Heitman Real Estate Securities LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BRX	BRIXMOR PPTY GROUP INC	1,849,851	$48,503	3.4%	$26.22	—	COM	11120U105
STAG	STAG INDL INC	912,904	$33,558	2.4%	$36.76	—	COM	85254J102
ELS	EQUITY LIFESTYLE PPTYS INC	283,971	$17,211	1.2%	$60.61	—	COM	29472R108
OUT	OUTFRONT MEDIA INC	583,513	$14,063	1.0%	$24.10	—	COM NEW	69007J304
COLD	AMERICOLD REALTY TRUST INC	800,750	$10,298	0.7%	$12.86	—	COM	03064D108
SBAC	SBA COMMUNICATIONS CORP NEW	51,690	$9,998	0.7%	$192.67	0.0%	CL A	78410G104
WY	WEYERHAEUSER CO MTN BE	174,600	$4,136	0.3%	$22.99	0.0%	COM NEW	962166104

Increased Positions (16)

VTR VENTAS INC 4.8%

Value ($000) $68,872 (+253.7%) Shares 890,047 (+219.9%) Est. Cost $66.46 Unrealized +12.8%

EQR EQUITY RESIDENTIAL 3.4%

Value ($000) $47,954 (+109.8%) Shares 760,684 (+115.4%) Est. Cost $63.44 Unrealized -4.4%

ADC AGREE RLTY CORP 1.8%

Value ($000) $25,425 (+368.6%) Shares 352,980 (+362.1%) Est. Cost $71.25 Unrealized —

MAA MID-AMER APT CMNTYS INC 3.7%

Value ($000) $52,930 (+49.5%) Shares 381,035 (+50.4%) Est. Cost $143.49 Unrealized -7.3%

RHP RYMAN HOSPITALITY PPTYS INC 2.4%

Value ($000) $34,511 (+66.9%) Shares 364,735 (+58.1%) Est. Cost $97.18 Unrealized —

SPG SIMON PPTY GROUP INC NEW 4.7%

Value ($000) $67,046 (+16.0%) Shares 362,194 (+17.6%) Est. Cost $139.62 Unrealized +28.9%

IRM IRON MTN INC DEL 2.9%

Value ($000) $40,691 (-15.9%) Shares 490,548 (+3.4%) Est. Cost $84.38 Unrealized +10.0%

AKR ACADIA RLTY TR 2.9%

Value ($000) $41,746 (+16.0%) Shares 2,032,412 (+13.8%) Est. Cost $19.30 Unrealized —

PSA PUBLIC STORAGE OPER CO 3.1%

Value ($000) $44,335 (+12.8%) Shares 170,846 (+25.5%) Est. Cost $269.44 Unrealized +2.9%

CUBE CUBESMART 2.1%

Value ($000) $30,303 (+18.9%) Shares 840,570 (+34.1%) Est. Cost $40.91 Unrealized —

DOC HEALTHPEAK PROPERTIES INC 1.6%

Value ($000) $22,488 (+16.0%) Shares 1,398,494 (+38.2%) Est. Cost $17.45 Unrealized +0.1%

NTST NETSTREIT CORP 1.7%

Value ($000) $24,631 (+5.3%) Shares 1,396,293 (+7.8%) Est. Cost $18.03 Unrealized —

CUZ COUSINS PPTYS INC 2.0%

Value ($000) $29,096 (+1.2%) Shares 1,128,612 (+13.7%) Est. Cost $29.96 Unrealized —

O REALTY INCOME CORP 2.9%

Value ($000) $41,795 (+0.4%) Shares 741,449 (+8.3%) Est. Cost $53.04 Unrealized +8.1%

