Australian Retirement Trust — Unlisted Assets (Accumulation)

Super Savings Accumulation holdings as at 31 December 2025

As at 31 December 2025, the Australian Retirement Trust Unlisted Assets (Accumulation) option disclosed 485 holdings — its largest being PARTNERS GROUP AG at 11.09%. 3 internally-managed unlisted holdings are disclosed by name only.

Disclosed value

$642,634,398

Disclosed holdings

485

Itemised value shown

$626,135,799

Name only (unlisted)

Listed holdings are shown with their disclosed value. 3 internally-managed unlisted holdings are disclosed by name only — their value is reported within the asset-class allocation below, not on the per-line listing, so the itemised total is lower than the disclosed portfolio value by design. We surface disclosed holdings; we don't look through pooled vehicles. See methodology.

Asset-class allocation

Physical holdings by asset class. The synthetic (derivative) effect is the disclosed Schedule 8D Table 3 overlay, shown separately — not netted into the physical figures.

Physical (disclosed holdings)

Asset class	Weighting	Value (AUD)
Equity	29.68%	$192,981,950
Infrastructure	29.64%	$191,986,600
Property	24.21%	$158,329,060
Fixed Income	10.16%	$65,847,409
Alternatives	4.65%	$30,225,025
Cash	0.49%	$3,264,354

Synthetic effect (derivatives, Table 3)

Asset class	Weighting effect
No disclosed derivative effect.

Currency exposure

Physical currency as disclosed (sparsely reported — an undisclosed bucket is shown as such, not inferred). The synthetic (derivative) effect is the Schedule 8D Table 4 overlay, shown separately.

Physical (disclosed)

Currency	Weighting	Value (AUD)
Not disclosed	95.79%	$622,871,445
AUD	0.25%	$1,611,537
USD	0.20%	$1,312,409
EUR	0.03%	$176,358
NZD	0.01%	$61,775

+ 10 further disclosed currencies, each below 0.01% by weighting.

Synthetic effect (derivatives, Table 4)

Currency	Weighting effect
AUD	71.00%
CURRENCIES OF OTHER DEVELOPED MARKETS	-18.00%
USD	-53.00%

Holdings

All 485 holdings disclosed by Australian Retirement Trust Unlisted Assets (Accumulation), largest first, as at 31 December 2025. Each resolved security links to the funds that hold it. Internally-managed unlisted holdings are marked “name only”.

