Australian Retirement Trust — Asset-class Unlisted Assets (Income)

Super Savings - Income account Retirement holdings as at 31 December 2025

As at 31 December 2025, the Australian Retirement Trust Asset-class Unlisted Assets (Income) 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

$311,104,466

Disclosed holdings

485

Itemised value shown

$303,117,362

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%	$93,424,109
Infrastructure	29.64%	$92,942,253
Property	24.21%	$76,648,374
Fixed Income	10.16%	$31,877,260
Alternatives	4.65%	$14,632,172
Cash	0.49%	$1,580,298

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%	$301,537,064
AUD	0.25%	$780,160
USD	0.20%	$635,348
EUR	0.03%	$85,374
NZD	0.01%	$29,905

+ 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 Asset-class Unlisted Assets (Income), 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%	$34,786,943
MACQUARIE ASSET MANAGEMENT	Infrastructure	—	6.93%	$21,725,681
GLOBAL INFRASTRUCTURE PARTNERS	Infrastructure	—	6.56%	$20,572,071
QIC LIMITED	Infrastructure	—	6.43%	$20,170,851
STEPSTONE GROUP	Infrastructure	—	4.33%	$13,587,168
HARBOURVEST PARTNERS, LLC	Equity	—	2.77%	$8,690,321
PARTNERS GROUP AG	Fixed Income	—	2.63%	$8,261,843
BERKSHIRE RESIDENTIAL INVESTMENTS	Property	—	2.38%	$7,458,355
MIRVAC FUNDS MANAGEMENT LTD	Property	—	2.35%	$7,377,229
STEPSTONE GROUP	Property	—	2.33%	$7,322,575
QIC LIMITED	Property	—	2.32%	$7,281,757
STEPSTONE GROUP	Equity	—	1.78%	$5,583,977
NEUBERGER BERMAN	Equity	—	1.68%	$5,277,044
NEUBERGER BERMAN	Fixed Income	—	1.67%	$5,252,924
BAIN CAPITAL	Alternatives	—	1.67%	$5,244,198
ALLEGRO FUNDS PTY LTD	Property	—	1.54%	$4,843,589
ELEVATION ADVISORS LLP	Property	—	1.43%	$4,476,516
VISTA EQUITY PARTNERS MANAGEMENT, LLC	Equity	—	1.38%	$4,336,934
MORRISON	Infrastructure	—	1.37%	$4,312,313
HEITMAN LLC	Property	—	1.31%	$4,109,515
HPS INVESTMENT PARTNERS LLC	Fixed Income	—	1.31%	$4,103,957
HAYFIN CAPITAL MANAGEMENT LLP	Fixed Income	—	1.24%	$3,881,237
GOODMAN GROUP	Property	—	1.07%	$3,362,507
BROOKFIELD ASSET MANAGEMENT LTD.	Property	—	1.04%	$3,271,771
QIC LIMITED	Equity	—	1.01%	$3,162,787
ADM CAPITAL	Alternatives	—	0.96%	$3,021,096
PACIFIC EQUITY PARTNERS	Equity	—	0.80%	$2,512,029
STOCKBRIDGE CAPITAL GROUP, LLC	Property	—	0.71%	$2,217,624
GENSTAR CAPITAL LLC	Equity	—	0.67%	$2,090,967
EIG ASSET MANAGEMENT, LLC	Fixed Income	—	0.66%	$2,057,742
EIG CREDIT MANAGEMENT COMPANY, LLC	Fixed Income	—	0.64%	$1,998,610
GPT GROUP	Property	—	0.60%	$1,892,331
METRICS CREDIT PARTNERS PTY LTD	Fixed Income	—	0.60%	$1,889,322
LONGREACH ALTERNATIVES LTD	Equity	—	0.59%	$1,837,624
PAG HOLDINGS LIMITED	Fixed Income	—	0.55%	$1,733,952
PSG EQUITY LLC	Equity	—	0.53%	$1,672,294
INSPIRE IMPACT MANAGER MULTI STRATEGY FUND I PTY LTD	Equity	—	0.52%	$1,639,888
HG CAPITAL LLP	Equity	—	0.52%	$1,638,602
AIRTREE VENTURES PTY LTD	Equity	—	0.49%	$1,541,209
EQT PRIVATE CAPITAL ASIA	Property	—	0.48%	$1,515,206
M.H. CARNEGIE & CO. PTY LTD	Property	—	0.48%	$1,510,974
PARTNERS GROUP AG	Infrastructure	—	0.44%	$1,372,830
ROC CAPITAL PTY LTD	Equity	—	0.42%	$1,305,038
DEXUS CAPITAL INVESTORS LIMITED	Property	—	0.41%	$1,298,413
