DUFF & PHELPS INVESTMENT MANAGEMENT CO Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PLD	PROLOGIS INC	3,156,371 (+6.2%)	$402,942 (+18.4%)	4.6%	$79.25	+56.3%	Common Stock	74340W103
FR	FIRST IND REALTY TR	2,184,408 (+50.7%)	$125,101 (+67.7%)	1.4%	$53.42	—	REIT	32054K103
WELL	WELLTOWER OP INC	2,609,690 (+4.2%)	$484,385 (+8.6%)	5.5%	$100.51	+85.5%	Common Stock	95040Q104
VTR	VENTAS INC	2,576,274 (+6.7%)	$199,352 (+18.0%)	2.3%	$41.01	+82.8%	Common Stock	92276F100
EQIX	EQUINIX INC	478,333 (+9.5%)	$366,480 (+7.1%)	4.2%	$651.57	+19.9%	REIT	29444U700
PCG	PG&E CORP	5,210,950 (+19.8%)	$83,740 (+27.7%)	0.9%	$16.05	-0.8%	Master Ltd Part	69331C108
TRGP	TARGA RESOURCES IN	522,546 (+9.3%)	$96,410 (+20.4%)	1.1%	$43.05	+290.4%	Master Ltd Part	87612G101
EPRT	ESSENTIAL PPTYS RLTY REIT COM	3,424,842 (+16.7%)	$101,581 (+16.3%)	1.2%	$32.63	—	REIT	29670E107
RHP	RYMAN HOSPITALITY	776,253 (+16.9%)	$73,449 (+23.4%)	0.8%	$85.10	—	Common Stock	78377T107
D	DOMINION ENERGY INC	1,492,575 (+20.5%)	$87,450 (+15.4%)	1.0%	$57.91	+3.2%	Master Ltd Part	25746U109
UNP	UNION PAC CORP	207,322 (+34.7%)	$47,958 (+31.8%)	0.5%	$220.08	+3.3%	Common Stock	907818108
ARE	ALEXANDRIA REAL ESTA REIT	999,846 (+122.2%)	$48,932 (+30.5%)	0.6%	$68.37	-15.2%	REIT	015271109
ADC	AGREE REALTY CORP	957,943 (+14.2%)	$69,001 (+15.8%)	0.8%	$71.52	—	Common Stock	008492100
GLPI	GAMING&LEISURE PPTYS	1,114,299 (+27.6%)	$49,798 (+22.4%)	0.6%	$47.23	—	REIT	36467J108
SPG	SIMON PPTY INC	877,686 (+7.3%)	$162,468 (+5.8%)	1.8%	$116.91	+54.0%	Common Stock	828806109
T	AT&T INC	3,140,500 (+2.0%)	$78,010 (-10.3%)	0.9%	$13.87	+82.3%	Common Stock	00206R102
MAA	MID-AMER APT CMNTYS REIT	850,093 (+8.8%)	$118,086 (+8.2%)	1.3%	$146.42	-9.2%	REIT	59522J103
PAA	PLAINS ALL AMERN PIP UNIT	2,176,900 (+17.2%)	$39,097 (+23.4%)	0.4%	$15.69	—	Master Ltd Part	726503105
SBRA	SABRA HEALTHCARE	2,788,795 (+12.8%)	$52,820 (+14.6%)	0.6%	$15.28	—	Common Stock	78573L106
LNG	CHENIERE ENERGY INC	462,495 (+12.8%)	$89,904 (-6.7%)	1.0%	$87.80	+139.2%	Master Ltd Part	16411R208
AMH	AMERICAN HOMES 4 R CL A	4,556,397 (+8.2%)	$146,260 (+4.5%)	1.7%	$27.80	—	REIT	02665T306
OGE	OGE ENERGY CORP	2,096,429 (+1.3%)	$89,518 (-6.5%)	1.0%	$36.38	+22.6%	Master Ltd Part	670837103
ELS	EQUITY LIFESTYLE PPT	1,545,120 (+7.0%)	$93,650 (+6.9%)	1.1%	$66.20	—	REIT	29472R108
ES	EVERSOURCE ENERGY	607,620 (+23.2%)	$40,911 (+16.6%)	0.5%	$56.82	+22.4%	Common Stock	30040W108
VNO	VORNADO RLTY TR SH BEN INT REIT	1,466,710 (+9.0%)	$48,812 (-10.5%)	0.6%	$28.79	—	REIT	929042109
PECO	PHILLIPS EDISON & CO COM USD0.01	1,788,426 (+5.3%)	$63,614 (+9.2%)	0.7%	$34.50	—	REIT	71844V201
AHR	AMERICAN HEALTHCARE	328,275 (+30.1%)	$15,449 (+45.7%)	0.2%	$41.41	—	REIT	398182303
CNI	CDN NATL RAILWAY	336,789 (+11.3%)	$33,353 (+16.9%)	0.4%	$98.43	-2.3%	Common Stock	136375102
KNTK	KINETIK HOLDINGS INC CLASS A COMMON STOCK	171,094 (+380.9%)	$6,168 (+305.6%)	0.1%	$39.17	-7.8%	Master Ltd Part	02215L209
ESS	ESSEX PPTY TR INC REIT	328,657 (+8.0%)	$86,003 (+5.5%)	1.0%	$243.24	+5.4%	REIT	297178105
AVB	AVALONBAY COMMUNTIES REIT	940,065 (+4.5%)	$170,443 (-1.9%)	1.9%	$162.51	+10.6%	REIT	053484101
WM	WASTE MANAGEMENT INC	38,217 (+66.1%)	$8,397 (+65.3%)	0.1%	$178.14	+19.3%	Common Stock	94106L109
ETR	ENTERGY CORP	1,579,455 (+3.0%)	$145,989 (+2.2%)	1.7%	$60.42	+56.5%	Master Ltd Part	29364G103
CUBE	CUBESMART	2,719,631 (+16.2%)	$98,043 (+3.0%)	1.1%	$34.51	—	REIT	229663109
TMO	THERMO FISHER SCI	16,191 (+14.3%)	$9,382 (+36.5%)	0.1%	$521.87	+8.3%	Common Stock	883556102
