Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
OMAB	Grupo Aeroportuario del Centro	78,415 (+445.3%)	$8.868M (+437.5%)	0.6%	$112.30	—	ADR	400501102
RPRX	Royalty Pharma PLC	157,944 (+81.4%)	$8.856M (+112.0%)	0.6%	$47.16	—	Common Stock	G7709Q104
ASR	Grupo Aeroportuario del Surest	17,375 (+406.6%)	$5.329M (+362.2%)	0.4%	$312.51	—	ADR	40051E202
ARES	Ares Management Corp	536,811 (+4.0%)	$59.75M (+6.1%)	4.1%	$115.08	—	Common Stock	03990B101
QSR	Restaurant Brands International	94,390 (+75.7%)	$6.844M (+72.4%)	0.5%	$70.30	—	Common Stock	76131D103
WMG	Warner Music Group Corp	185,173 (+103.3%)	$5.013M (+115.5%)	0.3%	$28.45	—	Common Stock	934550203
MCD	McDonald's Corp	17,161 (+145.4%)	$4.639M (+113.4%)	0.3%	$286.97	—	Common Stock	580135101
MAR	Marriott International Inc/MD	14,906 (+52.1%)	$5.524M (+72.3%)	0.4%	$327.95	—	Common Stock	571903202
DPZ	Domino's Pizza Inc	11,943 (+247.5%)	$3.536M (+186.7%)	0.2%	$327.99	—	Common Stock	25754A201
SONY	Sony Group Corp	194,300 (+121.0%)	$3.898M (+114.2%)	0.3%	$21.26	—	ADR	835699307
HLT	Hilton Worldwide Holdings Inc	10,495 (+95.2%)	$3.468M (+112.1%)	0.2%	$308.70	—	Common Stock	43300A203
RGLD	Royal Gold Inc	18,056 (+159.2%)	$3.604M (+103.3%)	0.2%	$210.09	—	Common Stock	780287108
WPM	Wheaton Precious Metals Corp	31,587 (+127.0%)	$3.548M (+94.6%)	0.2%	$116.22	—	Common Stock	962879102
DLB	Dolby Laboratories Inc	43,851 (+131.5%)	$2.306M (+102.6%)	0.2%	$57.99	—	Common Stock	25659T107
IDCC	InterDigital Inc	4,879 (+205.1%)	$1.381M (+186.1%)	0.1%	$304.12	—	Common Stock	45867G101

Decreased Positions (28)