PALISADE INVESTMENT PARTNERS LIMITED	Infrastructure	—	0.40%	$1,254,703
WELLTOWER, INC.	Property	—	0.37%	$1,145,662
ALTAMONT CAPITAL MANAGEMENT, LLC	Equity	—	0.36%	$1,130,394
PATRIZIA PTY LTD	Infrastructure	—	0.35%	$1,088,296
CBRE INVESTMENT MANAGEMENT	Property	—	0.34%	$1,068,219
PROLOGIS, INC.	Property	—	0.34%	$1,063,576
EQT PRIVATE CAPITAL ASIA	Equity	—	0.34%	$1,057,502
LIVERPOOL PARTNERS PRIVATE EQUITY PTY LTD	Equity	—	0.34%	$1,054,126
PAG HOLDINGS LIMITED	Equity	—	0.33%	$1,023,327
WAUD CAPITAL PARTNERS	Equity	—	0.31%	$986,597
UNIGESTION SA	Equity	—	0.31%	$981,064
BLACKROCK FINANCIAL MANAGEMENT INC	Alternatives	—	0.31%	$976,388
FRANKLIN TEMPLETON AUSTRALIA LIMITED	Alternatives	—	0.30%	$953,919
PARK SQUARE CAPITAL LLP	Fixed Income	—	0.30%	$932,479
STAFFORD CAPITAL PARTNERS PTY LIMITED	Alternatives	—	0.29%	$908,839
JAMESTOWN PREMIER GP, L.P.	Property	—	0.28%	$878,272
VARDE PARTNERS INC	Fixed Income	—	0.27%	$845,667
MAKENA CAPITAL	Equity	—	0.27%	$836,955
TACONIC CAPITAL ADVISORS LP	Alternatives	—	0.26%	$819,531
DEERFIELD CAPITAL MANAGEMENT	Equity	—	0.25%	$793,194
STATE STREET BANK AND TRUST	Cash	AUD	0.25%	$780,160
PELLICANO PTY. LTD.	Property	—	0.22%	$682,115
EQUINIX, INC.	Property	—	0.21%	$672,173
WATERLAND PRIVATE EQUITY INVESTMENTS B.V.	Equity	—	0.20%	$632,721
STATE STREET BANK AND TRUST	Cash	USD	0.20%	$625,539
AMP CAPITAL INVESTORS LTD	Equity	—	0.20%	$616,584
GO.FARM AUSTRALIA PTY LTD	Property	—	0.19%	$588,570
ASCENDENT CAPITAL PARTNERS	Equity	—	0.18%	$578,844
NORDIC CAPITAL	Equity	—	0.18%	$577,213
SC LOWY ASSET MANAGEMENT LTD	Alternatives	—	0.18%	$568,703
OBRA CAPITAL MANAGEMENT, LLC	Alternatives	—	0.17%	$545,343
SIMON PROPERTY GROUP, INC.	Property	—	0.17%	$538,195
QIC LIMITED	Fixed Income	—	0.16%	$493,046
OCEANSOUND PARTNERS	Equity	—	0.15%	$481,143
BARWON INVESTMENT PARTNERS PTY LTD	Property	—	0.15%	$479,262
DIGITAL REALTY TRUST, INC.	Property	—	0.15%	$478,197
ELLERSTON CAPITAL LIMITED	Equity	—	0.15%	$474,282
REALTY INCOME CORP.	Property	—	0.15%	$463,014
INVESTA WHOLESALE FUNDS MANAGEMENT LIMITED	Property	—	0.14%	$440,819
ALLEGRO FUNDS PTY LTD	Equity	—	0.14%	$437,577
ONE WILLIAM STREET CAPITAL MANAGEMENT LP	Alternatives	—	0.13%	$405,501
COLLECTIVE GLOBAL MANAGEMENT LP	Equity	—	0.12%	$389,468
BARRENJOEY PRIVATE CAPITAL MANAGEMENT PTY LIMITED	Fixed Income	—	0.12%	$381,531
TRUELINK CAPITAL I L.P.	Equity	—	0.12%	$380,689
GENESIS CAPITAL	Equity	—	0.12%	$380,670
TANARRA CAPITAL AUSTRALIA PTY LTD	Equity	—	0.12%	$374,458
PUBLIC STORAGE	Property	—	0.12%	$368,129
SQUARE PEG TECHNOLOGIES PTY LTD	Equity	—	0.11%	$360,431
GOLDEN GATE CAPITAL	Equity	—	0.11%	$330,095
CRESCENT CAPITAL PARTNERS MANAGEMENT PTY LIMITED	Equity	—	0.10%	$328,691
VENTAS, INC.	Property	—	0.10%	$324,870
LENDLEASE CORP. LTD.	Property	—	0.10%	$306,016
BERKSHIRE PARTNERS LLC	Equity	—	0.09%	$293,678
CORBIN CAPITAL	Alternatives	—	0.09%	$291,710
VICI PROPERTIES, INC.	Property	—	0.09%	$269,402
EIDOS PARTNERS SRL	Alternatives	—	0.08%	$256,774
EXTRA SPACE STORAGE, INC.	Property	—	0.08%	$246,712
IFM INVESTORS PTY LTD	Property	—	0.08%	$246,632
ANCHORAGE CAPITAL GROUP LLC	Equity	—	0.08%	$246,491
AVALONBAY COMMUNITIES, INC.	Property	—	0.07%	$231,324
