CBRE INVESTMENT MANAGEMENT LISTED REAL ASSETS LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EVRG	Evergy Inc.	1,389,642	$113,839	1.7%	$77.26	0.0%	COM	30034W106
AEP	American Electric Power Co. In	751,551	$98,513	1.5%	$120.54	0.0%	COM	025537101
OGS	One Gas Inc.	371,334	$31,983	0.5%	$80.73	0.0%	COM	68235P108
MAA	Mid-America Apt. Comm.	129,562	$15,822	0.2%	$139.13	0.0%	COM	59522J103
JAN	Janus Living Inc	527,940	$12,444	0.2%	$23.57	—	COM	471024109
EPR	EPR Properties	186,519	$9,318	0.1%	$49.96	—	COM	26884U109
CURB	Curbline Properties Corp	139,113	$3,588	0.1%	$25.79	—	COM	23128Q101
KMI	Kinder Morgan Inc.	6,251	$210	0.0%	$29.74	0.0%	COM	49456B101

Increased Positions (30)

GLPI Gaming and Leisure Properties 1.0%

Value ($000) $65,337 (+2105.8%) Shares 1,472,552 (+2121.7%) Est. Cost $44.38 Unrealized —

O Realty Income Corp 1.2%

Value ($000) $82,763 (+222.4%) Shares 1,352,780 (+197.0%) Est. Cost $54.37 Unrealized +5.4%

SO Southern Co. 1.1%

Value ($000) $71,920 (+346.6%) Shares 745,127 (+303.5%) Est. Cost $89.87 Unrealized -0.4%

PPL PPL Corp. 2.6%

Value ($000) $176,472 (+45.8%) Shares 4,619,677 (+33.6%) Est. Cost $31.79 Unrealized +14.0%

AMT American Tower Corp. 2.8%

Value ($000) $191,603 (+38.3%) Shares 1,110,227 (+40.7%) Est. Cost $191.83 Unrealized -8.9%

ATO Atmos Energy Corp. 2.1%

Value ($000) $140,009 (+57.8%) Shares 757,953 (+43.2%) Est. Cost $139.52 Unrealized +22.9%

EQR Equity Residential 1.4%

Value ($000) $91,773 (+108.9%) Shares 1,551,526 (+122.6%) Est. Cost $61.55 Unrealized +0.8%

CPT Camden Property Trust 1.1%

Value ($000) $75,311 (+154.2%) Shares 771,158 (+186.6%) Est. Cost $107.41 Unrealized +2.6%

DLR Digital Realty Trust Inc. 1.2%

Value ($000) $80,032 (+108.0%) Shares 444,106 (+78.6%) Est. Cost $155.90 Unrealized -0.6%

CEG Constellation Energy Corp 1.7%

Value ($000) $115,899 (+46.8%) Shares 415,038 (+85.7%) Est. Cost $246.61 Unrealized +22.1%

SUI Sun Communities Inc. 1.0%

Value ($000) $67,609 (+108.1%) Shares 536,746 (+104.7%) Est. Cost $131.67 Unrealized —

XEL Xcel Energy Inc. 3.1%

Value ($000) $206,363 (+20.2%) Shares 2,597,721 (+11.7%) Est. Cost $64.58 Unrealized +19.5%

AWK American Water Works Co. 0.4%

Value ($000) $27,380 (+879.0%) Shares 201,190 (+838.8%) Est. Cost $129.36 Unrealized -0.4%

PEG Public Service Enterprise Grou 2.6%

Value ($000) $178,184 (+14.0%) Shares 2,201,156 (+13.1%) Est. Cost $80.53 Unrealized +1.3%

EPRT Essential Properties Realty 1.0%

Value ($000) $66,894 (+48.4%) Shares 2,203,346 (+44.9%) Est. Cost $30.75 Unrealized —

GTY Getty Realty Corp. 0.6%

Value ($000) $43,566 (+98.3%) Shares 1,369,988 (+70.7%) Est. Cost $30.60 Unrealized —

EGP Eastgroup Properties 2.2%

Value ($000) $146,484 (+15.6%) Shares 791,418 (+11.3%) Est. Cost $174.43 Unrealized —

