CBRE INVESTMENT MANAGEMENT LISTED REAL ASSETS LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CNP	CenterPoint Energy Inc.	1,036,825	$39,752	0.6%	$38.86	0.0%	COM	15189T107
LXP	LXP Industrial Trust	741,884	$36,783	0.5%	$49.58	—	COM	529043408
SO	Southern Co.	184,682	$16,104	0.2%	$90.89	0.0%	COM	842587107
LAMR	Lamar Advertising Co	118,094	$14,948	0.2%	$126.58	—	COM	512816109
GLPI	Gaming and Leisure Properties	66,279	$2,962	0.0%	$44.69	—	COM	36467J108
ELS	Equity Lifestyle Properties	38,295	$2,321	0.0%	$60.61	—	COM	29472R108
MAR	Marriott International Inc.	5,285	$1,640	0.0%	$285.32	0.0%	COM	571903202

Increased Positions (38)

AMH American Homes 4 Rent 2.3%

Value ($000) $155,690 (+97.4%) Shares 4,850,171 (+104.4%) Est. Cost $33.69 Unrealized —

OHI Omega Healthcare Investors 1.4%

Value ($000) $98,559 (+349.0%) Shares 2,222,799 (+327.5%) Est. Cost $43.84 Unrealized —

PSA Public Storage 1.3%

Value ($000) $85,761 (+420.4%) Shares 330,487 (+479.3%) Est. Cost $274.27 Unrealized +1.1%

WELL Welltower Inc. 8.8%

Value ($000) $599,461 (+10.6%) Shares 3,229,678 (+6.1%) Est. Cost $110.32 Unrealized +69.0%

ETR Entergy Corp. 2.4%

Value ($000) $163,519 (+44.5%) Shares 1,769,115 (+45.7%) Est. Cost $88.55 Unrealized +6.8%

OGE OGE Energy Corp. 1.4%

Value ($000) $94,605 (+71.4%) Shares 2,215,572 (+85.8%) Est. Cost $42.16 Unrealized +5.8%

PEG Public Service Enterprise Grou 2.3%

Value ($000) $156,305 (+32.8%) Shares 1,946,512 (+38.0%) Est. Cost $80.39 Unrealized +0.9%

PLD ProLogis Inc. 4.0%

Value ($000) $274,748 (+16.3%) Shares 2,152,183 (+4.3%) Est. Cost $80.00 Unrealized +54.8%

EQR Equity Residential 0.6%

Value ($000) $43,937 (+386.4%) Shares 696,971 (+399.4%) Est. Cost $60.97 Unrealized -0.5%

ED Consolidated Edison Inc. 0.7%

Value ($000) $50,477 (+198.1%) Shares 508,222 (+201.7%) Est. Cost $98.90 Unrealized -0.1%

CMS CMS Energy Corporation 1.5%

Value ($000) $103,560 (+45.4%) Shares 1,480,908 (+52.3%) Est. Cost $63.62 Unrealized +14.0%

UNP Union Pacific Corp 2.9%

Value ($000) $194,951 (+12.0%) Shares 842,775 (+14.4%) Est. Cost $223.68 Unrealized +1.6%

VTR Ventas Inc. 2.1%

Value ($000) $143,305 (+17.0%) Shares 1,851,968 (+5.8%) Est. Cost $61.63 Unrealized +21.7%

LNG Cheniere Energy Inc. 2.2%

Value ($000) $147,966 (+15.0%) Shares 761,179 (+39.0%) Est. Cost $226.67 Unrealized -7.4%

EQIX Equinix Inc 6.6%

Value ($000) $451,445 (+3.9%) Shares 589,231 (+6.2%) Est. Cost $722.13 Unrealized +8.2%

AHR American Healthcare REIT 1.0%

Value ($000) $70,810 (+28.3%) Shares 1,504,685 (+14.5%) Est. Cost $38.50 Unrealized —

BRX Brixmor Property Group 2.1%

Value ($000) $140,041 (+11.8%) Shares 5,341,006 (+18.1%) Est. Cost $24.15 Unrealized —

VICI Vici Properties Inc. 2.9%

Value ($000) $198,619 (+7.7%) Shares 7,063,264 (+24.9%) Est. Cost $29.14 Unrealized +0.5%