BXP	BXP INC	879,131 (+6.1%)	$59,324 (-3.7%)	0.7%	$61.90	+13.7%	REIT	101121101
OMAB	GRUPO AEROPORTUARIO ADR	43,000 (+87.0%)	$4,677 (+95.8%)	0.1%	$86.78	—	ADR	400501102
REXR	REXFORD INDUSTRIAL COM USD0.01	1,145,690 (+1.0%)	$44,361 (-4.9%)	0.5%	$47.62	—	Common Stock	76169C100
DHR	DANAHER CORP	34,748 (+18.1%)	$7,955 (+36.3%)	0.1%	$230.28	-4.7%	Common Stock	235851102
SMA	SMARTSTOP SELF STORA	1,099,700 (+14.6%)	$34,025 (-5.8%)	0.4%	$35.56	—	REIT	83192D402
WMB	WILLIAMS COS INC	1,865,628 (+3.6%)	$112,143 (-1.7%)	1.3%	$21.74	+176.2%	Master Ltd Part	969457100
PPL	PPL CORP COM	3,055,621 (+4.2%)	$107,008 (-1.8%)	1.2%	$27.88	+28.5%	Master Ltd Part	69351T106
ENB	ENBRIDGE INC	1,363,419 (+8.6%)	$65,212 (+3.0%)	0.7%	$30.28	+55.6%	Master Ltd Part	29250N105
GFL	GFL ENVIRONMENTAL IN SUB VTG SHS	323,747 (+25.9%)	$13,905 (+14.1%)	0.2%	$38.47	+16.1%	Common Stock	36168Q104
CNP	CENTERPOINT ENERGY	3,811,242 (+2.2%)	$146,123 (+1.0%)	1.7%	$19.48	+99.5%	Master Ltd Part	15189T107
CUZ	COUSINS PPTYS INC	2,091,727 (+15.4%)	$53,925 (+2.8%)	0.6%	$31.13	—	Common Stock	222795502
WMS	ADVANCED DRAINAGE COM USD0.01	139,606 (+2.2%)	$20,219 (+6.8%)	0.2%	$125.11	+15.6%	Common Stock	00790R104
FELE	FRANKLIN ELEC INC	110,184 (+12.9%)	$10,526 (+13.3%)	0.1%	$89.86	+5.8%	Common Stock	353514102
VLTO	VERALTO CORPORATION	356,391 (+3.3%)	$35,561 (-3.3%)	0.4%	$86.21	+17.2%	Common Stock	92338C103
SO	SOUTHERN CO	1,238,217 (+7.5%)	$107,973 (-1.1%)	1.2%	$44.35	+104.9%	Master Ltd Part	842587107
HST	HOST HOTELS & RESRTS REIT	339,144 (+14.6%)	$6,013 (+19.3%)	0.1%	$15.01	+12.8%	Common Stock	44107P104
BRX	BRIXMOR PROPERTY G COM USD0.01	4,430,543 (+6.4%)	$116,169 (+0.8%)	1.3%	$20.77	—	Common Stock	11120U105
SBS	COMPANHIA DE SANEAME ADR	1,444,628 (+7.1%)	$34,454 (+2.7%)	0.4%	$12.21	—	ADR	20441A102
DLR	DIGITAL RLTY TR INC	1,542,710 (+11.4%)	$238,673 (-0.3%)	2.7%	$111.14	+46.8%	REIT	253868103
PNR	PENTAIR PLC	250,547 (+3.2%)	$26,092 (-3.0%)	0.3%	$64.98	+64.2%	Common Stock	G7S00T104
GNR	SPDR INDEX SHARES S&P GL NAT RES ETF	56,400 (+19.5%)	$3,505 (+25.4%)	0.0%	$48.28	—	ETF	78463X541
DTE	DTE ENERGY CO	792,446 (+8.9%)	$102,210 (-0.7%)	1.2%	$105.86	+27.3%	Master Ltd Part	233331107
KIM	KIMCO REALTY CORP	935,321 (+11.4%)	$18,959 (+3.4%)	0.2%	$19.66	+4.7%	Common Stock	49446R109
ORA	ORMAT TECHNOLOGIES	13,931 (+40.0%)	$1,539 (+60.6%)	0.0%	$85.48	+27.9%	Common Stock	686688102
KEYUF	KEYERA CORP	1,200,638 (+6.1%)	$38,540 (+1.5%)	0.4%	$20.95	+49.7%	Master Ltd Part	493271100
NXT	NEXTPOWER INC COM CL A	33,054 (+3.1%)	$2,879 (+21.4%)	0.0%	$45.70	+98.4%	Common Stock	65290E101
CNM	CORE & MAIN INC CLASS A COMMON STOCK	357,052 (+6.0%)	$18,556 (+2.3%)	0.2%	$23.94	+114.2%	Common Stock	21874C102
GDX	VANECK ETF TRUST GOLD MINERS ETF	22,580 (+7.6%)	$1,937 (+20.8%)	0.0%	$40.75	—	ETF	92189F106
SCHP	SCHWAB STRATEGIC T US TIPS ETF	53,420 (+27.7%)	$1,415 (+25.6%)	0.0%	$30.40	—	ETF	808524870
VCLN	VIRTUS ETF TRUST II VIRTUS DUFF & PHELPS	61,475 (+6.8%)	$1,573 (+14.7%)	0.0%	$18.85	—	ETF	92790A702
DBC	INVESCO DB COMMODITY INDEX TRAC	41,694 (+27.9%)	$932 (+27.0%)	0.0%	$17.43	—	ETF	46138B103
PLUG	PLUG POWER INC	290,110 (+66.6%)	$572 (+40.8%)	0.0%	$2.49	+4.9%	Common Stock	72919P202
GEV	GE VERNOVA INC	717 (+34.5%)	$469 (+43.0%)	0.0%	$280.14	+117.4%	Common Stock	36828A101
DBA	INVESCO DB MULTI-SEC AGRICULTURE FD	26,225 (+30.3%)	$669 (+24.3%)	0.0%	$23.71	—	ETF	46140H106
HUBB	HUBBELL INCORPORATED	1,546 (+11.8%)	$687 (+15.4%)	0.0%	$403.34	+8.4%	Common Stock	443510607
RUN	SUNRUN INC COM USD0.0001	42,207 (+1.9%)	$777 (+8.4%)	0.0%	$14.61	+31.3%	Master Ltd Part	86771W105