DEXUS CAPITAL INVESTORS LIMITED	Infrastructure	—	0.07%	$226,527
FLEXSTONE PARTNERS	Equity	—	0.07%	$224,108
IRON MOUNTAIN, INC.	Property	—	0.07%	$218,800
VARDE PARTNERS INC	Alternatives	—	0.07%	$218,166
EQUITY RESIDENTIAL	Property	—	0.07%	$214,279
IFM INVESTORS PTY LTD	Equity	—	0.06%	$201,777
LONE STAR GLOBAL ACQUISITIONS, LTD.	Property	—	0.06%	$198,760
MORGAN STANLEY INFRASTRUCTURE PARTNERS	Infrastructure	—	0.06%	$190,871
VONOVIA SE	Equity	—	0.06%	$184,630
HAYFIN CAPITAL MANAGEMENT LLP	Alternatives	—	0.06%	$184,418
BROOKFIELD INFRASTRUCTURE PARTNERS	Infrastructure	—	0.06%	$177,794
CASPIAN CAPITAL LP	Alternatives	—	0.06%	$172,801
IFM INVESTORS PTY LTD	Infrastructure	—	0.05%	$164,472
RFC AMBRIAN FUNDS MANAGEMENT PTY LTD	Equity	—	0.05%	$153,063
INVITATION HOMES, INC.	Property	—	0.05%	$152,802
ESSEX PROPERTY TRUST, INC.	Property	—	0.05%	$149,738
COLLER CAPITAL	Equity	—	0.05%	$149,177
MID-AMERICA APARTMENT COMMUNITIES, INC.	Property	—	0.05%	$145,429
NAUTIC PARTNERS, LLC	Equity	—	0.04%	$139,095
SUN COMMUNITIES, INC.	Property	—	0.04%	$136,976
SCENTRE GROUP LTD	Property	—	0.04%	$131,112
WP CAREY, INC.	Property	—	0.04%	$125,873
KIMCO REALTY CORP.	Property	—	0.04%	$122,176
UNIBAIL-RODAMCO-WESTFIELD	Property	—	0.04%	$119,226
SEGRO PLC	Property	—	0.04%	$118,025
OMEGA HEALTHCARE INVESTORS, INC.	Property	—	0.04%	$117,111
FIRST SENTIER INVESTORS	Infrastructure	—	0.04%	$111,572
REGENCY CENTERS CORP.	Property	—	0.04%	$111,344
HOST HOTELS & RESORTS, INC.	Property	—	0.04%	$109,789
GAMING & LEISURE PROPERTIES, INC.	Property	—	0.03%	$109,661
UDR, INC.	Property	—	0.03%	$108,620
SWISS PRIME SITE AG	Equity	—	0.03%	$107,047
CAMDEN PROPERTY TRUST	Property	—	0.03%	$104,615
EQUITY LIFESTYLE PROPERTIES, INC.	Property	—	0.03%	$104,167
LINK REIT	Property	—	0.03%	$104,054
HEALTHPEAK PROPERTIES, INC.	Property	—	0.03%	$100,754
OAKLEY CAPITAL	Equity	—	0.03%	$99,449
CAPITALAND INTEGRATED COMMERCIAL TRUST	Property	—	0.03%	$98,867
AMERICAN HOMES 4 RENT	Property	—	0.03%	$97,917
BXP, INC.	Property	—	0.03%	$95,370
STATE STREET BANK AND TRUST	Cash	EUR	0.03%	$85,374
EASTGROUP PROPERTIES, INC.	Property	—	0.03%	$85,110
COURT SQUARE CAPITAL PARTNERS	Equity	—	0.03%	$83,635
REXFORD INDUSTRIAL REALTY, INC.	Property	—	0.03%	$80,952
FEDERAL REALTY INVESTMENT TRUST	Property	—	0.02%	$76,107
ALEXANDRIA REAL ESTATE EQUITIES, INC.	Property	—	0.02%	$74,738
PSP SWISS PROPERTY AG	Equity	—	0.02%	$73,854
CUBESMART	Property	—	0.02%	$73,599
KLEPIERRE SA	Property	—	0.02%	$73,574
CAPITALAND ASCENDAS REIT	Property	—	0.02%	$72,558
AGREE REALTY CORP.	Property	—	0.02%	$72,430
CARETRUST REIT, INC.	Property	—	0.02%	$71,907
BRIXMOR PROPERTY GROUP, INC.	Property	—	0.02%	$70,885
AMERICAN HEALTHCARE REIT, INC.	Property	—	0.02%	$70,410
NNN REIT, INC.	Property	—	0.02%	$67,190
FIRST INDUSTRIAL REALTY TRUST, INC.	Property	—	0.02%	$66,196
NIPPON BUILDING FUND, INC.	Property	—	0.02%	$64,068
CHENGWEI CAPITAL	Equity	—	0.02%	$63,789
HONGKONG LAND HOLDINGS LTD.	Equity	—	0.02%	$62,840
GPT GROUP	Property	—	0.02%	$62,045
STAG INDUSTRIAL, INC.	Property	—	0.02%	$60,881
VICINITY LTD.	Property	—	0.02%	$58,683
LAND SECURITIES GROUP PLC	Property	—	0.02%	$55,882