XEL Xcel Energy Inc. 2.5%

Value ($000) $171,700 (+8.2%) Shares 2,324,667 (+18.1%) Est. Cost $63.10 Unrealized +24.1%

HST Host Hotels & Resorts Inc. 0.6%

Value ($000) $38,465 (+47.7%) Shares 2,169,471 (+41.8%) Est. Cost $16.33 Unrealized +3.7%

EGP Eastgroup Properties 1.9%

Value ($000) $126,677 (+10.6%) Shares 711,109 (+5.1%) Est. Cost $173.23 Unrealized —

CUBE CubeSmart 1.8%

Value ($000) $125,084 (-8.6%) Shares 3,469,724 (+3.1%) Est. Cost $36.92 Unrealized —

AMT American Tower Corp. 2.0%

Value ($000) $138,511 (+8.5%) Shares 788,920 (+18.8%) Est. Cost $198.76 Unrealized -9.3%

IRM Iron Mountain Incorporated 1.8%

Value ($000) $119,995 (-7.3%) Shares 1,446,597 (+14.0%) Est. Cost $98.86 Unrealized -6.1%

SKT Tanger Inc. 0.5%

Value ($000) $33,678 (+37.9%) Shares 1,009,226 (+39.9%) Est. Cost $33.70 Unrealized —

UDR UDR Inc. 2.5%

Value ($000) $171,919 (+5.7%) Shares 4,687,007 (+7.3%) Est. Cost $39.06 Unrealized -9.1%

PCG PG&E Corp. 1.6%

Value ($000) $111,662 (+9.0%) Shares 6,948,499 (+2.2%) Est. Cost $17.32 Unrealized -8.0%

GTY Getty Realty Corp. 0.3%

Value ($000) $21,969 (+62.0%) Shares 802,660 (+58.8%) Est. Cost $29.76 Unrealized —

CPT Camden Property Trust 0.4%

Value ($000) $29,624 (+36.5%) Shares 269,117 (+32.4%) Est. Cost $102.25 Unrealized +0.9%

IRT Independence Realty Trust Inc 0.5%

Value ($000) $32,716 (+31.6%) Shares 1,871,603 (+23.4%) Est. Cost $19.23 Unrealized —

CPK Chesapeake Utilities Corporati 0.4%

Value ($000) $25,234 (+43.0%) Shares 202,264 (+54.4%) Est. Cost $125.47 Unrealized +4.7%

SMA SmartStop Self Storage REIT In 0.2%

Value ($000) $11,503 (+29.8%) Shares 371,785 (+57.9%) Est. Cost $34.29 Unrealized —

ESRT Empire State Realty Trust Inc. 0.1%

Value ($000) $7,604 (+44.3%) Shares 1,166,317 (+69.6%) Est. Cost $8.52 Unrealized —

AWK American Water Works Co. 0.0%

Value ($000) $2,797 (+71.3%) Shares 21,430 (+82.7%) Est. Cost $133.72 Unrealized -0.4%

WEC WEC Energy Group Inc. 2.1%

Value ($000) $140,904 (-0.8%) Shares 1,336,094 (+7.8%) Est. Cost $86.73 Unrealized +27.1%

REXR Rexford Industrial Realty, Inc 0.3%

Value ($000) $23,350 (-4.4%) Shares 603,046 (+1.5%) Est. Cost $58.77 Unrealized —

VRE Veris Residential Inc 0.3%

Value ($000) $20,100 (+3.8%) Shares 1,350,832 (+6.0%) Est. Cost $15.97 Unrealized —