DEI DOUGLAS EMMETT INC 0.0%

Value ($000) $377 (-6.2%) Shares 34,327 (+32.9%) Est. Cost $20.30 Unrealized —

ESRT EMPIRE ST RLTY TR INC 0.0%

Value ($000) $386 (+1.0%) Shares 59,186 (+18.7%) Est. Cost $9.85 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VTR	VENTAS INC	890,047 (+219.9%)	$68,872 (+253.7%)	4.8%	$66.46	+12.8%	COM	92276F100
EQR	EQUITY RESIDENTIAL	760,684 (+115.4%)	$47,954 (+109.8%)	3.4%	$63.44	-4.4%	SH BEN INT	29476L107
ADC	AGREE RLTY CORP	352,980 (+362.1%)	$25,425 (+368.6%)	1.8%	$71.25	—	COM	008492100
MAA	MID-AMER APT CMNTYS INC	381,035 (+50.4%)	$52,930 (+49.5%)	3.7%	$143.49	-7.3%	COM	59522J103
RHP	RYMAN HOSPITALITY PPTYS INC	364,735 (+58.1%)	$34,511 (+66.9%)	2.4%	$97.18	—	COM	78377T107
SPG	SIMON PPTY GROUP INC NEW	362,194 (+17.6%)	$67,046 (+16.0%)	4.7%	$139.62	+28.9%	COM	828806109
IRM	IRON MTN INC DEL	490,548 (+3.4%)	$40,691 (-15.9%)	2.9%	$84.38	+10.0%	COM	46284V101
AKR	ACADIA RLTY TR	2,032,412 (+13.8%)	$41,746 (+16.0%)	2.9%	$19.30	—	COM SH BEN INT	004239109
PSA	PUBLIC STORAGE OPER CO	170,846 (+25.5%)	$44,335 (+12.8%)	3.1%	$269.44	+2.9%	COM	74460D109
CUBE	CUBESMART	840,570 (+34.1%)	$30,303 (+18.9%)	2.1%	$40.91	—	COM	229663109
DOC	HEALTHPEAK PROPERTIES INC	1,398,494 (+38.2%)	$22,488 (+16.0%)	1.6%	$17.45	+0.1%	COM	42250P103
NTST	NETSTREIT CORP	1,396,293 (+7.8%)	$24,631 (+5.3%)	1.7%	$18.03	—	COM	64119V303
CUZ	COUSINS PPTYS INC	1,128,612 (+13.7%)	$29,096 (+1.2%)	2.0%	$29.96	—	COM NEW	222795502
O	REALTY INCOME CORP	741,449 (+8.3%)	$41,795 (+0.4%)	2.9%	$53.04	+8.1%	COM	756109104
DEI	DOUGLAS EMMETT INC	34,327 (+32.9%)	$377 (-6.2%)	0.0%	$20.30	—	COM	25960P109
ESRT	EMPIRE ST RLTY TR INC	59,186 (+18.7%)	$386 (+1.0%)	0.0%	$9.85	—	CL A	292104106

Exited Positions (10)