Holding	Asset class	Currency	Weighting	Value (AUD)
PARTNERS GROUP AG	Equity	—	11.09%	$71,857,811
MACQUARIE ASSET MANAGEMENT	Infrastructure	—	6.93%	$44,877,754
GLOBAL INFRASTRUCTURE PARTNERS	Infrastructure	—	6.56%	$42,494,789
QIC LIMITED	Infrastructure	—	6.43%	$41,666,014
STEPSTONE GROUP	Infrastructure	—	4.33%	$28,066,397
HARBOURVEST PARTNERS, LLC	Equity	—	2.77%	$17,951,197
PARTNERS GROUP AG	Fixed Income	—	2.63%	$17,066,114
BERKSHIRE RESIDENTIAL INVESTMENTS	Property	—	2.38%	$15,406,384
MIRVAC FUNDS MANAGEMENT LTD	Property	—	2.35%	$15,238,805
STEPSTONE GROUP	Property	—	2.33%	$15,125,909
QIC LIMITED	Property	—	2.32%	$15,041,596
STEPSTONE GROUP	Equity	—	1.78%	$11,534,569
NEUBERGER BERMAN	Equity	—	1.68%	$10,900,551
NEUBERGER BERMAN	Fixed Income	—	1.67%	$10,850,727
BAIN CAPITAL	Alternatives	—	1.67%	$10,832,705
ALLEGRO FUNDS PTY LTD	Property	—	1.54%	$10,005,182
ELEVATION ADVISORS LLP	Property	—	1.43%	$9,246,934
VISTA EQUITY PARTNERS MANAGEMENT, LLC	Equity	—	1.38%	$8,958,610
MORRISON	Infrastructure	—	1.37%	$8,907,752
HEITMAN LLC	Property	—	1.31%	$8,488,838
HPS INVESTMENT PARTNERS LLC	Fixed Income	—	1.31%	$8,477,357
HAYFIN CAPITAL MANAGEMENT LLP	Fixed Income	—	1.24%	$8,017,294
GOODMAN GROUP	Property	—	1.07%	$6,945,778
BROOKFIELD ASSET MANAGEMENT LTD.	Property	—	1.04%	$6,758,348
QIC LIMITED	Equity	—	1.01%	$6,533,222
ADM CAPITAL	Alternatives	—	0.96%	$6,240,542
PACIFIC EQUITY PARTNERS	Equity	—	0.80%	$5,188,982
STOCKBRIDGE CAPITAL GROUP, LLC	Property	—	0.71%	$4,580,843
GENSTAR CAPITAL LLC	Equity	—	0.67%	$4,319,216
EIG ASSET MANAGEMENT, LLC	Fixed Income	—	0.66%	$4,250,582
EIG CREDIT MANAGEMENT COMPANY, LLC	Fixed Income	—	0.64%	$4,128,439
GPT GROUP	Property	—	0.60%	$3,908,903
METRICS CREDIT PARTNERS PTY LTD	Fixed Income	—	0.60%	$3,902,687
LONGREACH ALTERNATIVES LTD	Equity	—	0.59%	$3,795,897
PAG HOLDINGS LIMITED	Fixed Income	—	0.55%	$3,581,744
PSG EQUITY LLC	Equity	—	0.53%	$3,454,381
INSPIRE IMPACT MANAGER MULTI STRATEGY FUND I PTY LTD	Equity	—	0.52%	$3,387,443
HG CAPITAL LLP	Equity	—	0.52%	$3,384,784
AIRTREE VENTURES PTY LTD	Equity	—	0.49%	$3,183,605
EQT PRIVATE CAPITAL ASIA	Property	—	0.48%	$3,129,891
M.H. CARNEGIE & CO. PTY LTD	Property	—	0.48%	$3,121,150
PARTNERS GROUP AG	Infrastructure	—	0.44%	$2,835,792
ROC CAPITAL PTY LTD	Equity	—	0.42%	$2,695,758
DEXUS CAPITAL INVESTORS LIMITED	Property	—	0.41%	$2,682,074
PALISADE INVESTMENT PARTNERS LIMITED	Infrastructure	—	0.40%	$2,591,783
WELLTOWER, INC.	Property	—	0.37%	$2,366,542
ALTAMONT CAPITAL MANAGEMENT, LLC	Equity	—	0.36%	$2,335,003
PATRIZIA PTY LTD	Infrastructure	—	0.35%	$2,248,045
CBRE INVESTMENT MANAGEMENT	Property	—	0.34%	$2,206,571
PROLOGIS, INC.	Property	—	0.34%	$2,196,981
EQT PRIVATE CAPITAL ASIA	Equity	—	0.34%	$2,184,437
LIVERPOOL PARTNERS PRIVATE EQUITY PTY LTD	Equity	—	0.34%	$2,177,461
PAG HOLDINGS LIMITED	Equity	—	0.33%	$2,113,840
WAUD CAPITAL PARTNERS	Equity	—	0.31%	$2,037,968
UNIGESTION SA	Equity	—	0.31%	$2,026,541
BLACKROCK FINANCIAL MANAGEMENT INC	Alternatives	—	0.31%	$2,016,882
FRANKLIN TEMPLETON AUSTRALIA LIMITED	Alternatives	—	0.30%	$1,970,467
PARK SQUARE CAPITAL LLP	Fixed Income	—	0.30%	$1,926,180
STAFFORD CAPITAL PARTNERS PTY LIMITED	Alternatives	—	0.29%	$1,877,348
JAMESTOWN PREMIER GP, L.P.	Property	—	0.28%	$1,814,203
VARDE PARTNERS INC	Fixed Income	—	0.27%	$1,746,858
MAKENA CAPITAL	Equity	—	0.27%	$1,728,857
TACONIC CAPITAL ADVISORS LP	Alternatives	—	0.26%	$1,692,867
DEERFIELD CAPITAL MANAGEMENT	Equity	—	0.25%	$1,638,466
STATE STREET BANK AND TRUST	Cash	AUD	0.25%	$1,611,537
PELLICANO PTY. LTD.	Property	—	0.22%	$1,409,014