PDM Piedmont Office Realty Trust I 0.1%

Value ($000) $6,832 (+8.9%) Shares 819,238 (+17.6%) Est. Cost $10.45 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AMH	American Homes 4 Rent	4,850,171 (+104.4%)	$155,690 (+97.4%)	2.3%	$33.69	—	COM	02665T306
OHI	Omega Healthcare Investors	2,222,799 (+327.5%)	$98,559 (+349.0%)	1.4%	$43.84	—	COM	681936100
PSA	Public Storage	330,487 (+479.3%)	$85,761 (+420.4%)	1.3%	$274.27	+1.1%	COM	74460D109
WELL	Welltower Inc.	3,229,678 (+6.1%)	$599,461 (+10.6%)	8.8%	$110.32	+69.0%	COM	95040Q104
ETR	Entergy Corp.	1,769,115 (+45.7%)	$163,519 (+44.5%)	2.4%	$88.55	+6.8%	COM	29364G103
OGE	OGE Energy Corp.	2,215,572 (+85.8%)	$94,605 (+71.4%)	1.4%	$42.16	+5.8%	COM	670837103
PEG	Public Service Enterprise Grou	1,946,512 (+38.0%)	$156,305 (+32.8%)	2.3%	$80.39	+0.9%	COM	744573106
PLD	ProLogis Inc.	2,152,183 (+4.3%)	$274,748 (+16.3%)	4.0%	$80.00	+54.8%	COM	74340W103
EQR	Equity Residential	696,971 (+399.4%)	$43,937 (+386.4%)	0.6%	$60.97	-0.5%	COM	29476L107
ED	Consolidated Edison Inc.	508,222 (+201.7%)	$50,477 (+198.1%)	0.7%	$98.90	-0.1%	COM	209115104
CMS	CMS Energy Corporation	1,480,908 (+52.3%)	$103,560 (+45.4%)	1.5%	$63.62	+14.0%	COM	125896100
UNP	Union Pacific Corp	842,775 (+14.4%)	$194,951 (+12.0%)	2.9%	$223.68	+1.6%	COM	907818108
VTR	Ventas Inc.	1,851,968 (+5.8%)	$143,305 (+17.0%)	2.1%	$61.63	+21.7%	COM	92276F100
LNG	Cheniere Energy Inc.	761,179 (+39.0%)	$147,966 (+15.0%)	2.2%	$226.67	-7.4%	COM	16411R208
EQIX	Equinix Inc	589,231 (+6.2%)	$451,445 (+3.9%)	6.6%	$722.13	+8.2%	COM	29444U700
AHR	American Healthcare REIT	1,504,685 (+14.5%)	$70,810 (+28.3%)	1.0%	$38.50	—	COM	398182303
BRX	Brixmor Property Group	5,341,006 (+18.1%)	$140,041 (+11.8%)	2.1%	$24.15	—	COM	11120U105
VICI	Vici Properties Inc.	7,063,264 (+24.9%)	$198,619 (+7.7%)	2.9%	$29.14	+0.5%	COM	925652109
XEL	Xcel Energy Inc.	2,324,667 (+18.1%)	$171,700 (+8.2%)	2.5%	$63.10	+24.1%	COM	98389B100
HST	Host Hotels & Resorts Inc.	2,169,471 (+41.8%)	$38,465 (+47.7%)	0.6%	$16.33	+3.7%	COM	44107P104
EGP	Eastgroup Properties	711,109 (+5.1%)	$126,677 (+10.6%)	1.9%	$173.23	—	COM	277276101
CUBE	CubeSmart	3,469,724 (+3.1%)	$125,084 (-8.6%)	1.8%	$36.92	—	COM	229663109
AMT	American Tower Corp.	788,920 (+18.8%)	$138,511 (+8.5%)	2.0%	$198.76	-9.3%	COM	03027X100
IRM	Iron Mountain Incorporated	1,446,597 (+14.0%)	$119,995 (-7.3%)	1.8%	$98.86	-6.1%	COM	46284V101
SKT	Tanger Inc.	1,009,226 (+39.9%)	$33,678 (+37.9%)	0.5%	$33.70	—	COM	875465106
UDR	UDR Inc.	4,687,007 (+7.3%)	$171,919 (+5.7%)	2.5%	$39.06	-9.1%	COM	902653104
PCG	PG&E Corp.	6,948,499 (+2.2%)	$111,662 (+9.0%)	1.6%	$17.32	-8.0%	COM	69331C108
GTY	Getty Realty Corp.	802,660 (+58.8%)	$21,969 (+62.0%)	0.3%	$29.76	—	COM	374297109
CPT	Camden Property Trust	269,117 (+32.4%)	$29,624 (+36.5%)	0.4%	$102.25	+0.9%	COM	133131102
IRT	Independence Realty Trust Inc	1,871,603 (+23.4%)	$32,716 (+31.6%)	0.5%	$19.23	—	COM	45378A106
CPK	Chesapeake Utilities Corporati	202,264 (+54.4%)	$25,234 (+43.0%)	0.4%	$125.47	+4.7%	COM	165303108
SMA	SmartStop Self Storage REIT In	371,785 (+57.9%)	$11,503 (+29.8%)	0.2%	$34.29	—	COM	83192D402
ESRT	Empire State Realty Trust Inc.	1,166,317 (+69.6%)	$7,604 (+44.3%)	0.1%	$8.52	—	COM	292104106
AWK	American Water Works Co.	21,430 (+82.7%)	$2,797 (+71.3%)	0.0%	$133.72	-0.4%	COM	030420103
WEC	WEC Energy Group Inc.	1,336,094 (+7.8%)	$140,904 (-0.8%)	2.1%	$86.73	+27.1%	COM	92939U106
REXR	Rexford Industrial Realty, Inc	603,046 (+1.5%)	$23,350 (-4.4%)	0.3%	$58.77	—	COM	76169C100
VRE	Veris Residential Inc	1,350,832 (+6.0%)	$20,100 (+3.8%)	0.3%	$15.97	—	COM	554489104
PDM	Piedmont Office Realty Trust I	819,238 (+17.6%)	$6,832 (+8.9%)	0.1%	$10.45	—	COM	720190206