KRG KITE RLTY GROUP TR 2.2%

Value ($000) $31,506 Shares 1,412,826 Est. Cost $22.30 Unrealized —

REG REGENCY CTRS CORP 2.0%

Value ($000) $28,221 Shares 387,119 Est. Cost $69.72 Unrealized -0.3%

VICI VICI PPTYS INC 1.4%

Value ($000) $20,606 Shares 631,907 Est. Cost $29.41 Unrealized -0.4%

CCI CROWN CASTLE INC 1.2%

Value ($000) $16,971 Shares 175,880 Est. Cost $96.83 Unrealized -5.9%

LTC LTC PPTYS INC 0.9%

Value ($000) $12,776 Shares 346,614 Est. Cost $34.65 Unrealized —

CURB CURBLINE PPTYS CORP 0.3%

Value ($000) $4,932 Shares 221,145 Est. Cost $22.30 Unrealized —

AD ARRAY DIGITAL INFRASTRUCTURE 0.3%

Value ($000) $4,868 Shares 97,346 Est. Cost $38.88 Unrealized +5.3%

EGP EASTGROUP PPTYS INC 0.3%

Value ($000) $4,462 Shares 26,362 Est. Cost $180.12 Unrealized —

MPT MEDICAL PPTYS TRUST INC 0.3%

Value ($000) $4,068 Shares 802,397 Est. Cost $8.15 Unrealized —

PCH POTLATCHDELTIC CORPORATION 0.3%

Value ($000) $3,956 Shares 97,086 Est. Cost $40.75 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
KRG	KITE RLTY GROUP TR	1,412,826	$31,506	2.2%	$22.30	—	—	49803T300
REG	REGENCY CTRS CORP	387,119	$28,221	2.0%	$69.72	-0.3%	—	758849103
VICI	VICI PPTYS INC	631,907	$20,606	1.4%	$29.41	-0.4%	—	925652109
CCI	CROWN CASTLE INC	175,880	$16,971	1.2%	$96.83	-5.9%	—	22822V101
LTC	LTC PPTYS INC	346,614	$12,776	0.9%	$34.65	—	—	502175102
CURB	CURBLINE PPTYS CORP	221,145	$4,932	0.3%	$22.30	—	—	23128Q101
AD	ARRAY DIGITAL INFRASTRUCTURE	97,346	$4,868	0.3%	$38.88	+5.3%	—	911684108
EGP	EASTGROUP PPTYS INC	26,362	$4,462	0.3%	$180.12	—	—	277276101
MPT	MEDICAL PPTYS TRUST INC	802,397	$4,068	0.3%	$8.15	—	—	58463J304
PCH	POTLATCHDELTIC CORPORATION	97,086	$3,956	0.3%	$40.75	—	—	737630103

Decreased Positions (21)

AVB AVALONBAY CMNTYS INC 0.8%

Value ($000) $12,015 (-71.9%) Shares 66,269 (-70.0%) Est. Cost $191.32 Unrealized -6.0%

SUI SUN CMNTYS INC 0.6%

Value ($000) $8,842 (-71.7%) Shares 71,360 (-70.5%) Est. Cost $129.00 Unrealized —

PLD PROLOGIS INC. 9.2%

Value ($000) $130,756 (-13.7%) Shares 1,024,250 (-22.5%) Est. Cost $91.53 Unrealized +35.3%

EXR EXTRA SPACE STORAGE INC 1.4%

Value ($000) $20,119 (-48.8%) Shares 154,501 (-44.6%) Est. Cost $139.76 Unrealized -3.4%

DLR DIGITAL RLTY TR INC 2.5%

Value ($000) $35,509 (-28.6%) Shares 229,520 (-20.2%) Est. Cost $123.63 Unrealized +32.0%

ARE ALEXANDRIA REAL ESTATE EQ IN 0.2%

Value ($000) $3,308 (-78.8%) Shares 67,593 (-63.9%) Est. Cost $100.44 Unrealized -42.2%

ESS ESSEX PPTY TR INC 2.4%

Value ($000) $34,326 (-22.1%) Shares 131,174 (-20.3%) Est. Cost $264.52 Unrealized -3.1%

SLG SL GREEN RLTY CORP 1.0%

Value ($000) $14,850 (-38.4%) Shares 323,735 (-19.7%) Est. Cost $57.70 Unrealized —

WELL WELLTOWER INC 11.7%

Value ($000) $165,696 (-4.9%) Shares 892,711 (-8.8%) Est. Cost $100.59 Unrealized +85.4%

OHI OMEGA HEALTHCARE INVS INC 1.5%

Value ($000) $20,704 (-29.4%) Shares 466,944 (-32.8%) Est. Cost $42.22 Unrealized —

PK PARK HOTELS & RESORTS INC 0.5%

Value ($000) $6,979 (-53.3%) Shares 667,204 (-50.5%) Est. Cost $11.08 Unrealized —

GLPI GAMING & LEISURE PPTYS INC 1.8%

Value ($000) $26,042 (-20.8%) Shares 582,719 (-17.4%) Est. Cost $46.61 Unrealized —