EQUINIX, INC.	Property	—	0.21%	$1,388,477
WATERLAND PRIVATE EQUITY INVESTMENTS B.V.	Equity	—	0.20%	$1,306,983
STATE STREET BANK AND TRUST	Cash	USD	0.20%	$1,292,148
AMP CAPITAL INVESTORS LTD	Equity	—	0.20%	$1,273,648
GO.FARM AUSTRALIA PTY LTD	Property	—	0.19%	$1,215,783
ASCENDENT CAPITAL PARTNERS	Equity	—	0.18%	$1,195,693
NORDIC CAPITAL	Equity	—	0.18%	$1,192,323
SC LOWY ASSET MANAGEMENT LTD	Alternatives	—	0.18%	$1,174,744
OBRA CAPITAL MANAGEMENT, LLC	Alternatives	—	0.17%	$1,126,490
SIMON PROPERTY GROUP, INC.	Property	—	0.17%	$1,111,726
QIC LIMITED	Fixed Income	—	0.16%	$1,018,464
OCEANSOUND PARTNERS	Equity	—	0.15%	$993,876
BARWON INVESTMENT PARTNERS PTY LTD	Property	—	0.15%	$989,990
DIGITAL REALTY TRUST, INC.	Property	—	0.15%	$987,791
ELLERSTON CAPITAL LIMITED	Equity	—	0.15%	$979,704
REALTY INCOME CORP.	Property	—	0.15%	$956,428
INVESTA WHOLESALE FUNDS MANAGEMENT LIMITED	Property	—	0.14%	$910,581
ALLEGRO FUNDS PTY LTD	Equity	—	0.14%	$903,883
ONE WILLIAM STREET CAPITAL MANAGEMENT LP	Alternatives	—	0.13%	$837,627
COLLECTIVE GLOBAL MANAGEMENT LP	Equity	—	0.12%	$804,506
BARRENJOEY PRIVATE CAPITAL MANAGEMENT PTY LIMITED	Fixed Income	—	0.12%	$788,111
TRUELINK CAPITAL I L.P.	Equity	—	0.12%	$786,373
GENESIS CAPITAL	Equity	—	0.12%	$786,332
TANARRA CAPITAL AUSTRALIA PTY LTD	Equity	—	0.12%	$773,502
PUBLIC STORAGE	Property	—	0.12%	$760,427
SQUARE PEG TECHNOLOGIES PTY LTD	Equity	—	0.11%	$744,525
GOLDEN GATE CAPITAL	Equity	—	0.11%	$681,863
CRESCENT CAPITAL PARTNERS MANAGEMENT PTY LIMITED	Equity	—	0.10%	$678,964
VENTAS, INC.	Property	—	0.10%	$671,069
LENDLEASE CORP. LTD.	Property	—	0.10%	$632,124
BERKSHIRE PARTNERS LLC	Equity	—	0.09%	$606,637
CORBIN CAPITAL	Alternatives	—	0.09%	$602,571
VICI PROPERTIES, INC.	Property	—	0.09%	$556,491
EIDOS PARTNERS SRL	Alternatives	—	0.08%	$530,406
EXTRA SPACE STORAGE, INC.	Property	—	0.08%	$509,622
IFM INVESTORS PTY LTD	Property	—	0.08%	$509,457
ANCHORAGE CAPITAL GROUP LLC	Equity	—	0.08%	$509,164
AVALONBAY COMMUNITIES, INC.	Property	—	0.07%	$477,835
DEXUS CAPITAL INVESTORS LIMITED	Infrastructure	—	0.07%	$467,927
FLEXSTONE PARTNERS	Equity	—	0.07%	$462,930
IRON MOUNTAIN, INC.	Property	—	0.07%	$451,966
VARDE PARTNERS INC	Alternatives	—	0.07%	$450,657
EQUITY RESIDENTIAL	Property	—	0.07%	$442,626
IFM INVESTORS PTY LTD	Equity	—	0.06%	$416,804
LONE STAR GLOBAL ACQUISITIONS, LTD.	Property	—	0.06%	$410,570
MORGAN STANLEY INFRASTRUCTURE PARTNERS	Infrastructure	—	0.06%	$394,274
VONOVIA SE	Equity	—	0.06%	$381,381
HAYFIN CAPITAL MANAGEMENT LLP	Alternatives	—	0.06%	$380,947
BROOKFIELD INFRASTRUCTURE PARTNERS	Infrastructure	—	0.06%	$367,260
CASPIAN CAPITAL LP	Alternatives	—	0.06%	$356,947
IFM INVESTORS PTY LTD	Infrastructure	—	0.05%	$339,744
RFC AMBRIAN FUNDS MANAGEMENT PTY LTD	Equity	—	0.05%	$316,175
INVITATION HOMES, INC.	Property	—	0.05%	$315,635
ESSEX PROPERTY TRUST, INC.	Property	—	0.05%	$309,307
COLLER CAPITAL	Equity	—	0.05%	$308,148
MID-AMERICA APARTMENT COMMUNITIES, INC.	Property	—	0.05%	$300,407
NAUTIC PARTNERS, LLC	Equity	—	0.04%	$287,322
SUN COMMUNITIES, INC.	Property	—	0.04%	$282,946
SCENTRE GROUP LTD	Property	—	0.04%	$270,831
WP CAREY, INC.	Property	—	0.04%	$260,011
KIMCO REALTY CORP.	Property	—	0.04%	$252,374
UNIBAIL-RODAMCO-WESTFIELD	Property	—	0.04%	$246,280
SEGRO PLC	Property	—	0.04%	$243,798
OMEGA HEALTHCARE INVESTORS, INC.	Property	—	0.04%	$241,911
FIRST SENTIER INVESTORS	Infrastructure	—	0.04%	$230,470
REGENCY CENTERS CORP.	Property	—	0.04%	$229,999
HOST HOTELS & RESORTS, INC.	Property	—	0.04%	$226,786
GAMING & LEISURE PROPERTIES, INC.	Property	—	0.03%	$226,521
