| Shares | Market Value ($000) | ||
| Common Stocks (99.3%) | |||
| Australia (10.6%) | |||
| Goodman Group | 8,060,396 | 114,970 | |
| Scentre Group | 24,463,426 | 53,081 | |
| Stockland | 11,250,550 | 31,437 | |
| Mirvac Group | 18,584,516 | 30,025 | |
| Dexus (XASX) | 5,058,471 | 29,329 | |
| GPT Group | 9,022,513 | 29,247 | |
| Vicinity Ltd. | 18,238,870 | 26,684 | |
| Charter Hall Group | 2,225,505 | 21,914 | |
| Lendlease Corp. Ltd. | 3,241,360 | 19,793 | |
| Region RE Ltd. | 5,299,235 | 10,169 | |
| Charter Hall Long Wale REIT | 3,068,459 | 9,930 | |
| National Storage REIT | 5,092,142 | 8,380 | |
| HomeCo Daily Needs REIT | 7,322,478 | 7,029 | |
| Charter Hall Retail REIT | 2,443,287 | 6,938 | |
| Waypoint REIT Ltd. | 3,339,803 | 6,595 | |
| Lifestyle Communities Ltd. | 459,795 | 6,410 | |
| BWP Trust | 2,274,785 | 6,328 | |
| Centuria Industrial REIT | 2,546,079 | 6,054 | |
| Ingenia Communities Group | 1,728,359 | 5,692 | |
| Arena REIT | 1,646,573 | 4,368 | |
| Centuria Capital Group | 3,267,601 | 4,343 | |
| Charter Hall Social Infrastructure REIT | 1,573,223 | 3,882 | |
| Abacus Property Group | 1,941,129 | 3,846 | |
| Cromwell Property Group | 6,564,063 | 3,373 | |
| Rural Funds Group | 1,810,043 | 3,210 | |
| Growthpoint Properties Australia Ltd. | 1,376,193 | 3,179 | |
| HMC Capital Ltd. | 924,123 | 3,025 | |
| Centuria Office REIT | 2,029,734 | 2,304 | |
| Hotel Property Investments | 915,959 | 2,276 | |
| Dexus Industria REIT | 988,477 | 2,160 | |
| 1 | HealthCo REIT | 1,225,917 | 1,413 |
| GDI Property Group | 2,347,117 | 1,340 | |
| Cedar Woods Properties Ltd. | 302,144 | 983 | |
| 1 | Ram Essential Services Prope | 1,700,043 | 930 |
| 470,637 | |||
| Austria (0.2%) | |||
| CA Immobilien Anlagen AG | 212,734 | 6,635 | |
| * | IMMOFINANZ AG | 140,767 | 1,896 |
| S IMMO AG (XWBO) | 41,662 | 599 | |
| *,2 | S IMMO AG Rights Exp. 8/11/23 | 204,865 | — |
| 9,130 | |||
| Shares | Market Value ($000) | ||
| Belgium (1.9%) | |||
| Warehouses De Pauw CVA | 728,274 | 23,095 | |
| Aedifica SA | 186,932 | 16,404 | |
| Cofinimmo SA | 140,634 | 12,792 | |
| VGP NV | 62,153 | 6,210 | |
| Shurgard Self Storage SA | 118,548 | 5,721 | |
| Montea NV | 58,381 | 4,685 | |
| Retail Estates NV | 53,333 | 3,682 | |
| Xior Student Housing NV | 106,683 | 3,584 | |
| Care Property Invest NV | 174,693 | 2,739 | |
| Intervest Offices & Warehouses NV | 112,956 | 2,467 | |
| Immobel SA | 19,727 | 1,013 | |
| 82,392 | |||
| Brazil (0.5%) | |||
| Aliansce Sonae Shopping Centers SA | 1,943,339 | 6,895 | |
| Multiplan Empreendimentos Imobiliarios SA | 1,254,388 | 5,879 | |
| Iguatemi SA (BVMF) | 975,995 | 3,766 | |
| JHSF Participacoes SA | 1,468,001 | 1,489 | |
| Terra Santa Propriedades Agricolas SA | 153,096 | 917 | |
| BR Properties SA | 625,465 | 748 | |
| LOG Commercial Properties e Participacoes SA | 202,469 | 726 | |
| Lavvi Empreendimentos Imobiliarios Ltda | 404,659 | 437 | |
| * | Iguatemi SA Pref Preference | 118,065 | 196 |
| Iguatemi SA | 213,960 | 114 | |
| 21,167 | |||
| Canada (3.1%) | |||
| Canadian Apartment Properties REIT | 390,960 | 14,457 | |
| RioCan REIT | 697,988 | 12,107 | |
| Tricon Capital Group Inc. | 1,283,844 | 11,145 | |
| Granite REIT | 146,209 | 8,948 | |
| 1 | Choice Properties REIT | 761,717 | 8,570 |
| Summit Industrial Income REIT | 436,652 | 7,509 | |
| 1 | SmartCentres REIT | 335,453 | 7,110 |
| First Capital REIT | 497,109 | 6,706 | |
| Allied Properties REIT | 297,310 | 6,632 | |
| 1 | Dream Industrial REIT | 590,407 | 6,212 |
| 1 | H&R REIT | 608,301 | 5,948 |
| 1 | Boardwalk REIT | 104,072 | 4,397 |
| 1 | NorthWest Healthcare Properties REIT | 542,865 | 4,109 |
| 1 | Killam Apartment REIT | 270,163 | 3,736 |
| 1 | InterRent REIT | 327,094 | 3,542 |
| 1 | CT REIT | 248,233 | 3,069 |
| 1 | Crombie REIT | 243,960 | 3,029 |
| Primaris REIT | 224,742 | 2,579 | |
| DREAM Unlimited Corp. Class A | 106,695 | 2,243 | |
| Morguard Corp. | 20,623 | 1,818 | |
| Artis REIT | 251,387 | 1,795 | |
| 1 | Slate Grocery REIT | 129,494 | 1,552 |
| BSR REIT | 94,484 | 1,394 | |
| 1 | Morguard North American Residential REIT | 89,731 | 1,224 |
| 1,3 | Minto Apartment REIT | 95,385 | 1,214 |
| 1 | Dream Office REIT | 93,342 | 1,149 |
| 1 | Nexus Industrial REIT | 139,558 | 1,128 |
| 1 | True North Commercial REIT | 210,127 | 978 |
| 1 | Automotive Properties REIT | 95,962 | 898 |
| 1 | PRO REIT | 136,461 | 667 |
| 1 | Slate Office REIT | 184,393 | 618 |
| Shares | Market Value ($000) | ||
| 1 | BTB REIT | 193,661 | 563 |
| 1 | European Residential REIT | 199,471 | 561 |
| 1 | Inovalis REIT | 69,420 | 243 |
| 137,850 | |||
| Chile (0.2%) | |||
| Parque Arauco SA | 3,196,938 | 4,118 | |
| Cencosud Shopping SA | 2,243,980 | 3,381 | |
| Plaza SA | 1,407,640 | 1,908 | |
| 9,407 | |||
| China (7.5%) | |||
| China Resources Land Ltd. | 13,426,446 | 64,347 | |
| China Overseas Land & Investment Ltd. | 17,525,710 | 47,324 | |
| 3 | Longfor Group Holdings Ltd. | 7,988,008 | 26,393 |
