| Shares | Market Value ($000) | ||
| Common Stocks (99.4%) | |||
| Australia (11.0%) | |||
| Goodman Group | 7,083,464 | 150,479 | |
| Scentre Group | 18,073,072 | 51,219 | |
| Stockland | 8,391,354 | 31,397 | |
| Charter Hall Group | 1,638,369 | 26,091 | |
| GPT Group | 6,635,168 | 24,378 | |
| Vicinity Ltd. | 13,542,882 | 23,105 | |
| Mirvac Group | 13,666,749 | 18,980 | |
| Dexus | 3,725,264 | 17,379 | |
| National Storage REIT | 4,865,257 | 9,323 | |
| Lendlease Corp. Ltd. | 2,272,256 | 7,604 | |
| Region Group | 4,020,996 | 6,449 | |
| Charter Hall Long Wale REIT | 2,272,015 | 6,145 | |
| HomeCo Daily Needs REIT | 6,501,540 | 5,834 | |
| BWP Property Group Ltd. | 1,956,642 | 5,084 | |
| Charter Hall Retail REIT | 1,749,124 | 4,763 | |
| Ingenia Communities Group | 1,409,052 | 4,620 | |
| Centuria Industrial REIT | 1,821,422 | 4,116 | |
| Waypoint REIT Ltd. | 2,269,329 | 3,868 | |
| Centuria Capital Group | 2,868,547 | 3,846 | |
| Arena REIT | 1,394,435 | 3,434 | |
| * | Gemlife Communities Group | 750,309 | 2,624 |
| DigiCo Infrastructure REIT | 1,417,470 | 2,527 | |
| Charter Hall Social Infrastructure REIT | 1,133,855 | 2,292 | |
| Rural Funds Trust | 1,355,102 | 1,912 | |
| Cromwell Property Group | 5,823,355 | 1,661 | |
| Dexus Industria REIT | 892,329 | 1,592 | |
| Abacus Storage King | 1,415,654 | 1,523 | |
| Growthpoint Properties Australia Ltd. | 944,605 | 1,504 | |
| Cedar Woods Properties Ltd. | 246,571 | 1,390 | |
| *,1 | Lifestyle Communities Ltd. | 355,444 | 1,364 |
| Abacus Group | 1,488,095 | 1,196 | |
| Centuria Office REIT | 1,366,382 | 1,016 | |
| * | HealthCo REIT | 1,467,589 | 746 |
| 429,461 | |||
| Austria (0.2%) | |||
| CA Immobilien Anlagen AG | 132,898 | 3,966 | |
| *,1 | CPI Europe AG | 115,768 | 2,135 |
| 6,101 | |||
| Belgium (1.9%) | |||
| Warehouses De Pauw CVA | 658,331 | 18,654 | |
| Aedifica SA | 164,727 | 14,506 | |
| Cofinimmo SA | 131,943 | 13,719 | |
| Montea NV | 72,712 | 6,159 | |
| VGP NV | 46,319 | 5,680 | |
| Xior Student Housing NV | 133,994 | 4,459 | |
| Shurgard Self Storage Ltd. (XBRU) | 108,368 | 3,934 | |
| Retail Estates NV | 44,943 | 3,445 | |
| 1 | Care Property Invest NV | 146,157 | 2,118 |
| Ascencio | 20,593 | 1,350 | |
| * | Vastned NV | 28,316 | 1,008 |
| 75,032 | |||
| Brazil (0.3%) | |||
| Allos SA | 479,485 | 2,815 | |
| Iguatemi SA (BVMF) | 434,452 | 2,353 | |
| JHSF Participacoes SA | 1,091,832 | 1,981 | |
| Multiplan Empreendimentos Imobiliarios SA | 185,107 | 1,159 | |
| Lavvi Empreendimentos Imobiliarios SA | 264,512 | 899 | |
| Moura Dubeux Engenharia SA | 157,978 | 858 | |
| Shares | Market Value ($000) | ||
| LOG Commercial Properties e Participacoes SA | 116,227 | 614 | |
| 10,679 | |||
| Canada (1.9%) | |||
| Canadian Apartment Properties REIT | 264,986 | 7,504 | |
| RioCan REIT | 499,669 | 7,159 | |
| Granite REIT | 105,427 | 6,802 | |
| Choice Properties REIT | 557,223 | 6,237 | |
| First Capital REIT | 359,653 | 5,227 | |
| SmartCentres REIT | 244,742 | 4,797 | |
| Dream Industrial REIT | 485,113 | 4,582 | |
| Boardwalk REIT | 83,024 | 4,198 | |
| H&R REIT | 443,415 | 3,501 | |
| StorageVault Canada Inc. | 773,484 | 2,818 | |
| Killam Apartment REIT | 205,455 | 2,647 | |
| Primaris REIT | 200,634 | 2,439 | |
| InterRent REIT | 238,624 | 2,336 | |
| CT REIT | 185,987 | 2,229 | |
| Allied Properties REIT | 215,477 | 2,223 | |
| Crombie REIT | 186,123 | 2,132 | |
| NorthWest Healthcare Properties REIT | 423,072 | 1,737 | |
| DREAM Unlimited Corp. Class A | 81,281 | 1,171 | |
| Slate Grocery REIT Class U | 97,304 | 1,106 | |
| 1 | Artis REIT | 159,403 | 1,044 |
| 2 | Minto Apartment REIT | 62,086 | 794 |
| Morguard North American Residential REIT | 59,223 | 794 | |
| Nexus Industrial REIT | 121,015 | 699 | |
| Dream Office REIT | 27,039 | 373 | |
| 74,549 | |||
| Chile (0.7%) | |||
| Plaza SA | 2,666,919 | 11,600 | |
| Parque Arauco SA | 2,299,622 | 9,774 | |
| Cencosud Shopping SA | 1,674,107 | 5,365 | |
| 26,739 | |||
| China (4.9%) | |||
| China Resources Land Ltd. | 9,888,446 | 38,725 | |
| China Overseas Land & Investment Ltd. | 12,890,210 | 23,102 | |
| 2 | China Resources Mixc Lifestyle Services Ltd. | 2,053,600 | 12,145 |
| 1,2 | Longfor Group Holdings Ltd. | 6,830,008 | 8,982 |
| Country Garden Services Holdings Co. Ltd. | 7,301,000 | 6,037 | |
| 1 | Greentown China Holdings Ltd. | 3,414,314 | 4,887 |
| C&D International Investment Group Ltd. | 2,161,000 | 4,451 | |
| *,1 | Sunac China Holdings Ltd. | 27,347,000 | 4,234 |
| China Jinmao Holdings Group Ltd. | 18,275,054 | 4,048 | |
| *,1 | China Vanke Co. Ltd. Class H | 7,837,083 | 3,808 |
| * | Seazen Group Ltd. | 8,814,666 | 2,943 |
| Yuexiu Property Co. Ltd. | 4,830,982 | 2,814 | |
| *,2 | Evergrande Property Services Group Ltd. | 17,903,000 | 2,772 |
| Greentown Service Group Co. Ltd. | 4,590,000 | 2,669 | |
| 1 | Shoucheng Holdings Ltd. | 10,104,000 | 2,633 |
| Shanghai Zhangjiang High-Tech Park Development Co. Ltd. Class A | 429,897 | 2,568 | |
| 1 | Onewo Inc. Class H | 961,600 | 2,410 |
| Poly Property Services Co. Ltd. Class H | 521,200 | 2,263 | |
| Poly Property Group Co. Ltd. | 7,493,048 | 2,256 | |
| China Overseas Grand Oceans Group Ltd. | 6,068,079 | 2,053 | |
| Hainan Airport Infrastructure Co. Ltd. Class A | 3,165,652 | 2,041 | |
| *,1 | Country Garden Holdings Co. Ltd. | 45,310,000 | 1,708 |
| * | Seazen Holdings Co. Ltd. Class A | 646,363 | 1,645 |
| K Wah International Holdings Ltd. | 4,920,000 | 1,636 | |
| Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class B | 3,641,699 | 1,544 | |
| * | Hopson Development Holdings Ltd. | 3,416,589 | 1,522 |
| Hangzhou Binjiang Real Estate Group Co. Ltd. Class A | 888,516 | 1,484 | |
| Youngor Group Co. Ltd. Class A | 1,273,920 | 1,348 | |
| * | Quzhou Xin'an Development Co. Ltd. Class A | 2,359,599 | 1,257 |
| * | Guangdong Hong Kong Greater Bay Area Holdings Ltd. | 1,356,000 | 1,187 |
| Shanghai Lingang Holdings Corp. Ltd. Class A | 660,824 | 1,116 | |