UDR, INC.	Property	—	0.03%	$224,372
SWISS PRIME SITE AG	Equity	—	0.03%	$221,123
CAMDEN PROPERTY TRUST	Property	—	0.03%	$216,099
EQUITY LIFESTYLE PROPERTIES, INC.	Property	—	0.03%	$215,173
LINK REIT	Property	—	0.03%	$214,939
HEALTHPEAK PROPERTIES, INC.	Property	—	0.03%	$208,122
OAKLEY CAPITAL	Equity	—	0.03%	$205,428
CAPITALAND INTEGRATED COMMERCIAL TRUST	Property	—	0.03%	$204,225
AMERICAN HOMES 4 RENT	Property	—	0.03%	$202,264
BXP, INC.	Property	—	0.03%	$197,002
STATE STREET BANK AND TRUST	Cash	EUR	0.03%	$176,358
EASTGROUP PROPERTIES, INC.	Property	—	0.03%	$175,808
COURT SQUARE CAPITAL PARTNERS	Equity	—	0.03%	$172,762
REXFORD INDUSTRIAL REALTY, INC.	Property	—	0.03%	$167,219
FEDERAL REALTY INVESTMENT TRUST	Property	—	0.02%	$157,210
ALEXANDRIA REAL ESTATE EQUITIES, INC.	Property	—	0.02%	$154,382
PSP SWISS PROPERTY AG	Equity	—	0.02%	$152,557
CUBESMART	Property	—	0.02%	$152,031
KLEPIERRE SA	Property	—	0.02%	$151,978
CAPITALAND ASCENDAS REIT	Property	—	0.02%	$149,880
AGREE REALTY CORP.	Property	—	0.02%	$149,614
CARETRUST REIT, INC.	Property	—	0.02%	$148,536
BRIXMOR PROPERTY GROUP, INC.	Property	—	0.02%	$146,423
AMERICAN HEALTHCARE REIT, INC.	Property	—	0.02%	$145,442
NNN REIT, INC.	Property	—	0.02%	$138,791
FIRST INDUSTRIAL REALTY TRUST, INC.	Property	—	0.02%	$136,739
NIPPON BUILDING FUND, INC.	Property	—	0.02%	$132,343
CHENGWEI CAPITAL	Equity	—	0.02%	$131,766
HONGKONG LAND HOLDINGS LTD.	Equity	—	0.02%	$129,807
GPT GROUP	Property	—	0.02%	$128,164
STAG INDUSTRIAL, INC.	Property	—	0.02%	$125,759
VICINITY LTD.	Property	—	0.02%	$121,219
LAND SECURITIES GROUP PLC	Property	—	0.02%	$115,433
BARRENJOEY PRIVATE CAPITAL MANAGEMENT PTY LIMITED	Equity	—	0.02%	$112,498
VORNADO REALTY TRUST	Property	—	0.02%	$109,941
TERRENO REALTY CORP.	Property	—	0.02%	$109,398
ESSENTIAL PROPERTIES REALTY TRUST, INC.	Property	—	0.02%	$107,645
RYMAN HOSPITALITY PROPERTIES, INC.	Property	—	0.02%	$106,077
LONDONMETRIC PROPERTY PLC	Property	—	0.02%	$106,002
HEALTHCARE REALTY TRUST, INC.	Property	—	0.02%	$104,150
LEG IMMOBILIEN SE	Equity	—	0.02%	$103,588
JAPAN REAL ESTATE INVESTMENT CORP.	Property	—	0.02%	$102,264
CONTINUITY CAPITAL PARTNERS PTY LIMITED	Equity	—	0.02%	$101,170
MERLIN PROPERTIES SOCIMI SA	Property	—	0.02%	$100,991
BRITISH LAND CO. PLC	Property	—	0.02%	$98,575
JAPAN METROPOLITAN FUND INVEST	Property	—	0.02%	$97,665
KITE REALTY GROUP TRUST	Property	—	0.02%	$97,403
NEXTDC LTD.	Equity	—	0.01%	$97,092
FASTIGHETS AB BALDER	Equity	—	0.01%	$93,560
WESTBOURNE CREDIT MANAGEMENT LIMITED	Fixed Income	—	0.01%	$92,852
GEM ASSET MANAGEMENT	Equity	—	0.01%	$92,009
TRITAX BIG BOX REIT PLC	Property	—	0.01%	$91,792
WHARF REAL ESTATE INVESTMENT CO. LTD.	Equity	—	0.01%	$91,650
DEXUS	Property	—	0.01%	$89,697
GECINA SA	Property	—	0.01%	$88,436
WAREHOUSES DE PAUW CVA	Property	—	0.01%	$87,963
NOMURA REAL ESTATE MASTER FUND, INC.	Property	—	0.01%	$86,504
MACERICH CO.	Property	—	0.01%	$85,803
SAGAX AB	Equity	—	0.01%	$85,411
CHARTWELL RETIREMENT RESIDENCES	Property	—	0.01%	$83,087
PHILLIPS EDISON & CO., INC.	Property	—	0.01%	$82,781
SABRA HEALTH CARE REIT, INC.	Property	—	0.01%	$82,653
KILROY REALTY CORP.	Property	—	0.01%	$80,298
COUSINS PROPERTIES, INC.	Property	—	0.01%	$79,586
GLP J-REIT	Property	—	0.01%	$79,175
KDX REALTY INVESTMENT CORP.	Property	—	0.01%	$78,796
CANADIAN APARTMENT PROPERTIES REIT	Property	—	0.01%	$78,656
NIPPON PROLOGIS REIT, INC.	Property	—	0.01%	$78,589
AZRIELI GROUP LTD.	Equity	—	0.01%	$78,116
ABRY PARTNERS	Equity	—	0.01%	$76,866
RIOCAN REAL ESTATE INVESTMENT TRUST	Property	—	0.01%	$76,701