Exited Positions (15)

ELME ELME Communities 0.4%

Value ($000) $29,747 Shares 1,764,378 Est. Cost $16.55 Unrealized —

SRE Sempra Energy 0.3%

Value ($000) $20,299 Shares 225,600 Est. Cost $68.59 Unrealized +32.0%

POR Portland General Electric Comp 0.3%

Value ($000) $18,702 Shares 425,039 Est. Cost $39.23 Unrealized +19.2%

— LXP Industrial Trust 0.2%

Value ($000) $15,508 Shares 1,730,817 Est. Cost $8.96 Unrealized —

MAA Mid-America Apt. Comm. 0.2%

Value ($000) $13,475 Shares 96,439 Est. Cost $152.49 Unrealized -12.8%

RHP Ryman Hospitality Properties 0.1%

Value ($000) $9,786 Shares 109,229 Est. Cost $98.21 Unrealized —

UE Urban Edge Properties 0.1%

Value ($000) $4,855 Shares 237,176 Est. Cost $21.49 Unrealized —

KIM Kimco Realty Corp. 0.1%

Value ($000) $4,511 Shares 206,448 Est. Cost $21.29 Unrealized -3.4%

ALEX Alexander & Baldwin Inc. 0.0%

Value ($000) $1,716 Shares 94,337 Est. Cost $18.19 Unrealized —

XHR Xenia Hotels & Resorts Inc 0.0%

Value ($000) $1,373 Shares 100,065 Est. Cost $13.72 Unrealized —

WPC WP Carey Inc. 0.0%

Value ($000) $996 Shares 14,747 Est. Cost $62.38 Unrealized —

MPT Medical Properties Trust 0.0%

Value ($000) $508 Shares 100,100 Est. Cost $16.77 Unrealized —

KMI Kinder Morgan Inc. 0.0%

Value ($000) $252 Shares 8,886 Est. Cost $25.42 Unrealized +5.8%

PAGP Plains GP Holdings 0.0%

Value ($000) $212 Shares 11,626 Est. Cost $18.53 Unrealized —

MAC Macerich Co. 0.0%

Value ($000) $201 Shares 11,043 Est. Cost $18.20 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ELME	ELME Communities	1,764,378	$29,747	0.4%	$16.55	—	—	939653101
SRE	Sempra Energy	225,600	$20,299	0.3%	$68.59	+32.0%	—	816851109
POR	Portland General Electric Comp	425,039	$18,702	0.3%	$39.23	+19.2%	—	736508847
—	LXP Industrial Trust	1,730,817	$15,508	0.2%	$8.96	—	—	529043101
MAA	Mid-America Apt. Comm.	96,439	$13,475	0.2%	$152.49	-12.8%	—	59522J103
RHP	Ryman Hospitality Properties	109,229	$9,786	0.1%	$98.21	—	—	78377T107
UE	Urban Edge Properties	237,176	$4,855	0.1%	$21.49	—	—	91704F104
KIM	Kimco Realty Corp.	206,448	$4,511	0.1%	$21.29	-3.4%	—	49446R109
ALEX	Alexander & Baldwin Inc.	94,337	$1,716	0.0%	$18.19	—	—	014491104
XHR	Xenia Hotels & Resorts Inc	100,065	$1,373	0.0%	$13.72	—	—	984017103
WPC	WP Carey Inc.	14,747	$996	0.0%	$62.38	—	—	92936U109
MPT	Medical Properties Trust	100,100	$508	0.0%	$16.77	—	—	58463J304
KMI	Kinder Morgan Inc.	8,886	$252	0.0%	$25.42	+5.8%	—	49456B101
PAGP	Plains GP Holdings	11,626	$212	0.0%	$18.53	—	—	72651A207
MAC	Macerich Co.	11,043	$201	0.0%	$18.20	—	—	554382101