| Shui On Land Ltd. | 12,285,538 | 1,085 | |
| 1,2 | Sunac Services Holdings Ltd. | 5,402,000 | 995 |
| Yuexiu REIT | 9,063,970 | 986 | |
| * | Vantone Neo Development Group Co. Ltd. Class A | 532,811 | 954 |
| Shares | Market Value ($000) | ||
| * | Shenzhen Overseas Chinese Town Co. Ltd. Class A | 2,284,795 | 901 |
| *,1 | Shenzhen Investment Ltd. | 8,014,201 | 893 |
| *,1 | Logan Group Co. Ltd. | 4,560,984 | 829 |
| * | Greenland Holdings Corp. Ltd. Class A | 3,466,871 | 818 |
| * | Winnovation Culturaltainment Development Ltd. Class A | 1,657,510 | 802 |
| Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd. Class A | 660,385 | 779 | |
| China Merchants Shekou Industrial Zone Holdings Co. Ltd. Class A | 511,444 | 778 | |
| Poly Developments & Holdings Group Co. Ltd. Class A | 752,946 | 738 | |
| Shanghai Jinqiao Export Processing Zone Development Co. Ltd. Class B | 944,567 | 723 | |
| Chengdu Hi-tech Development Co. Ltd. Class A | 99,023 | 721 | |
| 1 | Ever Sunshine Services Group Ltd. | 3,054,000 | 716 |
| Shanghai Vital Microtech Co. Ltd. Class A | 261,399 | 712 | |
| * | Grandjoy Holdings Group Co. Ltd. Class A | 1,238,103 | 697 |
| * | Shenzhen Special Economic Zone Real Estate & Properties Group Co. Ltd. Class A | 219,449 | 697 |
| Tomson Group Ltd. | 2,028,000 | 694 | |
| 1,2 | A-Living Smart City Services Co. Ltd. Class H | 2,242,250 | 673 |
| C&D Property Management Group Co. Ltd. | 1,943,000 | 669 | |
| * | China Enterprise Co. Ltd. Class A | 1,473,699 | 626 |
| Nanjing Gaoke Co. Ltd. Class A | 481,394 | 626 | |
| * | Gemdale Corp. Class A | 1,267,227 | 593 |
| * | Beijing Capital Development Co. Ltd. Class A | 701,374 | 564 |
| Shanghai SMI Holding Co. Ltd. Class A | 723,994 | 552 | |
| *,1 | Radiance Holdings Group Co. Ltd. | 2,303,000 | 535 |
| Tibet Urban Development & Investment Co. Ltd. Class A | 271,735 | 527 | |
| * | Zhuhai Zhumian Group Co. Ltd. | 532,938 | 515 |
| China Merchants Property Operation & Service Co. Ltd. Class A | 302,837 | 513 | |
| China World Trade Center Co. Ltd. Class A | 171,124 | 506 | |
| *,1 | Guangzhou R&F Properties Co. Ltd. Class H | 6,870,613 | 500 |
| * | Shimao Group Holdings Ltd. | 16,971,500 | 496 |
| Huafa Industrial Co. Ltd. Zhuhai Class A | 786,519 | 482 | |
| Beijing Urban Construction Investment & Development Co. Ltd. Class A | 588,743 | 476 | |
| * | Hefei Urban Construction Development Co. Ltd. Class A | 235,607 | 473 |
| 2 | Midea Real Estate Holding Ltd. | 876,000 | 472 |
| * | Shenzhen Zhenye Group Co. Ltd. Class A | 362,900 | 467 |
| * | SOHO China Ltd. | 6,769,045 | 459 |
| * | Greattown Holdings Ltd. Class A | 623,671 | 450 |
| * | Shanghai Industrial Development Co. Ltd. Class A | 540,600 | 433 |
| Yuexiu Services Group Ltd. | 1,390,500 | 431 | |
| * | Jiangsu Dagang Co. Ltd. Class A | 164,600 | 414 |
| * | Shunfa Hengneng Corp. Class A | 679,820 | 406 |
| Shenzhen Kingkey Smart Agriculture Times Co. Ltd. Class A | 149,800 | 393 | |
| * | Red Star Macalline Group Corp. Ltd. Class A | 1,024,281 | 389 |
| *,1 | Gemdale Properties & Investment Corp. Ltd. | 16,716,000 | 385 |
| * | Bright Real Estate Group Co. Ltd. Class A | 627,400 | 371 |
| China-Singapore Suzhou Industrial Park Development Group Co. Ltd. Class A | 262,488 | 368 | |
| * | Financial Street Holdings Co. Ltd. Class A | 866,351 | 353 |
| * | Cinda Real Estate Co. Ltd. Class A | 709,022 | 351 |
| Shanghai Jinqiao Export Processing Zone Development Co. Ltd. Class A | 228,112 | 347 | |
| * | China Union Holdings Ltd. Class A | 404,787 | 346 |
| * | China Vanke Co. Ltd. Class A | 486,996 | 342 |
| *,3 | S-Enjoy Service Group Co. Ltd. | 953,000 | 342 |
| Suzhou New District Hi-Tech Industrial Co. Ltd. Class A | 340,600 | 340 | |
| * | Shenzhen New Nanshan Holding Group Co. Ltd. Class A | 768,024 | 335 |
| China Sports Industry Group Co. Ltd. Class A | 240,900 | 330 | |
| * | Sanxiang Impression Co. Ltd. Class A | 340,700 | 329 |
| *,1 | Sino-Ocean Group Holding Ltd. | 24,958,926 | 322 |
| Shenzhen SEG Co. Ltd. Class A | 247,580 | 321 | |
| Shanghai Shibei Hi-Tech Co. Ltd. Class A | 401,700 | 316 | |
| *,1,2 | Shimao Services Holdings Ltd. | 3,725,000 | 306 |
| *,2 | Red Star Macalline Group Corp. Ltd. Class H | 1,806,036 | 303 |
| Suning Universal Co. Ltd. Class A | 873,947 | 294 | |
| * | RiseSun Real Estate Development Co. Ltd. Class A | 1,255,088 | 292 |
| *,1 | Agile Group Holdings Ltd. | 7,552,159 | 275 |
| * | Hainan Expressway Co. Ltd. Class A | 296,900 | 271 |
| Haining China Leather Market Co. Ltd. Class A | 363,500 | 259 | |
| *,1 | CIFI Holdings Group Co. Ltd. | 19,608,000 | 258 |
| * | China Fortune Land Development Co. Ltd. Class A | 1,123,810 | 252 |
| Shenzhen Heungkong Holding Co. Ltd. Class A | 915,600 | 245 | |
| * | Beijing Electronic Zone High-tech Group Co. Ltd. Class A | 323,600 | 243 |
| Zhejiang China Light & Textile Industrial City Group Co. Ltd. Class A | 424,000 | 239 |
| Shares | Market Value ($000) | ||
| Shanghai Huitong Energy Resources Co. Ltd. Class A | 58,100 | 232 | |
| * | Beijing Hualian Department Store Co. Ltd. Class A | 788,500 | 222 |
| * | China Wuyi Co. Ltd. Class A | 465,678 | 208 |
| *,3 | China South City Holdings Ltd. | 14,838,111 | 203 |
| * | Beijing North Star Co. Ltd. Class A | 763,100 | 197 |
| Guangdong Shirongzhaoye Co. Ltd. Class A | 223,300 | 197 | |
| * | Shenzhen Properties & Resources Development Group Ltd. Class A | 152,784 | 196 |
| * | Rongan Property Co. Ltd. Class A | 677,126 | 178 |
| *,3 | Datang Group Holdings Ltd. | 1,172,000 | 75 |
| Wanda Hotel Development Co. Ltd. | 4,883,000 | 58 | |
| *,3 | Jiangsu Zhongnan Construction Group Co. Ltd. Class A | 1,369,822 | — |
| *,3 | Yango Group Co. Ltd. Class A | 1,591,019 | — |
| *,3 | Guangdong Highsun Group Co. Ltd. Class A | 906,503 | — |
| *,3 | Jiayuan International Group Ltd. | 15,242,000 | — |
| 191,947 | |||
| Egypt (0.2%) | |||
| Talaat Moustafa Group | 3,509,930 | 6,466 | |