CASTELLUM AB	Equity	—	0.01%	$76,435
INDEPENDENCE REALTY TRUST, INC.	Property	—	0.01%	$75,836
ISPT PTY LTD	Property	—	0.01%	$75,636
AEDIFICA SA	Property	—	0.01%	$71,228
DAIWA HOUSE REIT INVESTMENT CORP.	Property	—	0.01%	$70,995
ALLREAL HOLDING AG	Equity	—	0.01%	$69,912
AMERICOLD REALTY TRUST, INC.	Property	—	0.01%	$68,352
EPR PROPERTIES	Property	—	0.01%	$68,031
COVIVIO SA	Property	—	0.01%	$67,263
TANGER, INC.	Property	—	0.01%	$66,810
NATIONAL HEALTH INVESTORS, INC.	Property	—	0.01%	$66,466
UNITED URBAN INVESTMENT CORP.	Property	—	0.01%	$66,318
ORIX JREIT, INC.	Property	—	0.01%	$66,306
COFINIMMO SA	Property	—	0.01%	$65,459
KEPPEL DC REIT	Property	—	0.01%	$65,264
MAPLETREE LOGISTICS TRUST	Property	—	0.01%	$64,838
GRANITE REAL ESTATE INVESTMENT TRUST	Property	—	0.01%	$64,647
MOBIMO HOLDING AG	Equity	—	0.01%	$64,537
MAPLETREE INDUSTRIAL TRUST	Property	—	0.01%	$62,015
STATE STREET BANK AND TRUST	Cash	NZD	0.01%	$61,775
BROADSTONE NET LEASE, INC.	Property	—	0.01%	$60,974
SL GREEN REALTY CORP.	Property	—	0.01%	$60,502
PRIMARY HEALTH PROPERTIES PLC	Property	—	0.01%	$59,610
UNITE GROUP PLC	Property	—	0.01%	$59,602
COPT DEFENSE PROPERTIES	Property	—	0.01%	$59,215
MELISRON LTD.	Equity	—	0.01%	$56,423
FIRST CAPITAL REAL ESTATE INVESTMENT TRUST	Property	—	0.01%	$55,274
CHOICE PROPERTIES REAL ESTATE INVESTMENT TRUST	Property	—	0.01%	$54,052
LXP INDUSTRIAL TRUST	Property	—	0.01%	$53,974
SHAFTESBURY CAPITAL PLC	Property	—	0.01%	$53,851
INVINCIBLE INVESTMENT CORP.	Property	—	0.01%	$53,530
ADVANCE RESIDENCE INVESTMENT CORP.	Property	—	0.01%	$52,748
TAG IMMOBILIEN AG	Equity	—	0.01%	$51,189
HIGHWOODS PROPERTIES, INC.	Property	—	0.01%	$50,903
DREAM INDUSTRIAL REAL ESTATE INVESTMENT TRUST	Property	—	0.01%	$50,203
WIHLBORGS FASTIGHETER AB	Equity	—	0.01%	$50,030
BIG YELLOW GROUP PLC	Property	—	0.01%	$49,826
JANCHOR PARTNERS LIMTED	Alternatives	—	0.01%	$49,763
APPLE HOSPITALITY REIT, INC.	Property	—	0.01%	$49,138
ACADIA REALTY TRUST	Property	—	0.01%	$48,830
NATIONAL STORAGE REIT	Property	—	0.01%	$48,427
SWIRE PROPERTIES LTD.	Equity	—	0.01%	$48,060
MEDICAL PROPERTIES TRUST, INC.	Property	—	0.01%	$47,772
SMARTCENTRES REAL ESTATE INVESTMENT TRUST	Property	—	0.01%	$47,726
MAPLETREE PAN ASIA COMMERCIAL TRUST	Property	—	0.01%	$46,167
URBAN EDGE PROPERTIES	Property	—	0.01%	$46,065
JAPAN HOTEL REIT INVESTMENT CORP.	Property	—	0.01%	$45,466
INDUSTRIAL & INFRASTRUCTURE FUND INVESTMENT CORP.	Property	—	0.01%	$44,628
LINEAGE, INC.	Property	—	0.01%	$44,540
DERWENT LONDON PLC	Property	—	0.01%	$44,204
JAPAN PRIME REALTY INVESTMENT CORP.	Property	—	0.01%	$43,853
SUNTEC REAL ESTATE INVESTMENT TRUST	Property	—	0.01%	$43,843
MITSUI FUDOSAN LOGISTICS PARK, INC.	Property	—	0.01%	$43,722
FOUR CORNERS PROPERTY TRUST, INC.	Property	—	0.01%	$43,496
PANDOX AB	Equity	—	0.01%	$43,424
COLONIAL SFL SOCIMI SA	Property	—	0.01%	$43,393
HAMMERSON PLC	Property	—	0.01%	$42,553
INVENTRUST PROPERTIES CORP.	Property	—	0.01%	$41,902
CURBLINE PROPERTIES CORP.	Property	—	0.01%	$41,892
FRASERS CENTREPOINT TRUST	Property	—	0.01%	$41,470
SEKISUI HOUSE REIT, INC.	Property	—	0.01%	$40,770
EG FUNDS MANAGEMENT	Equity	—	0.01%	$40,695
KEPPEL REIT	Property	—	0.01%	$40,157
SAFESTORE HOLDINGS PLC	Property	—	0.01%	$40,060
AROUNDTOWN SA	Equity	—	0.01%	$39,906
FRASERS LOGISTICS & COMMERCIAL TRUST	Property	—	0.01%	$39,546
NATIONAL STORAGE AFFILIATES TRUST	Property	—	0.01%	$37,803
PARK HOTELS & RESORTS, INC.	Property	—	0.01%	$37,423
CAPITALAND ASCOTT TRUST	Property	—	0.01%	$36,852
H&R REAL ESTATE INVESTMENT TRUST	Property	—	0.01%	$36,737
CATENA AB	Equity	—	0.01%	$36,490