TRP TC Energy Corp 1.6%

Value $24.15M (-48.6%) Shares 365,338 (-5.8%) Est. Cost $39.03 Unrealized —

CP Canadian Pacific Kansas City L 1.4%

Value $21.11M (-45.3%) Shares 243,940 (-3.6%) Est. Cost $73.60 Unrealized —

ENB Enbridge Inc 0.8%

Value $12.2M (-51.2%) Shares 225,342 (-5.4%) Est. Cost $25.07 Unrealized —

FER Ferrovial NV 2.5%

Value $36.07M (+39.0%) Shares 521,376 (-3.1%) Est. Cost $41.85 Unrealized —

APO Apollo Global Management Inc 4.1%

Value $60.25M (-12.2%) Shares 509,278 (-17.3%) Est. Cost $99.66 Unrealized —

WMB Williams Cos Inc/The 2.8%

Value $41.28M (-10.7%) Shares 555,236 (-12.6%) Est. Cost $30.06 Unrealized —

ATO Atmos Energy Corp 2.7%

Value $39.77M (-9.6%) Shares 230,844 (-3.1%) Est. Cost $93.68 Unrealized —

AMT American Tower Corp 3.5%

Value $51.95M (-7.3%) Shares 317,617 (-2.2%) Est. Cost $181.31 Unrealized —

CSX CSX Corp 2.2%

Value $32.97M (-10.0%) Shares 693,580 (-22.3%) Est. Cost $32.62 Unrealized —

ODFL Old Dominion Freight Line Inc 2.2%

Value $32.51M (-9.6%) Shares 150,084 (-18.5%) Est. Cost $172.10 Unrealized —

OWL Blue Owl Capital Inc 1.2%

Value $16.98M (-14.5%) Shares 1,941,137 (-10.8%) Est. Cost $19.11 Unrealized —

SRE Sempra 2.5%

Value $37.16M (-6.9%) Shares 400,785 (-2.4%) Est. Cost $71.86 Unrealized —

AWK American Water Works Co Inc 2.5%

Value $37M (-6.0%) Shares 281,215 (-2.7%) Est. Cost $99.16 Unrealized —

WM Waste Management Inc 2.6%

Value $37.73M (-5.6%) Shares 169,284 (-2.7%) Est. Cost $154.45 Unrealized —

RSG Republic Services Inc 3.1%

Value $45.57M (-4.4%) Shares 213,878 (-1.8%) Est. Cost $117.23 Unrealized —

LTH Life Time Group Holdings Inc 0.6%

Value $9.199M (+22.9%) Shares 225,246 (-18.9%) Est. Cost $14.28 Unrealized —

BAM Brookfield Asset Management Lt 0.8%

Value $12.08M (-11.8%) Shares 269,350 (-12.6%) Est. Cost $52.97 Unrealized —

KMI Kinder Morgan Inc 0.5%

Value $7.208M (-18.0%) Shares 225,468 (-14.0%) Est. Cost $21.96 Unrealized —

CMS CMS Energy Corp 2.5%

Value $37.01M (-4.1%) Shares 483,770 (-2.7%) Est. Cost $50.46 Unrealized —

UNP Union Pacific Corp 2.9%

Value $42.13M (+3.8%) Shares 154,904 (-7.4%) Est. Cost $174.64 Unrealized —

KKR KKR & Co Inc 2.7%

Value $40.19M (-3.5%) Shares 437,867 (-2.7%) Est. Cost $67.06 Unrealized —

SBAC SBA Communications Corp 1.5%

Value $22.42M (-5.8%) Shares 127,069 (-8.2%) Est. Cost $206.63 Unrealized —

BN Brookfield Corp 3.7%

Value $54.96M (-2.2%) Shares 1,290,543 (-7.1%) Est. Cost $38.07 Unrealized —

ARCB ArcBest Corp 0.6%

Value $8.872M (-8.7%) Shares 61,807 (-37.4%) Est. Cost $97.85 Unrealized —

ARM ARM Holdings PLC 0.1%

Value $1.56M (-30.8%) Shares 4,400 (-70.5%) Est. Cost $130.72 Unrealized —

TPG TPG Inc 1.4%

Value $19.86M (-2.8%) Shares 489,809 (-2.9%) Est. Cost $48.48 Unrealized —

BX Blackstone Inc 2.9%

Value $42.26M (-1.1%) Shares 359,105 (-3.4%) Est. Cost $101.79 Unrealized —

XPO XPO Inc 0.4%

Value $6.095M (+1.3%) Shares 29,691 (-4.0%) Est. Cost $112.17 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TRP	TC Energy Corp	365,338 (-5.8%)	$24.15M (-48.6%)	1.6%	$39.03	—	Common Stock	87807B107
CP	Canadian Pacific Kansas City L	243,940 (-3.6%)	$21.11M (-45.3%)	1.4%	$73.60	—	Common Stock	13646K108
ENB	Enbridge Inc	225,342 (-5.4%)	$12.2M (-51.2%)	0.8%	$25.07	—	Common Stock	29250N105
FER	Ferrovial NV	521,376 (-3.1%)	$36.07M (+39.0%)	2.5%	$41.85	—	Common Stock	N3168P101
