Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
XEL	XCEL ENERGY INC	2,818,534 (+21.7%)	$226M (+23.0%)	5.1%	—	—	COM	98389B100
CMS	CMS ENERGY CORP	2,539,050 (+25.7%)	$194M (+23.9%)	4.3%	—	—	COM	125896100
BKNG	BOOKING HOLDINGS INC	192,996 (+1561.3%)	$34.4M (-29.7%)	0.8%	—	—	COM	09857L108
TMO	THERMO FISHER SCIENTIFIC INC	105,936 (+27.3%)	$53.11M (+29.9%)	1.2%	—	—	COM	883556102
SO	SOUTHERN CO	592,268 (+8.6%)	$56.69M (+7.7%)	1.3%	—	—	COM	842587107
AEP	AMERICAN ELEC PWR CO INC	413,164 (+2.5%)	$56.52M (+7.0%)	1.3%	—	—	COM	025537101
DUK	DUKE ENERGY CORP NEW	442,471 (+9.9%)	$56.01M (+6.3%)	1.3%	—	—	COM NEW	26441C204
ETR	ENTERGY CORP NEW	482,755 (+3.1%)	$55.45M (+5.4%)	1.2%	—	—	COM	29364G103
DTE	DTE ENERGY CO	225,684 (+2.5%)	$34.39M (+6.8%)	0.8%	—	—	COM	233331107
PEG	PUBLIC SVC ENTERPRISE GROUP	548,309 (+4.7%)	$44.5M (+5.0%)	1.0%	—	—	COM	744573106
NI	NISOURCE INC	532,855 (+7.1%)	$25.34M (+9.1%)	0.6%	—	—	COM	65473P105
PNW	PINNACLE WEST CAP CORP	127,654 (+10.7%)	$13.66M (+17.6%)	0.3%	—	—	COM	723484101
NEE	NEXTERA ENERGY INC	624,979 (+9.7%)	$54.85M (+3.7%)	1.2%	—	—	COM	65339F101
AEE	AMEREN CORP	305,654 (+2.5%)	$34.55M (+5.4%)	0.8%	—	—	COM	023608102
IDA	IDACORP INC	58,544 (+16.8%)	$8.858M (+23.6%)	0.2%	—	—	COM	451107106
HD	HOME DEPOT INC	14,775 (+37.7%)	$5.211M (+47.7%)	0.1%	—	—	COM	437076102
SPGI	S&P GLOBAL INC	168,908 (+6.6%)	$68.79M (+2.0%)	1.5%	—	—	COM	78409V104
ATO	ATMOS ENERGY CORP	186,934 (+3.1%)	$32.2M (-3.9%)	0.7%	—	—	COM	049560105
CNP	CENTERPOINT ENERGY INC	697,825 (+2.2%)	$30.73M (+4.2%)	0.7%	—	—	COM	15189T107
FE	FIRSTENERGY CORP	630,371 (+2.4%)	$29.97M (-3.9%)	0.7%	—	—	COM	337932107
BKH	BLACK HILLS CORP	85,307 (+15.0%)	$6.347M (+23.3%)	0.1%	—	—	COM	092113109
ED	CONSOLIDATED EDISON INC	410,364 (+5.0%)	$45.4M (+2.6%)	1.0%	—	—	COM	209115104
SBAC	SBA COMMUNICATIONS CORP	115,963 (+2.9%)	$20.46M (+5.5%)	0.5%	—	—	CL A	78410G104
PPL	PPL CORP	778,473 (+2.3%)	$28.3M (-2.7%)	0.6%	—	—	COM	69351T106
ZBH	ZIMMER BIOMET HOLDINGS INC	570,409 (+3.6%)	$49.11M (-1.4%)	1.1%	—	—	COM	98956P102
POR	PORTLAND GEN ELEC CO	118,083 (+14.7%)	$6.12M (+12.7%)	0.1%	—	—	COM NEW	736508847
SR	SPIRE INC	57,949 (+3.4%)	$4.525M (-10.8%)	0.1%	—	—	COM	84857L101
OGE	OGE ENERGY CORP	231,574 (+3.4%)	$11.27M (+4.9%)	0.3%	—	—	COM	670837103
NWE	NORTHWESTERN ENERGY GROUP IN	67,305 (+2.2%)	$4.82M (+11.0%)	0.1%	—	—	COM NEW	668074305
OGS	ONE GAS INC	59,113 (+2.4%)	$4.556M (-8.4%)	0.1%	—	—	COM	68235P108
WTRG	ESSENTIAL UTILS INC	320,787 (+8.5%)	$12.29M (+3.2%)	0.3%	—	—	COM	29670G102
EXC	EXELON CORP	1,152,083 (+5.5%)	$53.71M (+0.3%)	1.2%	—	—	COM	30161N101
AWK	AMERICAN WTR WKS CO INC NEW	223,384 (+3.1%)	$29.39M (-0.3%)	0.7%	—	—	COM	030420103
TXNM	TXNM ENERGY INC	116,027 (+4.2%)	$6.588M (+1.2%)	0.1%	—	—	COM	69349H107
NWN	NORTHWEST NAT HLDG CO	46,167 (+5.1%)	$2.265M (-3.1%)	0.1%	—	—	COM	66765N105
CPK	CHESAPEAKE UTILS CORP	17,200 (+5.7%)	$2.107M (+2.4%)	0.0%	—	—	COM	165303108

