Vanguard Specialized Funds - Vanguard Real Estate ETF
US ˙ ARCA ˙ US9229085538

SecurityVNQ / Vanguard Specialized Funds - Vanguard Real Estate ETF
InstitutionLevel Four Advisory Services, Llc
Latest Disclosed Ownership12,874 shares
Latest Disclosed Value $ 1,141,967
Level Four Advisory Services, Llc reports 1.80% decrease in ownership of VNQ / Vanguard Specialized Funds - Vanguard Real Estate ETF

On May 14, 2026 - Level Four Advisory Services, Llc filed a 13F-HR form disclosing ownership of 12,874 shares of Vanguard Specialized Funds - Vanguard Real Estate ETF (US:VNQ) valued at $1,141,924 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 13, 2026 disclosing 13,110 shares of Vanguard Specialized Funds - Vanguard Real Estate ETF. This represents a change in shares of -1.80% during the quarter. The current value of the position is $1,246,074 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-05-14 2026-03-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 12,874 -236 -1.80 1,142 -1.64 0.0375
2026-02-13 2025-12-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 13,110 1,168 9.78 1,160 6.32 0.0380
2025-11-12 2025-09-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 11,942 712 6.34 1,092 9.10 0.0374
2025-08-13 2025-06-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 11,230 342 3.14 1,000 1.52 0.0369
2025-05-14 2025-03-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 10,888 3,623 49.87 986 52.24 0.0405
2025-02-12 2024-12-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 7,265 370 5.37 647 -0.31 0.0265
2024-11-14 2024-09-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 6,895 -40 -0.58 649 11.90 0.0273
2024-08-09 2024-06-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 6,935 -307 -4.24 581 -9.23 0.0262
2024-05-13 2024-03-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 7,242 0 0.00 640 0.00 0.0352
2024-02-08 2023-12-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 7,242 -146 -1.98 640 14.52 0.0359
2023-11-13 2023-09-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 7,388 517 7.52 559 -2.79 0.0360
2023-07-10 2023-06-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 6,871 1,236 21.93 574 22.91 0.0345
2023-06-05 2023-03-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 5,635 1,118 24.75 468 25.54 0.0307
2023-02-13 2022-12-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 4,517 639 16.48 373 19.61 0.0277
2022-11-07 2022-09-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 3,878 -264 -6.37 311 -17.51 0.0302
2022-08-08 2022-06-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 4,142 23 0.56 377 -15.47 0.0356
2022-05-10 2022-03-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 4,119 61 1.50 446 -5.31 0.0349
2022-02-11 2021-12-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 4,058 382 10.39 471 25.94 0.0359
2021-10-12 2021-09-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 3,676 -4,993 -57.60 374 -57.60 0.0389
2021-08-09 2021-06-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 8,669 -951 -9.89 882 -0.23 0.0610
2021-05-10 2021-03-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 9,620 584 6.46 884 15.25 0.0687
2021-02-10 2020-12-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 9,036 -507 -5.31 767 1.86 0.0616
2020-11-02 2020-09-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 9,543 -824 -7.95 753 -7.83 0.0580
2020-08-17 2020-06-30 13F/A-1 VANGUARD INDEX FDS REAL ESTATE ETF 922908553 10,367 -5,148 -33.18 817 -24.00 0.0632
2020-05-13 2020-03-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 15,515 -908 -5.53 1,075 -29.32 0.1289
2020-02-13 2019-12-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 16,423 -3,025 -15.55 1,521 -16.11 0.0602
2019-11-12 2019-09-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 19,448 631 3.35 1,813 10.21 0.1876
2019-08-14 2019-06-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 18,817 -1,042 -5.25 1,645 -4.69 0.1661
2019-05-15 2019-03-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 19,859 -3,034 -13.25 1,726 1.11 0.1901
2019-02-07 2018-12-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 22,893 -3,150 -12.10 1,707 -18.75 0.2129
2018-11-14 2018-09-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 26,043 -3,510 -11.88 2,101 -12.71 0.2271
2018-08-14 2018-06-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 29,553 -4,028 -11.99 2,407 -5.01 0.1753
2018-05-14 2018-03-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 33,581 929 2.85 2,534 -6.46 0.1965
2018-02-13 2017-12-31 13F VANGUARD INDEX FDS REIT ETF 922908553 32,652 6,460 24.66 2,709 24.49 0.2107
2018-04-03 2017-09-30 13F/A-1 VANGUARD INDEX FDS REIT ETF 922908553 26,192 9,945 61.21 2,176 61.42 0.1929
2017-11-15 2017-09-30 13F VANGUARD INDEX FDS REIT ETF 922908553 24,944 8,697 2,082
2017-09-20 2017-06-30 13F/A-1 VANGUARD INDEX FDS REIT ETF 922908553 16,247 -718 -4.23 1,348 -4.19 0.2075
2017-07-12 2017-06-30 13F VANGUARD INDEX FDS REIT ETF 922908553 16,247 1,348
2017-09-20 2017-03-31 13F/A-1 VANGUARD INDEX FDS REIT ETF 922908553 16,965 3,823 29.09 1,407 29.68 0.1433
2017-05-15 2017-03-31 13F VANGUARD INDEX FDS REIT ETF 922908553 16,965 3,823 1,407
2017-02-14 2016-12-31 13F VANGUARD INDEX FDS REIT ETF 922908553 13,142 13,142 1,085 0.1385
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.