| * | Palm Hills Developments SAE | 4,574,151 | 837 |
| Madinet Masr For Housing & Development | 3,484,611 | 358 | |
| * | Six of October Development & Investment | 638,979 | 225 |
| 7,886 | |||
| Finland (0.2%) | |||
| * | Kojamo OYJ | 633,367 | 7,162 |
| Citycon OYJ | 316,057 | 1,425 | |
| 8,587 | |||
| France (3.1%) | |||
| * | Unibail-Rodamco-Westfield | 422,010 | 46,659 |
| Klepierre SA | 765,487 | 29,489 | |
| Gecina SA | 180,782 | 16,605 | |
| Covivio SA | 189,502 | 12,107 | |
| * | Carmila SA | 219,144 | 4,241 |
| Mercialys SA | 324,217 | 4,079 | |
| Altarea SCA | 22,671 | 3,127 | |
| ICADE | 107,579 | 2,657 | |
| * | Nexity SA | 169,734 | 1,919 |
| 120,883 | |||
| Germany (3.4%) | |||
| Vonovia SE | 2,912,537 | 85,277 | |
| LEG Immobilien SE (XETR) | 261,744 | 18,926 | |
| TAG Immobilien AG | 654,948 | 11,111 | |
| * | Aroundtown SA | 2,448,134 | 7,780 |
| Deutsche Wohnen SE | 166,178 | 4,132 | |
| Grand City Properties SA | 232,826 | 2,609 | |
| PATRIZIA SE | 140,996 | 1,427 | |
| Hamborner REIT AG | 252,605 | 1,401 | |
| Deutsche EuroShop AG | 42,615 | 974 | |
| 133,637 | |||
| Greece (0.1%) | |||
| * | LAMDA Development SA | 279,994 | 2,351 |
| * | Dimand SA | 28,081 | 434 |
| 2,785 | |||
| Hong Kong (8.1%) | |||
| Sun Hung Kai Properties Ltd. | 5,321,441 | 85,456 | |
| Link REIT | 8,963,886 | 41,214 | |
| CK Asset Holdings Ltd. | 6,782,613 | 39,733 | |
| Hongkong Land Holdings Ltd. | 3,452,512 | 29,294 | |
| Wharf Real Estate Investment Co. Ltd. | 5,568,652 | 19,333 | |
| Sino Land Co. Ltd. | 12,657,022 | 19,048 | |
| Henderson Land Development Co. Ltd. | 4,686,936 | 18,643 | |
| 1 | Wharf Holdings Ltd. | 3,282,652 | 10,614 |
| Swire Properties Ltd. | 3,388,000 | 10,269 | |
| Hang Lung Properties Ltd. | 6,109,932 | 7,373 | |
| *,1 | New World Development Co. Ltd. | 4,692,000 | 6,827 |
| Hang Lung Group Ltd. | 2,905,103 | 6,256 | |
| Kerry Properties Ltd. | 2,007,332 | 6,094 | |
| Hysan Development Co. Ltd. | 2,045,655 | 5,618 | |
| Fortune REIT | 5,249,861 | 3,412 | |
| Shares | Market Value ($000) | ||
| Champion REIT | 6,363,512 | 2,058 | |
| Great Eagle Holdings Ltd. | 751,000 | 1,550 | |
| *,1 | Art Group Holdings Ltd. | 5,365,000 | 935 |
| * | GR Life Style Co. Ltd. | 2,896,000 | 849 |
| Prosperity REIT | 4,464,000 | 840 | |
| Sunlight REIT | 2,628,400 | 811 | |
| Dynamic Holdings Ltd. | 484,000 | 736 | |
| SF REIT | 1,767,000 | 631 | |
| 317,594 | |||
| India (3.3%) | |||
| DLF Ltd. | 2,235,015 | 15,476 | |
| Embassy Office Parks REIT | 3,027,673 | 14,300 | |
| Phoenix Mills Ltd. | 657,156 | 11,945 | |
| 2 | Macrotech Developers Ltd. | 1,073,456 | 11,354 |
| Prestige Estates Projects Ltd. | 582,885 | 9,272 | |
| * | Godrej Properties Ltd. | 522,596 | 8,971 |
| 2 | Brookfield India Real Estate Trust | 1,923,283 | 7,384 |
| Oberoi Realty Ltd. | 403,825 | 6,554 | |
| Nexus Select Trust | 3,625,731 | 6,085 | |
| Knowledge Realty Trust | 3,216,791 | 4,297 | |
| 2 | Mindspace Business Parks REIT | 764,640 | 4,145 |
| Brigade Enterprises Ltd. | 482,751 | 3,955 | |
| Anant Raj Ltd. | 501,941 | 2,760 | |
| Aditya Birla Real Estate Ltd. | 189,627 | 2,604 | |
| Sobha Ltd. (XNSE) | 133,068 | 2,102 | |
| * | Embassy Developments Ltd. | 2,308,994 | 1,666 |
| * | SignatureGlobal India Ltd. | 140,439 | 1,376 |
| Mahindra Lifespace Developers Ltd. | 343,996 | 1,375 | |
| NESCO Ltd. | 89,424 | 1,109 | |
| * | Valor Estate Ltd. | 842,925 | 979 |
| Sunteck Realty Ltd. | 212,644 | 926 | |
| * | Max Estates Ltd. | 189,743 | 795 |
| * | Raymond Realty Ltd. | 119,427 | 659 |
| * | TARC Ltd. | 363,379 | 605 |
| Ganesh Housing Ltd. | 75,821 | 603 | |
| Marathon Nextgen Realty Ltd. | 104,211 | 587 | |
| Keystone Realtors Ltd. | 105,961 | 574 | |
| * | Awfis Space Solutions Ltd. | 135,210 | 571 |
| * | Hemisphere Properties India Ltd. | 398,239 | 563 |
| * | Puravankara Ltd. | 212,456 | 542 |
| * | Sri Lotus Developers & Realty Ltd. | 290,808 | 475 |
| Ashiana Housing Ltd. | 147,381 | 474 | |
| Ajmera Realty & Infra India Ltd. | 281,700 | 464 | |
| * | Unitech Ltd. | 8,813,417 | 412 |
| * | Hubtown Ltd. | 164,931 | 371 |
| Arvind SmartSpaces Ltd. | 63,914 | 370 | |
| * | Kolte-Patil Developers Ltd. | 82,671 | 335 |
| Shipping Corp. of India Land & Assets Ltd. | 606,662 | 296 | |
| * | Shriram Properties Ltd. | 362,915 | 294 |
| Alembic Ltd. | 263,179 | 266 | |
| 127,891 | |||
| Indonesia (0.3%) | |||
| Pantai Indah Kapuk Dua Tbk PT | 6,290,753 | 3,481 | |
| * | MNC Tourism Indonesia Tbk PT | 237,314,900 | 2,648 |
| Ciputra Development Tbk PT | 30,212,891 | 1,498 | |
| * | Bumi Serpong Damai Tbk PT | 24,272,727 | 1,300 |
| Pakuwon Jati Tbk PT | 48,303,228 | 1,036 | |
| Summarecon Agung Tbk PT | 34,831,781 | 822 | |
| Kawasan Industri Jababeka Tbk PT | 56,218,600 | 764 | |
| * | Lippo Karawaci Tbk PT | 120,346,949 | 696 |
| * | Sentul City Tbk PT | 76,466,000 | 688 |
| Bangun Kosambi Sukses PT | 1,980,500 | 687 | |
| *,3 | Armidian Karyatama Tbk PT | 34,315,100 | — |
| 13,620 | |||
| Ireland (0.0%) | |||
| Irish Residential Properties REIT plc | 1,817,878 | 2,168 | |
| Shares | Market Value ($000) | ||
| Israel (3.1%) | |||
| Azrieli Group Ltd. | 125,984 | 16,895 | |
| Big Shopping Centers Ltd. | 56,048 | 13,481 | |
| Melisron Ltd. | 82,525 | 10,812 | |
| Mivne Real Estate KD Ltd. | 1,978,791 | 9,221 | |
| Mega Or Holdings Ltd. | 78,622 | 8,555 | |
| Alony Hetz Properties & Investments Ltd. | 555,801 | 7,334 | |
| Amot Investments Ltd. | 836,831 | 6,480 | |
| Reit 1 Ltd. | 693,601 | 6,089 | |
| YH Dimri Construction & Development Ltd. | 31,935 | 4,055 | |
| Aura Investments Ltd. | 526,193 | 3,710 | |
| * | Airport City Ltd. | 197,362 | 3,671 |
| Israel Canada T.R Ltd. | 558,880 | 3,154 | |
| Sella Capital Real Estate Ltd. | 828,072 | 2,966 | |
| * | Argo Properties NV | 67,972 | 2,750 |
| Blue Square Real Estate Ltd. | 18,671 | 2,725 | |
| Summit Real Estate Holdings Ltd. | 133,685 | 2,720 | |