Decreased Positions (39)

O Realty Income Corp 0.4%

Value ($000) $25,671 (-85.1%) Shares 455,409 (-83.9%) Est. Cost $48.56 Unrealized +18.1%

EXR Extra Space Storage Inc. 0.6%

Value ($000) $43,018 (-76.2%) Shares 330,346 (-74.2%) Est. Cost $146.26 Unrealized -7.7%

WMB Williams Cos. 0.0%

Value ($000) $783 (-99.3%) Shares 13,023 (-99.3%) Est. Cost $55.19 Unrealized +8.8%

NEE Nextera Energy Inc 1.0%

Value ($000) $71,321 (-54.1%) Shares 888,397 (-56.9%) Est. Cost $69.79 Unrealized +18.2%

INVH Invitation Homes Inc 0.7%

Value ($000) $47,790 (-51.2%) Shares 1,719,689 (-48.5%) Est. Cost $30.04 Unrealized -8.0%

PPL PPL Corp. 1.8%

Value ($000) $121,076 (-24.4%) Shares 3,457,346 (-19.8%) Est. Cost $30.30 Unrealized +18.2%

ATO Atmos Energy Corp. 1.3%

Value ($000) $88,747 (-29.2%) Shares 529,421 (-27.9%) Est. Cost $125.73 Unrealized +37.0%

WTRG Essential Utilities 1.1%

Value ($000) $75,642 (-31.2%) Shares 1,971,886 (-28.4%) Est. Cost $38.67 Unrealized +1.8%

DLR Digital Realty Trust Inc. 0.6%

Value ($000) $38,474 (-47.1%) Shares 248,682 (-40.9%) Est. Cost $156.58 Unrealized +4.2%

ARE Alexandria Real Estate Equitie 0.1%

Value ($000) $8,717 (-78.7%) Shares 178,107 (-63.8%) Est. Cost $93.22 Unrealized -37.8%

FRT Federal Realty Investment Trus 0.2%

Value ($000) $10,657 (-71.5%) Shares 105,726 (-71.4%) Est. Cost $98.90 Unrealized -1.6%

AVB AvalonBay Communities Inc. 0.4%

Value ($000) $30,089 (-45.8%) Shares 165,953 (-42.3%) Est. Cost $181.25 Unrealized -0.8%

BXP BXP Inc 0.6%

Value ($000) $42,023 (-35.9%) Shares 622,750 (-29.3%) Est. Cost $68.70 Unrealized +2.4%

EPRT Essential Properties Realty 0.7%

Value ($000) $45,088 (-30.8%) Shares 1,520,150 (-30.5%) Est. Cost $30.92 Unrealized —

DOC Healthpeak Properties Inc. 1.3%

Value ($000) $91,606 (-17.6%) Shares 5,696,889 (-1.8%) Est. Cost $18.89 Unrealized -7.6%

ESS Essex Property Trust Inc. 0.2%

Value ($000) $16,839 (-52.0%) Shares 64,350 (-50.9%) Est. Cost $256.19 Unrealized +0.0%

SPG Simon Property Group Inc. 3.5%

Value ($000) $238,799 (-6.9%) Shares 1,290,039 (-5.6%) Est. Cost $84.15 Unrealized +113.9%

VNO Vornado Realty Trust 0.8%

Value ($000) $51,398 (-23.1%) Shares 1,544,423 (-6.4%) Est. Cost $38.39 Unrealized —

CSX CSX Corporation 0.3%

Value ($000) $19,672 (-41.4%) Shares 542,675 (-42.6%) Est. Cost $32.45 Unrealized +10.0%

CDP COPT Defense Properties 0.4%

Value ($000) $28,271 (-31.9%) Shares 1,016,948 (-28.8%) Est. Cost $29.99 Unrealized —