MITSUI FUDOSAN ACCOMMODATIONS FUND, INC.	Property	—	0.01%	$36,191
SIRIUS REAL ESTATE LTD.	Property	—	0.01%	$34,893
REGION GROUP	Property	—	0.01%	$34,301
KOJAMO OYJ	Equity	—	0.01%	$34,240
AMOT INVESTMENTS LTD.	Equity	—	0.01%	$34,146
FABEGE AB	Equity	—	0.01%	$33,808
BOARDWALK REAL ESTATE INVESTMENT TRUST	Property	—	0.01%	$33,719
TANARRA CAPITAL AUSTRALIA PTY LTD	Alternatives	—	0.01%	$33,568
DIAMONDROCK HOSPITALITY CO.	Property	—	0.01%	$33,515
ACTIVIA PROPERTIES, INC.	Property	—	0.01%	$33,106
DOUGLAS EMMETT, INC.	Property	—	0.01%	$32,795
JAPAN LOGISTICS FUND, INC.	Property	—	0.01%	$32,710
CHARTER HALL LONG WALE REIT	Property	—	0.01%	$32,400
MONTEA NV	Property	—	0.00%	$31,805
GLOBAL NET LEASE, INC.	Property	—	0.00%	$31,437
WALLENSTAM AB	Equity	—	0.00%	$30,481
LASALLE LOGIPORT REIT	Property	—	0.00%	$30,164
MACQUARIE ASSET MANAGEMENT	Equity	—	0.00%	$29,925
GREAT PORTLAND ESTATES PLC	Property	—	0.00%	$29,777
SUNSTONE HOTEL INVESTORS, INC.	Property	—	0.00%	$29,652
HOMECO DAILY NEEDS REIT	Property	—	0.00%	$29,569
NETSTREIT CORP.	Property	—	0.00%	$29,360
CHARTER HALL RETAIL REIT	Property	—	0.00%	$29,011
VGP NV	Equity	—	0.00%	$28,951
ELME COMMUNITIES	Property	—	0.00%	$28,462
ALEXANDER & BALDWIN, INC.	Property	—	0.00%	$28,440
GETTY REALTY CORP.	Property	—	0.00%	$28,404
BWP PROPERTY GROUP LTD.	Property	—	0.00%	$27,522
HYSAN DEVELOPMENT CO. LTD.	Equity	—	0.00%	$27,504
NEPHILA CAPITAL	Alternatives	—	0.00%	$27,331
LTC PROPERTIES, INC.	Property	—	0.00%	$27,277
M.H. CARNEGIE & CO. PTY LTD	Equity	—	0.00%	$27,196
DAIWA SECURITIES LIVING INVESTMENTS CORP.	Property	—	0.00%	$27,033
COMFORIA RESIDENTIAL REIT, INC.	Property	—	0.00%	$26,977
AVESI PARTNERS	Equity	—	0.00%	$26,767
AEON REIT INVESTMENT CORP.	Property	—	0.00%	$25,915
ESR-REIT	Property	—	0.00%	$25,589
FRONTIER REAL ESTATE INVESTMENT CORP.	Property	—	0.00%	$25,578
MORI HILLS REIT INVESTMENT CORP.	Property	—	0.00%	$25,499
CHARTER HALL LIMITED	Property	—	0.00%	$25,476
PEBBLEBROOK HOTEL TRUST	Property	—	0.00%	$25,034
UMH PROPERTIES, INC.	Property	—	0.00%	$24,793
EUROCOMMERCIAL PROPERTIES NV	Property	—	0.00%	$24,780
HULIC REIT, INC.	Property	—	0.00%	$24,748
KILLAM APARTMENT REAL ESTATE INVESTMENT TRUST	Property	—	0.00%	$24,732
ARGAN, INC.	Property	—	0.00%	$24,588
INNOVATIVE INDUSTRIAL PROPERTIES, INC.	Property	—	0.00%	$24,420
SILA REALTY TRUST, INC.	Property	—	0.00%	$24,074
HUFVUDSTADEN AB	Equity	—	0.00%	$24,064
INTERRENT REAL ESTATE INVESTMENT TRUST	Property	—	0.00%	$23,907
PRIMARIS REAL ESTATE INVESTMENT TRUST	Property	—	0.00%	$23,815
XENIA HOTELS & RESORTS, INC.	Property	—	0.00%	$23,801
SUPERMARKET INCOME REIT PLC	Property	—	0.00%	$23,628
PARKWAY LIFE REAL ESTATE INVESTMENT TRUST	Property	—	0.00%	$23,457
CENTURIA INDUSTRIAL REIT	Property	—	0.00%	$23,454
CARMILA SA	Property	—	0.00%	$23,397
STATE STREET BANK AND TRUST	Cash	JPY	0.00%	$23,028
DAIWA OFFICE INVESTMENT CORP.	Property	—	0.00%	$22,889
STATE STREET BANK AND TRUST	Cash	HKD	0.00%	$22,741
JBG SMITH PROPERTIES	Property	—	0.00%	$22,581
XIOR STUDENT HOUSING NV	Property	—	0.00%	$22,573
NYFOSA AB	Equity	—	0.00%	$22,349
VERIS RESIDENTIAL, INC.	Property	—	0.00%	$22,327
ALLIED PROPERTIES REAL ESTATE INVESTMENT TRUST	Property	—	0.00%	$22,210
MORI TRUST REIT, INC.	Property	—	0.00%	$22,210
CROMBIE REAL ESTATE INVESTMENT TRUST	Property	—	0.00%	$22,060
CIBUS NORDIC REAL ESTATE AB PUBL	Equity	—	0.00%	$21,962
TOKYU REIT, INC.	Property	—	0.00%	$21,667
PRECINCT PROPERTIES GROUP	Property	—	0.00%	$21,513
MITSUBISHI ESTATE LOGISTICS REIT INVESTMENT CORP.	Property	—	0.00%	$21,358