| Menivim- The New REIT Ltd. | 2,672,631 | 2,077 | |
| Africa Israel Residences Ltd. | 21,572 | 2,021 | |
| Gav-Yam Lands Corp. Ltd. | 153,287 | 1,977 | |
| * | Electra Real Estate Ltd. | 107,474 | 1,973 |
| Isras Investment Co. Ltd. | 4,144 | 1,311 | |
| * | Prashkovsky Investments & Construction Ltd. | 25,582 | 1,292 |
| G City Ltd. | 341,464 | 1,052 | |
| Property & Building Corp. Ltd. | 7,437 | 935 | |
| Land Development Nimrodi Group Ltd. | 72,179 | 865 | |
| * | Hagag Group Real Estate Development | 99,419 | 800 |
| Carasso Real Estate Ltd. | 65,938 | 725 | |
| * | Orion Retail Properties Ltd. | 44,453 | 39 |
| 119,685 | |||
| Italy (0.0%) | |||
| Immobiliare Grande Distribuzione SIIQ SpA | 195,241 | 828 | |
| Japan (22.6%) | |||
| Mitsui Fudosan Co. Ltd. | 9,639,671 | 110,537 | |
| Mitsubishi Estate Co. Ltd. | 4,334,045 | 110,457 | |
| Sumitomo Realty & Development Co. Ltd. | 3,241,934 | 90,278 | |
| Daiwa House Industry Co. Ltd. | 2,101,574 | 71,609 | |
| Hulic Co. Ltd. | 2,340,337 | 27,890 | |
| Nippon Building Fund Inc. | 29,957 | 27,788 | |
| Daito Trust Construction Co. Ltd. | 1,062,725 | 21,571 | |
| Japan Real Estate Investment Corp. | 24,653 | 19,890 | |
| Japan Metropolitan Fund Investment | 24,937 | 19,627 | |
| Tokyu Fudosan Holdings Corp. | 2,045,244 | 18,938 | |
| Tokyo Tatemono Co. Ltd. | 724,383 | 17,046 | |
| Nomura Real Estate Master Fund Inc. | 14,981 | 16,187 | |
| GLP J-Reit | 16,637 | 15,293 | |
| KDX Realty Investment Corp. | 13,998 | 15,144 | |
| Nippon Prologis REIT Inc. | 25,344 | 14,789 | |
| Daiwa House REIT Investment Corp. | 15,919 | 13,871 | |
| Orix JREIT Inc. | 19,140 | 12,818 | |
| Nomura Real Estate Holdings Inc. | 1,844,845 | 12,259 | |
| United Urban Investment Corp. | 10,611 | 12,259 | |
| Invincible Investment Corp. | 26,492 | 11,220 | |
| Advance Residence Investment Corp. | 9,886 | 10,729 | |
| Japan Hotel REIT Investment Corp. | 17,648 | 9,488 | |
| Japan Prime Realty Investment Corp. | 13,649 | 9,256 | |
| Sekisui House REIT Inc. | 14,924 | 8,764 | |
| Industrial & Infrastructure Fund Investment Corp. | 8,779 | 8,502 | |
| Mitsui Fudosan Logistics Park Inc. | 11,145 | 8,318 | |
| Mitsui Fudosan Accommodations Fund Inc. | 8,711 | 7,788 | |
| Activia Properties Inc. | 7,321 | 6,837 | |
| LaSalle Logiport REIT | 6,209 | 6,302 | |
| Japan Logistics Fund Inc. | 9,502 | 6,208 | |
| Daiwa Securities Living Investments Corp. | 8,272 | 6,139 | |
| Daiwa Office Investment Corp. | 2,379 | 5,668 | |
| Comforia Residential REIT Inc. | 7,365 | 5,319 | |
| Frontier Real Estate Investment Corp. | 8,897 | 5,241 | |
| AEON REIT Investment Corp. | 5,984 | 5,179 | |
| Shares | Market Value ($000) | ||
| Mori Hills REIT Investment Corp. | 5,354 | 5,022 | |
| Hulic REIT Inc. | 4,258 | 4,740 | |
| NTT UD REIT Investment Corp. | 4,763 | 4,392 | |
| Mitsubishi Estate Logistics REIT Investment Corp. | 5,158 | 4,386 | |
| Mori Trust REIT Inc. | 8,725 | 4,383 | |
| Tokyu REIT Inc. | 2,978 | 3,992 | |
| Starts Corp. Inc. | 123,600 | 3,921 | |
| Japan Excellent Inc. | 4,019 | 3,886 | |
| NIPPON REIT Investment Corp. | 6,105 | 3,792 | |
| Heiwa Real Estate REIT Inc. | 3,750 | 3,699 | |
| Star Asia Investment Corp. | 9,260 | 3,594 | |
| Katitas Co. Ltd. | 178,092 | 3,519 | |
| Leopalace21 Corp. | 761,250 | 3,403 | |
| 1 | Kasumigaseki Capital Co. Ltd. | 69,100 | 3,353 |
| Hoshino Resorts REIT Inc. | 2,008 | 3,334 | |
| Fukuoka REIT Corp. | 2,686 | 3,239 | |
| Global One Real Estate Investment Corp. | 3,372 | 2,975 | |
| Hankyu Hanshin REIT Inc. | 2,414 | 2,559 | |
| Heiwa Real Estate Co. Ltd. | 170,564 | 2,496 | |
| CRE Logistics REIT Inc. | 2,141 | 2,306 | |
| Ichigo Office REIT Investment Corp. | 3,531 | 2,217 | |
| Mirai Corp. | 6,642 | 2,146 | |
| SOSiLA Logistics REIT Inc. | 2,513 | 2,080 | |
| Tosei Corp. | 198,500 | 2,022 | |
| MIRARTH Real Estate Investment Corp. | 3,164 | 1,912 | |
| Samty Residential Investment Corp. | 2,552 | 1,880 | |
| Ichigo Inc. | 696,700 | 1,839 | |
| Keihanshin Building Co. Ltd. | 145,500 | 1,804 | |
| LA Holdings Co. Ltd. | 25,400 | 1,642 | |
| Sun Frontier Fudousan Co. Ltd. | 93,600 | 1,485 | |
| One REIT Inc. | 2,373 | 1,395 | |
| Sankei Real Estate Inc. | 1,622 | 1,393 | |
| Nippon Commercial Development Co. Ltd. | 57,900 | 1,187 | |
| Starts Proceed Investment Corp. | 813 | 1,105 | |
| Tosei REIT Investment Corp. | 1,064 | 1,005 | |
| ESCON Japan REIT Investment Corp. | 1,241 | 1,004 | |
| Mirarth Holdings Inc. | 377,152 | 963 | |
| Arealink Co. Ltd. | 133,000 | 956 | |
| Health Care & Medical Investment Corp. | 1,215 | 950 | |
| Goldcrest Co. Ltd. | 43,740 | 940 | |
| JSB Co. Ltd. | 39,506 | 828 | |
| TOC Co. Ltd. | 152,529 | 826 | |
| SRE Holdings Corp. | 39,400 | 754 | |
| Tokaido REIT Inc. | 1,008 | 738 | |
| Star Mica Holdings Co. Ltd. | 73,600 | 695 | |
| *,1 | TKP Corp. | 44,200 | 678 |
| 1 | Kasumigaseki Hotel REIT Investment Corp. | 994 | 670 |
| 1 | Dear Life Co. Ltd. | 88,500 | 657 |
| 1 | Ichigo Hotel REIT Investment Corp. | 818 | 649 |
| Airport Facilities Co. Ltd. | 101,600 | 645 | |
| Marimo Regional Revitalization REIT Inc. | 925 | 644 | |
| CENTRAL REIT Investment Corp. | 823 | 617 | |
| Mugen Estate Co. Ltd. | 41,100 | 555 | |
| Nippon Hotel & Residential Investment Corp. | 1,000 | 484 | |
| Nisshin Group Holdings Co. Ltd. | 92,100 | 481 | |
| 1 | Good Com Asset Co. Ltd. | 52,600 | 446 |
| Japan Property Management Center Co. Ltd. | 36,400 | 302 | |
| Cosmos Initia Co. Ltd. | 38,900 | 295 | |
| 883,089 | |||
| Kuwait (0.5%) | |||
| Mabanee Co. KPSC | 2,214,366 | 7,247 | |
| * | Kuwait Real Estate Co. KSC | 3,071,157 | 3,496 |
| Commercial Real Estate Co. KSC | 5,018,398 | 3,372 | |
| Salhia Real Estate Co. KSCP | 1,575,206 | 2,003 | |
| * | National Real Estate Co. KPSC | 4,005,939 | 932 |
| * | United Real Estate Co. SAKP | 910,362 | 829 |
| * | Al Mazaya Holding Co. KSCP | 1,866,410 | 430 |
| Kuwait Business Town Real Estate Co. KSCP | 1,372,005 | 358 | |