| Country Garden Holdings Co. Ltd. | 50,788,163 | 19,057 | |
| China Vanke Co. Ltd. Class H | 8,687,783 | 17,562 | |
| Wharf Holdings Ltd. | 5,755,652 | 14,994 | |
| Poly Developments and Holdings Group Co. Ltd. Class A | 4,530,285 | 10,557 | |
| China Vanke Co. Ltd. Class A | 3,870,010 | 10,495 | |
| Yuexiu Property Co. Ltd. | 5,853,218 | 8,515 | |
| C&D International Investment Group Ltd. | 2,475,000 | 7,870 | |
| China Merchants Shekou Industrial Zone Holdings Co. Ltd. Class A | 2,916,337 | 6,423 | |
| China Jinmao Holdings Group Ltd. | 25,147,054 | 5,776 | |
| Greentown China Holdings Ltd. | 3,699,314 | 5,454 | |
| 1 | Hopson Development Holdings Ltd. | 3,801,215 | 4,505 |
| Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class B | 5,309,708 | 4,255 | |
| * | Seazen Group Ltd. | 10,334,666 | 4,027 |
| Yuexiu REIT | 10,711,576 | 3,499 | |
| China Overseas Grand Oceans Group Ltd. | 6,262,079 | 2,922 | |
| 1 | CIFI Holdings Group Co. Ltd. | 19,585,776 | 2,906 |
| * | Seazen Holdings Co. Ltd. Class A | 863,953 | 2,732 |
| Gemdale Corp. Class A | 1,701,261 | 2,492 | |
| Gemdale Properties & Investment Corp. Ltd. | 26,900,000 | 2,332 | |
| Poly Property Group Co. Ltd. | 9,421,048 | 2,236 | |
| Sino-Ocean Group Holding Ltd. | 14,757,829 | 2,221 | |
| * | Agile Group Holdings Ltd. | 6,833,409 | 2,198 |
| Shenzhen Investment Ltd. | 10,998,201 | 2,159 | |
| *,1 | Guangzhou R&F Properties Co. Ltd. Class H | 7,836,613 | 2,149 |
| Shui On Land Ltd. | 15,369,538 | 2,082 | |
| 3 | Midea Real Estate Holding Ltd. | 1,344,416 | 2,041 |
| Hangzhou Binjiang Real Estate Group Co. Ltd. Class A | 1,184,718 | 1,868 | |
| 3 | Red Star Macalline Group Corp. Ltd. Class H | 3,746,236 | 1,800 |
| * | SOHO China Ltd. | 8,972,545 | 1,738 |
| 1 | Radiance Holdings Group Co. Ltd. | 3,082,000 | 1,612 |
| 1 | Powerlong Real Estate Holdings Ltd. | 6,632,139 | 1,480 |
| *,1 | Kwg Group Holdings Ltd. | 5,566,158 | 1,479 |
| 1 | China South City Holdings Ltd. | 19,768,111 | 1,438 |
| 1 | China SCE Group Holdings Ltd. | 9,963,766 | 1,360 |
| Shanghai Lingang Holdings Corp. Ltd. Class A | 699,963 | 1,278 | |
| Shanghai Jinqiao Export Processing Zone Development Co. Ltd. Class B | 1,343,331 | 1,261 | |
| Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class A | 767,563 | 1,156 | |
| *,1,2 | China Evergrande Group | 8,834,921 | 1,127 |
| Shanghai Zhangjiang High-Tech Park Development Co. Ltd. Class A | 594,227 | 1,117 | |
| Huafa Industrial Co. Ltd. Zhuhai Class A | 788,506 | 1,090 | |
| Tianjin Guangyu Development Co. Ltd. Class A | 539,371 | 1,074 | |
| Gree Real Estate Co. Ltd. Class A | 710,337 | 1,038 | |
| Shanghai Wanye Enterprises Co. Ltd. Class A | 363,466 | 1,012 | |
| Shanghai Lingang Holdings Corp. Ltd. Class B | 988,473 | 918 | |
| Shares | Market Value ($000) | ||
| *,2 | Shimao Group Holdings Ltd. | 4,678,164 | 895 |
| Financial Street Holdings Co. Ltd. Class A | 1,152,751 | 895 | |
| *,1 | LVGEM China Real Estate Investment Co. Ltd. | 5,320,000 | 882 |
| Beijing Capital Development Co. Ltd. Class A | 983,750 | 843 | |
| *,1 | Logan Group Co. Ltd. | 4,884,984 | 828 |
| * | Joy City Property Ltd. | 17,005,500 | 801 |
| 1 | China Merchants Commercial REIT | 2,769,000 | 759 |
| 1 | Times China Holdings Ltd. | 3,657,000 | 713 |
| * | Grandjoy Holdings Group Co. Ltd. Class A | 1,268,199 | 706 |
| *,1,3 | Redco Properties Group Ltd. | 3,566,000 | 700 |
| Red Star Macalline Group Corp. Ltd. Class A | 748,512 | 650 | |
| Lushang Health Industry Development Co. Ltd. Class A | 390,870 | 649 | |
| China World Trade Center Co. Ltd. Class A | 247,759 | 623 | |
| Shanghai Shibei Hi-Tech Co. Ltd. Class B | 2,181,859 | 612 | |
| * | Jinke Properties Group Co. Ltd. Class A | 2,080,895 | 611 |
| * | Shenzhen New Nanshan Holding Group Co. Ltd. Class A | 1,042,729 | 596 |
| Suning Universal Co. Ltd. Class A | 1,173,847 | 571 | |
| *,1 | Yuzhou Group Holdings Co. Ltd. | 9,613,383 | 570 |
| * | GR Properties Ltd. | 4,650,000 | 569 |
| Beijing North Star Co. Ltd. Class H | 4,594,000 | 545 | |
| * | RiseSun Real Estate Development Co. Ltd. Class A | 1,661,687 | 542 |
| * | Jiangsu Zhongnan Construction Group Co. Ltd. Class A | 1,464,622 | 515 |
| Shanghai Jinqiao Export Processing Zone Development Co. Ltd. Class A | 285,065 | 498 | |
| *,1 | Jiayuan International Group Ltd. | 15,274,000 | 482 |
| *,1 | Zhenro Properties Group Ltd. | 9,351,000 | 477 |
| * | Yango Group Co. Ltd. Class A | 1,591,019 | 454 |
| China-Singapore Suzhou Industrial Park Development Group Co. Ltd. Class A | 354,088 | 435 | |
| * | Nanjing Gaoke Co. Ltd. Class A | 354,895 | 361 |
| *,2 | China Aoyuan Group Ltd. | 6,084,000 | 343 |
| *,1 | Zhongliang Holdings Group Co. Ltd. | 3,428,000 | 341 |
| * | Guangdong Highsun Group Co. Ltd. | 976,703 | 340 |
| Hefei Urban Construction Development Co. Ltd. Class A | 314,465 | 338 | |
| 1 | Dexin China Holdings Co. Ltd. | 3,339,000 | 323 |
| Greenland Hong Kong Holdings Ltd. | 3,348,000 | 321 | |