Exited Positions (3)

BLK BLACKROCK INC 0.0%

Value $73,090 Shares 76 Est. Cost — Unrealized —

CRM SALESFORCE INC 0.0%

Value $68,881 Shares 369 Est. Cost — Unrealized —

PEP PEPSICO INC 0.0%

Value $68,793 Shares 443 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
BLK	BLACKROCK INC	76	$73,090	0.0%	—	—	—	09290D101
CRM	SALESFORCE INC	369	$68,881	0.0%	—	—	—	79466L302
PEP	PEPSICO INC	443	$68,793	0.0%	—	—	—	713448108

Decreased Positions (33)

AMZN AMAZON COM INC 3.3%

Value $150M (-68.1%) Shares 627,789 (-72.1%) Est. Cost — Unrealized —

MSFT MICROSOFT CORP 3.8%

Value $170M (-61.4%) Shares 455,679 (-61.7%) Est. Cost — Unrealized —

TSM TAIWAN SEMICONDUCTOR MANUFAC 3.7%

Value $165M (-58.7%) Shares 344,465 (-70.8%) Est. Cost — Unrealized —

META META PLATFORMS INC 2.3%

Value $101M (-65.2%) Shares 179,071 (-64.7%) Est. Cost — Unrealized —

V VISA INC 0.5%

Value $20.76M (-89.7%) Shares 60,505 (-90.9%) Est. Cost — Unrealized —

ES EVERSOURCE ENERGY 5.6%

Value $248M (-42.0%) Shares 3,437,065 (-44.4%) Est. Cost — Unrealized —

GOOGL ALPHABET INC 0.4%

Value $16.72M (-91.4%) Shares 46,773 (-93.1%) Est. Cost — Unrealized —

PG PROCTER & GAMBLE CO 0.3%

Value $14.2M (-92.4%) Shares 96,860 (-92.6%) Est. Cost — Unrealized —

MA MASTERCARD INCORPORATED 2.7%

Value $122M (-58.4%) Shares 236,678 (-59.5%) Est. Cost — Unrealized —

YUM YUM BRANDS INC 1.3%

Value $57.36M (-73.1%) Shares 358,827 (-73.8%) Est. Cost — Unrealized —

UNH UNITEDHEALTH GROUP INC 1.0%

Value $43.36M (-77.7%) Shares 104,330 (-85.5%) Est. Cost — Unrealized —

MSCI MSCI INC 0.2%

Value $9.742M (-93.5%) Shares 17,396 (-93.8%) Est. Cost — Unrealized —

ICE INTERCONTINENTAL EXCHANGE IN 1.1%

Value $49.3M (-73.6%) Shares 400,494 (-66.2%) Est. Cost — Unrealized —

KO COCA COLA CO 0.1%

Value $3.382M (-97.3%) Shares 41,619 (-97.4%) Est. Cost — Unrealized —

INTU INTUIT 0.9%

Value $38.67M (-75.3%) Shares 148,165 (-59.1%) Est. Cost — Unrealized —

MDT MEDTRONIC PLC 0.2%

Value $8.844M (-93.0%) Shares 113,048 (-92.2%) Est. Cost — Unrealized —

CMG CHIPOTLE MEXICAN GRILL INC 0.4%

Value $17.21M (-86.1%) Shares 506,165 (-86.9%) Est. Cost — Unrealized —

SYK STRYKER CORPORATION 0.1%

Value $6.328M (-93.6%) Shares 20,099 (-93.3%) Est. Cost — Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 1.6%

