The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Expires: July 31, 2015
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
InterDigital Inc Common Stock 45867G101 300,869 945 SH DFND 945 0 0
Domino's Pizza Inc Common Stock 25754A201 611,475 1,467 SH DFND 1,467 0 0
Hilton Worldwide Holdings Inc Common Stock 43300A203 803,151 2,796 SH DFND 2,796 0 0
McDonald's Corp Common Stock 580135101 1,062,676 3,477 SH DFND 3,477 0 0
Royal Gold Inc Common Stock 780287108 934,507 4,204 SH DFND 4,204 0 0
Marriott International Inc/MD Common Stock 571903202 1,674,986 5,399 SH DFND 5,399 0 0
ARM Holdings PLC ADR 042068205 797,963 7,300 SH DFND 7,300 0 0
Wheaton Precious Metals Corp Common Stock 962879102 931,464 7,926 SH DFND 7,926 0 0
Dolby Laboratories Inc Common Stock 25659T107 585,044 9,110 SH DFND 9,110 0 0
Pembina Pipeline Corp Common Stock 706327103 352,866 9,270 SH DFND 9,270 0 0
Grupo Aeroportuario del Centro ADR 400501102 1,564,113 14,380 SH DFND 14,380 0 0
Restaurant Brands Internationa Common Stock 76131D103 1,681,528 24,645 SH DFND 24,645 0 0
Sony Group Corp ADR 835699307 921,600 36,000 SH DFND 36,000 0 0
XPO Inc Common Stock 983793100 5,691,503 41,877 SH DFND 41,877 0 0
Equinix Inc REIT 29444U700 33,808,342 44,127 SH DFND 44,127 0 0
Warner Music Group Corp Common Stock 934550203 1,410,391 45,986 SH DFND 45,986 0 0
Royalty Pharma PLC Common Stock G7709Q104 1,926,397 49,855 SH DFND 49,855 0 0
SBA Communications Corp REIT 78410G104 23,975,068 123,947 SH DFND 123,947 0 0
NU Holdings Ltd/Cayman Islands Common Stock G6683N103 2,430,681 145,202 SH DFND 145,202 0 0
ArcBest Corp Common Stock 03937C105 10,941,244 147,476 SH DFND 147,476 0 0
Union Pacific Corp Common Stock 907818108 38,812,258 167,786 SH DFND 167,786 0 0
Waste Management Inc Common Stock 94106L109 38,552,074 175,468 SH DFND 175,468 0 0
Toast Inc Common Stock 888787108 6,572,368 185,085 SH DFND 185,085 0 0
Old Dominion Freight Line Inc Common Stock 679580100 30,518,141 194,631 SH DFND 194,631 0 0
Republic Services Inc Common Stock 760759100 44,676,116 210,806 SH DFND 210,806 0 0
Brookfield Asset Management Lt Common Stock 113004105 12,151,913 231,951 SH DFND 231,951 0 0
Atmos Energy Corp Common Stock 049560105 40,524,720 241,751 SH DFND 241,751 0 0
Enbridge Inc Common Stock 29250N105 12,272,490 256,874 SH DFND 256,874 0 0
Canadian Pacific Kansas City L Common Stock 13646K108 19,375,719 263,598 SH DFND 263,598 0 0
Life Time Group Holdings Inc Common Stock 53190C102 7,383,313 277,777 SH DFND 277,777 0 0
Kinder Morgan Inc Common Stock 49456B101 8,019,960 291,741 SH DFND 291,741 0 0
American Water Works Co Inc Common Stock 030420103 40,114,265 307,389 SH DFND 307,389 0 0
American Tower Corp REIT 03027X100 54,975,356 313,125 SH DFND 313,125 0 0
Blackstone Inc Common Stock 09260D107 51,494,012 334,073 SH DFND 334,073 0 0
KKR & Co Inc Common Stock 48251W104 52,012,222 408,003 SH DFND 408,003 0 0
Sempra Common Stock 816851109 36,292,046 411,055 SH DFND 411,055 0 0
TPG Inc Common Stock 872657101 27,014,598 423,161 SH DFND 423,161 0 0
TC Energy Corp Common Stock 87807B107 23,727,425 431,583 SH DFND 431,583 0 0
Ares Management Corp Common Stock 03990B101 70,617,763 436,910 SH DFND 436,910 0 0
CMS Energy Corp Common Stock 125896100 34,841,504 498,234 SH DFND 498,234 0 0
Ferrovial SE Common Stock N3168P101 34,434,867 531,719 SH DFND 531,719 0 0
Apollo Global Management Inc Common Stock 03769M106 82,880,890 572,540 SH DFND 572,540 0 0
Williams Cos Inc/The Common Stock 969457100 40,915,434 680,676 SH DFND 680,676 0 0
CSX Corp Common Stock 126408103 32,594,985 899,172 SH DFND 899,172 0 0
ADT Inc Common Stock 00090Q103 8,992,828 1,114,353 SH DFND 1,114,353 0 0
Brookfield Corp Common Stock 11271J107 60,590,678 1,320,346 SH DFND 1,320,346 0 0
Blue Owl Capital Inc Common Stock 09581B103 41,014,289 2,745,267 SH DFND 2,745,267 0 0
Clarivate PLC Common Stock G21810909 85,447,417 25,583,059 SH DFND 25,583,059 0 0
KinderCare Learning Cos Inc Common Stock 49456W105 351,728,940 81,418,736 SH DFND 81,418,736 0 0