| *,1 | Redsun Properties Group Ltd. | 4,471,000 | 285 |
| 1 | Central China Real Estate Ltd. | 4,248,000 | 244 |
| *,1 | Ganglong China Property Group Ltd. | 2,000,000 | 188 |
| *,1,2 | Jingrui Holdings Ltd. | 2,333,000 | 176 |
| *,2 | Kaisa Group Holdings Ltd. | 6,019,944 | 131 |
| Beijing North Star Co. Ltd. Class A | 401,173 | 123 | |
| * | Datang Group Holdings Ltd. | 1,342,000 | 110 |
| *,2 | Sunac China Holdings Ltd. | 15,857,136 | 101 |
| * | Yida China Holdings Ltd. | 376,000 | 23 |
| *,1,2 | Fantasia Holdings Group Co. Ltd. | 6,671,943 | — |
| *,2 | Sinic Holdings Group Co. Ltd. Class H | 2,979,000 | — |
| 334,538 | |||
| Denmark (0.0%) | |||
| *,1 | VIB Vermoegen AG | 52,464 | 1,357 |
| Egypt (0.1%) | |||
| Talaat Moustafa Group | 4,622,349 | 1,557 | |
| * | Medinet Nasr Housing | 5,460,170 | 637 |
| Heliopolis Housing | 1,695,754 | 568 | |
| Palm Hills Developments SAE | 5,882,371 | 416 | |
| 3,178 | |||
| Finland (0.3%) | |||
| Kojamo OYJ | 837,589 | 12,861 | |
| Shares | Market Value ($000) | ||
| 1 | Citycon OYJ | 368,514 | 2,777 |
| 15,638 | |||
| France (2.8%) | |||
| * | Unibail-Rodamco-Westfield | 502,969 | 32,550 |
| Gecina SA | 255,834 | 30,304 | |
| Klepierre SA | 918,988 | 23,324 | |
| Covivio | 217,846 | 14,954 | |
| ICADE | 151,649 | 7,203 | |
| Nexity SA | 235,903 | 7,126 | |
| Carmila SA | 271,696 | 4,101 | |
| Mercialys SA | 364,492 | 4,048 | |
| Altarea SCA | 22,160 | 3,020 | |
| 126,630 | |||
| Germany (3.8%) | |||
| Vonovia SE | 3,749,227 | 105,908 | |
| LEG Immobilien SE (XETR) | 349,019 | 27,284 | |
| Aroundtown SA | 4,333,007 | 12,064 | |
| TAG Immobilien AG | 827,808 | 7,089 | |
| Deutsche Wohnen SE | 242,718 | 5,733 | |
| Grand City Properties SA | 367,367 | 3,915 | |
| Hamborner REIT AG | 335,402 | 2,625 | |
| 3 | Instone Real Estate Group SE | 219,642 | 2,241 |
| DIC Asset AG | 180,182 | 1,732 | |
| 1 | Deutsche EuroShop AG (XETR) | 58,019 | 1,371 |
| *,1,3 | ADLER Group SA | 351,293 | 534 |
| 1 | alstria office REIT AG | 41,578 | 341 |
| 170,837 | |||
| Greece (0.1%) | |||
| * | LAMDA Development SA | 394,046 | 2,695 |
| Hong Kong (10.5%) | |||
| Sun Hung Kai Properties Ltd. | 7,101,441 | 100,710 | |
| Link REIT | 9,930,189 | 79,485 | |
| CK Asset Holdings Ltd. | 9,177,613 | 58,677 | |
| Wharf Real Estate Investment Co. Ltd. | 7,297,652 | 41,777 | |
| Hongkong Land Holdings Ltd. | 5,040,512 | 24,642 | |
| 3 | ESR Cayman Ltd. | 11,455,400 | 22,935 |
| Henderson Land Development Co. Ltd. | 6,150,936 | 22,722 | |
| Sino Land Co. Ltd. | 15,260,022 | 19,830 | |
| New World Development Co. Ltd. | 6,508,000 | 19,452 | |
| Hang Lung Properties Ltd. | 8,680,932 | 16,368 | |
| Swire Properties Ltd. | 4,952,800 | 13,920 | |
| Hysan Development Co. Ltd. | 2,781,655 | 9,359 | |
| Kerry Properties Ltd. | 2,756,832 | 6,990 | |
| Hang Lung Group Ltd. | 3,298,103 | 6,086 | |
| Fortune REIT | 6,741,861 | 5,835 | |
| Champion REIT | 9,043,512 | 4,009 | |
| K Wah International Holdings Ltd. | 6,476,338 | 2,411 | |
| * | Shun Tak Holdings Ltd. | 10,082,000 | 2,181 |
| Sunlight REIT | 4,681,400 | 2,073 | |
| Prosperity REIT | 5,813,649 | 1,691 | |
| Far East Consortium International Ltd. | 6,288,400 | 1,646 | |
| SF REIT | 2,464,000 | 1,007 | |
| *,1 | Zensun Enterprises Ltd. | 2,543,000 | 416 |
| 464,222 | |||
| India (1.6%) | |||
| DLF Ltd. | 2,917,558 | 12,750 | |
| Shares | Market Value ($000) | ||
| Embassy Office Parks REIT | 2,861,282 | 11,470 | |
| * | Godrej Properties Ltd. | 550,848 | 7,991 |
| Phoenix Mills Ltd. | 445,969 | 7,477 | |
| * | Macrotech Developers Ltd. | 570,511 | 7,143 |
| Oberoi Realty Ltd. | 548,914 | 5,528 | |
| 3 | Mindspace Business Parks REIT | 1,055,592 | 4,261 |
| Brigade Enterprises Ltd. | 615,499 | 3,465 | |
| Prestige Estates Projects Ltd. | 661,427 | 3,398 | |
| 3 | Brookfield India Real Estate Trust | 740,043 | 2,639 |
| * | Indiabulls Real Estate Ltd. | 2,228,034 | 1,975 |
| Mahindra Lifespace Developers Ltd. | 359,077 | 1,528 | |
| Sobha Ltd. | 169,454 | 1,248 | |
| Sunteck Realty Ltd. | 226,816 | 1,016 | |
| NESCO Ltd. | 100,299 | 714 | |
| * | Hemisphere Properties India Ltd. | 405,085 | 502 |
| 73,105 | |||
| Indonesia (0.3%) | |||
| Ciputra Development Tbk PT | 41,236,291 | 2,685 | |
| * | Bumi Serpong Damai Tbk PT | 40,161,327 | 2,510 |
| Pakuwon Jati Tbk PT | 70,863,028 | 2,120 | |
| Summarecon Agung Tbk PT | 50,577,581 | 2,081 | |
| * | Lippo Karawaci Tbk PT | 156,288,049 | 856 |
| * | Alam Sutera Realty Tbk PT | 50,925,197 | 551 |
| Puradelta Lestari Tbk PT | 41,524,900 | 460 | |
| * | Mega Manunggal Property Tbk PT | 10,722,500 | 328 |
| * | Pollux Properti Indonesia Tbk PT | 3,445,300 | 48 |
| *,2 | Hanson International Tbk PT | 444,252,900 | — |
| *,2 | Armidian Karyatama Tbk PT | 34,315,100 | — |
| 11,639 | |||
| Ireland (0.1%) | |||
| Irish Residential Properties REIT plc | 2,046,082 | 2,546 | |
| Israel (1.9%) | |||
| Azrieli Group Ltd. | 170,993 | 11,014 | |
| Mivne Real Estate KD Ltd. | 2,805,108 | 9,001 | |