| Shares | Market Value ($000) | ||
| * | Real Estate Trade Centers Co. KSC | 182,648 | 145 |
| 18,812 | |||
| Malaysia (1.1%) | |||
| IOI Properties Group Bhd. | 6,534,400 | 5,285 | |
| Sime Darby Property Bhd. | 13,729,800 | 5,231 | |
| Sunway REIT | 7,079,434 | 4,645 | |
| IGB REIT | 5,696,900 | 4,231 | |
| Axis REIT | 6,584,100 | 3,369 | |
| Eco World Development Group Bhd. (XKLS) | 4,695,300 | 2,657 | |
| SP Setia Bhd. Group | 10,272,600 | 2,563 | |
| Pavilion REIT | 5,207,700 | 2,563 | |
| OSK Holdings Bhd. | 4,613,800 | 1,965 | |
| Matrix Concepts Holdings Bhd. | 4,837,463 | 1,760 | |
| Mah Sing Group Bhd. | 5,982,225 | 1,747 | |
| Capitaland Malaysia Trust | 7,093,800 | 1,205 | |
| KSL Holdings Bhd. | 1,511,100 | 1,170 | |
| * | Tropicana Corp. Bhd. | 3,171,300 | 955 |
| UEM Sunrise Bhd. | 5,342,765 | 888 | |
| YTL Hospitality REIT | 2,768,900 | 816 | |
| KIP REIT | 2,819,800 | 669 | |
| * | Eastern & Oriental Bhd. | 3,540,500 | 659 |
| * | HCK Capital Group Bhd. | 1,026,400 | 557 |
| * | Paradigm REIT | 2,028,100 | 525 |
| LBS Bina Group Bhd. | 3,060,400 | 315 | |
| 43,775 | |||
| Mexico (1.4%) | |||
| Prologis Property Mexico SA de CV | 3,724,172 | 17,112 | |
| Fibra Uno Administracion SA de CV | 9,497,985 | 14,772 | |
| Corp. Inmobiliaria Vesta SAB de CV | 3,054,350 | 9,445 | |
| Fibra MTY SAPI de CV | 7,773,000 | 6,605 | |
| 2 | FIBRA Macquarie Mexico | 2,618,872 | 5,446 |
| 53,380 | |||
| Netherlands (0.5%) | |||
| 2 | CTP NV | 448,306 | 9,773 |
| Eurocommercial Properties NV | 153,245 | 4,521 | |
| Wereldhave NV | 130,025 | 3,221 | |
| NSI NV | 49,298 | 1,082 | |
| 18,597 | |||
| New Zealand (0.2%) | |||
| Goodman Property Trust | 3,611,225 | 4,208 | |
| Vital Healthcare Property Trust | 1,935,176 | 2,297 | |
| 6,505 | |||
| Norway (0.1%) | |||
| Public Property Invest A/S | 830,576 | 2,059 | |
| 2 | Entra ASA | 170,916 | 2,002 |
| 4,061 | |||
| Philippines (0.8%) | |||
| SM Prime Holdings Inc. | 38,026,307 | 13,924 | |
| Ayala Land Inc. | 20,099,360 | 7,247 | |
| AREIT Inc. | 4,882,020 | 3,592 | |
| RL Commercial REIT Inc. | 20,108,900 | 2,465 | |
| Robinson's Land Corp. | 5,668,072 | 1,747 | |
| Megaworld Corp. | 32,692,100 | 1,220 | |
| Citicore Energy REIT Corp. | 8,788,000 | 515 | |
| 30,710 | |||
| Poland (0.0%) | |||
| Murapol SA | 39,314 | 464 | |
| Qatar (0.2%) | |||
| Barwa Real Estate Co. | 7,503,871 | 5,645 | |
| * | Ezdan Holding Group QSC | 5,663,257 | 1,616 |
| United Development Co. QSC | 6,074,810 | 1,611 | |
| * | Mazaya Real Estate Development QPSC | 1,379,301 | 220 |
| 9,092 | |||
| Russia (0.0%) | |||
| *,3 | Etalon Group plc GDR (Registered) | 993,429 | — |
| Shares | Market Value ($000) | ||
| Saudi Arabia (1.4%) | |||
| * | Dar Al Arkan Real Estate Development Co. | 1,835,480 | 9,149 |
| * | Umm Al Qura for Development & Construction Co. | 1,645,171 | 8,465 |
| Makkah Construction & Development Co. | 339,037 | 8,176 | |
| Taiba Investments Co. | 441,811 | 4,319 | |
| 2 | Arabian Centres Co. Ltd. | 813,376 | 4,239 |
| Retal Urban Development Co. | 750,669 | 2,552 | |
| * | Emaar Economic City | 891,247 | 2,341 |
| Arriyadh Development Co. | 398,463 | 2,304 | |
| Jadwa REIT Saudi Fund | 623,887 | 1,879 | |
| * | Saudi Real Estate Co. | 455,340 | 1,759 |
| Al Rajhi REIT | 803,737 | 1,721 | |
| * | Knowledge Economic City Co. | 331,726 | 1,118 |
| Sedco Capital REIT Fund | 481,405 | 906 | |
| Alandalus Property Co. | 155,366 | 724 | |
| Bonyan REIT | 234,841 | 603 | |
| Riyad REIT Fund | 426,808 | 585 | |
| * | Ladun Investment Co. | 878,080 | 545 |
| Alkhabeer REIT | 349,457 | 539 | |
| Derayah REIT | 383,748 | 528 | |
| Sumou Real Estate Co. | 58,592 | 516 | |
| Alinma Hospitality REIT Fund | 233,060 | 502 | |
| Al Maather REIT Fund | 162,870 | 402 | |
| Alinma Retail REIT Fund | 272,967 | 342 | |
| Mulkia Gulf Real Estate REIT Fund | 271,737 | 341 | |
| Musharaka Real Estate Income Fund | 265,888 | 303 | |
| Alahli REIT Fund 1 | 155,760 | 266 | |
| 55,124 | |||
| Singapore (5.7%) | |||
| CapitaLand Integrated Commercial Trust | 20,030,192 | 37,605 | |
| CapitaLand Ascendas REIT | 13,250,384 | 29,653 | |
| City Developments Ltd. | 1,985,990 | 14,471 | |
| UOL Group Ltd. | 1,609,678 | 13,748 | |
| Mapletree Logistics Trust | 11,821,123 | 12,577 | |
| Keppel DC REIT | 6,920,403 | 12,401 | |
| 1 | Mapletree Industrial Trust | 7,411,991 | 12,287 |
| Mapletree Pan Asia Commercial Trust | 7,856,241 | 9,010 | |
| Suntec REIT | 7,648,627 | 8,640 | |
| Frasers Centrepoint Trust | 4,867,888 | 8,571 | |
| Keppel REIT | 10,937,287 | 8,480 | |
| Frasers Logistics & Commercial Trust | 10,245,052 | 8,143 | |
| CapitaLand Ascott Trust | 9,406,212 | 7,260 | |
| Parkway Life REIT | 1,510,697 | 4,848 | |
| ESR-REIT | 1,923,836 | 4,131 | |
| Lendlease Global Commercial REIT | 7,774,918 | 3,902 | |
| Capitaland India Trust | 3,529,442 | 3,444 | |
| * | NTT DC REIT | 2,844,600 | 2,902 |
| AIMS APAC REIT | 2,210,488 | 2,611 | |
| CapitaLand China Trust | 4,069,208 | 2,508 | |
| Starhill Global REIT | 5,181,068 | 2,403 | |
| OUE REIT | 8,038,200 | 2,371 | |
| Stoneweg Europe Stapled Trust | 1,252,466 | 2,364 | |
| CDL Hospitality Trusts | 2,688,399 | 1,831 | |
| Far East Hospitality Trust | 3,770,292 | 1,809 | |
| Digital Core REIT Management Pte. Ltd. | 3,238,200 | 1,749 | |
| * | Yanlord Land Group Ltd. | 1,891,804 | 1,079 |
| Sasseur REIT | 1,953,400 | 1,053 | |
| Centurion Corp. Ltd. | 785,800 | 939 | |
| 1 | Prime US REIT | 3,464,540 | 779 |
| * | Manulife US REIT | 6,388,110 | 458 |
| 1 | LHN Ltd. | 673,000 | 360 |
| * | Yoma Strategic Holdings Ltd. | 5,071,500 | 323 |
| *,3 | EC World REIT | 1,188,500 | 242 |
| 224,952 | |||
| South Africa (2.0%) | |||
| NEPI Rockcastle NV | 2,170,973 | 19,770 | |
| Growthpoint Properties Ltd. | 11,875,661 | 12,970 | |
| Redefine Properties Ltd. | 24,938,250 | 9,567 | |
| Vukile Property Fund Ltd. | 4,314,188 | 6,600 | |
| Shares | Market Value ($000) | ||