BIP Brookfield Infrastructure Part 0.2%

Value ($000) $14,504 (-41.3%) Shares 417,500 (-44.4%) Est. Cost $31.53 Unrealized —

REG Regency Centers Corporation 1.9%

Value ($000) $129,733 (-7.0%) Shares 1,879,365 (-1.8%) Est. Cost $64.67 Unrealized +7.4%

NTST Netstreit Corp 0.1%

Value ($000) $8,930 (-52.0%) Shares 506,241 (-50.8%) Est. Cost $17.72 Unrealized —

CUZ Cousins Properties Inc. 0.4%

Value ($000) $24,264 (-28.4%) Shares 941,187 (-19.7%) Est. Cost $29.96 Unrealized —

FR First Industrial Realty Trust 2.0%

Value ($000) $134,315 (+7.0%) Shares 2,345,292 (-3.8%) Est. Cost $52.78 Unrealized —

TRGP Targa Resources Corp. 1.7%

Value ($000) $115,115 (+7.6%) Shares 623,930 (-2.3%) Est. Cost $105.94 Unrealized +58.7%

PK Park Hotels & Resorts Inc 0.1%

Value ($000) $8,375 (-47.9%) Shares 800,659 (-44.9%) Est. Cost $14.77 Unrealized —

CEG Constellation Energy Corp 1.2%

Value ($000) $78,969 (-8.7%) Shares 223,538 (-14.9%) Est. Cost $199.89 Unrealized +81.7%

STAG STAG Industrial, Inc. 2.0%

Value ($000) $133,175 (-3.5%) Shares 3,622,812 (-7.4%) Est. Cost $36.04 Unrealized —

CSR Centerspace 0.1%

Value ($000) $3,408 (-53.1%) Shares 51,078 (-58.6%) Est. Cost $61.12 Unrealized —

HLT Hilton Worldwide Holdings Inc. 0.2%

Value ($000) $10,616 (-25.9%) Shares 36,958 (-33.0%) Est. Cost $206.42 Unrealized +31.9%

CWEN Clearway Energy Inc. Class C 0.3%

Value ($000) $20,233 (+14.6%) Shares 608,327 (-2.7%) Est. Cost $27.57 Unrealized +19.7%

CWT California Water Service Group 0.5%

Value ($000) $31,299 (-6.6%) Shares 722,345 (-1.1%) Est. Cost $46.67 Unrealized -3.3%

WY Weyerhaeuser Co. 0.0%

Value ($000) $1,570 (-44.2%) Shares 66,277 (-41.6%) Est. Cost $26.61 Unrealized -13.6%

SBAC SBA Communications Corp. 0.1%

Value ($000) $5,039 (-16.8%) Shares 26,051 (-16.9%) Est. Cost $217.22 Unrealized -11.3%

BNL Broadstone Net Lease Inc 0.0%

Value ($000) $2,021 (-9.1%) Shares 116,343 (-6.5%) Est. Cost $17.87 Unrealized —

NSC Norfolk Southern Corp 0.0%

Value ($000) $819 (-14.7%) Shares 2,838 (-11.2%) Est. Cost $244.11 Unrealized +18.2%

ES Eversource Energy 0.0%

Value ($000) $225 (-34.6%) Shares 3,337 (-30.9%) Est. Cost $54.68 Unrealized +27.2%