EQIX EQUINIX INC 7.3%

Value ($000) $103,620 (-5.8%) Shares 135,246 (-3.7%) Est. Cost $705.99 Unrealized +10.7%

BNL BROADSTONE NET LEASE INC 1.6%

Value ($000) $22,399 (-22.3%) Shares 1,289,541 (-20.0%) Est. Cost $17.44 Unrealized —

FR FIRST INDL RLTY TR INC 2.1%

Value ($000) $29,566 (-9.6%) Shares 516,256 (-18.7%) Est. Cost $48.44 Unrealized —

WPC WP CAREY INC 0.2%

Value ($000) $2,380 (-55.6%) Shares 36,987 (-53.4%) Est. Cost $63.61 Unrealized —

HIW HIGHWOODS PPTYS INC 0.8%

Value ($000) $11,240 (-19.7%) Shares 435,339 (-1.0%) Est. Cost $31.82 Unrealized —

INVH INVITATION HOMES INC 2.3%

Value ($000) $32,462 (-6.3%) Shares 1,168,123 (-1.1%) Est. Cost $30.20 Unrealized -8.5%

CTO CTO RLTY GROWTH INC NEW 0.9%

Value ($000) $13,050 (+1.8%) Shares 708,851 (-9.9%) Est. Cost $17.99 Unrealized —

TRNO TERRENO RLTY CORP 0.0%

Value ($000) $378 (-5.3%) Shares 6,444 (-8.4%) Est. Cost $57.91 Unrealized —

FRT FEDERAL RLTY INVT TR NEW 0.0%

Value ($000) $390 (-2.8%) Shares 3,873 (-2.3%) Est. Cost $91.12 Unrealized +6.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AVB	AVALONBAY CMNTYS INC	66,269 (-70.0%)	$12,015 (-71.9%)	0.8%	$191.32	-6.0%	COM	053484101
SUI	SUN CMNTYS INC	71,360 (-70.5%)	$8,842 (-71.7%)	0.6%	$129.00	—	COM	866674104
PLD	PROLOGIS INC.	1,024,250 (-22.5%)	$130,756 (-13.7%)	9.2%	$91.53	+35.3%	COM	74340W103
EXR	EXTRA SPACE STORAGE INC	154,501 (-44.6%)	$20,119 (-48.8%)	1.4%	$139.76	-3.4%	COM	30225T102
DLR	DIGITAL RLTY TR INC	229,520 (-20.2%)	$35,509 (-28.6%)	2.5%	$123.63	+32.0%	COM	253868103
ARE	ALEXANDRIA REAL ESTATE EQ IN	67,593 (-63.9%)	$3,308 (-78.8%)	0.2%	$100.44	-42.2%	COM	015271109
ESS	ESSEX PPTY TR INC	131,174 (-20.3%)	$34,326 (-22.1%)	2.4%	$264.52	-3.1%	COM	297178105
SLG	SL GREEN RLTY CORP	323,735 (-19.7%)	$14,850 (-38.4%)	1.0%	$57.70	—	COM	78440X887
WELL	WELLTOWER INC	892,711 (-8.8%)	$165,696 (-4.9%)	11.7%	$100.59	+85.4%	COM	95040Q104
OHI	OMEGA HEALTHCARE INVS INC	466,944 (-32.8%)	$20,704 (-29.4%)	1.5%	$42.22	—	COM	681936100
PK	PARK HOTELS & RESORTS INC	667,204 (-50.5%)	$6,979 (-53.3%)	0.5%	$11.08	—	COM	700517105
GLPI	GAMING & LEISURE PPTYS INC	582,719 (-17.4%)	$26,042 (-20.8%)	1.8%	$46.61	—	COM	36467J108
EQIX	EQUINIX INC	135,246 (-3.7%)	$103,620 (-5.8%)	7.3%	$705.99	+10.7%	COM	29444U700
BNL	BROADSTONE NET LEASE INC	1,289,541 (-20.0%)	$22,399 (-22.3%)	1.6%	$17.44	—	COM	11135E203
FR	FIRST INDL RLTY TR INC	516,256 (-18.7%)	$29,566 (-9.6%)	2.1%	$48.44	—	COM	32054K103
WPC	WP CAREY INC	36,987 (-53.4%)	$2,380 (-55.6%)	0.2%	$63.61	—	COM	92936U109
HIW	HIGHWOODS PPTYS INC	435,339 (-1.0%)	$11,240 (-19.7%)	0.8%	$31.82	—	COM	431284108
INVH	INVITATION HOMES INC	1,168,123 (-1.1%)	$32,462 (-6.3%)	2.3%	$30.20	-8.5%	COM	46187W107
CTO	CTO RLTY GROWTH INC NEW	708,851 (-9.9%)	$13,050 (+1.8%)	0.9%	$17.99	—	COM	22948Q101
TRNO	TERRENO RLTY CORP	6,444 (-8.4%)	$378 (-5.3%)	0.0%	$57.91	—	COM	88146M101
FRT	FEDERAL RLTY INVT TR NEW	3,873 (-2.3%)	$390 (-2.8%)	0.0%	$91.12	+6.9%	SH BEN INT NEW	313745101