| Fortress Real Estate Investments Ltd. Class B | 4,172,614 | 6,105 | |
| Resilient REIT Ltd. | 1,024,680 | 5,106 | |
| Hyprop Investments Ltd. | 1,383,866 | 4,834 | |
| Equites Property Fund Ltd. | 2,857,990 | 3,180 | |
| Attacq Ltd. | 2,414,139 | 2,583 | |
| Fairvest Ltd. Class B | 5,580,084 | 2,286 | |
| SA Corporate Real Estate Ltd. | 9,138,986 | 2,061 | |
| 1 | Stor-Age Property REIT Ltd. | 1,492,899 | 1,641 |
| Burstone Group Ltd. | 2,161,225 | 1,232 | |
| 77,935 | |||
| South Korea (0.3%) | |||
| SK REITs Co. Ltd. | 661,716 | 2,557 | |
| 1 | ESR Kendall Square REIT Co. Ltd. | 641,536 | 1,967 |
| LOTTE REIT Co. Ltd. | 535,237 | 1,620 | |
| 1 | Shinhan Alpha REIT Co. Ltd. | 377,999 | 1,526 |
| Hanwha Reit Co. Ltd. | 446,493 | 1,425 | |
| JR Global REIT | 652,096 | 1,055 | |
| 1 | IGIS Value Plus REIT Co. Ltd. | 248,045 | 718 |
| 1 | Koramco Life Infra Reit Co. Ltd. | 209,000 | 659 |
| 11,527 | |||
| Spain (0.7%) | |||
| Merlin Properties Socimi SA | 1,386,781 | 20,640 | |
| Colonial SFL Socimi SA | 1,173,985 | 7,261 | |
| 2 | Aedas Homes SA | 30,493 | 866 |
| 28,767 | |||
| Sweden (3.3%) | |||
| * | Fastighets AB Balder Class B | 2,411,729 | 18,191 |
| Sagax AB Class B | 756,545 | 16,683 | |
| Castellum AB | 1,280,150 | 15,825 | |
| Wihlborgs Fastigheter AB | 937,592 | 9,687 | |
| Catena AB | 161,163 | 8,366 | |
| Pandox AB | 364,887 | 7,873 | |
| Fabege AB | 676,194 | 6,246 | |
| Wallenstam AB Class B | 1,269,538 | 5,782 | |
| Hufvudstaden AB Class A | 372,683 | 5,150 | |
| Cibus Nordic Real Estate AB publ | 283,849 | 4,920 | |
| Nyfosa AB | 561,231 | 4,462 | |
| NP3 Fastigheter AB | 112,136 | 3,328 | |
| * | Swedish Logistic Property AB Class B | 656,420 | 3,089 |
| Atrium Ljungberg AB Class B | 780,410 | 2,956 | |
| Dios Fastigheter AB | 361,642 | 2,619 | |
| *,1 | Samhallsbyggnadsbolaget i Norden AB | 4,347,427 | 2,394 |
| Platzer Fastigheter Holding AB Class B | 254,156 | 2,117 | |
| Sagax AB Class D | 439,357 | 1,675 | |
| Logistea AB Class B | 1,026,319 | 1,657 | |
| *,1 | Sveafastigheter AB | 264,636 | 1,170 |
| Corem Property Group AB Class B | 2,410,816 | 1,116 | |
| FastPartner AB Class A | 171,922 | 884 | |
| *,1 | Neobo Fastigheter AB | 415,687 | 874 |
| Heba Fastighets AB Class B | 244,470 | 827 | |
| *,1 | Klarabo Sverige AB Class B | 316,166 | 529 |
| * | Samhallsbyggnadsbolaget i Norden AB Class D | 409,733 | 499 |
| Corem Property Group AB Class D | 6,592 | 177 | |
| 129,096 | |||
| Switzerland (3.0%) | |||
| Swiss Prime Site AG (Registered) | 277,956 | 47,319 | |
| PSP Swiss Property AG (Registered) | 158,886 | 31,891 | |
| Allreal Holding AG (Registered) | 50,561 | 14,790 | |
| Mobimo Holding AG (Registered) | 25,796 | 12,991 | |
| Intershop Holding AG | 21,087 | 4,570 | |
| Cham Swiss Properties AG | 77,182 | 2,517 | |
| Hiag Immobilien Holding AG | 15,427 | 2,480 | |
| *,1 | Peach Property Group AG | 82,401 | 619 |
| 117,177 | |||
| Taiwan (1.1%) | |||
| 1 | Highwealth Construction Corp. | 6,123,062 | 7,213 |
| Ruentex Development Co. Ltd. | 6,742,483 | 6,162 | |
| 1 | Huaku Development Co. Ltd. | 927,730 | 3,126 |
| Shares | Market Value ($000) | ||
| Sakura Development Co. Ltd. | 1,528,456 | 2,288 | |
| 1 | Da-Li Development Co. Ltd. | 1,359,233 | 2,023 |
| 1 | Farglory Land Development Co. Ltd. | 926,631 | 1,953 |
| Chong Hong Construction Co. Ltd. | 768,297 | 1,886 | |
| 1 | JSL Construction & Development Co. Ltd. | 986,387 | 1,470 |
| Cathay Real Estate Development Co. Ltd. | 2,090,100 | 1,463 | |
| 1 | Delpha Construction Co. Ltd. | 1,753,000 | 1,460 |
| 1 | Kindom Development Co. Ltd. | 1,417,190 | 1,389 |
| 1 | Prince Housing & Development Corp. | 4,124,478 | 1,102 |
| 1 | Yea Shin International Development Co. Ltd. | 1,223,279 | 957 |
| Hung Sheng Construction Ltd. | 1,395,520 | 889 | |
| 1 | Advancetek Enterprise Co. Ltd. | 905,000 | 855 |
| 1 | Crowell Development Corp. | 922,850 | 803 |
| 1 | Fu Hua Innovation Co. Ltd. | 1,462,617 | 782 |
| Radium Life Tech Co. Ltd. | 2,124,304 | 721 | |
| 1 | Shin Ruenn Development Co. Ltd. | 479,198 | 715 |
| 1 | Yungshin Construction & Development Co. Ltd. | 351,000 | 662 |
| Hong Pu Real Estate Development Co. Ltd. | 751,194 | 536 | |
| Huang Hsiang Construction Corp. | 449,406 | 530 | |
| 1 | Hua Yu Lien Development Co. Ltd. | 265,491 | 514 |
| * | Kuo Yang Construction Co. Ltd. | 842,802 | 495 |
| 1 | Jean Co. Ltd. | 735,354 | 495 |
| * | Shining Building Business Co. Ltd. | 1,639,869 | 469 |
| KEE TAI Properties Co. Ltd. | 1,360,547 | 466 | |
| GTM Holdings Corp. | 439,000 | 457 | |
| *,1 | King's Town Construction Co. Ltd. | 331,000 | 434 |
| 1 | We&Win Diversification Co. Ltd. | 534,000 | 368 |
| Pacific Construction Co. | 975,000 | 279 | |
| Hung Ching Development & Construction Co. Ltd. | 299,000 | 274 | |
| *,1 | We & Win Development Co. Ltd. | 762,000 | 253 |
| San Far Property Ltd. | 444,000 | 237 | |
| Sweeten Real Estate Development Co. Ltd. | 12,240 | 10 | |
| *,3 | Taiwan Land Development Corp. | 2,224,000 | — |
| 43,736 | |||
| Thailand (0.8%) | |||
| Central Pattana PCL | 4,642,800 | 8,494 | |
| WHA Corp. PCL | 25,075,386 | 2,763 | |
| CPN Retail Growth Leasehold REIT | 7,642,881 | 2,740 | |
| Frasers Property Thailand Industrial Freehold & Leasehold REIT | 5,473,500 | 2,052 | |
| WHA Premium Growth Freehold & Leasehold REIT Class F | 6,039,496 | 2,050 | |
| Axtra Future City Freehold & Leasehold REIT | 4,115,400 | 1,661 | |
| MBK PCL (XBKK) | 2,717,032 | 1,555 | |
| Land & Houses PCL (Registered) | 12,306,200 | 1,524 | |
| Supalai PCL | 2,348,881 | 1,357 | |
| LH Hotel Leasehold REIT Class F | 2,853,800 | 1,178 | |
| Sansiri PCL | 23,178,625 | 1,010 | |
| LH Shopping Centers Leasehold REIT Class F | 2,407,800 | 964 | |
| Amata Corp. PCL | 1,933,923 | 961 | |
| AP Thailand PCL | 3,245,320 | 933 | |
| BA Airport Leasehold REIT | 2,735,300 | 914 | |
| IMPACT Growth REIT | 2,229,400 | 744 | |
| Quality Houses PCL | 14,399,500 | 591 | |