| Alony Hetz Properties & Investments Ltd. | 722,728 | 7,754 | |
| Melisron Ltd. | 107,163 | 7,493 | |
| Amot Investments Ltd. | 1,024,553 | 6,013 | |
| * | Big Shopping Centers Ltd. | 55,680 | 5,598 |
| * | Airport City Ltd. | 306,183 | 4,850 |
| REIT 1 Ltd. | 897,777 | 4,450 | |
| Mega Or Holdings Ltd. | 107,289 | 2,979 | |
| Sella Capital Real Estate Ltd. | 1,025,068 | 2,436 | |
| Summit Real Estate Holdings Ltd. | 169,781 | 2,413 | |
| YH Dimri Construction & Development Ltd. | 32,991 | 2,133 | |
| Menivim- The New REIT Ltd. | 3,263,472 | 1,602 | |
| Blue Square Real Estate Ltd. | 25,466 | 1,547 | |
| Israel Canada T.R Ltd. | 579,889 | 1,530 | |
| Isras Investment Co. Ltd. | 7,615 | 1,486 | |
| G City Ltd. | 379,171 | 1,482 | |
| Africa Israel Residences Ltd. | 29,391 | 1,380 | |
| Electra Real Estate Ltd. | 107,609 | 1,210 | |
| Gav-Yam Lands Corp. Ltd. | 132,198 | 1,068 | |
| * | Aura Investments Ltd. | 614,048 | 1,054 |
| Israel Land Development Co. Ltd. | 86,388 | 1,004 | |
| Prashkovsky Investments and Construction Ltd. | 35,000 | 947 | |
| * | IES Holdings Ltd. | 12,682 | 824 |
| * | AFI Properties Ltd. | 25,153 | 822 |
| Shares | Market Value ($000) | ||
| * | Property & Building Corp. Ltd. | 12,747 | 802 |
| Norstar Holdings Inc. | 110,976 | 411 | |
| 83,303 | |||
| Italy (0.0%) | |||
| Immobiliare Grande Distribuzione SIIQ SpA | 255,351 | 791 | |
| Japan (21.7%) | |||
| Mitsui Fudosan Co. Ltd. | 4,494,657 | 84,246 | |
| Mitsubishi Estate Co. Ltd. | 6,231,445 | 80,094 | |
| Daiwa House Industry Co. Ltd. | 3,140,774 | 75,426 | |
| Sumitomo Realty & Development Co. Ltd. | 2,244,867 | 54,723 | |
| Nippon Building Fund Inc. | 8,016 | 35,033 | |
| Daito Trust Construction Co. Ltd. | 325,225 | 32,138 | |
| Nippon Prologis REIT Inc. | 12,603 | 28,598 | |
| Japan Real Estate Investment Corp. | 6,523 | 27,967 | |
| Nomura Real Estate Master Fund Inc. | 22,228 | 25,995 | |
| Japan Metropolitan Fund Investment | 32,944 | 25,468 | |
| GLP J-REIT | 22,159 | 25,074 | |
| Hulic Co. Ltd. | 2,825,937 | 23,229 | |
| Daiwa House REIT Investment Corp. | 10,058 | 21,884 | |
| Orix JREIT Inc. | 13,009 | 17,899 | |
| United Urban Investment Corp. | 14,611 | 16,626 | |
| 1 | Advance Residence Investment Corp. | 6,522 | 15,932 |
| Tokyu Fudosan Holdings Corp. | 2,847,844 | 14,451 | |
| Japan Hotel REIT Investment Corp. | 21,011 | 13,314 | |
| Japan Prime Realty Investment Corp. | 4,691 | 12,726 | |
| Invincible Investment Corp. | 28,748 | 12,260 | |
| Tokyo Tatemono Co. Ltd. | 984,183 | 12,201 | |
| Nomura Real Estate Holdings Inc. | 542,729 | 11,962 | |
| Sekisui House REIT Inc. | 20,628 | 11,277 | |
| Industrial & Infrastructure Fund Investment Corp. | 9,755 | 10,811 | |
| Nippon Accommodations Fund Inc. | 2,371 | 10,642 | |
| Activia Properties Inc. | 3,445 | 10,317 | |
| LaSalle Logiport REIT | 8,419 | 10,200 | |
| 1 | Japan Logistics Fund Inc. | 4,407 | 10,049 |
| Kenedix Office Investment Corp. | 3,991 | 9,481 | |
| Frontier Real Estate Investment Corp. | 2,429 | 9,367 | |
| Mitsui Fudosan Logistics Park Inc. | 2,565 | 8,952 | |
| Daiwa Securities Living Investments Corp. | 10,612 | 8,879 | |
| AEON REIT Investment Corp. | 8,007 | 8,850 | |
| Mori Hills REIT Investment Corp. | 7,661 | 8,705 | |
| Mitsubishi Estate Logistics REIT Investment Corp. | 2,353 | 7,396 | |
| 1 | Kenedix Residential Next Investment Corp. | 4,938 | 7,360 |
| Hulic REIT Inc. | 6,050 | 7,231 | |
| Hoshino Resorts REIT Inc. | 1,209 | 6,926 | |
| 1 | Comforia Residential REIT Inc. | 3,078 | 6,839 |
| NTT UD REIT Investment Corp. | 6,582 | 6,713 | |
| Tokyu REIT Inc. | 4,367 | 6,580 | |
| Daiwa Office Investment Corp. | 1,371 | 6,456 | |
| Aeon Mall Co. Ltd. | 451,083 | 6,354 | |
| Katitas Co. Ltd. | 237,992 | 5,836 | |
| Japan Excellent Inc. | 5,998 | 5,724 | |
| NIPPON REIT Investment Corp. | 2,102 | 5,353 | |
| Heiwa Real Estate REIT Inc. | 4,582 | 5,329 | |
| Kenedix Retail REIT Corp. | 2,779 | 5,210 | |
| Mori Trust Sogo REIT Inc. | 4,504 | 5,083 | |
| Ichigo Office REIT Investment Corp. | 7,040 | 4,608 | |
| Fukuoka REIT Corp. | 3,424 | 4,403 | |
| Shares | Market Value ($000) | ||
| Heiwa Real Estate Co. Ltd. | 152,032 | 4,350 | |
| Global One Real Estate Investment Corp. | 4,491 | 3,708 | |
| CRE Logistics REIT Inc. | 2,664 | 3,622 | |
| Hankyu Hanshin REIT Inc. | 3,279 | 3,615 | |
| Star Asia Investment Corp. | 8,833 | 3,583 | |
| SOSiLA Logistics REIT Inc. | 3,220 | 3,205 | |
| Starts Corp. Inc. | 157,400 | 3,130 | |
| Itochu Advance Logistics Investment Corp. | 2,879 | 3,097 | |
| SAMTY Co. Ltd. | 189,900 | 2,999 | |
| Samty Residential Investment Corp. | 3,412 | 2,861 | |
| Mirai Corp. | 8,390 | 2,833 | |
| Ichigo Inc. | 1,153,000 | 2,643 | |
| One REIT Inc. | 1,266 | 2,400 | |
| Takara Leben Real Estate Investment Corp. | 2,853 | 2,139 | |
| 1 | Health Care & Medical Investment Corp. | 1,705 | 2,124 |
| * | Leopalace21 Corp. | 849,550 | 2,108 |
| Keihanshin Building Co. Ltd. | 191,900 | 2,022 | |
| Starts Proceed Investment Corp. | 1,110 | 1,945 | |