WEC WEC Energy Group Inc. 2.4%

Value ($000) $159,305 (+13.1%) Shares 1,376,051 (+3.0%) Est. Cost $87.40 Unrealized +25.8%

ELS Equity Lifestyle Properties 0.3%

Value ($000) $18,271 (+687.2%) Shares 292,716 (+664.4%) Est. Cost $62.18 Unrealized —

HLT Hilton Worldwide Holdings Inc. 0.4%

Value ($000) $25,177 (+137.2%) Shares 82,796 (+124.0%) Est. Cost $261.05 Unrealized +16.9%

PLD ProLogis Inc. 4.3%

Value ($000) $288,667 (+5.1%) Shares 2,183,891 (+1.5%) Est. Cost $80.71 Unrealized +59.9%

VTR Ventas Inc. 2.3%

Value ($000) $154,566 (+7.9%) Shares 1,890,027 (+2.1%) Est. Cost $61.95 Unrealized +24.8%

BNL Broadstone Net Lease Inc 0.2%

Value ($000) $12,247 (+506.0%) Shares 670,318 (+476.2%) Est. Cost $18.20 Unrealized —

CSR Centerspace 0.2%

Value ($000) $13,297 (+290.2%) Shares 231,462 (+353.2%) Est. Cost $58.26 Unrealized —

FRT Federal Realty Investment Trus 0.3%

Value ($000) $18,574 (+74.3%) Shares 174,882 (+65.4%) Est. Cost $98.95 Unrealized +0.1%

CPK Chesapeake Utilities Corporati 0.5%

Value ($000) $32,454 (+28.6%) Shares 256,816 (+27.0%) Est. Cost $126.06 Unrealized +1.7%

CUZ Cousins Properties Inc. 0.4%

Value ($000) $27,308 (+12.5%) Shares 1,209,915 (+28.6%) Est. Cost $28.32 Unrealized —

LAMR Lamar Advertising Co 0.2%

Value ($000) $15,836 (+5.9%) Shares 125,028 (+5.9%) Est. Cost $126.58 Unrealized —

WMB Williams Cos. 0.0%

Value ($000) $1,188 (+51.8%) Shares 16,327 (+25.4%) Est. Cost $57.45 Unrealized +15.5%