Exited Positions (7)

ACM AECOM 0.2%

Value ($000) $13,765 Shares 105,506 Est. Cost $80.15 Unrealized +46.3%

SPIB SPDR SERIES TRUST PORTFOLIO INTERMEDIA 0.1%

Value ($000) $12,752 Shares 376,265 Est. Cost $33.87 Unrealized —

O REALTY INCOME CORP 0.1%

Value ($000) $11,291 Shares 185,746 Est. Cost $54.00 Unrealized +6.2%

VOD VODAFONE GRP PLC ADR 0.1%

Value ($000) $7,914 Shares 682,200 Est. Cost $35.20 Unrealized —

SUN SUNOCO LP/SUNOCO FIN COM UT REP LP 0.1%

Value ($000) $4,551 Shares 91,000 Est. Cost $53.63 Unrealized —

VLO VALERO ENERGY CORP 0.0%

Value ($000) $684 Shares 4,017 Est. Cost $129.37 Unrealized +30.5%

MP MP MATERIALS CORP CLASS A COMMON STOCK 0.0%

Value ($000) $504 Shares 7,519 Est. Cost $20.75 Unrealized +205.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ACM	AECOM	105,506	$13,765	0.2%	$80.15	+46.3%	—	00766T100
SPIB	SPDR SERIES TRUST PORTFOLIO INTERMEDIA	376,265	$12,752	0.1%	$33.87	—	—	78464A375
O	REALTY INCOME CORP	185,746	$11,291	0.1%	$54.00	+6.2%	—	756109104
VOD	VODAFONE GRP PLC ADR	682,200	$7,914	0.1%	$35.20	—	—	92857W308
SUN	SUNOCO LP/SUNOCO FIN COM UT REP LP	91,000	$4,551	0.1%	$53.63	—	—	86765K109
VLO	VALERO ENERGY CORP	4,017	$684	0.0%	$129.37	+30.5%	—	91913Y100
MP	MP MATERIALS CORP CLASS A COMMON STOCK	7,519	$504	0.0%	$20.75	+205.5%	—	553368101

Decreased Positions (44)