AEE Ameren Corp. 0.0%

Value ($000) $606 (-6.8%) Shares 6,066 (-2.6%) Est. Cost $93.65 Unrealized +8.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
O	Realty Income Corp	455,409 (-83.9%)	$25,671 (-85.1%)	0.4%	$48.56	+18.1%	COM	756109104
EXR	Extra Space Storage Inc.	330,346 (-74.2%)	$43,018 (-76.2%)	0.6%	$146.26	-7.7%	COM	30225T102
WMB	Williams Cos.	13,023 (-99.3%)	$783 (-99.3%)	0.0%	$55.19	+8.8%	COM	969457100
NEE	Nextera Energy Inc	888,397 (-56.9%)	$71,321 (-54.1%)	1.0%	$69.79	+18.2%	COM	65339F101
INVH	Invitation Homes Inc	1,719,689 (-48.5%)	$47,790 (-51.2%)	0.7%	$30.04	-8.0%	COM	46187W107
PPL	PPL Corp.	3,457,346 (-19.8%)	$121,076 (-24.4%)	1.8%	$30.30	+18.2%	COM	69351T106
ATO	Atmos Energy Corp.	529,421 (-27.9%)	$88,747 (-29.2%)	1.3%	$125.73	+37.0%	COM	049560105
WTRG	Essential Utilities	1,971,886 (-28.4%)	$75,642 (-31.2%)	1.1%	$38.67	+1.8%	COM	29670G102
DLR	Digital Realty Trust Inc.	248,682 (-40.9%)	$38,474 (-47.1%)	0.6%	$156.58	+4.2%	COM	253868103
ARE	Alexandria Real Estate Equitie	178,107 (-63.8%)	$8,717 (-78.7%)	0.1%	$93.22	-37.8%	COM	015271109
FRT	Federal Realty Investment Trus	105,726 (-71.4%)	$10,657 (-71.5%)	0.2%	$98.90	-1.6%	COM	313745101
AVB	AvalonBay Communities Inc.	165,953 (-42.3%)	$30,089 (-45.8%)	0.4%	$181.25	-0.8%	COM	053484101
BXP	BXP Inc	622,750 (-29.3%)	$42,023 (-35.9%)	0.6%	$68.70	+2.4%	COM	101121101
EPRT	Essential Properties Realty	1,520,150 (-30.5%)	$45,088 (-30.8%)	0.7%	$30.92	—	COM	29670E107
DOC	Healthpeak Properties Inc.	5,696,889 (-1.8%)	$91,606 (-17.6%)	1.3%	$18.89	-7.6%	COM	42250P103
ESS	Essex Property Trust Inc.	64,350 (-50.9%)	$16,839 (-52.0%)	0.2%	$256.19	+0.0%	COM	297178105
SPG	Simon Property Group Inc.	1,290,039 (-5.6%)	$238,799 (-6.9%)	3.5%	$84.15	+113.9%	COM	828806109
VNO	Vornado Realty Trust	1,544,423 (-6.4%)	$51,398 (-23.1%)	0.8%	$38.39	—	COM	929042109
CSX	CSX Corporation	542,675 (-42.6%)	$19,672 (-41.4%)	0.3%	$32.45	+10.0%	COM	126408103
CDP	COPT Defense Properties	1,016,948 (-28.8%)	$28,271 (-31.9%)	0.4%	$29.99	—	COM	22002T108
BIP	Brookfield Infrastructure Part	417,500 (-44.4%)	$14,504 (-41.3%)	0.2%	$31.53	—	COM	G16252101
REG	Regency Centers Corporation	1,879,365 (-1.8%)	$129,733 (-7.0%)	1.9%	$64.67	+7.4%	COM	758849103
NTST	Netstreit Corp	506,241 (-50.8%)	$8,930 (-52.0%)	0.1%	$17.72	—	COM	64119V303
CUZ	Cousins Properties Inc.	941,187 (-19.7%)	$24,264 (-28.4%)	0.4%	$29.96	—	COM	222795502
FR	First Industrial Realty Trust	2,345,292 (-3.8%)	$134,315 (+7.0%)	2.0%	$52.78	—	COM	32054K103
TRGP	Targa Resources Corp.	623,930 (-2.3%)	$115,115 (+7.6%)	1.7%	$105.94	+58.7%	COM	87612G101
PK	Park Hotels & Resorts Inc	800,659 (-44.9%)	$8,375 (-47.9%)	0.1%	$14.77	—	COM	700517105
CEG	Constellation Energy Corp	223,538 (-14.9%)	$78,969 (-8.7%)	1.2%	$199.89	+81.7%	COM	21037T109
STAG	STAG Industrial, Inc.	3,622,812 (-7.4%)	$133,175 (-3.5%)	2.0%	$36.04	—	COM	85254J102
CSR	Centerspace	51,078 (-58.6%)	$3,408 (-53.1%)	0.1%	$61.12	—	COM	15202L107
HLT	Hilton Worldwide Holdings Inc.	36,958 (-33.0%)	$10,616 (-25.9%)	0.2%	$206.42	+31.9%	COM	43300A203
CWEN	Clearway Energy Inc. Class C	608,327 (-2.7%)	$20,233 (+14.6%)	0.3%	$27.57	+19.7%	COM	18539C204
CWT	California Water Service Group	722,345 (-1.1%)	$31,299 (-6.6%)	0.5%	$46.67	-3.3%	COM	130788102
WY	Weyerhaeuser Co.	66,277 (-41.6%)	$1,570 (-44.2%)	0.0%	$26.61	-13.6%	COM	962166104
SBAC	SBA Communications Corp.	26,051 (-16.9%)	$5,039 (-16.8%)	0.1%	$217.22	-11.3%	COM	78410G104
BNL	Broadstone Net Lease Inc	116,343 (-6.5%)	$2,021 (-9.1%)	0.0%	$17.87	—	COM	11135E203
NSC	Norfolk Southern Corp	2,838 (-11.2%)	$819 (-14.7%)	0.0%	$244.11	+18.2%	COM	655844108
ES	Eversource Energy	3,337 (-30.9%)	$225 (-34.6%)	0.0%	$54.68	+27.2%	COM	30040W108
AEE	Ameren Corp.	6,066 (-2.6%)	$606 (-6.8%)	0.0%	$93.65	+8.9%	COM	023608102