AEE Ameren Corp. 0.0%

Value ($000) $800 (+32.1%) Shares 7,279 (+20.0%) Est. Cost $95.48 Unrealized +9.6%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GLPI	Gaming and Leisure Properties	1,472,552 (+2121.7%)	$65,337 (+2105.8%)	1.0%	$44.38	—	COM	36467J108
O	Realty Income Corp	1,352,780 (+197.0%)	$82,763 (+222.4%)	1.2%	$54.37	+5.4%	COM	756109104
SO	Southern Co.	745,127 (+303.5%)	$71,920 (+346.6%)	1.1%	$89.87	-0.4%	COM	842587107
PPL	PPL Corp.	4,619,677 (+33.6%)	$176,472 (+45.8%)	2.6%	$31.79	+14.0%	COM	69351T106
AMT	American Tower Corp.	1,110,227 (+40.7%)	$191,603 (+38.3%)	2.8%	$191.83	-8.9%	COM	03027X100
ATO	Atmos Energy Corp.	757,953 (+43.2%)	$140,009 (+57.8%)	2.1%	$139.52	+22.9%	COM	049560105
EQR	Equity Residential	1,551,526 (+122.6%)	$91,773 (+108.9%)	1.4%	$61.55	+0.8%	COM	29476L107
CPT	Camden Property Trust	771,158 (+186.6%)	$75,311 (+154.2%)	1.1%	$107.41	+2.6%	COM	133131102
DLR	Digital Realty Trust Inc.	444,106 (+78.6%)	$80,032 (+108.0%)	1.2%	$155.90	-0.6%	COM	253868103
CEG	Constellation Energy Corp	415,038 (+85.7%)	$115,899 (+46.8%)	1.7%	$246.61	+22.1%	COM	21037T109
SUI	Sun Communities Inc.	536,746 (+104.7%)	$67,609 (+108.1%)	1.0%	$131.67	—	COM	866674104
XEL	Xcel Energy Inc.	2,597,721 (+11.7%)	$206,363 (+20.2%)	3.1%	$64.58	+19.5%	COM	98389B100
AWK	American Water Works Co.	201,190 (+838.8%)	$27,380 (+879.0%)	0.4%	$129.36	-0.4%	COM	030420103
PEG	Public Service Enterprise Grou	2,201,156 (+13.1%)	$178,184 (+14.0%)	2.6%	$80.53	+1.3%	COM	744573106
EPRT	Essential Properties Realty	2,203,346 (+44.9%)	$66,894 (+48.4%)	1.0%	$30.75	—	COM	29670E107
GTY	Getty Realty Corp.	1,369,988 (+70.7%)	$43,566 (+98.3%)	0.6%	$30.60	—	COM	374297109
EGP	Eastgroup Properties	791,418 (+11.3%)	$146,484 (+15.6%)	2.2%	$174.43	—	COM	277276101
WEC	WEC Energy Group Inc.	1,376,051 (+3.0%)	$159,305 (+13.1%)	2.4%	$87.40	+25.8%	COM	92939U106
ELS	Equity Lifestyle Properties	292,716 (+664.4%)	$18,271 (+687.2%)	0.3%	$62.18	—	COM	29472R108
HLT	Hilton Worldwide Holdings Inc.	82,796 (+124.0%)	$25,177 (+137.2%)	0.4%	$261.05	+16.9%	COM	43300A203
PLD	ProLogis Inc.	2,183,891 (+1.5%)	$288,667 (+5.1%)	4.3%	$80.71	+59.9%	COM	74340W103
VTR	Ventas Inc.	1,890,027 (+2.1%)	$154,566 (+7.9%)	2.3%	$61.95	+24.8%	COM	92276F100
BNL	Broadstone Net Lease Inc	670,318 (+476.2%)	$12,247 (+506.0%)	0.2%	$18.20	—	COM	11135E203
CSR	Centerspace	231,462 (+353.2%)	$13,297 (+290.2%)	0.2%	$58.26	—	COM	15202L107
FRT	Federal Realty Investment Trus	174,882 (+65.4%)	$18,574 (+74.3%)	0.3%	$98.95	+0.1%	COM	313745101
CPK	Chesapeake Utilities Corporati	256,816 (+27.0%)	$32,454 (+28.6%)	0.5%	$126.06	+1.7%	COM	165303108
CUZ	Cousins Properties Inc.	1,209,915 (+28.6%)	$27,308 (+12.5%)	0.4%	$28.32	—	COM	222795502
LAMR	Lamar Advertising Co	125,028 (+5.9%)	$15,836 (+5.9%)	0.2%	$126.58	—	COM	512816109
WMB	Williams Cos.	16,327 (+25.4%)	$1,188 (+51.8%)	0.0%	$57.45	+15.5%	COM	969457100
AEE	Ameren Corp.	7,279 (+20.0%)	$800 (+32.1%)	0.0%	$95.48	+9.6%	COM	023608102

Exited Positions (9)