IRM IRON MOUNTAIN INC 1.5%

Value ($000) $131,098 (-21.7%) Shares 1,580,452 (-3.8%) Est. Cost $75.81 Unrealized +22.4%

PSA PUBLIC STORAGE REIT COMMON 1.3%

Value ($000) $116,622 (-20.7%) Shares 449,410 (-11.7%) Est. Cost $269.38 Unrealized +2.9%

NEE NEXTERA ENERGY INC 1.9%

Value ($000) $166,044 (-13.7%) Shares 2,068,314 (-18.9%) Est. Cost $58.62 Unrealized +40.7%

DUK DUKE ENERGY CORP 1.2%

Value ($000) $105,112 (-17.8%) Shares 896,780 (-13.2%) Est. Cost $103.38 Unrealized +17.6%

COLD AMERICOLD RLTY TR 0.0%

Value ($000) $1,248 (-94.1%) Shares 97,037 (-94.4%) Est. Cost $26.85 Unrealized —

WEC WEC ENERGY GROUP INC 1.2%

Value ($000) $103,477 (-12.2%) Shares 981,194 (-4.6%) Est. Cost $52.40 Unrealized +110.4%

EVRG EVERGY INC 1.4%

Value ($000) $124,388 (-10.1%) Shares 1,715,935 (-5.7%) Est. Cost $48.82 Unrealized +54.5%

AEE AMEREN CORPORATION 1.4%

Value ($000) $120,325 (-8.0%) Shares 1,204,941 (-3.8%) Est. Cost $39.18 Unrealized +160.3%

ATO ATMOS ENERGY CORP 1.2%

Value ($000) $109,346 (-8.2%) Shares 652,306 (-6.5%) Est. Cost $65.82 Unrealized +161.8%

AWK AMERICAN WTR WKS CO 0.7%

Value ($000) $58,597 (-13.4%) Shares 449,022 (-7.6%) Est. Cost $92.33 Unrealized +44.2%

VICI VICI PPTYS INC COM 0.0%

Value ($000) $3,160 (-73.8%) Shares 112,368 (-69.6%) Est. Cost $24.58 Unrealized +19.2%

SRE SEMPRA 2.1%

Value ($000) $184,228 (-4.5%) Shares 2,086,619 (-2.6%) Est. Cost $55.42 Unrealized +63.4%

XYL XYLEM INC 0.6%

Value ($000) $50,374 (-14.2%) Shares 369,910 (-7.1%) Est. Cost $93.37 Unrealized +53.8%

DTM DT MIDSTREAM INC 0.5%

Value ($000) $44,168 (-13.7%) Shares 369,048 (-18.5%) Est. Cost $77.05 Unrealized +48.3%

OKE ONEOK INC 0.6%

Value ($000) $52,753 (-8.6%) Shares 717,725 (-9.3%) Est. Cost $57.25 Unrealized +23.1%

ET ENERGY TRANSFER L P COM UT LTD PTN 0.7%

Value ($000) $62,098 (-7.3%) Shares 3,765,800 (-3.5%) Est. Cost $12.94 Unrealized —

KMI KINDER MORGAN INC 0.8%

Value ($000) $66,933 (-6.6%) Shares 2,434,803 (-3.8%) Est. Cost $20.42 Unrealized +31.8%

EPD ENTERPRISE PRODS 0.6%

Value ($000) $50,055 (-8.6%) Shares 1,561,283 (-10.8%) Est. Cost $33.92 Unrealized —

TTEK TETRA TECH INC 0.0%

Value ($000) $4,315 (-52.0%) Shares 128,648 (-52.2%) Est. Cost $40.75 Unrealized -17.0%

STN STANTEC INC 0.1%

Value ($000) $6,189 (-38.1%) Shares 65,496 (-29.3%) Est. Cost $47.19 Unrealized —

CSX CSX CORP 0.3%

Value ($000) $29,185 (-7.9%) Shares 805,115 (-9.8%) Est. Cost $30.22 Unrealized +18.1%

NWN NORTHWEST NATURAL HL 0.5%

Value ($000) $40,043 (-5.2%) Shares 856,710 (-8.9%) Est. Cost $62.50 Unrealized -25.4%

SR SPIRE INC COM USD1 0.9%

Value ($000) $81,330 (-2.5%) Shares 983,436 (-3.9%) Est. Cost $71.33 Unrealized —

BCE BCE INC 0.3%

Value ($000) $26,852 (-5.6%) Shares 1,127,288 (-7.3%) Est. Cost $24.33 Unrealized -5.3%

ECL ECOLAB INC 0.3%

Value ($000) $23,858 (-6.2%) Shares 90,879 (-2.1%) Est. Cost $166.27 Unrealized +59.8%

SBAC SBA COMMUNICATIONS COM USD0.01 CL A 0.1%

Value ($000) $7,525 (-16.1%) Shares 38,902 (-16.2%) Est. Cost $251.13 Unrealized -23.3%