Unchanged Positions (13)

AES AES Corporation 1.7%

Value ($000) $112,793 Shares 7,865,594 Est. Cost $15.73 Unrealized -10.8%

CCI Crown Castle Inc 0.9%

Value ($000) $63,063 Shares 709,609 Est. Cost $124.24 Unrealized -26.7%

SHO Sunstone Hotel Investors Inc. 0.6%

Value ($000) $39,175 Shares 4,381,967 Est. Cost $11.34 Unrealized —

SUI Sun Communities Inc. 0.5%

Value ($000) $32,483 Shares 262,148 Est. Cost $137.65 Unrealized —

D Dominion Energy Inc. 0.3%

Value ($000) $21,649 Shares 369,494 Est. Cost $64.53 Unrealized -7.4%

NSA National Storage Affiliates Tr 0.1%

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

LINE LINEAGE INC 0.1%

Value ($000) $5,996 Shares 171,316 Est. Cost $76.50 Unrealized —

— Pebblebrook Hotel Trust 0.2%

Value ($000) $10,324 Shares 541,950 Est. Cost $17.51 Unrealized —

COLD Americold Realty Trust 0.1%

Value ($000) $9,687 Shares 753,292 Est. Cost $25.83 Unrealized —

— Pebblebrook Hotel Trust 0.1%

Value ($000) $7,320 Shares 383,644 Est. Cost $17.15 Unrealized —

UNIT Uniti Group Inc 0.0%

Value ($000) $2,664 Shares 380,042 Est. Cost $7.16 Unrealized -11.5%

OKE ONEOK Inc. 0.3%

Value ($000) $21,521 Shares 292,800 Est. Cost $95.76 Unrealized -26.4%

XIFR XPLR Infrastructure LP 0.1%

Value ($000) $7,949 Shares 794,852 Est. Cost $56.31 Unrealized -82.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AES	AES Corporation	7,865,594	$112,793	1.7%	$15.73	-10.8%	COM	00130H105
CCI	Crown Castle Inc	709,609	$63,063	0.9%	$124.24	-26.7%	COM	22822V101
SHO	Sunstone Hotel Investors Inc.	4,381,967	$39,175	0.6%	$11.34	—	COM	867892101
SUI	Sun Communities Inc.	262,148	$32,483	0.5%	$137.65	—	COM	866674104
D	Dominion Energy Inc.	369,494	$21,649	0.3%	$64.53	-7.4%	COM	25746U109
NSA	National Storage Affiliates Tr	316,068	$8,916	0.1%	$54.90	—	COM	637870106
LINE	LINEAGE INC	171,316	$5,996	0.1%	$76.50	—	COM	53566V106
—	Pebblebrook Hotel Trust	541,950	$10,324	0.2%	$17.51	—	UNIT	70509V704
COLD	Americold Realty Trust	753,292	$9,687	0.1%	$25.83	—	COM	03064D108
—	Pebblebrook Hotel Trust	383,644	$7,320	0.1%	$17.15	—	UNIT	70509V605
UNIT	Uniti Group Inc	380,042	$2,664	0.0%	$7.16	-11.5%	COM	912932100
OKE	ONEOK Inc.	292,800	$21,521	0.3%	$95.76	-26.4%	COM	682680103
XIFR	XPLR Infrastructure LP	794,852	$7,949	0.1%	$56.31	-82.8%	COM	65341B106