BARRENJOEY PRIVATE CAPITAL MANAGEMENT PTY LIMITED	Equity	—	0.02%	$54,461
VORNADO REALTY TRUST	Property	—	0.02%	$53,223
TERRENO REALTY CORP.	Property	—	0.02%	$52,961
ESSENTIAL PROPERTIES REALTY TRUST, INC.	Property	—	0.02%	$52,112
RYMAN HOSPITALITY PROPERTIES, INC.	Property	—	0.02%	$51,353
LONDONMETRIC PROPERTY PLC	Property	—	0.02%	$51,317
HEALTHCARE REALTY TRUST, INC.	Property	—	0.02%	$50,420
LEG IMMOBILIEN SE	Equity	—	0.02%	$50,148
JAPAN REAL ESTATE INVESTMENT CORP.	Property	—	0.02%	$49,507
CONTINUITY CAPITAL PARTNERS PTY LIMITED	Equity	—	0.02%	$48,977
MERLIN PROPERTIES SOCIMI SA	Property	—	0.02%	$48,891
BRITISH LAND CO. PLC	Property	—	0.02%	$47,721
JAPAN METROPOLITAN FUND INVEST	Property	—	0.02%	$47,281
KITE REALTY GROUP TRUST	Property	—	0.02%	$47,154
NEXTDC LTD.	Equity	—	0.01%	$47,003
FASTIGHETS AB BALDER	Equity	—	0.01%	$45,293
WESTBOURNE CREDIT MANAGEMENT LIMITED	Fixed Income	—	0.01%	$44,950
GEM ASSET MANAGEMENT	Equity	—	0.01%	$44,542
TRITAX BIG BOX REIT PLC	Property	—	0.01%	$44,437
WHARF REAL ESTATE INVESTMENT CO. LTD.	Equity	—	0.01%	$44,368
DEXUS	Property	—	0.01%	$43,423
GECINA SA	Property	—	0.01%	$42,813
WAREHOUSES DE PAUW CVA	Property	—	0.01%	$42,584
NOMURA REAL ESTATE MASTER FUND, INC.	Property	—	0.01%	$41,877
MACERICH CO.	Property	—	0.01%	$41,538
SAGAX AB	Equity	—	0.01%	$41,348
CHARTWELL RETIREMENT RESIDENCES	Property	—	0.01%	$40,223
PHILLIPS EDISON & CO., INC.	Property	—	0.01%	$40,075
SABRA HEALTH CARE REIT, INC.	Property	—	0.01%	$40,013
KILROY REALTY CORP.	Property	—	0.01%	$38,873
COUSINS PROPERTIES, INC.	Property	—	0.01%	$38,528
GLP J-REIT	Property	—	0.01%	$38,329
KDX REALTY INVESTMENT CORP.	Property	—	0.01%	$38,146
CANADIAN APARTMENT PROPERTIES REIT	Property	—	0.01%	$38,078
NIPPON PROLOGIS REIT, INC.	Property	—	0.01%	$38,045
AZRIELI GROUP LTD.	Equity	—	0.01%	$37,817
ABRY PARTNERS	Equity	—	0.01%	$37,212
RIOCAN REAL ESTATE INVESTMENT TRUST	Property	—	0.01%	$37,131
CASTELLUM AB	Equity	—	0.01%	$37,003
INDEPENDENCE REALTY TRUST, INC.	Property	—	0.01%	$36,713
ISPT PTY LTD	Property	—	0.01%	$36,616
AEDIFICA SA	Property	—	0.01%	$34,482
DAIWA HOUSE REIT INVESTMENT CORP.	Property	—	0.01%	$34,369
ALLREAL HOLDING AG	Equity	—	0.01%	$33,845
AMERICOLD REALTY TRUST, INC.	Property	—	0.01%	$33,090
EPR PROPERTIES	Property	—	0.01%	$32,934
COVIVIO SA	Property	—	0.01%	$32,562
TANGER, INC.	Property	—	0.01%	$32,343
NATIONAL HEALTH INVESTORS, INC.	Property	—	0.01%	$32,177
UNITED URBAN INVESTMENT CORP.	Property	—	0.01%	$32,105
ORIX JREIT, INC.	Property	—	0.01%	$32,099
COFINIMMO SA	Property	—	0.01%	$31,689
KEPPEL DC REIT	Property	—	0.01%	$31,595
MAPLETREE LOGISTICS TRUST	Property	—	0.01%	$31,389
GRANITE REAL ESTATE INVESTMENT TRUST	Property	—	0.01%	$31,296
MOBIMO HOLDING AG	Equity	—	0.01%	$31,243
MAPLETREE INDUSTRIAL TRUST	Property	—	0.01%	$30,022
STATE STREET BANK AND TRUST	Cash	NZD	0.01%	$29,905
BROADSTONE NET LEASE, INC.	Property	—	0.01%	$29,518
SL GREEN REALTY CORP.	Property	—	0.01%	$29,290
PRIMARY HEALTH PROPERTIES PLC	Property	—	0.01%	$28,858
UNITE GROUP PLC	Property	—	0.01%	$28,854
COPT DEFENSE PROPERTIES	Property	—	0.01%	$28,666
MELISRON LTD.	Equity	—	0.01%	$27,315