MWA MUELLER WTR PRODS 0.1%

Value ($000) $13,052 (-8.6%) Shares 547,963 (-2.1%) Est. Cost $17.07 Unrealized +44.6%

CP CANADIAN PACIFIC KC 0.3%

Value ($000) $27,314 (-3.3%) Shares 370,512 (-2.3%) Est. Cost $76.90 Unrealized -4.3%

FSLR FIRST SOLAR 0.0%

Value ($000) $4,030 (-14.6%) Shares 15,428 (-27.9%) Est. Cost $167.92 Unrealized +50.2%

ERII ENERGY RECOVERY INC 0.0%

Value ($000) $4,067 (-14.4%) Shares 301,487 (-2.1%) Est. Cost $16.53 Unrealized -8.3%

IEX IDEX CORP 0.1%

Value ($000) $7,949 (+7.0%) Shares 44,675 (-2.1%) Est. Cost $191.54 Unrealized -10.8%

BMI BADGER METER INC 0.1%

Value ($000) $9,059 (-4.4%) Shares 51,938 (-2.1%) Est. Cost $90.56 Unrealized +98.5%

WTS WATTS WATER TECH CLASS A 0.1%

Value ($000) $9,354 (-3.3%) Shares 33,888 (-2.1%) Est. Cost $205.25 Unrealized +34.4%

TEL TE CONNECTIVITY 0.0%

Value ($000) $688 (-31.4%) Shares 3,024 (-33.8%) Est. Cost $147.09 Unrealized +57.2%

VMI VALMONT INDS INC 0.2%

Value ($000) $18,870 (+1.6%) Shares 46,903 (-2.1%) Est. Cost $296.05 Unrealized +37.5%

ZWS ZURN ELKAY WATER SOL 0.1%

Value ($000) $6,842 (-3.2%) Shares 147,169 (-2.1%) Est. Cost $28.42 Unrealized +64.5%

KGS KODIAK GAS SERVICES 0.2%

Value ($000) $17,283 (-1.1%) Shares 462,123 (-2.2%) Est. Cost $36.59 Unrealized -3.4%

SEDG SOLAREDGE TECHNOLO 0.0%

Value ($000) $417 (-30.1%) Shares 14,452 (-10.4%) Est. Cost $16.54 Unrealized +110.8%

CCJ CAMECO CORP 0.0%

Value ($000) $610 (-19.7%) Shares 6,670 (-26.4%) Est. Cost $39.33 Unrealized +128.7%

FERG FERGUSON PLC ORD GBP0.10 0.0%

Value ($000) $4,251 (-3.0%) Shares 19,095 (-2.1%) Est. Cost $197.54 Unrealized +20.5%

CWEN CLEARWAY ENERGY INC CL C COM STOCK $0.01 0.0%

Value ($000) $1,509 (+6.9%) Shares 45,380 (-9.2%) Est. Cost $25.63 Unrealized +28.8%

TRP TRANSCANADA PIPELINE COM 1.1%

Value ($000) $93,332 (+0.1%) Shares 1,696,644 (-1.0%) Est. Cost $38.17 Unrealized +39.8%

CEG CONSTELLATION ENERGY 0.0%

Value ($000) $854 (-3.8%) Shares 2,416 (-10.4%) Est. Cost $243.27 Unrealized +49.3%