ICADE	Property	—	0.00%	$21,341
KENNEDY-WILSON HOLDINGS, INC.	Equity	—	0.00%	$21,302
MERCIALYS SA	Property	—	0.00%	$20,920
HEIWA REAL ESTATE REIT, INC.	Property	—	0.00%	$20,855
NP3 FASTIGHETER AB	Equity	—	0.00%	$20,615
DEUTSCHE WOHNEN SE	Equity	—	0.00%	$20,598
SHURGARD SELF STORAGE LTD.	Property	—	0.00%	$20,592
CENTERSPACE	Property	—	0.00%	$20,457
NTT UD REIT INVESTMENT CORP.	Property	—	0.00%	$20,292
JPMORGAN CHASE & CO	Cash	USD	0.00%	$20,261
GOODMAN PROPERTY TRUST	Property	—	0.00%	$19,911
WAYPOINT REIT LTD.	Property	—	0.00%	$19,858
NIPPON REIT INVESTMENT CORP.	Property	—	0.00%	$19,536
RLJ LODGING TRUST	Property	—	0.00%	$18,636
STATE STREET BANK AND TRUST	Cash	GBP	0.00%	$18,457
INTERSHOP HOLDING AG	Equity	—	0.00%	$18,418
JAPAN EXCELLENT, INC.	Property	—	0.00%	$18,213
FORTUNE REAL ESTATE INVESTMENT TRUST	Property	—	0.00%	$18,198
AMERICAN ASSETS TRUST, INC.	Property	—	0.00%	$18,092
STAR ASIA INVESTMENT CORP.	Property	—	0.00%	$17,923
PIEDMONT REALTY TRUST, INC.	Property	—	0.00%	$17,359
NORTHWEST HEALTHCARE PROPERTIES REAL ESTATE INVESTMENT TRUST	Property	—	0.00%	$17,060
EMPIRE STATE REALTY TRUST, INC.	Property	—	0.00%	$17,053
KIWI PROPERTY GROUP LTD.	Equity	—	0.00%	$16,425
CA IMMOBILIEN ANLAGEN AG	Equity	—	0.00%	$15,984
HOSHINO RESORTS REIT, INC.	Property	—	0.00%	$15,964
RETAIL ESTATES NV	Property	—	0.00%	$15,775
ARENA REIT	Property	—	0.00%	$15,774
WERELDHAVE NV	Property	—	0.00%	$15,674
GLOBAL ONE REAL ESTATE INVESTMENT CORP.	Property	—	0.00%	$15,655
SK REITS CO. LTD.	Property	—	0.00%	$15,567
EASTERLY GOVERNMENT PROPERTIES, INC.	Property	—	0.00%	$15,235
FUKUOKA REIT CORP.	Property	—	0.00%	$15,156
LENDLEASE GLOBAL COMMERCIAL REIT	Property	—	0.00%	$14,682
ATRIUM LJUNGBERG AB	Equity	—	0.00%	$14,460
SAFEHOLD, INC.	Property	—	0.00%	$14,363
HANKYU HANSHIN REIT, INC.	Property	—	0.00%	$13,871
TARGET HEALTHCARE REIT PLC	Property	—	0.00%	$13,797
NEXPOINT RESIDENTIAL TRUST, INC.	Property	—	0.00%	$13,731
ASPEN GROUP LTD.	Property	—	0.00%	$13,547
DIOS FASTIGHETER AB	Equity	—	0.00%	$13,404
AIMS APAC REIT	Property	—	0.00%	$13,348
APARTMENT INVESTMENT & MANAGEMENT CO.	Property	—	0.00%	$13,111
GRAND CITY PROPERTIES SA	Equity	—	0.00%	$13,069
STATE STREET BANK AND TRUST	Cash	SEK	0.00%	$13,052
ENTRA ASA	Equity	—	0.00%	$12,995
CHARTER HALL SOCIAL INFRASTRUCTURE REIT	Property	—	0.00%	$12,993
DIGICO INFRASTRUCTURE REIT	Property	—	0.00%	$12,972
WORKSPACE GROUP PLC	Property	—	0.00%	$12,959
STORAGEVAULT CANADA, INC.	Equity	—	0.00%	$12,768
STARHILL GLOBAL REIT	Property	—	0.00%	$12,675
SWEDISH LOGISTIC PROPERTY AB	Equity	—	0.00%	$12,588
EMPIRIC STUDENT PROPERTY PLC	Property	—	0.00%	$12,407
CRE LOGISTICS REIT, INC.	Property	—	0.00%	$12,062
OUE REAL ESTATE INVESTMENT TRUST	Property	—	0.00%	$12,046
STONEWEG EUROPE STAPLED TRUST	Property	—	0.00%	$11,856
ARGOSY PROPERTY LTD.	Property	—	0.00%	$11,770
CARE PROPERTY INVEST NV	Property	—	0.00%	$11,093
ESR KENDALL SQUARE REIT CO. LTD.	Property	—	0.00%	$11,031
KING STREET CAPITAL MANAGEMENT LLC	Alternatives	—	0.00%	$10,927
MIRAI CORP.	Property	—	0.00%	$10,908
PPHE HOTEL GROUP LTD.	Equity	—	0.00%	$10,829
CDL HOSPITALITY TRUSTS	Property	—	0.00%	$10,523
SOSILA LOGISTICS REIT, INC.	Property	—	0.00%	$10,353
PICTON PROPERTY INCOME LTD.	Property	—	0.00%	$10,265
HISCOX RE INSURANCE LINKED STRATEGIES LTD	Alternatives	—	0.00%	$9,937
IRISH RESIDENTIAL PROPERTIES REIT PLC	Property	—	0.00%	$9,906
HIAG IMMOBILIEN HOLDING AG	Equity	—	0.00%	$9,794
SAMHALLSBYGGNADSBOLAGET I NORDEN AB	Equity	—	0.00%	$9,679
CROMWELL PROPERTY GROUP	Property	—	0.00%	$9,592
ICHIGO OFFICE REIT INVESTMENT CORP.	Property	—	0.00%	$9,270