ED Consolidated Edison Inc. 0.7%

Value ($000) $50,477 Shares 508,222 Est. Cost $98.90 Unrealized +6.5%

CWEN Clearway Energy Inc. Class C 0.3%

Value ($000) $20,233 Shares 608,327 Est. Cost $27.57 Unrealized +33.0%

VRE Veris Residential Inc 0.3%

Value ($000) $20,100 Shares 1,350,832 Est. Cost $15.97 Unrealized —

CSX CSX Corporation 0.3%

Value ($000) $19,672 Shares 542,675 Est. Cost $32.45 Unrealized +18.7%

SMA SmartStop Self Storage REIT In 0.2%

Value ($000) $11,503 Shares 371,785 Est. Cost $34.29 Unrealized —

NSA National Storage Affiliates Tr 0.1%

Value ($000) $8,916 Shares 316,068 Est. Cost $54.90 Unrealized —

PK Park Hotels & Resorts Inc 0.1%

Value ($000) $8,375 Shares 800,659 Est. Cost $14.77 Unrealized —

UNIT Uniti Group Inc 0.0%

Value ($000) $2,664 Shares 380,042 Est. Cost $7.16 Unrealized +8.5%

ES Eversource Energy 0.0%

Value ($000) $225 Shares 3,337 Est. Cost $54.68 Unrealized +28.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ED	Consolidated Edison Inc.	508,222	$50,477	0.7%	$98.90	+6.5%	—	209115104
CWEN	Clearway Energy Inc. Class C	608,327	$20,233	0.3%	$27.57	+33.0%	—	18539C204
VRE	Veris Residential Inc	1,350,832	$20,100	0.3%	$15.97	—	—	554489104
CSX	CSX Corporation	542,675	$19,672	0.3%	$32.45	+18.7%	—	126408103
SMA	SmartStop Self Storage REIT In	371,785	$11,503	0.2%	$34.29	—	—	83192D402
NSA	National Storage Affiliates Tr	316,068	$8,916	0.1%	$54.90	—	—	637870106
PK	Park Hotels & Resorts Inc	800,659	$8,375	0.1%	$14.77	—	—	700517105
UNIT	Uniti Group Inc	380,042	$2,664	0.0%	$7.16	+8.5%	—	912932100
ES	Eversource Energy	3,337	$225	0.0%	$54.68	+28.2%	—	30040W108

Decreased Positions (50)

UNP Union Pacific Corp 0.5%

Value ($000) $32,996 (-83.1%) Shares 136,000 (-83.9%) Est. Cost $223.68 Unrealized +8.8%

UDR UDR Inc. 1.3%

Value ($000) $85,666 (-50.2%) Shares 2,536,006 (-45.9%) Est. Cost $39.06 Unrealized -6.1%

NEE Nextera Energy Inc 0.0%

Value ($000) $2,934 (-95.9%) Shares 31,592 (-96.4%) Est. Cost $69.79 Unrealized +24.9%

EQIX Equinix Inc 7.7%

Value ($000) $518,188 (+14.8%) Shares 528,634 (-10.3%) Est. Cost $722.13 Unrealized +5.8%

AMH American Homes 4 Rent 1.3%

Value ($000) $90,780 (-41.7%) Shares 3,251,430 (-33.0%) Est. Cost $33.69 Unrealized —

WTRG Essential Utilities 0.2%

Value ($000) $12,146 (-83.9%) Shares 301,609 (-84.7%) Est. Cost $38.67 Unrealized +0.3%

VICI Vici Properties Inc. 2.2%

Value ($000) $146,068 (-26.5%) Shares 5,346,551 (-24.3%) Est. Cost $29.14 Unrealized -3.4%

AES AES Corporation 0.9%

Value ($000) $61,983 (-45.0%) Shares 4,399,061 (-44.1%) Est. Cost $15.73 Unrealized -3.7%

DOC Healthpeak Properties Inc. 0.6%

Value ($000) $41,785 (-54.4%) Shares 2,543,209 (-55.4%) Est. Cost $18.89 Unrealized -14.2%

CNP CenterPoint Energy Inc. 0.0%

Value ($000) $319 (-99.2%) Shares 7,389 (-99.3%) Est. Cost $38.86 Unrealized +3.0%

INVH Invitation Homes Inc 0.2%

Value ($000) $10,821 (-77.4%) Shares 435,438 (-74.7%) Est. Cost $30.04 Unrealized -7.7%

LXP LXP Industrial Trust 0.0%

Value ($000) $2,368 (-93.6%) Shares 51,192 (-93.1%) Est. Cost $49.58 Unrealized —

REG Regency Centers Corporation 1.4%

Value ($000) $95,737 (-26.2%) Shares 1,265,357 (-32.7%) Est. Cost $64.67 Unrealized +5.1%

TRGP Targa Resources Corp. 1.2%

Value ($000) $84,223 (-26.8%) Shares 335,913 (-46.2%) Est. Cost $105.94 Unrealized +90.4%

PSA Public Storage 0.9%

Value ($000) $59,400 (-30.7%) Shares 219,284 (-33.6%) Est. Cost $274.27 Unrealized -5.8%