ARRY ARRAY TECHNOLOGIES 0.0%

Value ($000) $240 (+1.4%) Shares 26,070 (-10.4%) Est. Cost $6.40 Unrealized +34.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IRM	IRON MOUNTAIN INC	1,580,452 (-3.8%)	$131,098 (-21.7%)	1.5%	$75.81	+22.4%	REIT	46284V101
PSA	PUBLIC STORAGE REIT COMMON	449,410 (-11.7%)	$116,622 (-20.7%)	1.3%	$269.38	+2.9%	REIT	74460D109
NEE	NEXTERA ENERGY INC	2,068,314 (-18.9%)	$166,044 (-13.7%)	1.9%	$58.62	+40.7%	Master Ltd Part	65339F101
DUK	DUKE ENERGY CORP	896,780 (-13.2%)	$105,112 (-17.8%)	1.2%	$103.38	+17.6%	Common Stock	26441C204
COLD	AMERICOLD RLTY TR	97,037 (-94.4%)	$1,248 (-94.1%)	0.0%	$26.85	—	Common Stock	03064D108
WEC	WEC ENERGY GROUP INC	981,194 (-4.6%)	$103,477 (-12.2%)	1.2%	$52.40	+110.4%	Common Stock	92939U106
EVRG	EVERGY INC	1,715,935 (-5.7%)	$124,388 (-10.1%)	1.4%	$48.82	+54.5%	Common Stock	30034W106
AEE	AMEREN CORPORATION	1,204,941 (-3.8%)	$120,325 (-8.0%)	1.4%	$39.18	+160.3%	Common Stock	023608102
ATO	ATMOS ENERGY CORP	652,306 (-6.5%)	$109,346 (-8.2%)	1.2%	$65.82	+161.8%	Common Stock	049560105
AWK	AMERICAN WTR WKS CO	449,022 (-7.6%)	$58,597 (-13.4%)	0.7%	$92.33	+44.2%	Common Stock	030420103
VICI	VICI PPTYS INC COM	112,368 (-69.6%)	$3,160 (-73.8%)	0.0%	$24.58	+19.2%	REIT	925652109
SRE	SEMPRA	2,086,619 (-2.6%)	$184,228 (-4.5%)	2.1%	$55.42	+63.4%	Master Ltd Part	816851109
XYL	XYLEM INC	369,910 (-7.1%)	$50,374 (-14.2%)	0.6%	$93.37	+53.8%	Common Stock	98419M100
DTM	DT MIDSTREAM INC	369,048 (-18.5%)	$44,168 (-13.7%)	0.5%	$77.05	+48.3%	Master Ltd Part	23345M107
OKE	ONEOK INC	717,725 (-9.3%)	$52,753 (-8.6%)	0.6%	$57.25	+23.1%	Master Ltd Part	682680103
ET	ENERGY TRANSFER L P COM UT LTD PTN	3,765,800 (-3.5%)	$62,098 (-7.3%)	0.7%	$12.94	—	Master Ltd Part	29273V100
KMI	KINDER MORGAN INC	2,434,803 (-3.8%)	$66,933 (-6.6%)	0.8%	$20.42	+31.8%	Master Ltd Part	49456B101
EPD	ENTERPRISE PRODS	1,561,283 (-10.8%)	$50,055 (-8.6%)	0.6%	$33.92	—	Master Ltd Part	293792107
TTEK	TETRA TECH INC	128,648 (-52.2%)	$4,315 (-52.0%)	0.0%	$40.75	-17.0%	Common Stock	88162G103
STN	STANTEC INC	65,496 (-29.3%)	$6,189 (-38.1%)	0.1%	$47.19	—	Common Stock	85472N109
CSX	CSX CORP	805,115 (-9.8%)	$29,185 (-7.9%)	0.3%	$30.22	+18.1%	Common Stock	126408103
NWN	NORTHWEST NATURAL HL	856,710 (-8.9%)	$40,043 (-5.2%)	0.5%	$62.50	-25.4%	Common Stock	66765N105
SR	SPIRE INC COM USD1	983,436 (-3.9%)	$81,330 (-2.5%)	0.9%	$71.33	—	Common Stock	84857L101
BCE	BCE INC	1,127,288 (-7.3%)	$26,852 (-5.6%)	0.3%	$24.33	-5.3%	Common Stock	05534B760
ECL	ECOLAB INC	90,879 (-2.1%)	$23,858 (-6.2%)	0.3%	$166.27	+59.8%	Common Stock	278865100
SBAC	SBA COMMUNICATIONS COM USD0.01 CL A	38,902 (-16.2%)	$7,525 (-16.1%)	0.1%	$251.13	-23.3%	REIT	78410G104
MWA	MUELLER WTR PRODS	547,963 (-2.1%)	$13,052 (-8.6%)	0.1%	$17.07	+44.6%	Common Stock	624758108
CP	CANADIAN PACIFIC KC	370,512 (-2.3%)	$27,314 (-3.3%)	0.3%	$76.90	-4.3%	Common Stock	13646K108
FSLR	FIRST SOLAR	15,428 (-27.9%)	$4,030 (-14.6%)	0.0%	$167.92	+50.2%	Common Stock	336433107
ERII	ENERGY RECOVERY INC	301,487 (-2.1%)	$4,067 (-14.4%)	0.0%	$16.53	-8.3%	Common Stock	29270J100
IEX	IDEX CORP	44,675 (-2.1%)	$7,949 (+7.0%)	0.1%	$191.54	-10.8%	Common Stock	45167R104
BMI	BADGER METER INC	51,938 (-2.1%)	$9,059 (-4.4%)	0.1%	$90.56	+98.5%	Common Stock	056525108
WTS	WATTS WATER TECH CLASS A	33,888 (-2.1%)	$9,354 (-3.3%)	0.1%	$205.25	+34.4%	Common Stock	942749102
TEL	TE CONNECTIVITY	3,024 (-33.8%)	$688 (-31.4%)	0.0%	$147.09	+57.2%	Common Stock	G87052109
VMI	VALMONT INDS INC	46,903 (-2.1%)	$18,870 (+1.6%)	0.2%	$296.05	+37.5%	Common Stock	920253101
ZWS	ZURN ELKAY WATER SOL	147,169 (-2.1%)	$6,842 (-3.2%)	0.1%	$28.42	+64.5%	Common Stock	98983L108
KGS	KODIAK GAS SERVICES	462,123 (-2.2%)	$17,283 (-1.1%)	0.2%	$36.59	-3.4%	Master Ltd Part	50012A108
SEDG	SOLAREDGE TECHNOLO	14,452 (-10.4%)	$417 (-30.1%)	0.0%	$16.54	+110.8%	Common Stock	83417M104
CCJ	CAMECO CORP	6,670 (-26.4%)	$610 (-19.7%)	0.0%	$39.33	+128.7%	Common Stock	13321L108
FERG	FERGUSON PLC ORD GBP0.10	19,095 (-2.1%)	$4,251 (-3.0%)	0.0%	$197.54	+20.5%	Common Stock	31488V107
CWEN	CLEARWAY ENERGY INC CL C COM STOCK $0.01	45,380 (-9.2%)	$1,509 (+6.9%)	0.0%	$25.63	+28.8%	Common Stock	18539C204
TRP	TRANSCANADA PIPELINE COM	1,696,644 (-1.0%)	$93,332 (+0.1%)	1.1%	$38.17	+39.8%	Master Ltd Part	87807B107
CEG	CONSTELLATION ENERGY	2,416 (-10.4%)	$854 (-3.8%)	0.0%	$243.27	+49.3%	Common Stock	21037T109
ARRY	ARRAY TECHNOLOGIES	26,070 (-10.4%)	$240 (+1.4%)	0.0%	$6.40	+34.1%	Common Stock	04271T100