FIRST CAPITAL REAL ESTATE INVESTMENT TRUST	Property	—	0.01%	$26,759
CHOICE PROPERTIES REAL ESTATE INVESTMENT TRUST	Property	—	0.01%	$26,167
LXP INDUSTRIAL TRUST	Property	—	0.01%	$26,129
SHAFTESBURY CAPITAL PLC	Property	—	0.01%	$26,070
INVINCIBLE INVESTMENT CORP.	Property	—	0.01%	$25,914
ADVANCE RESIDENCE INVESTMENT CORP.	Property	—	0.01%	$25,536
TAG IMMOBILIEN AG	Equity	—	0.01%	$24,781
HIGHWOODS PROPERTIES, INC.	Property	—	0.01%	$24,642
DREAM INDUSTRIAL REAL ESTATE INVESTMENT TRUST	Property	—	0.01%	$24,304
WIHLBORGS FASTIGHETER AB	Equity	—	0.01%	$24,220
BIG YELLOW GROUP PLC	Property	—	0.01%	$24,121
JANCHOR PARTNERS LIMTED	Alternatives	—	0.01%	$24,089
APPLE HOSPITALITY REIT, INC.	Property	—	0.01%	$23,788
ACADIA REALTY TRUST	Property	—	0.01%	$23,639
NATIONAL STORAGE REIT	Property	—	0.01%	$23,444
SWIRE PROPERTIES LTD.	Equity	—	0.01%	$23,266
MEDICAL PROPERTIES TRUST, INC.	Property	—	0.01%	$23,127
SMARTCENTRES REAL ESTATE INVESTMENT TRUST	Property	—	0.01%	$23,105
MAPLETREE PAN ASIA COMMERCIAL TRUST	Property	—	0.01%	$22,350
URBAN EDGE PROPERTIES	Property	—	0.01%	$22,300
JAPAN HOTEL REIT INVESTMENT CORP.	Property	—	0.01%	$22,010
INDUSTRIAL & INFRASTRUCTURE FUND INVESTMENT CORP.	Property	—	0.01%	$21,605
LINEAGE, INC.	Property	—	0.01%	$21,562
DERWENT LONDON PLC	Property	—	0.01%	$21,400
JAPAN PRIME REALTY INVESTMENT CORP.	Property	—	0.01%	$21,230
SUNTEC REAL ESTATE INVESTMENT TRUST	Property	—	0.01%	$21,225
MITSUI FUDOSAN LOGISTICS PARK, INC.	Property	—	0.01%	$21,166
FOUR CORNERS PROPERTY TRUST, INC.	Property	—	0.01%	$21,057
PANDOX AB	Equity	—	0.01%	$21,022
COLONIAL SFL SOCIMI SA	Property	—	0.01%	$21,007
HAMMERSON PLC	Property	—	0.01%	$20,600
INVENTRUST PROPERTIES CORP.	Property	—	0.01%	$20,285
CURBLINE PROPERTIES CORP.	Property	—	0.01%	$20,280
FRASERS CENTREPOINT TRUST	Property	—	0.01%	$20,076
SEKISUI HOUSE REIT, INC.	Property	—	0.01%	$19,737
EG FUNDS MANAGEMENT	Equity	—	0.01%	$19,701
KEPPEL REIT	Property	—	0.01%	$19,440
SAFESTORE HOLDINGS PLC	Property	—	0.01%	$19,393
AROUNDTOWN SA	Equity	—	0.01%	$19,319
FRASERS LOGISTICS & COMMERCIAL TRUST	Property	—	0.01%	$19,145
NATIONAL STORAGE AFFILIATES TRUST	Property	—	0.01%	$18,301
PARK HOTELS & RESORTS, INC.	Property	—	0.01%	$18,117
CAPITALAND ASCOTT TRUST	Property	—	0.01%	$17,840
H&R REAL ESTATE INVESTMENT TRUST	Property	—	0.01%	$17,785
CATENA AB	Equity	—	0.01%	$17,665
MITSUI FUDOSAN ACCOMMODATIONS FUND, INC.	Property	—	0.01%	$17,520
SIRIUS REAL ESTATE LTD.	Property	—	0.01%	$16,892
REGION GROUP	Property	—	0.01%	$16,605
KOJAMO OYJ	Equity	—	0.01%	$16,576
AMOT INVESTMENTS LTD.	Equity	—	0.01%	$16,530
FABEGE AB	Equity	—	0.01%	$16,367
BOARDWALK REAL ESTATE INVESTMENT TRUST	Property	—	0.01%	$16,323
TANARRA CAPITAL AUSTRALIA PTY LTD	Alternatives	—	0.01%	$16,250
DIAMONDROCK HOSPITALITY CO.	Property	—	0.01%	$16,225
ACTIVIA PROPERTIES, INC.	Property	—	0.01%	$16,027
DOUGLAS EMMETT, INC.	Property	—	0.01%	$15,877
JAPAN LOGISTICS FUND, INC.	Property	—	0.01%	$15,835
CHARTER HALL LONG WALE REIT	Property	—	0.01%	$15,685
MONTEA NV	Property	—	0.00%	$15,397
GLOBAL NET LEASE, INC.	Property	—	0.00%	$15,219
WALLENSTAM AB	Equity	—	0.00%	$14,756
LASALLE LOGIPORT REIT	Property	—	0.00%	$14,602