ETR Entergy Corp. 2.1%

Value ($000) $138,424 (-15.3%) Shares 1,231,965 (-30.4%) Est. Cost $88.55 Unrealized +10.0%

CDP COPT Defense Properties 0.0%

Value ($000) $3,290 (-88.4%) Shares 107,503 (-89.4%) Est. Cost $29.99 Unrealized —

HST Host Hotels & Resorts Inc. 0.3%

Value ($000) $16,891 (-56.1%) Shares 881,580 (-59.4%) Est. Cost $16.33 Unrealized +11.2%

OHI Omega Healthcare Investors 1.1%

Value ($000) $77,140 (-21.7%) Shares 1,760,382 (-20.8%) Est. Cost $43.84 Unrealized —

IRT Independence Realty Trust Inc 0.2%

Value ($000) $12,937 (-60.5%) Shares 868,848 (-53.6%) Est. Cost $19.23 Unrealized —

STAG STAG Industrial, Inc. 1.7%

Value ($000) $114,333 (-14.1%) Shares 3,170,619 (-12.5%) Est. Cost $36.04 Unrealized —

EXR Extra Space Storage Inc. 0.4%

Value ($000) $25,565 (-40.6%) Shares 194,962 (-41.0%) Est. Cost $146.26 Unrealized -10.5%

CCI Crown Castle Inc 0.7%

Value ($000) $45,700 (-27.5%) Shares 562,049 (-20.8%) Est. Cost $124.24 Unrealized -28.6%

BXP BXP Inc 0.4%

Value ($000) $25,441 (-39.5%) Shares 490,192 (-21.3%) Est. Cost $68.70 Unrealized -1.3%

VNO Vornado Realty Trust 0.5%

Value ($000) $36,601 (-28.8%) Shares 1,408,289 (-8.8%) Est. Cost $38.39 Unrealized —

SPG Simon Property Group Inc. 3.3%

Value ($000) $225,624 (-5.5%) Shares 1,209,585 (-6.2%) Est. Cost $84.15 Unrealized +118.6%

CUBE CubeSmart 1.7%

Value ($000) $113,406 (-9.3%) Shares 3,094,291 (-10.8%) Est. Cost $36.92 Unrealized —

AHR American Healthcare REIT 0.9%

Value ($000) $59,329 (-16.2%) Shares 1,258,041 (-16.4%) Est. Cost $38.50 Unrealized —

PCG PG&E Corp. 1.8%

Value ($000) $120,093 (+7.6%) Shares 6,835,122 (-1.6%) Est. Cost $17.32 Unrealized -5.4%

OGE OGE Energy Corp. 1.3%

Value ($000) $87,053 (-8.0%) Shares 1,815,118 (-18.1%) Est. Cost $42.16 Unrealized +5.4%

SKT Tanger Inc. 0.4%

Value ($000) $26,823 (-20.4%) Shares 789,381 (-21.8%) Est. Cost $33.70 Unrealized —

AVB AvalonBay Communities Inc. 0.3%

Value ($000) $23,502 (-21.9%) Shares 143,874 (-13.3%) Est. Cost $181.25 Unrealized -0.4%

IRM Iron Mountain Incorporated 1.9%

Value ($000) $126,441 (+5.4%) Shares 1,237,915 (-14.4%) Est. Cost $98.86 Unrealized -15.8%

FR First Industrial Realty Trust 1.9%

Value ($000) $128,923 (-4.0%) Shares 2,228,576 (-5.0%) Est. Cost $52.78 Unrealized —

WELL Welltower Inc. 8.8%

Value ($000) $594,481 (-0.8%) Shares 3,006,833 (-6.9%) Est. Cost $110.32 Unrealized +69.4%

ESRT Empire State Realty Trust Inc. 0.1%

Value ($000) $3,577 (-53.0%) Shares 687,840 (-41.0%) Est. Cost $8.52 Unrealized —

NTST Netstreit Corp 0.1%

Value ($000) $5,108 (-42.8%) Shares 271,274 (-46.4%) Est. Cost $17.72 Unrealized —

SHO Sunstone Hotel Investors Inc. 0.5%

Value ($000) $35,695 (-8.9%) Shares 3,961,704 (-9.6%) Est. Cost $11.34 Unrealized —