| *,1 | TKP Corp. | 75,800 | 1,797 |
| 1 | Mori Trust Hotel REIT Inc. | 1,490 | 1,544 |
| Tosei Corp. | 131,800 | 1,505 | |
| Sankei Real Estate Inc. | 2,199 | 1,498 | |
| *,1 | SRE Holdings Corp. | 46,500 | 1,478 |
| 1 | ESCON Japan REIT Investment Corp. | 1,647 | 1,460 |
| 1 | Tosei REIT Investment Corp. | 1,427 | 1,444 |
| TOC Co. Ltd. | 226,529 | 1,187 | |
| Mirarth Holdings Inc. | 398,452 | 1,180 | |
| Sun Frontier Fudousan Co. Ltd. | 128,500 | 1,108 | |
| 1 | Ichigo Hotel REIT Investment Corp. | 1,181 | 1,037 |
| Xymax REIT Investment Corp. | 1,115 | 1,011 | |
| JSB Co. Ltd. | 27,200 | 849 | |
| Goldcrest Co. Ltd. | 64,040 | 803 | |
| Marimo Regional Revitalization REIT Inc. | 813 | 781 | |
| Nippon Commercial Development Co. Ltd. | 53,800 | 769 | |
| 1 | Tokaido REIT Inc. | 755 | 713 |
| 1 | Arealink Co. Ltd. | 41,700 | 599 |
| Dear Life Co. Ltd. | 122,100 | 588 | |
| 1 | CRE Inc. | 67,700 | 567 |
| Star Mica Holdings Co. Ltd. | 105,200 | 548 | |
| 1 | Ooedo Onsen REIT Investment Corp. | 1,080 | 510 |
| Japan Property Management Center Co. Ltd. | 61,400 | 475 | |
| * | Nisshin Group Holdings Co. Ltd. | 134,100 | 471 |
| 964,483 | |||
| Kuwait (0.3%) | |||
| * | Mabanee Co. KPSC | 2,796,928 | 7,861 |
| Commercial Real Estate Co. KSC | 7,105,260 | 2,299 | |
| * | National Real Estate Co. KPSC | 5,108,887 | 1,698 |
| Kuwait Real Estate Co. KSC | 2,652,281 | 941 | |
| * | Al Mazaya Holding Co. KSCP | 3,054,462 | 455 |
| 13,254 | |||
| Malaysia (0.5%) | |||
| Sunway REIT | 8,832,034 | 3,255 | |
| IGB REIT | 7,712,400 | 3,183 | |
| Axis REIT | 6,423,200 | 2,787 | |
| IOI Properties Group Bhd. | 8,452,900 | 2,183 | |
| Sime Darby Property Bhd. | 14,365,000 | 1,655 | |
| Matrix Concepts Holdings Bhd. | 4,316,642 | 1,580 | |
| Shares | Market Value ($000) | ||
| UOA Development Bhd. | 3,359,300 | 1,323 | |
| SP Setia Bhd. Group | 7,765,900 | 1,271 | |
| Pavilion REIT | 3,525,300 | 1,116 | |
| Mah Sing Group Bhd. | 7,544,925 | 1,073 | |
| Eco World Development Group Bhd. (XKLS) | 5,915,800 | 961 | |
| * | UEM Sunrise Bhd. | 5,522,965 | 351 |
| * | Eco World Development Group Bhd. Warrants Exp. 4/12/29 | 1,186,080 | 29 |
| 20,767 | |||
| Mexico (1.2%) | |||
| Fibra Uno Administracion SA de CV | 13,520,785 | 18,310 | |
| Corp. Inmobiliaria Vesta SAB de CV | 3,136,250 | 8,567 | |
| Prologis Property Mexico SA de CV | 2,515,268 | 8,180 | |
| TF Administradora Industrial S de RL de CV | 3,649,908 | 6,197 | |
| 3 | Macquarie Mexico Real Estate Management SA de CV | 3,418,990 | 5,779 |
| Concentradora Fibra Danhos SA de CV | 3,985,209 | 5,272 | |
| 52,305 | |||
| Netherlands (0.4%) | |||
| Eurocommercial Properties NV | 202,175 | 5,063 | |
| 3 | CTP NV | 349,261 | 5,044 |
| Wereldhave NV | 192,169 | 2,887 | |
| NSI NV | 86,146 | 2,248 | |
| Vastned Retail NV | 85,841 | 1,979 | |
| * | Argo Properties NV | 57,546 | 1,211 |
| 18,432 | |||
| New Zealand (0.6%) | |||
| Goodman Property Trust | 4,966,070 | 6,618 | |
| Precinct Properties New Zealand Ltd. | 6,351,295 | 5,162 | |
| Kiwi Property Group Ltd. | 7,407,169 | 4,577 | |
| Vital Healthcare Property Trust | 2,216,553 | 3,428 | |
| Argosy Property Ltd. | 3,994,946 | 2,977 | |
| Stride Property Group | 2,561,679 | 2,304 | |
| 25,066 | |||
| Norway (0.1%) | |||
| 3 | Entra ASA | 572,419 | 6,771 |
| Philippines (1.4%) | |||
| SM Prime Holdings Inc. | 54,385,607 | 36,851 | |
| Ayala Land Inc. | 27,786,360 | 14,987 | |
| Robinson's Land Corp. | 8,781,572 | 2,465 | |
| RL Commercial REIT Inc. | 18,541,600 | 2,011 | |
| Megaworld Corp. | 49,737,100 | 1,933 | |
| AREIT Inc. | 2,869,420 | 1,873 | |
| MREIT Inc. | 4,570,500 | 1,198 | |
| Filinvest REIT Corp. | 8,773,500 | 917 | |
| Filinvest Land Inc. | 41,595,000 | 656 | |
| Citicore Energy REIT Corp. | 11,593,000 | 516 | |
| DoubleDragon Properties Corp. | 1,703,400 | 215 | |
| Vista Land & Lifescapes Inc. | 2,505,056 | 81 | |
| 63,703 | |||
| Qatar (0.3%) | |||
| Barwa Real Estate Co. | 8,984,817 | 7,028 | |
| * | United Development Co. QSC | 8,328,565 | 2,774 |
| * | Ezdan Holding Group QSC | 7,466,036 | 2,059 |
| 11,861 | |||
| Russia (0.0%) | |||
| *,2 | Etalon Group plc GDR (Registered) | 993,429 | — |
| Shares | Market Value ($000) | ||
| *,2 | INGRAD PJSC | 43,530 | — |
| — | |||
| Saudi Arabia (0.8%) | |||
| * | Dar Al Arkan Real Estate Development Co. | 2,497,788 | 8,359 |
| * | Emaar Economic City | 2,589,056 | 5,667 |
| Arabian Centres Co. Ltd. | 765,247 | 4,097 | |
| Jadwa REIT Saudi Fund | 822,598 | 2,751 | |
| Arriyadh Development Co. | 410,294 | 2,084 | |
| * | Saudi Real Estate Co. | 629,190 | 2,055 |
| * | Retal Urban Development Co. | 54,624 | 1,780 |
| Al Rajhi REIT | 565,669 | 1,500 | |
| Riyad REIT Fund | 579,408 | 1,457 | |
| Derayah REIT | 485,784 | 1,278 | |
| Sedco Capital REIT Fund | 425,723 | 1,164 | |
| Alandalus Property Co. | 215,047 | 989 | |
| Musharaka Real Estate Income Fund | 352,128 | 766 | |
| Alkhabeer REIT | 335,702 | 689 | |
| Alahli REIT Fund 1 | 207,105 | 559 | |