MACQUARIE ASSET MANAGEMENT	Equity	—	0.00%	$14,487
GREAT PORTLAND ESTATES PLC	Property	—	0.00%	$14,415
SUNSTONE HOTEL INVESTORS, INC.	Property	—	0.00%	$14,355
HOMECO DAILY NEEDS REIT	Property	—	0.00%	$14,314
NETSTREIT CORP.	Property	—	0.00%	$14,213
CHARTER HALL RETAIL REIT	Property	—	0.00%	$14,044
VGP NV	Equity	—	0.00%	$14,016
ELME COMMUNITIES	Property	—	0.00%	$13,779
ALEXANDER & BALDWIN, INC.	Property	—	0.00%	$13,768
GETTY REALTY CORP.	Property	—	0.00%	$13,751
BWP PROPERTY GROUP LTD.	Property	—	0.00%	$13,324
HYSAN DEVELOPMENT CO. LTD.	Equity	—	0.00%	$13,315
NEPHILA CAPITAL	Alternatives	—	0.00%	$13,232
LTC PROPERTIES, INC.	Property	—	0.00%	$13,205
M.H. CARNEGIE & CO. PTY LTD	Equity	—	0.00%	$13,166
DAIWA SECURITIES LIVING INVESTMENTS CORP.	Property	—	0.00%	$13,087
COMFORIA RESIDENTIAL REIT, INC.	Property	—	0.00%	$13,060
AVESI PARTNERS	Equity	—	0.00%	$12,958
AEON REIT INVESTMENT CORP.	Property	—	0.00%	$12,546
ESR-REIT	Property	—	0.00%	$12,388
FRONTIER REAL ESTATE INVESTMENT CORP.	Property	—	0.00%	$12,383
MORI HILLS REIT INVESTMENT CORP.	Property	—	0.00%	$12,344
CHARTER HALL LIMITED	Property	—	0.00%	$12,333
PEBBLEBROOK HOTEL TRUST	Property	—	0.00%	$12,119
UMH PROPERTIES, INC.	Property	—	0.00%	$12,002
EUROCOMMERCIAL PROPERTIES NV	Property	—	0.00%	$11,996
HULIC REIT, INC.	Property	—	0.00%	$11,980
KILLAM APARTMENT REAL ESTATE INVESTMENT TRUST	Property	—	0.00%	$11,973
ARGAN, INC.	Property	—	0.00%	$11,903
INNOVATIVE INDUSTRIAL PROPERTIES, INC.	Property	—	0.00%	$11,822
SILA REALTY TRUST, INC.	Property	—	0.00%	$11,654
HUFVUDSTADEN AB	Equity	—	0.00%	$11,650
INTERRENT REAL ESTATE INVESTMENT TRUST	Property	—	0.00%	$11,574
PRIMARIS REAL ESTATE INVESTMENT TRUST	Property	—	0.00%	$11,529
XENIA HOTELS & RESORTS, INC.	Property	—	0.00%	$11,522
SUPERMARKET INCOME REIT PLC	Property	—	0.00%	$11,438
PARKWAY LIFE REAL ESTATE INVESTMENT TRUST	Property	—	0.00%	$11,356
CENTURIA INDUSTRIAL REIT	Property	—	0.00%	$11,354
CARMILA SA	Property	—	0.00%	$11,327
STATE STREET BANK AND TRUST	Cash	JPY	0.00%	$11,148
DAIWA OFFICE INVESTMENT CORP.	Property	—	0.00%	$11,081
STATE STREET BANK AND TRUST	Cash	HKD	0.00%	$11,009
JBG SMITH PROPERTIES	Property	—	0.00%	$10,932
XIOR STUDENT HOUSING NV	Property	—	0.00%	$10,928
NYFOSA AB	Equity	—	0.00%	$10,819
VERIS RESIDENTIAL, INC.	Property	—	0.00%	$10,809
ALLIED PROPERTIES REAL ESTATE INVESTMENT TRUST	Property	—	0.00%	$10,752
MORI TRUST REIT, INC.	Property	—	0.00%	$10,752
CROMBIE REAL ESTATE INVESTMENT TRUST	Property	—	0.00%	$10,680
CIBUS NORDIC REAL ESTATE AB PUBL	Equity	—	0.00%	$10,632
TOKYU REIT, INC.	Property	—	0.00%	$10,489
PRECINCT PROPERTIES GROUP	Property	—	0.00%	$10,414
MITSUBISHI ESTATE LOGISTICS REIT INVESTMENT CORP.	Property	—	0.00%	$10,339
ICADE	Property	—	0.00%	$10,331
KENNEDY-WILSON HOLDINGS, INC.	Equity	—	0.00%	$10,312
MERCIALYS SA	Property	—	0.00%	$10,127
HEIWA REAL ESTATE REIT, INC.	Property	—	0.00%	$10,096
NP3 FASTIGHETER AB	Equity	—	0.00%	$9,980
DEUTSCHE WOHNEN SE	Equity	—	0.00%	$9,972
SHURGARD SELF STORAGE LTD.	Property	—	0.00%	$9,969
CENTERSPACE	Property	—	0.00%	$9,904
NTT UD REIT INVESTMENT CORP.	Property	—	0.00%	$9,823