LNG Cheniere Energy Inc. 2.1%

Value ($000) $144,630 (-2.3%) Shares 509,690 (-33.0%) Est. Cost $226.67 Unrealized -7.4%

BIP Brookfield Infrastructure Part 0.2%

Value ($000) $11,215 (-22.7%) Shares 310,500 (-25.6%) Est. Cost $31.53 Unrealized —

COLD Americold Realty Trust 0.1%

Value ($000) $6,881 (-29.0%) Shares 600,397 (-20.3%) Est. Cost $25.83 Unrealized —

ESS Essex Property Trust Inc. 0.2%

Value ($000) $14,686 (-12.8%) Shares 60,685 (-5.7%) Est. Cost $256.19 Unrealized +0.3%

CWT California Water Service Group 0.4%

Value ($000) $29,358 (-6.2%) Shares 647,515 (-10.4%) Est. Cost $46.67 Unrealized -4.4%

PDM Piedmont Office Realty Trust I 0.1%

Value ($000) $5,007 (-26.7%) Shares 762,121 (-7.0%) Est. Cost $10.45 Unrealized —

BRX Brixmor Property Group 2.1%

Value ($000) $141,573 (+1.1%) Shares 4,915,727 (-8.0%) Est. Cost $24.15 Unrealized —

SBAC SBA Communications Corp. 0.1%

Value ($000) $4,197 (-16.7%) Shares 24,384 (-6.4%) Est. Cost $217.22 Unrealized -11.4%

MAR Marriott International Inc. 0.0%

Value ($000) $913 (-44.3%) Shares 2,792 (-47.2%) Est. Cost $285.32 Unrealized +15.9%

CMS CMS Energy Corporation 1.5%

Value ($000) $103,394 (-0.2%) Shares 1,332,742 (-10.0%) Est. Cost $63.62 Unrealized +13.5%

NSC Norfolk Southern Corp 0.0%

Value ($000) $680 (-17.1%) Shares 2,368 (-16.6%) Est. Cost $244.11 Unrealized +22.1%