| Bangkok Land PCL | 29,902,295 | 428 | |
| SC Asset Corp. PCL | 7,417,040 | 403 | |
| * | Pruksa Real Estate PCL | 3,024,500 | 173 |
| 32,495 | |||
| Turkiye (0.6%) | |||
| 1 | Emlak Konut Gayrimenkul Yatirim Ortakligi A/S | 6,665,589 | 3,919 |
| * | Peker Gayrimenkul Yatirim Ortakligi A/S | 11,877,203 | 2,736 |
| Yeni Gimat Gayrimenkul Ortakligi A/S | 643,107 | 2,061 | |
| Ziraat Gayrimenkul Yatirim Ortakligi A/S | 3,085,481 | 1,690 | |
| *,1 | Kuyumcukent Gayrimenkul Yatirimlari A/S | 1,216,265 | 1,504 |
| * | Reysas Gayrimenkul Yatirim Ortakligi A/S | 1,996,291 | 1,296 |
| * | Tera Yatirim Teknoloji Holding A/S | 3,869,447 | 1,236 |
| Torunlar Gayrimenkul Yatirim Ortakligi A/S | 512,916 | 984 | |
| * | Sinpas Gayrimenkul Yatirim Ortakligi A/S | 7,360,970 | 893 |
| * | Is Gayrimenkul Yatirim Ortakligi A/S | 1,566,917 | 870 |
| AKIS Gayrimenkul Yatirimi A/S | 3,888,479 | 783 | |
| * | DAP Gayrimenkul Gelistirme A/S | 2,658,463 | 661 |
| Shares | Market Value ($000) | ||
| Ronesans Gayrimenkul Yatirim A/S | 164,576 | 612 | |
| Avrupakent Gayrimenkul Yatirim Ortakligi A/S | 398,303 | 520 | |
| * | Ozak Gayrimenkul Yatirim Ortakligi | 1,416,441 | 498 |
| * | Kizilbuk Gayrimenkul Yatirim Ortakligi A/S | 1,511,929 | 489 |
| Pasifik Gayrimenkul Yatirim Ortakligi | 7,725,368 | 486 | |
| * | Akfen Gayrimenkul Yatirim Ortakligi A/S | 6,266,311 | 425 |
| Panora Gayrimenkul Yatirim Ortakligi | 201,052 | 412 | |
| 22,075 | |||
| United Arab Emirates (3.7%) | |||
| Emaar Properties PJSC | 21,462,987 | 87,799 | |
| Aldar Properties PJSC | 13,092,804 | 34,227 | |
| Emaar Development PJSC | 2,915,744 | 13,666 | |
| Dubai Residential REIT | 6,789,003 | 2,424 | |
| TECOM Group PJSC | 2,079,382 | 2,129 | |
| * | RAK Properties PJSC | 5,080,702 | 1,800 |
| Deyaar Development PJSC | 3,710,874 | 1,032 | |
| * | Eshraq Investments PJSC | 4,610,770 | 565 |
| * | Manazel PJSC | 4,578,038 | 378 |
| 144,020 | |||
| United Kingdom (6.7%) | |||
| Segro plc | 4,688,352 | 48,846 | |
| Land Securities Group plc | 2,580,766 | 23,034 | |
| LondonMetric Property plc | 8,116,362 | 22,280 | |
| British Land Co. plc | 3,463,424 | 19,755 | |
| Tritax Big Box REIT plc | 8,610,809 | 19,546 | |
| Shaftesbury Capital plc | 6,764,636 | 13,308 | |
| Primary Health Properties plc | 8,992,849 | 12,765 | |
| UNITE Group plc | 1,639,728 | 12,753 | |
| Derwent London plc | 389,029 | 10,304 | |
| Big Yellow Group plc | 681,518 | 9,647 | |
| Hammerson plc | 1,838,390 | 8,927 | |
| International Workplace Group plc | 2,593,229 | 8,791 | |
| Safestore Holdings plc | 756,832 | 8,601 | |
| Great Portland Estates plc | 1,406,934 | 7,221 | |
| Sirius Real Estate Ltd. | 5,242,539 | 7,066 | |
| Grainger plc | 2,571,212 | 6,844 | |
| Supermarket Income REIT plc | 4,313,041 | 4,938 | |
| Target Healthcare REIT plc | 2,157,228 | 3,070 | |
| Workspace Group plc | 510,692 | 2,930 | |
| Picton Property Income Ltd. | 1,797,757 | 2,047 | |
| Custodian Property Income REIT plc | 1,587,723 | 1,845 | |
| Schroder REIT Ltd. | 1,704,295 | 1,311 | |
| NewRiver REIT plc | 1,261,304 | 1,254 | |
| Harworth Group plc | 543,796 | 1,226 | |
| 2 | Social Housing REIT plc | 1,178,874 | 1,196 |
| Helical plc | 386,292 | 1,019 | |
| AEW UK REIT plc | 551,378 | 810 | |
| 2 | Regional REIT Ltd. | 457,690 | 642 |
| * | Life Science REIT plc | 1,134,100 | 638 |
| CLS Holdings plc | 533,479 | 459 | |
| *,3 | Home REIT plc | 1,698,690 | 279 |
| 263,352 | |||
| Total Common Stocks (Cost $3,978,813) | 3,888,813 | ||
| Preferred Stock (0.0%) | |||
| NP3 Fastigheter AB Preference Shares (Cost $637) | 194,522 | 682 | |
| Warrants (0.0%) | |||
| * | Origin Property pcl Exp. 5/18/2028 (Cost $—) | 787,949 | 7 |
| Shares | Market Value ($000) | ||
| Temporary Cash Investments (1.4%) | |||
| Money Market Fund (1.4%) | |||
| 4,5 | Vanguard Market Liquidity Fund, 3.704% (Cost $54,369) | 543,728 | 54,373 |
| Total Investments (100.8%) (Cost $4,033,819) | 3,943,875 | ||
| Other Assets and Liabilities—Net (-0.8%) | (31,724) | ||
| Net Assets (100%) | 3,912,151 | ||
| 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 $45,477. |
| 2 | 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, 2026, the aggregate value was $74,489, representing 1.9% of net assets. |
| 3 | Security value determined using significant unobservable inputs. |
| 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 $52,735 was received for securities on loan. |
| GDR—Global Depositary 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 | ||||
| MSCI EAFE Index | March 2026 | 44 | 6,681 | 239 |
| MSCI Emerging Markets Index | March 2026 | 30 | 2,281 | 193 |
| 432 | ||||
| Forward Currency Contracts | |||||||
| Counterparty | Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | |||
| Receive | Deliver | ||||||
| State Street Bank & Trust Co. | 3/18/2026 | AUD | 2,393 | USD | 1,584 | 82 | — |
| Bank of Montreal | 3/18/2026 | GBP | 1,214 | USD | 1,635 | 25 | — |
| State Street Bank & Trust Co. | 3/18/2026 | HKD | 34,004 | USD | 4,380 | — | (20) |
| Citibank, N.A. | 3/18/2026 | INR | 676,528 | USD | 7,470 | — | (121) |
| Toronto-Dominion Bank | 3/18/2026 | JPY | 387,581 | USD | 2,477 | 38 | — |
| JPMorgan Chase Bank, N.A. | 3/18/2026 | USD | 5,000 | AUD | 7,482 | — | (210) |
| JPMorgan Chase Bank, N.A. | 3/18/2026 | USD | 539 | BRL | 3,006 | — | (26) |
| Toronto-Dominion Bank | 3/18/2026 | USD | 602 | CAD | 829 | — | (9) |
| State Street Bank & Trust Co. | 3/18/2026 | USD | 1,841 | CHF | 1,462 | — | (61) |
| Toronto-Dominion Bank | 3/18/2026 | USD | 1,833 | CHF | 1,462 | — | (69) |
| Toronto-Dominion Bank | 3/18/2026 | USD | 3,678 | EUR | 3,146 | — | (59) |
| State Street Bank & Trust Co. | 3/18/2026 | USD | 4,810 | GBP | 3,612 | — | (131) |
| Standard Chartered Bank | 3/18/2026 | USD | 4,380 | HKD | 34,004 | 21 | — |
| UBS AG | 3/18/2026 | USD | 5,153 | JPY | 800,164 | — | (38) |
| Toronto-Dominion Bank | 3/18/2026 | USD | 2,896 | JPY | 448,768 | — | (16) |