Value $69.98M (-56.1%) Shares 139,845 (-58.0%) Est. Cost — Unrealized —

CME CME GROUP INC 0.2%

Value $8.17M (-91.5%) Shares 36,996 (-88.6%) Est. Cost — Unrealized —

NFLX NETFLIX INC. 1.5%

Value $66.48M (-53.9%) Shares 931,061 (-37.9%) Est. Cost — Unrealized —

CSX CSX CORP 0.9%

Value $42.37M (-44.1%) Shares 891,356 (-51.7%) Est. Cost — Unrealized —

AMT AMERICAN TOWER CORP 5.1%

Value $230M (-11.3%) Shares 1,406,263 (-6.5%) Est. Cost — Unrealized —

CCI CROWN CASTLE INC 4.7%

Value $211M (-9.3%) Shares 2,780,296 (-2.6%) Est. Cost — Unrealized —

D DOMINION ENERGY INC 4.1%

Value $184M (+7.0%) Shares 2,690,485 (-3.1%) Est. Cost — Unrealized —

UNP UNION PAC CORP 1.5%

Value $68.4M (+9.6%) Shares 251,472 (-2.2%) Est. Cost — Unrealized —

LNT ALLIANT ENERGY CORP 3.4%

Value $152M (+3.9%) Shares 1,987,533 (-2.3%) Est. Cost — Unrealized —

NSC NORFOLK SOUTHN CORP 1.4%

Value $63.34M (+7.1%) Shares 201,346 (-2.3%) Est. Cost — Unrealized —

EVRG EVERGY INC 4.2%

Value $188M (+2.2%) Shares 2,173,521 (-3.1%) Est. Cost — Unrealized —

DG DOLLAR GEN CORP 1.0%

Value $45.83M (-5.4%) Shares 398,171 (-2.4%) Est. Cost — Unrealized —

WEC WEC ENERGY GROUP INC 3.2%

Value $145M (-1.0%) Shares 1,238,180 (-1.8%) Est. Cost — Unrealized —

GOOG ALPHABET INC 2.6%

Value $117M (-0.6%) Shares 330,458 (-19.3%) Est. Cost — Unrealized —

MDLZ MONDELEZ INTL INC 0.1%

Value $5.133M (-12.0%) Shares 88,741 (-12.3%) Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AMZN	AMAZON COM INC	627,789 (-72.1%)	$150M (-68.1%)	3.3%	—	—	COM	023135106
MSFT	MICROSOFT CORP	455,679 (-61.7%)	$170M (-61.4%)	3.8%	—	—	COM	594918104
TSM	TAIWAN SEMICONDUCTOR MANUFAC	344,465 (-70.8%)	$165M (-58.7%)	3.7%	—	—	SPONSORED ADS	874039100
META	META PLATFORMS INC	179,071 (-64.7%)	$101M (-65.2%)	2.3%	—	—	CL A	30303M102
V	VISA INC	60,505 (-90.9%)	$20.76M (-89.7%)	0.5%	—	—	COM CL A	92826C839
ES	EVERSOURCE ENERGY	3,437,065 (-44.4%)	$248M (-42.0%)	5.6%	—	—	COM	30040W108
GOOGL	ALPHABET INC	46,773 (-93.1%)	$16.72M (-91.4%)	0.4%	—	—	CAP STK CL A	02079K305
PG	PROCTER & GAMBLE CO	96,860 (-92.6%)	$14.2M (-92.4%)	0.3%	—	—	COM	742718109
MA	MASTERCARD INCORPORATED	236,678 (-59.5%)	$122M (-58.4%)	2.7%	—	—	CL A	57636Q104
YUM	YUM BRANDS INC	358,827 (-73.8%)	$57.36M (-73.1%)	1.3%	—	—	COM	988498101
UNH	UNITEDHEALTH GROUP INC	104,330 (-85.5%)	$43.36M (-77.7%)	1.0%	—	—	COM	91324P102
MSCI	MSCI INC	17,396 (-93.8%)	$9.742M (-93.5%)	0.2%	—	—	COM	55354G100
ICE	INTERCONTINENTAL EXCHANGE IN	400,494 (-66.2%)	$49.3M (-73.6%)	1.1%	—	—	COM	45866F104