JPMORGAN CHASE & CO	Cash	USD	0.00%	$9,809
GOODMAN PROPERTY TRUST	Property	—	0.00%	$9,639
WAYPOINT REIT LTD.	Property	—	0.00%	$9,614
NIPPON REIT INVESTMENT CORP.	Property	—	0.00%	$9,458
RLJ LODGING TRUST	Property	—	0.00%	$9,022
STATE STREET BANK AND TRUST	Cash	GBP	0.00%	$8,933
INTERSHOP HOLDING AG	Equity	—	0.00%	$8,916
JAPAN EXCELLENT, INC.	Property	—	0.00%	$8,817
FORTUNE REAL ESTATE INVESTMENT TRUST	Property	—	0.00%	$8,810
AMERICAN ASSETS TRUST, INC.	Property	—	0.00%	$8,759
STAR ASIA INVESTMENT CORP.	Property	—	0.00%	$8,677
PIEDMONT REALTY TRUST, INC.	Property	—	0.00%	$8,404
NORTHWEST HEALTHCARE PROPERTIES REAL ESTATE INVESTMENT TRUST	Property	—	0.00%	$8,259
EMPIRE STATE REALTY TRUST, INC.	Property	—	0.00%	$8,256
KIWI PROPERTY GROUP LTD.	Equity	—	0.00%	$7,951
CA IMMOBILIEN ANLAGEN AG	Equity	—	0.00%	$7,738
HOSHINO RESORTS REIT, INC.	Property	—	0.00%	$7,728
RETAIL ESTATES NV	Property	—	0.00%	$7,637
ARENA REIT	Property	—	0.00%	$7,636
WERELDHAVE NV	Property	—	0.00%	$7,588
GLOBAL ONE REAL ESTATE INVESTMENT CORP.	Property	—	0.00%	$7,579
SK REITS CO. LTD.	Property	—	0.00%	$7,536
EASTERLY GOVERNMENT PROPERTIES, INC.	Property	—	0.00%	$7,375
FUKUOKA REIT CORP.	Property	—	0.00%	$7,337
LENDLEASE GLOBAL COMMERCIAL REIT	Property	—	0.00%	$7,108
ATRIUM LJUNGBERG AB	Equity	—	0.00%	$7,000
SAFEHOLD, INC.	Property	—	0.00%	$6,953
HANKYU HANSHIN REIT, INC.	Property	—	0.00%	$6,715
TARGET HEALTHCARE REIT PLC	Property	—	0.00%	$6,679
NEXPOINT RESIDENTIAL TRUST, INC.	Property	—	0.00%	$6,647
ASPEN GROUP LTD.	Property	—	0.00%	$6,558
DIOS FASTIGHETER AB	Equity	—	0.00%	$6,489
AIMS APAC REIT	Property	—	0.00%	$6,462
APARTMENT INVESTMENT & MANAGEMENT CO.	Property	—	0.00%	$6,347
GRAND CITY PROPERTIES SA	Equity	—	0.00%	$6,327
STATE STREET BANK AND TRUST	Cash	SEK	0.00%	$6,319
ENTRA ASA	Equity	—	0.00%	$6,291
CHARTER HALL SOCIAL INFRASTRUCTURE REIT	Property	—	0.00%	$6,290
DIGICO INFRASTRUCTURE REIT	Property	—	0.00%	$6,280
WORKSPACE GROUP PLC	Property	—	0.00%	$6,274
STORAGEVAULT CANADA, INC.	Equity	—	0.00%	$6,181
STARHILL GLOBAL REIT	Property	—	0.00%	$6,136
SWEDISH LOGISTIC PROPERTY AB	Equity	—	0.00%	$6,094
EMPIRIC STUDENT PROPERTY PLC	Property	—	0.00%	$6,006
CRE LOGISTICS REIT, INC.	Property	—	0.00%	$5,840
OUE REAL ESTATE INVESTMENT TRUST	Property	—	0.00%	$5,832
STONEWEG EUROPE STAPLED TRUST	Property	—	0.00%	$5,740
ARGOSY PROPERTY LTD.	Property	—	0.00%	$5,698
CARE PROPERTY INVEST NV	Property	—	0.00%	$5,370
ESR KENDALL SQUARE REIT CO. LTD.	Property	—	0.00%	$5,340
KING STREET CAPITAL MANAGEMENT LLC	Alternatives	—	0.00%	$5,290
MIRAI CORP.	Property	—	0.00%	$5,281
PPHE HOTEL GROUP LTD.	Equity	—	0.00%	$5,243
CDL HOSPITALITY TRUSTS	Property	—	0.00%	$5,094
SOSILA LOGISTICS REIT, INC.	Property	—	0.00%	$5,012
PICTON PROPERTY INCOME LTD.	Property	—	0.00%	$4,969
HISCOX RE INSURANCE LINKED STRATEGIES LTD	Alternatives	—	0.00%	$4,811
IRISH RESIDENTIAL PROPERTIES REIT PLC	Property	—	0.00%	$4,795
HIAG IMMOBILIEN HOLDING AG	Equity	—	0.00%	$4,741
SAMHALLSBYGGNADSBOLAGET I NORDEN AB	Equity	—	0.00%	$4,685
CROMWELL PROPERTY GROUP	Property	—	0.00%	$4,643
ICHIGO OFFICE REIT INVESTMENT CORP.	Property	—	0.00%	$4,488
DEXUS INDUSTRIA REIT	Property	—	0.00%	$4,427