| Swicorp Wabel REIT | 399,185 | 551 | |
| Al Maather REIT Fund | 195,300 | 452 | |
| 36,198 | |||
| Singapore (7.0%) | |||
| CapitaLand Integrated Commercial Trust | 23,729,468 | 38,825 | |
| Capitaland Investment Ltd. | 11,566,738 | 35,043 | |
| CapitaLand Ascendas REIT | 15,829,384 | 34,835 | |
| Mapletree Logistics Trust | 15,150,723 | 19,587 | |
| Mapletree Industrial Trust | 9,447,091 | 17,169 | |
| City Developments Ltd. | 2,385,990 | 15,143 | |
| Mapletree Commercial Trust | 10,805,341 | 15,035 | |
| Frasers Logistics & Commercial Trust | 13,570,252 | 13,061 | |
| UOL Group Ltd. | 2,194,378 | 11,708 | |
| Suntec REIT | 10,548,527 | 11,278 | |
| Keppel DC REIT | 6,247,824 | 9,738 | |
| Frasers Centrepoint Trust | 5,075,240 | 8,605 | |
| Ascott Residence Trust | 9,648,222 | 8,179 | |
| ESR-REIT | 26,466,661 | 7,683 | |
| Keppel REIT | 9,359,615 | 6,898 | |
| Parkway Life REIT | 1,833,997 | 5,676 | |
| CapitaLand China Trust | 5,551,508 | 5,294 | |
| Lendlease Global Commercial REIT | 8,837,489 | 4,894 | |
| CDL Hospitality Trusts | 3,983,499 | 4,111 | |
| PARAGON REIT | 5,045,200 | 3,749 | |
| Ascendas India Trust | 3,630,200 | 3,356 | |
| OUE Commercial REIT | 11,618,167 | 3,102 | |
| Cromwell European REIT | 1,704,866 | 2,986 | |
| Starhill Global REIT | 6,711,168 | 2,919 | |
| Manulife US REIT | 8,201,210 | 2,713 | |
| AIMS APAC REIT | 2,507,976 | 2,623 | |
| Far East Hospitality Trust | 4,997,592 | 2,555 | |
| Yanlord Land Group Ltd. | 2,682,304 | 2,272 | |
| Keppel Pacific Oak US REIT | 3,662,500 | 1,962 | |
| Sasseur REIT | 2,587,300 | 1,607 | |
| Prime US REIT | 2,905,500 | 1,514 | |
| * | Hong Fok Corp. Ltd. | 1,953,000 | 1,463 |
| Daiwa House Logistics Trust | 2,631,800 | 1,283 | |
| First REIT | 5,748,726 | 1,228 | |
| Digital Core REIT Management Private Ltd. | 1,597,000 | 1,009 | |
| Shares | Market Value ($000) | ||
| EC World REIT | 1,199,300 | 421 | |
| *,2 | Eagle Hospitality Trust | 2,602,300 | — |
| 309,524 | |||
| South Africa (1.4%) | |||
| NEPI Rockcastle NV | 2,177,798 | 13,531 | |
| Growthpoint Properties Ltd. | 15,391,553 | 12,410 | |
| Redefine Properties Ltd. | 31,342,417 | 7,255 | |
| Resilient REIT Ltd. | 1,566,059 | 4,761 | |
| * | Fortress Real Estate Investments Ltd. Class A | 5,749,109 | 3,359 |
| Vukile Property Fund Ltd. | 4,352,239 | 3,300 | |
| Equites Property Fund Ltd. | 3,593,203 | 3,289 | |
| Hyprop Investments Ltd. | 1,633,083 | 3,138 | |
| Stor-Age Property REIT Ltd. | 2,240,425 | 1,739 | |
| SA Corporate Real Estate Ltd. | 11,823,464 | 1,567 | |
| Investec Property Fund Ltd. | 2,886,254 | 1,554 | |
| Attacq Ltd. | 3,506,962 | 1,476 | |
| Fairvest Ltd. | 6,297,362 | 1,102 | |
| * | Fortress Real Estate Investments Ltd. Class B | 3,958,257 | 1,078 |
| Emira Property Fund Ltd. | 1,597,993 | 893 | |
| 60,452 | |||
| South Korea (0.4%) | |||
| JR Global REIT | 691,495 | 2,521 | |
| ESR Kendall Square REIT Co. Ltd. | 753,064 | 2,511 | |
| LOTTE REIT Co. Ltd. | 582,025 | 1,930 | |
| Shinhan Alpha REIT Co. Ltd. | 285,910 | 1,659 | |
| Mirae Asset Maps Asia Pacific Real Estate 1 Investment | 445,457 | 1,512 | |
| SK REIT Co. Ltd. | 347,589 | 1,458 | |
| Koramco Energy Plus REIT | 190,811 | 813 | |
| D&D Platform REIT Co. Ltd. | 254,263 | 766 | |
| Korea Real Estate Investment & Trust Co. Ltd. | 633,564 | 713 | |
| IGIS Value Plus REIT Co. Ltd. | 174,001 | 701 | |
| 1 | SK D&D Co. Ltd. | 37,982 | 653 |
| NH All One REIT Co. Ltd | 192,075 | 588 | |
| Dongwon Development Co. Ltd. | 183,880 | 512 | |
| E KOCREF CR-REIT Co. Ltd. | 111,378 | 481 | |
| Shinhan Seobu T&D REIT Co. Ltd. | 135,816 | 458 | |
| 17,276 | |||
| Spain (0.6%) | |||
| Merlin Properties Socimi SA | 1,569,793 | 15,341 | |
| Inmobiliaria Colonial Socimi SA | 1,405,498 | 10,251 | |
| Lar Espana Real Estate Socimi SA | 272,107 | 1,360 | |
| 3 | Aedas Homes SA | 64,358 | 1,084 |
| 1,3 | Metrovacesa SA | 92,699 | 688 |
| 28,724 | |||
| Sweden (3.4%) | |||
| Sagax AB Class B | 879,000 | 21,865 | |
| Castellum AB | 1,350,508 | 18,530 | |
| * | Fastighets AB Balder Class B | 2,968,469 | 15,294 |
| Fabege AB | 1,257,951 | 11,889 | |
| * | Wihlborgs Fastigheter AB | 1,255,629 | 10,338 |
| 1 | Samhallsbyggnadsbolaget i Norden AB | 5,189,167 | 9,480 |
| Wallenstam AB Class B | 1,980,813 | 9,093 | |
| Hufvudstaden AB Class A | 551,567 | 8,307 | |
| Catena AB | 156,388 | 6,543 | |
| Nyfosa AB | 730,755 | 6,372 | |
| * | Pandox AB Class B | 422,227 | 5,813 |
| Atrium Ljungberg AB Class B | 244,782 | 4,376 | |
| Shares | Market Value ($000) | ||
| Dios Fastigheter AB | 431,677 | 3,289 | |
| Cibus Nordic Real Estate AB | 215,857 | 3,060 | |
| NP3 Fastigheter AB | 134,490 | 2,970 | |
| Platzer Fastigheter Holding AB Class B | 302,969 | 2,658 | |
| Corem Property Group AB Class B | 2,683,452 | 2,457 | |
| 1 | Akelius Residential Property AB Class D | 954,734 | 1,819 |
| Sagax AB Class D | 535,552 | 1,438 | |
| * | Heba Fastighets AB | 310,750 | 1,137 |
| 1 | Samhallsbyggnadsbolaget i Norden AB Class D | 569,152 | 1,124 |