DEXUS INDUSTRIA REIT	Property	—	0.00%	$9,145
CHAMPION REIT	Property	—	0.00%	$9,083
FAR EAST HOSPITALITY TRUST	Property	—	0.00%	$9,030
MIRARTH REAL ESTATE INVESTMENT CORP.	Property	—	0.00%	$8,908
SENTIENT EQUITY PARTNERS	Equity	—	0.00%	$8,592
STRIDE PROPERTY GROUP	Property	—	0.00%	$8,520
DIGITAL CORE REIT MANAGEMENT PTE. LTD.	Property	—	0.00%	$8,332
INTEA FASTIGHETER AB	Equity	—	0.00%	$8,297
PLATZER FASTIGHETER HOLDING AB	Equity	—	0.00%	$8,278
VITAL HEALTHCARE PROPERTY TRUST	Property	—	0.00%	$8,250
STATE STREET BANK AND TRUST	Cash	CAD	0.00%	$8,180
DEUTSCHE EUROSHOP AG	Equity	—	0.00%	$7,873
INVESTIS HOLDING SA	Equity	—	0.00%	$7,832
ABACUS STORAGE KING	Property	—	0.00%	$7,789
HAMBORNER REIT AG	Property	—	0.00%	$7,674
STENDORREN FASTIGHETER AB	Equity	—	0.00%	$7,537
LEXINGTON CAPITAL PARTNERS	Equity	—	0.00%	$7,507
LOGISTEA AB	Equity	—	0.00%	$7,414
NEWRIVER REIT PLC	Property	—	0.00%	$7,409
COREM PROPERTY GROUP AB	Equity	—	0.00%	$7,258
SHINHAN ALPHA REIT CO. LTD.	Property	—	0.00%	$7,194
CUSTODIAN PROPERTY INCOME REIT PLC	Property	—	0.00%	$6,947
VASTNED NV	Property	—	0.00%	$6,850
PUBLIC PROPERTY INVEST AS	Equity	—	0.00%	$6,568
SUNLIGHT REAL ESTATE INVESTMENT TRUST	Property	—	0.00%	$6,499
LOTTE REIT CO. LTD.	Property	—	0.00%	$6,472
GROWTHPOINT PROPERTIES AUSTRALIA LTD.	Property	—	0.00%	$6,361
NSI NV	Property	—	0.00%	$6,348
JR GLOBAL REIT	Property	—	0.00%	$6,244
STATE STREET BANK AND TRUST	Cash	CHF	0.00%	$6,228
ONE REIT, INC.	Property	—	0.00%	$6,177
ABACUS GROUP	Property	—	0.00%	$6,022
CITYCON OYJ	Equity	—	0.00%	$5,923
SUNEVISION HOLDINGS LTD.	Equity	—	0.00%	$5,862
SCHRODER REAL ESTATE INVESTMENT TRUST LTD.	Property	—	0.00%	$5,809
STATE STREET BANK AND TRUST	Cash	SGD	0.00%	$5,728
SOCIAL HOUSING REIT PLC	Property	—	0.00%	$5,709
ASCENCIO	Property	—	0.00%	$5,595
SANKEI REAL ESTATE, INC.	Property	—	0.00%	$5,528
SAMTY RESIDENTIAL INVESTMENT CORP.	Property	—	0.00%	$5,487
CENTURIA OFFICE REIT	Property	—	0.00%	$5,377
AEW U.K. REIT PLC	Property	—	0.00%	$5,196
RUSSELL INVESTMENTS MANAGEMENT LTD	Property	—	0.00%	$5,162
STARTS PROCEED INVESTMENT CORP.	Property	—	0.00%	$5,076
PEACH PROPERTY GROUP AG	Equity	—	0.00%	$4,956
HEALTH CARE & MEDICAL INVESTMENT CORP.	Property	—	0.00%	$4,485
PROSPERITY REIT	Property	—	0.00%	$4,431
HELICAL PLC	Property	—	0.00%	$4,426
HOME INVEST BELGIUM SA	Property	—	0.00%	$4,306
FASTPARTNER AB	Equity	—	0.00%	$4,120
IMMOBILIARE GRANDE DISTRIBUZIONE SIIQ SPA	Property	—	0.00%	$4,008
REGIONAL REIT LTD.	Property	—	0.00%	$4,005
SVEAFASTIGHETER AB	Equity	—	0.00%	$3,997
STATE STREET BANK AND TRUST	Cash	ILS	0.00%	$3,634
NEOBO FASTIGHETER AB	Equity	—	0.00%	$3,579
IRON ROAD LTD.	Equity	—	0.00%	$3,109
DUNEDIN ENTERPRISE INVESTMENT TRUST PLC	Equity	—	0.00%	$2,983
HEBA FASTIGHETS AB	Equity	—	0.00%	$2,849
LIFE SCIENCE REIT PLC	Property	—	0.00%	$2,554
SIGULER GUFF ADVISERS LLC	Alternatives	—	0.00%	$2,299
ABRDN EUROPEAN LOGISTICS INCOME PLC	Property	—	0.00%	$2,234
RESIDENTIAL SECURE INCOME PLC	Property	—	0.00%	$1,925
STAFFORD CAPITAL PARTNERS PTY LIMITED	Equity	—	0.00%	$1,256
STATE STREET BANK AND TRUST	Cash	NOK	0.00%	$910
STATE STREET BANK AND TRUST	Cash	KRW	0.00%	$317
ELECTRANET name only	Infrastructure	—	—	—
HEATHROW AIRPORT name only	Infrastructure	—	—	—
PERTH AIRPORT name only	Infrastructure	—	—	—

Figures are disclosed by the fund itself under Portfolio Holdings Disclosure (Schedule 8D), as at 31 December 2025. This is factual disclosure information, not financial advice, a rating or a recommendation.

Methodology — how holdings are sourced, resolved and aggregated.