WY Weyerhaeuser Co. 0.0%

Value ($000) $1,468 (-6.5%) Shares 60,100 (-9.3%) Est. Cost $26.61 Unrealized -10.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
UNP	Union Pacific Corp	136,000 (-83.9%)	$32,996 (-83.1%)	0.5%	$223.68	+8.8%	COM	907818108
UDR	UDR Inc.	2,536,006 (-45.9%)	$85,666 (-50.2%)	1.3%	$39.06	-6.1%	COM	902653104
NEE	Nextera Energy Inc	31,592 (-96.4%)	$2,934 (-95.9%)	0.0%	$69.79	+24.9%	COM	65339F101
EQIX	Equinix Inc	528,634 (-10.3%)	$518,188 (+14.8%)	7.7%	$722.13	+5.8%	COM	29444U700
AMH	American Homes 4 Rent	3,251,430 (-33.0%)	$90,780 (-41.7%)	1.3%	$33.69	—	COM	02665T306
WTRG	Essential Utilities	301,609 (-84.7%)	$12,146 (-83.9%)	0.2%	$38.67	+0.3%	COM	29670G102
VICI	Vici Properties Inc.	5,346,551 (-24.3%)	$146,068 (-26.5%)	2.2%	$29.14	-3.4%	COM	925652109
AES	AES Corporation	4,399,061 (-44.1%)	$61,983 (-45.0%)	0.9%	$15.73	-3.7%	COM	00130H105
DOC	Healthpeak Properties Inc.	2,543,209 (-55.4%)	$41,785 (-54.4%)	0.6%	$18.89	-14.2%	COM	42250P103
CNP	CenterPoint Energy Inc.	7,389 (-99.3%)	$319 (-99.2%)	0.0%	$38.86	+3.0%	COM	15189T107
INVH	Invitation Homes Inc	435,438 (-74.7%)	$10,821 (-77.4%)	0.2%	$30.04	-7.7%	COM	46187W107
LXP	LXP Industrial Trust	51,192 (-93.1%)	$2,368 (-93.6%)	0.0%	$49.58	—	COM	529043408
REG	Regency Centers Corporation	1,265,357 (-32.7%)	$95,737 (-26.2%)	1.4%	$64.67	+5.1%	COM	758849103
TRGP	Targa Resources Corp.	335,913 (-46.2%)	$84,223 (-26.8%)	1.2%	$105.94	+90.4%	COM	87612G101
PSA	Public Storage	219,284 (-33.6%)	$59,400 (-30.7%)	0.9%	$274.27	-5.8%	COM	74460D109
ETR	Entergy Corp.	1,231,965 (-30.4%)	$138,424 (-15.3%)	2.1%	$88.55	+10.0%	COM	29364G103
CDP	COPT Defense Properties	107,503 (-89.4%)	$3,290 (-88.4%)	0.0%	$29.99	—	COM	22002T108
HST	Host Hotels & Resorts Inc.	881,580 (-59.4%)	$16,891 (-56.1%)	0.3%	$16.33	+11.2%	COM	44107P104
OHI	Omega Healthcare Investors	1,760,382 (-20.8%)	$77,140 (-21.7%)	1.1%	$43.84	—	COM	681936100
IRT	Independence Realty Trust Inc	868,848 (-53.6%)	$12,937 (-60.5%)	0.2%	$19.23	—	COM	45378A106
STAG	STAG Industrial, Inc.	3,170,619 (-12.5%)	$114,333 (-14.1%)	1.7%	$36.04	—	COM	85254J102
EXR	Extra Space Storage Inc.	194,962 (-41.0%)	$25,565 (-40.6%)	0.4%	$146.26	-10.5%	COM	30225T102
CCI	Crown Castle Inc	562,049 (-20.8%)	$45,700 (-27.5%)	0.7%	$124.24	-28.6%	COM	22822V101
BXP	BXP Inc	490,192 (-21.3%)	$25,441 (-39.5%)	0.4%	$68.70	-1.3%	COM	101121101
VNO	Vornado Realty Trust	1,408,289 (-8.8%)	$36,601 (-28.8%)	0.5%	$38.39	—	COM	929042109
SPG	Simon Property Group Inc.	1,209,585 (-6.2%)	$225,624 (-5.5%)	3.3%	$84.15	+118.6%	COM	828806109
CUBE	CubeSmart	3,094,291 (-10.8%)	$113,406 (-9.3%)	1.7%	$36.92	—	COM	229663109
AHR	American Healthcare REIT	1,258,041 (-16.4%)	$59,329 (-16.2%)	0.9%	$38.50	—	COM	398182303
PCG	PG&E Corp.	6,835,122 (-1.6%)	$120,093 (+7.6%)	1.8%	$17.32	-5.4%	COM	69331C108
OGE	OGE Energy Corp.	1,815,118 (-18.1%)	$87,053 (-8.0%)	1.3%	$42.16	+5.4%	COM	670837103
SKT	Tanger Inc.	789,381 (-21.8%)	$26,823 (-20.4%)	0.4%	$33.70	—	COM	875465106
AVB	AvalonBay Communities Inc.	143,874 (-13.3%)	$23,502 (-21.9%)	0.3%	$181.25	-0.4%	COM	053484101
IRM	Iron Mountain Incorporated	1,237,915 (-14.4%)	$126,441 (+5.4%)	1.9%	$98.86	-15.8%	COM	46284V101
FR	First Industrial Realty Trust	2,228,576 (-5.0%)	$128,923 (-4.0%)	1.9%	$52.78	—	COM	32054K103
WELL	Welltower Inc.	3,006,833 (-6.9%)	$594,481 (-0.8%)	8.8%	$110.32	+69.4%	COM	95040Q104
ESRT	Empire State Realty Trust Inc.	687,840 (-41.0%)	$3,577 (-53.0%)	0.1%	$8.52	—	COM	292104106
NTST	Netstreit Corp	271,274 (-46.4%)	$5,108 (-42.8%)	0.1%	$17.72	—	COM	64119V303
SHO	Sunstone Hotel Investors Inc.	3,961,704 (-9.6%)	$35,695 (-8.9%)	0.5%	$11.34	—	COM	867892101
LNG	Cheniere Energy Inc.	509,690 (-33.0%)	$144,630 (-2.3%)	2.1%	$226.67	-7.4%	COM	16411R208
BIP	Brookfield Infrastructure Part	310,500 (-25.6%)	$11,215 (-22.7%)	0.2%	$31.53	—	COM	G16252101
COLD	Americold Realty Trust	600,397 (-20.3%)	$6,881 (-29.0%)	0.1%	$25.83	—	COM	03064D108
ESS	Essex Property Trust Inc.	60,685 (-5.7%)	$14,686 (-12.8%)	0.2%	$256.19	+0.3%	COM	297178105
CWT	California Water Service Group	647,515 (-10.4%)	$29,358 (-6.2%)	0.4%	$46.67	-4.4%	COM	130788102
PDM	Piedmont Office Realty Trust I	762,121 (-7.0%)	$5,007 (-26.7%)	0.1%	$10.45	—	COM	720190206
BRX	Brixmor Property Group	4,915,727 (-8.0%)	$141,573 (+1.1%)	2.1%	$24.15	—	COM	11120U105
SBAC	SBA Communications Corp.	24,384 (-6.4%)	$4,197 (-16.7%)	0.1%	$217.22	-11.4%	COM	78410G104
MAR	Marriott International Inc.	2,792 (-47.2%)	$913 (-44.3%)	0.0%	$285.32	+15.9%	COM	571903202
CMS	CMS Energy Corporation	1,332,742 (-10.0%)	$103,394 (-0.2%)	1.5%	$63.62	+13.5%	COM	125896100
NSC	Norfolk Southern Corp	2,368 (-16.6%)	$680 (-17.1%)	0.0%	$244.11	+22.1%	COM	655844108
WY	Weyerhaeuser Co.	60,100 (-9.3%)	$1,468 (-6.5%)	0.0%	$26.61	-10.5%	COM	962166104