Unchanged Positions (10)

AMT AMERICAN TOWER CORP NEW 0.8%

Value ($000) $11,823 Shares 67,339 Est. Cost $197.11 Unrealized -8.5%

FCPT FOUR CORNERS PPTY TR INC 0.1%

Value ($000) $1,663 Shares 72,097 Est. Cost $24.40 Unrealized —

VNO VORNADO RLTY TR 0.0%

Value ($000) $358 Shares 10,748 Est. Cost $39.53 Unrealized —

BXP BXP INC 0.0%

Value ($000) $386 Shares 5,725 Est. Cost $66.68 Unrealized +5.6%

— EPR PPTYS 0.0%

Value ($000) $513 Shares 17,147 Est. Cost $28.36 Unrealized —

HR HEALTHCARE RLTY TR 0.0%

Value ($000) $399 Shares 23,540 Est. Cost $18.28 Unrealized —

REXR REXFORD INDL RLTY INC 0.0%

Value ($000) $396 Shares 10,232 Est. Cost $47.85 Unrealized —

SHO SUNSTONE HOTEL INVS INC NEW 0.0%

Value ($000) $365 Shares 40,815 Est. Cost $10.18 Unrealized —

VRE VERIS RESIDENTIAL INC 0.0%

Value ($000) $392 Shares 26,336 Est. Cost $14.91 Unrealized —

PEB PEBBLEBROOK HOTEL TR 0.0%

Value ($000) $413 Shares 36,494 Est. Cost $15.88 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AMT	AMERICAN TOWER CORP NEW	67,339	$11,823	0.8%	$197.11	-8.5%	COM	03027X100
FCPT	FOUR CORNERS PPTY TR INC	72,097	$1,663	0.1%	$24.40	—	COM	35086T109
VNO	VORNADO RLTY TR	10,748	$358	0.0%	$39.53	—	SH BEN INT	929042109
BXP	BXP INC	5,725	$386	0.0%	$66.68	+5.6%	COM	101121101
—	EPR PPTYS	17,147	$513	0.0%	$28.36	—	CONV PFD 9% SR E	26884U307
HR	HEALTHCARE RLTY TR	23,540	$399	0.0%	$18.28	—	CL A COM	42226K105
REXR	REXFORD INDL RLTY INC	10,232	$396	0.0%	$47.85	—	COM	76169C100
SHO	SUNSTONE HOTEL INVS INC NEW	40,815	$365	0.0%	$10.18	—	COM	867892101
VRE	VERIS RESIDENTIAL INC	26,336	$392	0.0%	$14.91	—	COM	554489104
PEB	PEBBLEBROOK HOTEL TR	36,494	$413	0.0%	$15.88	—	COM	70509V100