Unchanged Positions (29)

XEL XCEL ENERGY INC 2.0%

Value ($000) $173,747 Shares 2,352,387 Est. Cost $45.60 Unrealized +71.7%

AMT AMERICAN TOWER CORP 1.8%

Value ($000) $161,148 Shares 917,855 Est. Cost $167.33 Unrealized +7.8%

CCI CROWN CASTLE INC 1.2%

Value ($000) $105,992 Shares 1,192,658 Est. Cost $85.76 Unrealized +6.2%

TU TELUS CORP 0.4%

Value ($000) $35,190 Shares 2,666,500 Est. Cost $17.96 Unrealized -21.6%

MPLX MPLX LP 1.1%

Value ($000) $97,774 Shares 1,832,003 Est. Cost $34.77 Unrealized —

NI NISOURCE INC 1.5%

Value ($000) $129,732 Shares 3,106,606 Est. Cost $17.23 Unrealized +147.3%

LNT ALLIANT ENERGY CORP 1.4%

Value ($000) $123,423 Shares 1,898,522 Est. Cost $52.92 Unrealized +26.3%

CMS CMS ENERGY CORP 1.2%

Value ($000) $101,655 Shares 1,453,667 Est. Cost $34.96 Unrealized +107.4%

VZ VERIZON COMMUNICATIO 0.6%

Value ($000) $54,557 Shares 1,339,489 Est. Cost $29.67 Unrealized +36.5%

PEG PUBLIC SVC ENTERPR 1.1%

Value ($000) $94,705 Shares 1,179,391 Est. Cost $39.07 Unrealized +107.5%

WTRG ESSENTIAL UTILITIES 1.0%

Value ($000) $83,958 Shares 2,188,681 Est. Cost $44.89 Unrealized -12.3%

BKH BLACK HILLS CORP 0.3%

Value ($000) $27,053 Shares 389,700 Est. Cost $57.35 Unrealized +15.9%

PBA PEMBINA PIPELINE 0.4%

Value ($000) $36,735 Shares 963,076 Est. Cost $26.33 Unrealized +46.1%

AEP AMERN ELEC PWR INC 1.0%

Value ($000) $87,885 Shares 762,162 Est. Cost $64.97 Unrealized +81.2%

OGS ONE GAS INC 0.5%

Value ($000) $44,496 Shares 576,000 Est. Cost $68.26 Unrealized +17.8%

FE FIRSTENERGY CORP 0.7%

Value ($000) $58,402 Shares 1,304,500 Est. Cost $33.94 Unrealized +34.7%

FTS FORTIS INC 0.6%

Value ($000) $51,117 Shares 981,900 Est. Cost $27.98 Unrealized +81.6%

PNW PINNACLE WEST CAP 0.6%

Value ($000) $55,431 Shares 624,930 Est. Cost $52.61 Unrealized +69.6%

EIX EDISON INTL 0.1%

Value ($000) $7,418 Shares 123,600 Est. Cost $60.06 Unrealized -4.5%

— KEYERA CORP SUBSCRIPT RECEIPT 0.1%

Value ($000) $5,320 Shares 171,584 Est. Cost $31.98 Unrealized —

WY WEYERHAEUSER CO 0.1%

Value ($000) $5,172 Shares 218,334 Est. Cost $29.80 Unrealized -22.9%

INVH INVITATION HOMES 0.0%

Value ($000) $3,658 Shares 131,626 Est. Cost $30.20 Unrealized -8.5%

EXR EXTRA SPACE STORAGE REIT 0.0%

Value ($000) $2,227 Shares 17,103 Est. Cost $94.91 Unrealized +42.2%

ENPH ENPHASE ENERGY 0.0%

Value ($000) $899 Shares 28,053 Est. Cost $114.86 Unrealized -71.8%

BE BLOOM ENERGY CORPOR CLASS A COMMON STOCK 0.0%

Value ($000) $2,976 Shares 34,248 Est. Cost $16.51 Unrealized +536.6%

PAGP PLAINS GP HLDINGS LP CL A SHS LPI 0.0%

Value ($000) $1,471 Shares 76,862 Est. Cost $15.40 Unrealized —