Unchanged Positions (8)

OKE ONEOK Inc. 0.4%

Value ($000) $26,466 Shares 292,800 Est. Cost $95.76 Unrealized -18.0%

REXR Rexford Industrial Realty, Inc 0.3%

Value ($000) $19,809 Shares 605,214 Est. Cost $58.77 Unrealized —

D Dominion Energy Inc. 0.3%

Value ($000) $22,842 Shares 369,494 Est. Cost $64.53 Unrealized -4.5%

XIFR XPLR Infrastructure LP 0.1%

Value ($000) $8,441 Shares 794,852 Est. Cost $56.31 Unrealized -81.7%

ARE Alexandria Real Estate Equitie 0.1%

Value ($000) $8,268 Shares 178,107 Est. Cost $93.22 Unrealized -47.5%

LINE LINEAGE INC 0.1%

Value ($000) $5,612 Shares 171,316 Est. Cost $76.50 Unrealized —

— Pebblebrook Hotel Trust 0.2%

Value ($000) $10,460 Shares 541,950 Est. Cost $17.51 Unrealized —

— Pebblebrook Hotel Trust 0.1%

Value ($000) $7,370 Shares 383,644 Est. Cost $17.15 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
OKE	ONEOK Inc.	292,800	$26,466	0.4%	$95.76	-18.0%	COM	682680103
REXR	Rexford Industrial Realty, Inc	605,214	$19,809	0.3%	$58.77	—	COM	76169C100
D	Dominion Energy Inc.	369,494	$22,842	0.3%	$64.53	-4.5%	COM	25746U109
XIFR	XPLR Infrastructure LP	794,852	$8,441	0.1%	$56.31	-81.7%	COM	65341B106
ARE	Alexandria Real Estate Equitie	178,107	$8,268	0.1%	$93.22	-47.5%	COM	015271109
LINE	LINEAGE INC	171,316	$5,612	0.1%	$76.50	—	COM	53566V106
—	Pebblebrook Hotel Trust	541,950	$10,460	0.2%	$17.51	—	UNIT	70509V704
—	Pebblebrook Hotel Trust	383,644	$7,370	0.1%	$17.15	—	UNIT	70509V605