3,776 | 15 | — |
| State Street Bank & Trust Co. | 4/4/22 | USD | 1,296 | AUD | 1,791 | 29 | — |
| State Street Bank & Trust Co. | 4/4/22 | USD | 564 | CHF | 516 | 6 | — |
| Deutsche Bank AG | 3/16/22 | USD | 38,231 | EUR | 33,717 | 314 | — |
| State Street Bank & Trust Co. | 3/16/22 | USD | 12,642 | EUR | 11,167 | 83 | — |
| JPMorgan Chase Bank, N.A. | 4/4/22 | USD | 131 | EUR | 116 | 1 | — |
| Royal Bank of Canada | 3/16/22 | USD | 5,775 | GBP | 4,358 | — | (85) |
| Toronto-Dominion Bank | 3/16/22 | USD | 2,995 | GBP | 2,267 | — | (54) |
| Toronto-Dominion Bank | 3/16/22 | USD | 3,847 | HKD | 29,990 | 1 | — |
| Bank of America, N.A. | 3/16/22 | USD | 401 | JPY | 45,525 | 5 | — |
| 496 | (315) | ||||||
| AUD—Australian dollar. |
| CHF—Swiss franc. |
| EUR—euro. |
| GBP—British pound. |
| HKD—Hong Kong dollar. |
| JPY—Japanese yen. |
| USD—U.S. dollar. |
| Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
| Investments | ||||
| Assets | ||||
| Common Stocks—North and South America | 232,618 | 7,915 | — | 240,533 |
| Common Stocks—Other | 27,820 | 5,124,521 | 2,217 | 5,154,558 |
| Temporary Cash Investments | 222,162 | — | — | 222,162 |
| Total | 482,600 | 5,132,436 | 2,217 | 5,617,253 |
| Derivative Financial Instruments | ||||
| Assets | ||||
| Forward Currency Contracts | — | 496 | — | 496 |
| Liabilities | ||||
| Futures Contracts1 | 856 | — | — | 856 |
| Forward Currency Contracts | — | 315 | — | 315 |
| Total | 856 | 315 | — | 1,171 |
| 1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |
| Current Period Transactions | ||||||||
| Oct. 31, 2021 Market Value ($000) | Purchases at Cost ($000) | Proceeds from Securities Sold ($000) | Realized Net Gain (Loss) ($000) | Change in Unrealized App. (Dep.) ($000) | Income ($000) | Capital Gain Distributions Received ($000) | Jan. 31, 2022 Market Value ($000) | |
| Vanguard Market Liquidity Fund | 191,399 | NA1 | NA1 | (6) | (5) | 6 | — | 222,162 |
| Vanguard Real Estate ETF | 28,276 | 10,133 | 11,244 | 524 | (1,074) | 241 | — | 26,615 |
| Total | 219,675 | 518 | (1,079) | 247 | — | 248,777 | ||
| 1 | Not applicable—purchases and sales are for temporary cash investment purposes. |