EGP EASTGROUP PROPERTIES 0.0%

Value ($000) $1,020 Shares 5,725 Est. Cost $183.22 Unrealized —

EQT EQT CORP COM 0.0%

Value ($000) $509 Shares 9,499 Est. Cost $52.61 Unrealized +6.7%

GBNXF GIBSON ENERGY 0.0%

Value ($000) $438 Shares 23,895 Est. Cost $15.20 Unrealized +14.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
XEL	XCEL ENERGY INC	2,352,387	$173,747	2.0%	$45.60	+71.7%	Master Ltd Part	98389B100
AMT	AMERICAN TOWER CORP	917,855	$161,148	1.8%	$167.33	+7.8%	REIT	03027X100
CCI	CROWN CASTLE INC	1,192,658	$105,992	1.2%	$85.76	+6.2%	REIT	22822V101
TU	TELUS CORP	2,666,500	$35,190	0.4%	$17.96	-21.6%	Common Stock	87971M103
MPLX	MPLX LP	1,832,003	$97,774	1.1%	$34.77	—	Master Ltd Part	55336V100
NI	NISOURCE INC	3,106,606	$129,732	1.5%	$17.23	+147.3%	Master Ltd Part	65473P105
LNT	ALLIANT ENERGY CORP	1,898,522	$123,423	1.4%	$52.92	+26.3%	Master Ltd Part	018802108
CMS	CMS ENERGY CORP	1,453,667	$101,655	1.2%	$34.96	+107.4%	Master Ltd Part	125896100
VZ	VERIZON COMMUNICATIO	1,339,489	$54,557	0.6%	$29.67	+36.5%	Common Stock	92343V104
PEG	PUBLIC SVC ENTERPR	1,179,391	$94,705	1.1%	$39.07	+107.5%	Common Stock	744573106
WTRG	ESSENTIAL UTILITIES	2,188,681	$83,958	1.0%	$44.89	-12.3%	Common Stock	29670G102
BKH	BLACK HILLS CORP	389,700	$27,053	0.3%	$57.35	+15.9%	Common Stock	092113109
PBA	PEMBINA PIPELINE	963,076	$36,735	0.4%	$26.33	+46.1%	Master Ltd Part	706327103
AEP	AMERN ELEC PWR INC	762,162	$87,885	1.0%	$64.97	+81.2%	Common Stock	025537101
OGS	ONE GAS INC	576,000	$44,496	0.5%	$68.26	+17.8%	Common Stock	68235P108
FE	FIRSTENERGY CORP	1,304,500	$58,402	0.7%	$33.94	+34.7%	Common Stock	337932107
FTS	FORTIS INC	981,900	$51,117	0.6%	$27.98	+81.6%	Common Stock	349553107
PNW	PINNACLE WEST CAP	624,930	$55,431	0.6%	$52.61	+69.6%	Common Stock	723484101
EIX	EDISON INTL	123,600	$7,418	0.1%	$60.06	-4.5%	Common Stock	281020107
—	KEYERA CORP SUBSCRIPT RECEIPT	171,584	$5,320	0.1%	$31.98	—	Master Ltd Part	493271118
WY	WEYERHAEUSER CO	218,334	$5,172	0.1%	$29.80	-22.9%	Common Stock	962166104
INVH	INVITATION HOMES	131,626	$3,658	0.0%	$30.20	-8.5%	REIT	46187W107
EXR	EXTRA SPACE STORAGE REIT	17,103	$2,227	0.0%	$94.91	+42.2%	REIT	30225T102
ENPH	ENPHASE ENERGY	28,053	$899	0.0%	$114.86	-71.8%	Common Stock	29355A107
BE	BLOOM ENERGY CORPOR CLASS A COMMON STOCK	34,248	$2,976	0.0%	$16.51	+536.6%	Common Stock	093712107
PAGP	PLAINS GP HLDINGS LP CL A SHS LPI	76,862	$1,471	0.0%	$15.40	—	Master Ltd Part	72651A207
EGP	EASTGROUP PROPERTIES	5,725	$1,020	0.0%	$183.22	—	Common Stock	277276101
EQT	EQT CORP COM	9,499	$509	0.0%	$52.61	+6.7%	Master Ltd Part	26884L109
GBNXF	GIBSON ENERGY	23,895	$438	0.0%	$15.20	+14.5%	Master Ltd Part	374825206