| Barclays Bank plc | 3/18/2026 | USD | 630 | MXN | 11,608 | — | (32) |
| Toronto-Dominion Bank | 3/18/2026 | USD | 2,132 | SEK | 19,822 | — | (99) |
| Forward Currency Contracts (continued) | |||||||
| Counterparty | Contract Settlement Date | Contract Amount (000) | Unrealized Appreciation ($000) | Unrealized Depreciation ($000) | |||
| Receive | Deliver | ||||||
| UBS AG | 3/18/2026 | USD | 147 | SGD | 189 | — | (3) |
| Goldman Sachs International | 3/18/2026 | USD | 785 | ZAR | 13,472 | — | (46) |
| 166 | (940) | ||||||
| AUD—Australian dollar. |
| BRL—Brazilian real. |
| CAD—Canadian dollar. |
| CHF—Swiss franc. |
| EUR—euro. |
| GBP—British pound. |
| HKD—Hong Kong dollar. |
| INR—Indian rupee. |
| JPY—Japanese yen. |
| MXN—Mexican peso. |
| SEK—Swedish krona. |
| SGD—Singapore dollar. |
| USD—U.S. dollar. |
| ZAR—South African rand. |
| 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) |
| Allos SA | 1/29/2027 | CITNA | 3,983 | (3.640) | 458 | — |
| China Merchants Shekou Industrial Zone Holdings Co. Ltd. | 2/2/2027 | CITNA | 2,855 | (3.640) | 183 | — |
| China Vanke Co. Ltd. | 2/2/2027 | CITNA | 1,446 | (3.640) | 28 | — |
| Multiplan Empreendimentos Imobiliarios SA | 8/31/2026 | BANA | 4,993 | (3.630) | 15 | — |
| Poly Developments Holdings Group Co. Ltd. | 2/2/2027 | CITNA | 2,441 | (3.640) | 105 | — |
| 789 | — | |||||
| 1 | Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/(paid) monthly. |
| BANA—Bank of America, N.A. | |
| CITNA—Citibank, N.A. |
| A. | Security Valuation: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 p.m., Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the valuation designee to represent fair value and subject to oversight by the board of trustees. These procedures include obtaining quotations from an independent pricing service, monitoring news to identify significant market- or security-specific events, and evaluating changes in the values of foreign market proxies (for example, ADRs, futures contracts, or exchange-traded funds), between the time the foreign markets close and the fund’s pricing time. When fair-value pricing is employed, the prices of securities used by a fund to calculate its net asset value may differ from quoted or published prices for the same securities. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value. |
| B. | Foreign Currency: Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates obtained from an independent third party as of the fund’s pricing time on the valuation date. Realized gains (losses) and unrealized appreciation (depreciation) on investment securities include the effects of changes in exchange rates since the securities were purchased, combined with the effects of changes in security prices. Fluctuations in the value of other assets and liabilities resulting from changes in exchange rates are recorded as unrealized foreign currency gains (losses) until the assets or liabilities are settled in cash, at which time they are recorded as realized foreign currency gains (losses). |
| C. | Futures Contracts: The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open contracts are noted in the Schedule of Investments. |
| D. | Forward Currency Contracts: The fund enters into forward currency contracts to protect the value of securities and related receivables and payables against changes in future foreign exchange rates. Risks associated with these types of forward currency contracts include movement in the values of the foreign currencies relative to the U.S. dollar and the ability of the counterparties to fulfill their obligations under the contracts. The fund mitigates its counterparty risk by entering into forward currency contracts only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be repledged, resold, or rehypothecated. The master netting arrangements provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate the forward currency contracts, determine the net amount owed by either party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The forward currency contracts contain provisions whereby a counterparty may terminate open contracts if the fund’s net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral received or pledged is compared daily to the value of the forward currency contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two business days. |
| E. | Swap Contracts: The fund has entered into equity swap contracts to earn the total return on selected reference stocks or indexes in the fund’s target index. Under the terms of the swaps, the fund receives the total return on the referenced stock (i.e., receiving the increase or paying the decrease in value of the selected reference stock and receiving the equivalent of any dividends in respect of the selected referenced stock) over a specified period of time, applied to a notional amount that represents the value of a designated number of shares of the selected reference stock at the beginning of the equity swap contract. The fund also pays a floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the fund generally invests an amount approximating the notional amount of the swap in high-quality temporary cash investments. |
| F. | Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. |
| Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
| Investments | ||||
| Assets | ||||
| Common Stocks | 139,111 | 3,748,561 | 1,141 | 3,888,813 |
| Preferred Stock | — | 682 | — | 682 |
| Warrants | 7 | — | — | 7 |
| Temporary Cash Investments | 54,373 | — | — | 54,373 |
| Total | 193,491 | 3,749,243 | 1,141 | 3,943,875 |
| Derivative Financial Instruments | ||||
| Assets | ||||
| Futures Contracts1 | 432 | — | — | 432 |
| Forward Currency Contracts | — | 166 | — | 166 |
| Swap Contracts | — | 789 | — | 789 |
| Total | 432 | 955 | — | 1,387 |
| Liabilities | ||||
| Forward Currency Contracts | — | (940) | — | (940) |
| 1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. |