KO	COCA COLA CO	41,619 (-97.4%)	$3.382M (-97.3%)	0.1%	—	—	COM	191216100
INTU	INTUIT	148,165 (-59.1%)	$38.67M (-75.3%)	0.9%	—	—	COM	461202103
MDT	MEDTRONIC PLC	113,048 (-92.2%)	$8.844M (-93.0%)	0.2%	—	—	SHS	G5960L103
CMG	CHIPOTLE MEXICAN GRILL INC	506,165 (-86.9%)	$17.21M (-86.1%)	0.4%	—	—	COM	169656105
SYK	STRYKER CORPORATION	20,099 (-93.3%)	$6.328M (-93.6%)	0.1%	—	—	COM	863667101
BRK/B	BERKSHIRE HATHAWAY INC DEL	139,845 (-58.0%)	$69.98M (-56.1%)	1.6%	—	—	CL B NEW	084670702
CME	CME GROUP INC	36,996 (-88.6%)	$8.17M (-91.5%)	0.2%	—	—	COM	12572Q105
NFLX	NETFLIX INC.	931,061 (-37.9%)	$66.48M (-53.9%)	1.5%	—	—	COM	64110L106
CSX	CSX CORP	891,356 (-51.7%)	$42.37M (-44.1%)	0.9%	—	—	COM	126408103
AMT	AMERICAN TOWER CORP	1,406,263 (-6.5%)	$230M (-11.3%)	5.1%	—	—	COM	03027X100
CCI	CROWN CASTLE INC	2,780,296 (-2.6%)	$211M (-9.3%)	4.7%	—	—	COM	22822V101
D	DOMINION ENERGY INC	2,690,485 (-3.1%)	$184M (+7.0%)	4.1%	—	—	COM	25746U109
UNP	UNION PAC CORP	251,472 (-2.2%)	$68.4M (+9.6%)	1.5%	—	—	COM	907818108
LNT	ALLIANT ENERGY CORP	1,987,533 (-2.3%)	$152M (+3.9%)	3.4%	—	—	COM	018802108
NSC	NORFOLK SOUTHN CORP	201,346 (-2.3%)	$63.34M (+7.1%)	1.4%	—	—	COM	655844108
EVRG	EVERGY INC	2,173,521 (-3.1%)	$188M (+2.2%)	4.2%	—	—	COM	30034W106
DG	DOLLAR GEN CORP	398,171 (-2.4%)	$45.83M (-5.4%)	1.0%	—	—	COM	256677105
WEC	WEC ENERGY GROUP INC	1,238,180 (-1.8%)	$145M (-1.0%)	3.2%	—	—	COM	92939U106
GOOG	ALPHABET INC	330,458 (-19.3%)	$117M (-0.6%)	2.6%	—	—	CAP STK CL C	02079K107
MDLZ	MONDELEZ INTL INC	88,741 (-12.3%)	$5.133M (-12.0%)	0.1%	—	—	CL A	609207105

Unchanged Positions (7)

SRE SEMPRA 4.6%

Value $208M Shares 2,242,974 Est. Cost — Unrealized —

AWR AMER STATES WTR CO 0.1%

Value $3.036M Shares 36,743 Est. Cost — Unrealized —

CWT CALIFORNIA WTR SVC GROUP 0.1%

Value $2.988M Shares 61,416 Est. Cost — Unrealized —

MGEE MGE ENERGY INC 0.1%

Value $2.42M Shares 29,683 Est. Cost — Unrealized —

MSEX MIDDLESEX WTR CO 0.0%

Value $871K Shares 15,503 Est. Cost — Unrealized —

HTO H2O AMERICA 0.0%

Value $1.766M Shares 29,063 Est. Cost — Unrealized —

AVA AVISTA CORP 0.1%

Value $2.903M Shares 70,956 Est. Cost — Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
SRE	SEMPRA	2,242,974	$208M	4.6%	—	—	COM	816851109
AWR	AMER STATES WTR CO	36,743	$3.036M	0.1%	—	—	COM	029899101
CWT	CALIFORNIA WTR SVC GROUP	61,416	$2.988M	0.1%	—	—	COM	130788102
MGEE	MGE ENERGY INC	29,683	$2.42M	0.1%	—	—	COM	55277P104
MSEX	MIDDLESEX WTR CO	15,503	$871K	0.0%	—	—	COM	596680108
HTO	H2O AMERICA	29,063	$1.766M	0.0%	—	—	COM	784305104
AVA	AVISTA CORP	70,956	$2.903M	0.1%	—	—	COM	05379B107