CHAMPION REIT	Property	—	0.00%	$4,397
FAR EAST HOSPITALITY TRUST	Property	—	0.00%	$4,371
MIRARTH REAL ESTATE INVESTMENT CORP.	Property	—	0.00%	$4,312
SENTIENT EQUITY PARTNERS	Equity	—	0.00%	$4,159
STRIDE PROPERTY GROUP	Property	—	0.00%	$4,125
DIGITAL CORE REIT MANAGEMENT PTE. LTD.	Property	—	0.00%	$4,033
INTEA FASTIGHETER AB	Equity	—	0.00%	$4,017
PLATZER FASTIGHETER HOLDING AB	Equity	—	0.00%	$4,008
VITAL HEALTHCARE PROPERTY TRUST	Property	—	0.00%	$3,994
STATE STREET BANK AND TRUST	Cash	CAD	0.00%	$3,960
DEUTSCHE EUROSHOP AG	Equity	—	0.00%	$3,811
INVESTIS HOLDING SA	Equity	—	0.00%	$3,792
ABACUS STORAGE KING	Property	—	0.00%	$3,771
HAMBORNER REIT AG	Property	—	0.00%	$3,715
STENDORREN FASTIGHETER AB	Equity	—	0.00%	$3,649
LEXINGTON CAPITAL PARTNERS	Equity	—	0.00%	$3,634
LOGISTEA AB	Equity	—	0.00%	$3,589
NEWRIVER REIT PLC	Property	—	0.00%	$3,587
COREM PROPERTY GROUP AB	Equity	—	0.00%	$3,513
SHINHAN ALPHA REIT CO. LTD.	Property	—	0.00%	$3,483
CUSTODIAN PROPERTY INCOME REIT PLC	Property	—	0.00%	$3,363
VASTNED NV	Property	—	0.00%	$3,316
PUBLIC PROPERTY INVEST AS	Equity	—	0.00%	$3,180
SUNLIGHT REAL ESTATE INVESTMENT TRUST	Property	—	0.00%	$3,146
LOTTE REIT CO. LTD.	Property	—	0.00%	$3,133
GROWTHPOINT PROPERTIES AUSTRALIA LTD.	Property	—	0.00%	$3,079
NSI NV	Property	—	0.00%	$3,073
JR GLOBAL REIT	Property	—	0.00%	$3,023
STATE STREET BANK AND TRUST	Cash	CHF	0.00%	$3,015
ONE REIT, INC.	Property	—	0.00%	$2,990
ABACUS GROUP	Property	—	0.00%	$2,915
CITYCON OYJ	Equity	—	0.00%	$2,867
SUNEVISION HOLDINGS LTD.	Equity	—	0.00%	$2,838
SCHRODER REAL ESTATE INVESTMENT TRUST LTD.	Property	—	0.00%	$2,812
STATE STREET BANK AND TRUST	Cash	SGD	0.00%	$2,773
SOCIAL HOUSING REIT PLC	Property	—	0.00%	$2,764
ASCENCIO	Property	—	0.00%	$2,708
SANKEI REAL ESTATE, INC.	Property	—	0.00%	$2,676
SAMTY RESIDENTIAL INVESTMENT CORP.	Property	—	0.00%	$2,656
CENTURIA OFFICE REIT	Property	—	0.00%	$2,603
AEW U.K. REIT PLC	Property	—	0.00%	$2,516
RUSSELL INVESTMENTS MANAGEMENT LTD	Property	—	0.00%	$2,499
STARTS PROCEED INVESTMENT CORP.	Property	—	0.00%	$2,457
PEACH PROPERTY GROUP AG	Equity	—	0.00%	$2,399
HEALTH CARE & MEDICAL INVESTMENT CORP.	Property	—	0.00%	$2,171
PROSPERITY REIT	Property	—	0.00%	$2,145
HELICAL PLC	Property	—	0.00%	$2,143
HOME INVEST BELGIUM SA	Property	—	0.00%	$2,085
FASTPARTNER AB	Equity	—	0.00%	$1,994
IMMOBILIARE GRANDE DISTRIBUZIONE SIIQ SPA	Property	—	0.00%	$1,940
REGIONAL REIT LTD.	Property	—	0.00%	$1,939
SVEAFASTIGHETER AB	Equity	—	0.00%	$1,935
STATE STREET BANK AND TRUST	Cash	ILS	0.00%	$1,759
NEOBO FASTIGHETER AB	Equity	—	0.00%	$1,732
IRON ROAD LTD.	Equity	—	0.00%	$1,505
DUNEDIN ENTERPRISE INVESTMENT TRUST PLC	Equity	—	0.00%	$1,444
HEBA FASTIGHETS AB	Equity	—	0.00%	$1,379
LIFE SCIENCE REIT PLC	Property	—	0.00%	$1,237
SIGULER GUFF ADVISERS LLC	Alternatives	—	0.00%	$1,113
ABRDN EUROPEAN LOGISTICS INCOME PLC	Property	—	0.00%	$1,082
RESIDENTIAL SECURE INCOME PLC	Property	—	0.00%	$932
STAFFORD CAPITAL PARTNERS PTY LIMITED	Equity	—	0.00%	$608
STATE STREET BANK AND TRUST	Cash	NOK	0.00%	$441
STATE STREET BANK AND TRUST	Cash	KRW	0.00%	$154
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.