APO	Apollo Global Management Inc	509,278 (-17.3%)	$60.25M (-12.2%)	4.1%	$99.66	—	Common Stock	03769M106
WMB	Williams Cos Inc/The	555,236 (-12.6%)	$41.28M (-10.7%)	2.8%	$30.06	—	Common Stock	969457100
ATO	Atmos Energy Corp	230,844 (-3.1%)	$39.77M (-9.6%)	2.7%	$93.68	—	Common Stock	049560105
AMT	American Tower Corp	317,617 (-2.2%)	$51.95M (-7.3%)	3.5%	$181.31	—	REIT	03027X100
CSX	CSX Corp	693,580 (-22.3%)	$32.97M (-10.0%)	2.2%	$32.62	—	Common Stock	126408103
ODFL	Old Dominion Freight Line Inc	150,084 (-18.5%)	$32.51M (-9.6%)	2.2%	$172.10	—	Common Stock	679580100
OWL	Blue Owl Capital Inc	1,941,137 (-10.8%)	$16.98M (-14.5%)	1.2%	$19.11	—	Common Stock	09581B103
SRE	Sempra	400,785 (-2.4%)	$37.16M (-6.9%)	2.5%	$71.86	—	Common Stock	816851109
AWK	American Water Works Co Inc	281,215 (-2.7%)	$37M (-6.0%)	2.5%	$99.16	—	Common Stock	030420103
WM	Waste Management Inc	169,284 (-2.7%)	$37.73M (-5.6%)	2.6%	$154.45	—	Common Stock	94106L109
RSG	Republic Services Inc	213,878 (-1.8%)	$45.57M (-4.4%)	3.1%	$117.23	—	Common Stock	760759100
LTH	Life Time Group Holdings Inc	225,246 (-18.9%)	$9.199M (+22.9%)	0.6%	$14.28	—	Common Stock	53190C102
BAM	Brookfield Asset Management Lt	269,350 (-12.6%)	$12.08M (-11.8%)	0.8%	$52.97	—	Common Stock	113004105
KMI	Kinder Morgan Inc	225,468 (-14.0%)	$7.208M (-18.0%)	0.5%	$21.96	—	Common Stock	49456B101
CMS	CMS Energy Corp	483,770 (-2.7%)	$37.01M (-4.1%)	2.5%	$50.46	—	Common Stock	125896100
UNP	Union Pacific Corp	154,904 (-7.4%)	$42.13M (+3.8%)	2.9%	$174.64	—	Common Stock	907818108
KKR	KKR & Co Inc	437,867 (-2.7%)	$40.19M (-3.5%)	2.7%	$67.06	—	Common Stock	48251W104
SBAC	SBA Communications Corp	127,069 (-8.2%)	$22.42M (-5.8%)	1.5%	$206.63	—	REIT	78410G104
BN	Brookfield Corp	1,290,543 (-7.1%)	$54.96M (-2.2%)	3.7%	$38.07	—	Common Stock	11271J107
ARCB	ArcBest Corp	61,807 (-37.4%)	$8.872M (-8.7%)	0.6%	$97.85	—	Common Stock	03937C105
ARM	ARM Holdings PLC	4,400 (-70.5%)	$1.56M (-30.8%)	0.1%	$130.72	—	ADR	042068205
TPG	TPG Inc	489,809 (-2.9%)	$19.86M (-2.8%)	1.4%	$48.48	—	Common Stock	872657101
BX	Blackstone Inc	359,105 (-3.4%)	$42.26M (-1.1%)	2.9%	$101.79	—	Common Stock	09260D107
XPO	XPO Inc	29,691 (-4.0%)	$6.095M (+1.3%)	0.4%	$112.17	—	Common Stock	983793100

Unchanged Positions (7)

KLC KinderCare Learning Cos Inc 23.6%

Value $346M Shares 81,418,736 Est. Cost $23.97 Unrealized —

CLVT Clarivate PLC 3.8%

Value $55.26M Shares 25,583,059 Est. Cost $2.59 Unrealized —

NU NU Holdings Ltd/Cayman Islands 3.1%

Value $44.86M Shares 3,357,586 Est. Cost $17.19 Unrealized —

EQIX Equinix Inc 3.1%

Value $46M Shares 44,127 Est. Cost $719.74 Unrealized —

PBA Pembina Pipeline Corp 0.0%

Value $428K Shares 9,270 Est. Cost $29.27 Unrealized —

ADT ADT Inc 0.5%

Value $7.243M Shares 1,114,353 Est. Cost $6.46 Unrealized —

OKE ONEOK Inc 0.0%

Value $215K Shares 2,470 Est. Cost $78.53 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
KLC	KinderCare Learning Cos Inc	81,418,736	$346M	23.6%	$23.97	—	Common Stock	49456W105
CLVT	Clarivate PLC	25,583,059	$55.26M	3.8%	$2.59	—	Common Stock	G21810109
NU	NU Holdings Ltd/Cayman Islands	3,357,586	$44.86M	3.1%	$17.19	—	Common Stock	G6683N103
EQIX	Equinix Inc	44,127	$46M	3.1%	$719.74	—	REIT	29444U700
PBA	Pembina Pipeline Corp	9,270	$428K	0.0%	$29.27	—	Common Stock	706327103
ADT	ADT Inc	1,114,353	$7.243M	0.5%	$6.46	—	Common Stock	00090Q103
OKE	ONEOK Inc	2,470	$215K	0.0%	$78.53	—	Common Stock	682680103