| *,1,2 | Neobo Fastigheter AB | 523,975 | 980 |
| * | K-fast Holding AB Class B | 289,336 | 771 |
| * | Klarabo Sverige AB | 363,663 | 675 |
| * | Logistea AB Class B | 288,524 | 414 |
| Corem Property Group AB | 16,488 | 302 | |
| 150,994 | |||
| Switzerland (1.9%) | |||
| Swiss Prime Site AG (Registered) | 361,857 | 32,244 | |
| PSP Swiss Property AG (Registered) | 216,181 | 26,950 | |
| Allreal Holding AG (Registered) | 72,430 | 12,414 | |
| Mobimo Holding AG (Registered) | 34,382 | 8,841 | |
| Intershop Holding AG | 5,876 | 3,942 | |
| *,1 | Peach Property Group AG | 49,704 | 1,076 |
| 85,467 | |||
| Taiwan (1.2%) | |||
| Ruentex Development Co. Ltd. | 9,690,870 | 14,513 | |
| Highwealth Construction Corp. | 6,787,991 | 9,312 | |
| Huaku Development Co. Ltd. | 1,037,854 | 3,081 | |
| Chong Hong Construction Co. Ltd. | 1,064,297 | 2,628 | |
| Prince Housing & Development Corp. | 5,219,478 | 1,942 | |
| Farglory Land Development Co. Ltd. | 969,631 | 1,888 | |
| Kindom Development Co. Ltd. | 1,702,900 | 1,650 | |
| Sakura Development Co. Ltd. | 1,248,524 | 1,389 | |
| Advancetek Enterprise Co. Ltd. | 1,222,000 | 1,292 | |
| Cathay Real Estate Development Co. Ltd. | 2,261,100 | 1,234 | |
| * | Delpha Construction Co. Ltd. | 2,093,000 | 1,232 |
| Hung Sheng Construction Ltd. | 1,562,520 | 1,214 | |
| * | Da-Li Development Co. Ltd. | 1,162,000 | 1,176 |
| KEE TAI Properties Co. Ltd. | 1,987,869 | 846 | |
| ZongTai Real Estate Development Co. Ltd. | 804,032 | 846 | |
| I-Sunny Construction & Development Co. Ltd. | 308,550 | 825 | |
| * | Hong Pu Real Estate Development Co. Ltd. | 994,194 | 746 |
| * | Radium Life Tech Co. Ltd. | 2,391,000 | 724 |
| * | Kuo Yang Construction Co. Ltd. | 1,176,802 | 722 |
| Huang Hsiang Construction Corp. | 500,000 | 695 | |
| * | Shining Building Business Co. Ltd. | 2,110,869 | 649 |
| * | King's Town Construction Co. Ltd. | 541,000 | 595 |
| Yea Shin International Development Co. Ltd. | 806,248 | 587 | |
| Yungshin Construction & Development Co. Ltd. | 310,000 | 545 | |
| GTM Holdings Corp. | 556,000 | 478 | |
| Hung Ching Development & Construction Co. Ltd. | 461,000 | 326 | |
| Chung Lien Co. Ltd. | 94,000 | 176 | |
| *,2 | Taiwan Land Development Corp. | 2,224,000 | — |
| 51,311 | |||
| Thailand (1.2%) | |||
| Central Pattana PCL | 6,204,300 | 13,447 | |
| 1 | CPN Retail Growth Leasehold REIT | 9,285,335 | 5,432 |
| Land & Houses PCL (Registered) | 16,800,800 | 5,049 | |
| Shares | Market Value ($000) | ||
| WHA Corp. PCL | 34,822,386 | 4,002 | |
| Frasers Property THA | 7,269,500 | 2,643 | |
| WHA Premium Growth Freehold & Leasehold REIT Class F | 7,238,896 | 2,547 | |
| Supalai PCL | 3,262,481 | 2,396 | |
| Origin Property PCL Class F | 4,671,098 | 1,734 | |
| Amata Corp. PCL | 2,685,923 | 1,632 | |
| AP Thailand PCL | 4,368,520 | 1,579 | |
| Sansiri PCL | 26,508,125 | 1,571 | |
| Quality Houses PCL | 20,001,400 | 1,433 | |
| IMPACT Growth REIT | 3,112,500 | 1,349 | |
| Bangkok Land PCL | 40,145,595 | 1,292 | |
| 1 | SC Asset Corp. PCL | 8,279,740 | 1,197 |
| Pruksa Holding PCL | 2,765,900 | 1,108 | |
| Hemaraj Leasehold REIT | 3,269,000 | 788 | |
| *,1 | Singha Estate PCL | 11,760,200 | 706 |
| Pruksa Real Estate PCL | 3,024,500 | 605 | |
| Noble Development PCL | 2,898,528 | 505 | |
| *,1 | Rabbit Holdings plc Class F | 12,268,024 | 452 |
| * | MBK PCL Warrants Exp. 11/15/23 | 127,968 | 68 |
| Sansiri PCL NDVR | 1,135,675 | 67 | |
| * | Noble Development PCL Warrants Exp. 1/12/24 | 783,375 | 11 |
| SC Asset Corp. PCL NVDR | 63,197 | 9 | |
| 51,622 | |||
| Turkey (0.2%) | |||
| Emlak Konut Gayrimenkul Yatirim Ortakligi A/S | 9,124,636 | 3,820 | |
| Yeni Gimat Gayrimenkul Ortakligi A/S | 904,541 | 1,786 | |
| * | Is Gayrimenkul Yatirim Ortakligi A/S | 2,209,176 | 1,362 |
| Ziraat Gayrimenkul Yatirim Ortakligi A/S | 4,232,180 | 948 | |
| * | Sinpas Gayrimenkul Yatirim Ortakligi A/S | 3,060,542 | 501 |
| * | Kizilbuk Gayrimenkul Yatirim Ortakligi A/S | 255,767 | 347 |
| 8,764 | |||
| United Arab Emirates (1.7%) | |||
| Emaar Properties PJSC | 29,340,047 | 44,583 | |
| Aldar Properties PJSC | 17,073,586 | 20,334 | |
| * | Emaar Development PJSC | 3,973,166 | 4,838 |
| * | TECOM Group PJSC | 2,898,703 | 1,847 |
| * | RAK Properties PJSC | 4,722,537 | 793 |
| * | Deyaar Development PJSC | 5,290,195 | 691 |
| * | Manazel PJSC | 6,155,112 | 639 |
| 73,725 | |||
| United Kingdom (7.5%) | |||
| Segro plc | 5,697,535 | 58,648 | |
| Land Securities Group plc | 3,541,488 | 31,026 | |
| British Land Co. plc | 4,417,839 | 24,178 | |
| UNITE Group plc | 1,885,464 | 23,227 | |
| Tritax Big Box REIT plc | 8,794,323 | 16,945 | |
| Derwent London plc | 528,150 | 16,848 | |
| Safestore Holdings plc | 1,000,531 | 12,458 | |
| Big Yellow Group plc | 822,291 | 12,265 | |
| LXI REIT plc | 8,061,027 | 11,220 | |
| Grainger plc | 3,479,549 | 11,143 | |
| LondonMetric Property plc | 4,611,839 | 10,746 | |
| Assura plc | 13,887,133 | 9,558 | |
