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

SecurityVNQ / Vanguard Specialized Funds - Vanguard Real Estate ETF
InstitutionValmark Advisers, Inc.
Latest Disclosed Ownership158,608 shares
Latest Disclosed Value $ 14,068,498
Valmark Advisers, Inc. reports 2.19% decrease in ownership of VNQ / Vanguard Specialized Funds - Vanguard Real Estate ETF

On May 1, 2026 - Valmark Advisers, Inc. filed a 13F-HR form disclosing ownership of 158,608 shares of Vanguard Specialized Funds - Vanguard Real Estate ETF (US:VNQ) valued at $14,068,530 USD as of March 31, 2026. The entity filed a previous 13F-HR on January 26, 2026 disclosing 162,166 shares of Vanguard Specialized Funds - Vanguard Real Estate ETF. This represents a change in shares of -2.19% during the quarter. The current value of the position is $15,351,668 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)
2026-05-01 2026-03-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 158,608 -3,558 -2.19 14,068 -1.97 0.1671
2026-01-26 2025-12-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 162,166 -60,362 -27.13 14,350 -29.46 0.1768
2025-10-24 2025-09-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 222,528 3,188 1.45 20,343 4.14 0.2629
2025-07-23 2025-06-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 219,340 5,411 2.53 19,534 0.85 0.2718
2025-04-23 2025-03-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 213,929 19,519 10.04 19,369 11.84 0.2922
2025-01-30 2024-12-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 194,410 21,890 12.69 17,318 3.05 0.2682
2024-10-25 2024-09-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 172,520 17,781 11.49 16,807 29.68 0.2626
2024-08-01 2024-06-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 154,739 -2,293 -1.46 12,961 -4.57 0.2200
2024-05-06 2024-03-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 157,032 -3,042 -1.90 13,580 -3.99 0.2362
2024-02-02 2023-12-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 160,074 -5,468 -3.30 14,144 12.94 0.2647
2023-11-08 2023-09-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 165,542 451 0.27 12,525 -9.21 0.2599
2023-08-03 2023-06-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 165,091 -702,336 -80.97 13,795 -80.85 0.2806
2023-05-02 2023-03-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 867,427 48,562 5.93 72,031 6.65 1.5509
2023-02-07 2022-12-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 818,865 -256,925 -23.88 67,540 -21.69 1.5585
2022-11-03 2022-09-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 1,075,790 41,797 4.04 86,246 -8.45 1.7355
2022-08-01 2022-06-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 1,033,993 27,956 2.78 94,207 -13.59 1.8283
2022-05-10 2022-03-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 1,006,037 17,155 1.73 109,024 -4.97 1.9202
2022-02-02 2021-12-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 988,882 -42,768 -4.15 114,720 9.26 1.9769
2021-11-09 2021-09-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 1,031,650 2,594 0.25 105,001 0.24 1.9221
2021-08-06 2021-06-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 1,029,056 -6,400 -0.62 104,748 10.13 1.9181
2021-05-04 2021-03-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 1,035,456 -28,581 -2.69 95,117 5.25 1.8337
2021-02-03 2020-12-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 1,064,037 11,158 1.06 90,369 8.70 1.8388
2020-11-09 2020-09-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 1,052,879 -12,398 -1.16 83,135 -0.62 1.8882
2020-07-31 2020-06-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 1,065,277 -31,190 -2.84 83,656 9.23 1.9676
2020-05-01 2020-03-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 1,096,467 33,896 3.19 76,588 -22.32 1.9994
2020-01-31 2019-12-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 1,062,571 -529 -0.05 98,596 -0.54 2.1392
2019-11-06 2019-09-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 1,063,100 -56,541 -5.05 99,134 1.30 2.2018
2019-08-07 2019-06-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 1,119,641 -33 -0.00 97,857 0.56 2.1484
2019-05-10 2019-03-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 1,119,674 -111,200 -9.03 97,311 6.02 2.1675
2019-02-07 2018-12-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 1,230,874 -35,168 -2.78 91,786 -10.14 2.2014
2018-11-02 2018-09-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 1,266,042 -4,126 -0.32 102,144 -1.27 2.2382
2018-08-07 2018-06-30 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 1,270,168 -57,997 -4.37 103,455 3.21 2.2897
2018-05-07 2018-03-31 13F VANGUARD INDEX FDS REAL ESTATE ETF 922908553 1,328,165 126,582 10.53 100,237 0.53 2.1964
2018-02-09 2017-12-31 13F VANGUARD INDEX FDS REIT ETF 922908553 1,201,583 65,216 5.74 99,707 5.60 2.1390
2017-11-06 2017-09-30 13F VANGUARD INDEX FDS REIT ETF 922908553 1,136,367 23,655 2.13 94,421 1.95 2.2090
2017-07-31 2017-06-30 13F VANGUARD INDEX FDS REIT ETF 922908553 1,112,712 -1,563 -0.14 92,611 0.63 2.2320
2017-05-08 2017-03-31 13F VANGUARD INDEX FDS REIT ETF 922908553 1,114,275 1,106,511 14,251.82 92,028 18,268.86 2.2575
2014-01-31 2013-12-31 13F VANGUARD INDEX FDS REIT ETF 922908553 7,764 7,764 501 0.0138
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.