| Primary Health Properties plc | 6,259,509 | 8,672 | |
| Great Portland Estates plc | 1,199,060 | 8,434 | |
| Supermarket Income REIT plc | 5,864,010 | 6,966 | |
| Shaftesbury plc | 1,360,873 | 6,628 | |
| Shares | Market Value ($000) | ||
| 1 | Hammerson plc | 18,762,081 | 6,208 |
| Sirius Real Estate Ltd. | 5,562,069 | 5,808 | |
| Capital & Counties Properties plc | 4,024,186 | 5,704 | |
| Workspace Group plc | 652,139 | 4,072 | |
| Urban Logistics REIT plc | 2,229,453 | 3,945 | |
| BMO Commercial Property Trust Ltd. | 3,776,904 | 3,701 | |
| Empiric Student Property REIT plc | 2,871,691 | 3,096 | |
| PRS REIT plc | 2,603,396 | 2,924 | |
| UK Commercial Property REIT Ltd. | 4,067,986 | 2,908 | |
| Warehouse Reit plc | 2,011,394 | 2,623 | |
| Picton Property Income Ltd. | 2,593,931 | 2,465 | |
| Impact Healthcare REIT plc (XLON) | 1,909,215 | 2,447 | |
| Custodian Property Income REIT plc | 2,079,743 | 2,341 | |
| Helical plc | 508,505 | 2,258 | |
| Civitas Social Housing REIT plc | 2,934,671 | 2,066 | |
| 2 | Home REIT plc | 3,771,148 | 1,769 |
| CLS Holdings plc | 882,683 | 1,624 | |
| NewRiver REIT plc | 1,472,550 | 1,596 | |
| Standard Life Investment Property Income Trust REIT Ltd. | 1,930,210 | 1,572 | |
| Schroder REIT Ltd. | 2,700,457 | 1,566 | |
| 3 | Regional REIT Ltd. | 2,062,748 | 1,509 |
| Phoenix Spree Deutschland Ltd. | 474,211 | 1,378 | |
| 3 | Triple Point Social Housing REIT plc | 1,754,256 | 1,078 |
| AEW UK REIT plc | 755,994 | 992 | |
| Ediston Property Investment Co. plc | 991,129 | 797 | |
| 335,409 | |||
| Total Common Stocks (Cost $5,377,258) | 4,407,170 | ||
| Temporary Cash Investments (2.3%) | |||
| Money Market Fund (2.3%) | |||
| 4,5 | Vanguard Market Liquidity Fund, 4.437% (Cost $105,190) | 1,052,232 | 105,213 |
| Total Investments (101.6%) (Cost $5,482,448) | 4,512,383 | ||
| Other Assets and Liabilities—Net (-1.6%) | (73,064) | ||
| Net Assets (100%) | 4,439,319 | ||
| 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 $92,933,000. |
| 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, 2023, the aggregate value was $86,711,000, representing 2.0% of net assets. |
| 4 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
| 5 | Collateral of $97,850,000 was received for securities on loan, of which $97,545,000 is held in Vanguard Market Liquidity Fund and $305,000 is held in cash. |
| 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 2023 | 2 | 409 | 10 |
| MSCI EAFE Index | March 2023 | 190 | 20,131 | 864 |
| MSCI Emerging Markets Index | March 2023 | 202 | 10,550 | 602 |
| Topix Index | March 2023 | 21 | 3,187 | 25 |
| 1,501 | ||||
| Forward Currency Contracts | |||||||
| Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | ||||
| Counterparty | Receive | Deliver | |||||
| JPMorgan Chase Bank, N.A. | 3/15/23 | EUR | 489 | USD | 522 | 11 | — |
| JPMorgan Chase Bank, N.A. | 3/15/23 | HKD | 24,922 | USD | 3,201 | — | (16) |
| Citibank, N.A. | 3/15/23 | INR | 76,148 | USD | 918 | 10 | — |
| Bank of America, N.A. | 3/15/23 | JPY | 744,948 | USD | 5,500 | 258 | — |
| Toronto-Dominion Bank | 3/15/23 | JPY | 38,080 | USD | 299 | — | (5) |
| JPMorgan Chase Bank, N.A. | 3/15/23 | SGD | 344 | USD | 255 | 7 | — |
| JPMorgan Chase Bank, N.A. | 3/15/23 | USD | 3,360 | AUD | 4,959 | — | (146) |
| Bank of America, N.A. | 3/15/23 | USD | 1,191 | AUD | 1,746 | — | (44) |
| Bank of America, N.A. | 3/15/23 | USD | 610 | CAD | 829 | — | (14) |
| State Street Bank & Trust Co. | 3/15/23 | USD | 2,157 | CHF | 2,000 | — | (39) |
| JPMorgan Chase Bank, N.A. | 3/15/23 | USD | 3,873 | EUR | 3,648 | — | (104) |
| Deutsche Bank AG | 3/15/23 | USD | 2,152 | GBP | 1,749 | — | (6) |
| Bank of Montreal | 3/15/23 | USD | 4,490 | HKD | 34,958 | 22 | — |
| Toronto-Dominion Bank | 3/15/23 | USD | 7,211 | JPY | 967,554 | — | (267) |
| JPMorgan Chase Bank, N.A. | 3/15/23 | USD | 1,789 | JPY | 237,644 | — | (48) |
| State Street Bank & Trust Co. | 3/15/23 | USD | 1,061 | SGD | 1,441 | — | (37) |
| Standard Chartered Bank | 3/15/23 | USD | 127 | ZAR | 2,190 | 2 | — |
| 310 | (726) | ||||||
| AUD—Australian dollar. |
| CAD—Canadian dollar. |
| CHF—Swiss franc. |
| EUR—euro. |
| GBP—British pound. |
| HKD—Hong Kong dollar. |
| INR—Indian rupee. |
| JPY—Japanese yen. |
| SGD—Singapore dollar. |
| USD—U.S. dollar. |
| ZAR—South African rand. |
| Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
| Investments | ||||
| Assets | ||||
| Common Stocks—North and South America | 211,321 | 9,407 | — | 220,728 |
| Common Stocks—Other | — | 4,180,920 | 5,522 | 4,186,442 |
| Temporary Cash Investments | 105,213 | — | — | 105,213 |
| Total | 316,534 | 4,190,327 | 5,522 | 4,512,383 |
| Derivative Financial Instruments | ||||
| Assets | ||||
| Futures Contracts1 | 1,501 | — | — | 1,501 |
| Forward Currency Contracts | — | 310 | — | 310 |
| Total | 1,501 | 310 | — | 1,811 |
| Liabilities | ||||
| Forward Currency Contracts | — | 726 | — | 726 |
| 1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |