Zimmer Partners, LP Quant / Systematic

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ETR	ENTERGY CORP NEW	1,661,973	$153,616	4.0%	$94.54	0.0%	COM	29364G103
KNTK	KINETIK HOLDINGS INC	2,735,400	$98,611	2.6%	$36.12	0.0%	COM NEW CL A	02215L209
ULS	UL SOLUTIONS INC	444,790	$35,076	0.9%	$80.28	0.0%	CLASS A COM SHS	903731107
JRVR	JAMES RIV GROUP HOLDINGS INC	4,591,638	$29,203	0.8%	$6.36	—	COM SHS	46990A102
STC	STEWART INFORMATION SVCS COR	354,407	$24,901	0.7%	$72.01	0.0%	COM	860372101
ITT	ITT INC	142,500	$24,725	0.7%	$179.17	0.0%	COM	45073V108
AERO	GRUPO AEROMEXICO SAB DE CV	1,060,400	$23,286	0.6%	$21.96	—	SPONSORED ADS	40054J109
ALH	ALLIANCE LAUNDRY HLDGS INC	950,000	$19,333	0.5%	$24.03	0.0%	COM	01862Q107
AIR	AAR CORP	170,000	$14,074	0.4%	$82.73	0.0%	COM	000361105
BKV	BKV CORP	499,000	$13,548	0.4%	$25.11	0.0%	COM	05603J108
ROAD	CONSTRUCTION PARTNERS INC	120,000	$13,026	0.3%	$112.57	0.0%	COM CL A	21044C107
LMRI	LUMEXA IMAGING HOLDINGS INC	610,000	$11,285	0.3%	$18.05	0.0%	COM	550249106
EME	EMCOR GROUP INC	16,500	$10,095	0.3%	$647.50	0.0%	COM	29084Q100
EVRG	EVERGY INC	137,500	$9,967	0.3%	$75.45	0.0%	COM	30034W106
MOD	MODINE MFG CO	62,500	$8,344	0.2%	$148.95	0.0%	COM	607828100
KBONU	KARBON CAP PARTNERS CORP	800,000	$8,052	0.2%	$10.06	—	UNIT 12/11/2030	G5225W126
CAT	CATERPILLAR INC	13,200	$7,562	0.2%	$555.50	0.0%	COM	149123101
KTOS	KRATOS DEFENSE & SEC SOLUTIO	90,000	$6,832	0.2%	$81.87	0.0%	COM NEW	50077B207
MDLN	MEDLINE INC	159,660	$6,706	0.2%	$42.23	0.0%	COM CL A	58507V107
AVAH	AVEANNA HEALTHCARE HLDGS INC	757,500	$6,189	0.2%	$9.03	0.0%	COM	05356F105
VVX	V2X INC	90,077	$4,914	0.1%	$56.27	0.0%	COM	92242T101
VRTS	VIRTUS INVT PARTNERS INC	25,000	$4,079	0.1%	$165.62	0.0%	COM	92828Q109
TBN	TAMBORAN RES CORP	143,732	$3,914	0.1%	$25.43	0.0%	COM	87507T101
NP	NEPTUNE INS HLDGS INC	125,000	$3,645	0.1%	$26.30	0.0%	CL A	64073B103
BETA	BETA TECHNOLOGIES INC	75,000	$2,116	0.1%	$29.84	0.0%	COM SHS CL A	086921103
FE	FIRSTENERGY CORP	45,000	$2,015	0.1%	$45.73	0.0%	COM	337932107
XZO	EXZEO GROUP INC	75,000	$1,819	0.0%	$19.02	0.0%	COM SHS	30234F101
CWT	CALIFORNIA WTR SVC GROUP	38,500	$1,668	0.0%	$45.13	0.0%	COM	130788102
WLTH	WEALTHFRONT CORP	70,000	$951	0.0%	$13.20	0.0%	COM	947002101
SBAC	SBA COMMUNICATIONS CORP NEW	100	$19	0.0%	$192.67	0.0%	CL A	78410G104
OGE	OGE ENERGY CORP	163	$7	0.0%	$44.60	0.0%	COM	670837103
CCI	CROWN CASTLE INC	73	$6	0.0%	$91.09	0.0%	COM	22822V101
SR	SPIRE INC	68	$6	0.0%	$82.69	—	COM	84857L101
VZ	VERIZON COMMUNICATIONS INC	117	$5	0.0%	$40.48	0.0%	COM	92343V104
AMT	AMERICAN TOWER CORP NEW	23	$4	0.0%	$180.30	0.0%	COM	03027X100
OGS	ONE GAS INC	50	$4	0.0%	$80.38	0.0%	COM	68235P108
TU	TELUS CORPORATION	233	$3	0.0%	$14.08	0.0%	COM	87971M103
WTRG	ESSENTIAL UTILS INC	80	$3	0.0%	$39.35	0.0%	COM	29670G102
BCE	BCE INC	106	$3	0.0%	$23.04	0.0%	COM NEW	05534B760
VOD	VODAFONE GROUP PLC NEW	60	$1	0.0%	$13.22	—	SPONSORED ADR	92857W308

Increased Positions (32)

LNG CHENIERE ENERGY INC 1.6%

Value ($000) $60,105 (+1946.3%) Shares 309,200 (+2373.6%) Est. Cost $211.00 Unrealized -0.5%

KGS KODIAK GAS SVCS INC 4.2%

Value ($000) $159,756 (+47.4%) Shares 4,271,553 (+45.7%) Est. Cost $33.03 Unrealized +7.1%

SRE SEMPRA 3.3%

Value ($000) $124,427 (+61.6%) Shares 1,409,300 (+64.7%) Est. Cost $77.62 Unrealized +16.7%

RYAN RYAN SPECIALTY HOLDINGS INC 1.4%

Value ($000) $51,630 (+154.5%) Shares 1,000,000 (+177.8%) Est. Cost $46.45 Unrealized +18.1%

IDA IDACORP INC 2.7%

Value ($000) $101,310 (+42.6%) Shares 800,492 (+48.9%) Est. Cost $125.89 Unrealized +3.3%

ADT ADT INC DEL 2.6%

Value ($000) $99,788 (+41.8%) Shares 12,365,246 (+53.1%) Est. Cost $8.05 Unrealized +2.7%

NVT NVENT ELECTRIC PLC 1.0%

Value ($000) $38,239 (+252.4%) Shares 375,000 (+240.9%) Est. Cost $92.56 Unrealized +11.9%

PWR QUANTA SVCS INC 1.0%

Value ($000) $36,825 (+122.1%) Shares 87,250 (+118.1%) Est. Cost $358.95 Unrealized +22.4%

DUK DUKE ENERGY CORP NEW 2.0%

Value ($000) $75,358 (+33.4%) Shares 642,929 (+40.8%) Est. Cost $111.04 Unrealized +9.5%

AZO AUTOZONE INC 1.3%

Value ($000) $47,481 (+47.6%) Shares 14,000 (+86.7%) Est. Cost $3568.65 Unrealized +5.9%

VRT VERTIV HOLDINGS CO 0.6%

Value ($000) $22,001 (+191.7%) Shares 135,800 (+171.6%) Est. Cost $147.20 Unrealized +17.9%

CARR CARRIER GLOBAL CORPORATION 0.5%

Value ($000) $20,476 (+101.7%) Shares 387,500 (+127.9%) Est. Cost $60.75 Unrealized -8.6%

BLDR BUILDERS FIRSTSOURCE INC 0.5%

Value ($000) $17,749 (+100.5%) Shares 172,500 (+136.3%) Est. Cost $116.96 Unrealized -3.9%

CTRE CARETRUST REIT INC 1.7%

Value ($000) $63,707 (+15.7%) Shares 1,761,795 (+10.9%) Est. Cost $31.23 Unrealized —

LOAR LOAR HOLDINGS INC 0.5%

Value ($000) $18,700 (+79.8%) Shares 275,000 (+111.5%) Est. Cost $77.50 Unrealized -5.9%

ES EVERSOURCE ENERGY 6.8%

Value ($000) $258,816 (-3.0%) Shares 3,843,997 (+2.4%) Est. Cost $60.02 Unrealized +15.9%

GPC GENUINE PARTS CO 0.2%

Value ($000) $9,222 (+166.1%) Shares 75,000 (+200.0%) Est. Cost $125.05 Unrealized +2.9%

CRH CRH PLC 0.3%

Value ($000) $9,984 (+108.2%) Shares 80,000 (+100.0%) Est. Cost $104.23 Unrealized +14.3%

XEL XCEL ENERGY INC 5.3%

Value ($000) $202,329 (+2.4%) Shares 2,739,353 (+11.8%) Est. Cost $65.47 Unrealized +19.6%

APD AIR PRODS & CHEMS INC 0.7%

Value ($000) $24,702 (+20.8%) Shares 100,000 (+33.3%) Est. Cost $281.72 Unrealized -10.7%

AMRZ AMRIZE LTD 0.5%

Value ($000) $19,793 (+25.5%) Shares 366,000 (+12.6%) Est. Cost $51.00 Unrealized +0.1%

— KAYNE ANDERSON ENERGY INFRST 0.2%

Value ($000) $6,867 (+122.1%) Shares 554,700 (+121.9%) Est. Cost $12.44 Unrealized —

SFD SMITHFIELD FOODS INC 1.2%

Value ($000) $46,670 (+8.2%) Shares 2,090,000 (+13.8%) Est. Cost $21.77 Unrealized +0.5%

WM WASTE MGMT INC DEL 0.6%

Value ($000) $24,168 (+9.4%) Shares 110,000 (+10.0%) Est. Cost $216.54 Unrealized -1.8%

HUT HUT 8 CORP 0.1%

Value ($000) $3,331 (+101.4%) Shares 72,500 (+52.6%) Est. Cost $31.85 Unrealized +38.4%

ELDN ELEDON PHARMACEUTICALS INC 0.1%

Value ($000) $3,600 (-23.8%) Shares 2,384,228 (+30.6%) Est. Cost $2.63 Unrealized -9.7%

CMS CMS ENERGY CORP 1.4%

Value ($000) $51,923 (+2.1%) Shares 742,500 (+6.9%) Est. Cost $70.71 Unrealized +2.5%

MSEX MIDDLESEX WTR CO 0.2%

Value ($000) $9,260 (+10.7%) Shares 183,657 (+18.8%) Est. Cost $54.36 Unrealized -1.1%

CUBE CUBESMART 0.1%

Value ($000) $2,433 (+57.8%) Shares 67,500 (+77.9%) Est. Cost $38.69 Unrealized —

AR ANTERO RESOURCES CORP 0.3%

Value ($000) $9,787 (+8.0%) Shares 284,000 (+5.2%) Est. Cost $33.36 Unrealized +1.5%

— DUFF & PHELPS UTLITY AND INF 0.0%

Value ($000) $1,057 (+192.5%) Shares 83,200 (+197.1%) Est. Cost $12.78 Unrealized —

FCPT FOUR CORNERS PPTY TR INC 0.1%

Value ($000) $4,268 (-0.1%) Shares 185,092 (+5.7%) Est. Cost $26.90 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LNG	CHENIERE ENERGY INC	309,200 (+2373.6%)	$60,105 (+1946.3%)	1.6%	$211.00	-0.5%	COM NEW	16411R208
KGS	KODIAK GAS SVCS INC	4,271,553 (+45.7%)	$159,756 (+47.4%)	4.2%	$33.03	+7.1%	COM	50012A108
SRE	SEMPRA	1,409,300 (+64.7%)	$124,427 (+61.6%)	3.3%	$77.62	+16.7%	COM	816851109
RYAN	RYAN SPECIALTY HOLDINGS INC	1,000,000 (+177.8%)	$51,630 (+154.5%)	1.4%	$46.45	+18.1%	CL A	78351F107
IDA	IDACORP INC	800,492 (+48.9%)	$101,310 (+42.6%)	2.7%	$125.89	+3.3%	COM	451107106
ADT	ADT INC DEL	12,365,246 (+53.1%)	$99,788 (+41.8%)	2.6%	$8.05	+2.7%	COM	00090Q103
NVT	NVENT ELECTRIC PLC	375,000 (+240.9%)	$38,239 (+252.4%)	1.0%	$92.56	+11.9%	SHS	G6700G107
PWR	QUANTA SVCS INC	87,250 (+118.1%)	$36,825 (+122.1%)	1.0%	$358.95	+22.4%	COM	74762E102
DUK	DUKE ENERGY CORP NEW	642,929 (+40.8%)	$75,358 (+33.4%)	2.0%	$111.04	+9.5%	COM NEW	26441C204
AZO	AUTOZONE INC	14,000 (+86.7%)	$47,481 (+47.6%)	1.3%	$3568.65	+5.9%	COM	053332102
VRT	VERTIV HOLDINGS CO	135,800 (+171.6%)	$22,001 (+191.7%)	0.6%	$147.20	+17.9%	COM CL A	92537N108
CARR	CARRIER GLOBAL CORPORATION	387,500 (+127.9%)	$20,476 (+101.7%)	0.5%	$60.75	-8.6%	COM	14448C104
BLDR	BUILDERS FIRSTSOURCE INC	172,500 (+136.3%)	$17,749 (+100.5%)	0.5%	$116.96	-3.9%	COM	12008R107
CTRE	CARETRUST REIT INC	1,761,795 (+10.9%)	$63,707 (+15.7%)	1.7%	$31.23	—	COM	14174T107
LOAR	LOAR HOLDINGS INC	275,000 (+111.5%)	$18,700 (+79.8%)	0.5%	$77.50	-5.9%	COM SHS	53947R105
ES	EVERSOURCE ENERGY	3,843,997 (+2.4%)	$258,816 (-3.0%)	6.8%	$60.02	+15.9%	COM	30040W108
GPC	GENUINE PARTS CO	75,000 (+200.0%)	$9,222 (+166.1%)	0.2%	$125.05	+2.9%	COM	372460105
CRH	CRH PLC	80,000 (+100.0%)	$9,984 (+108.2%)	0.3%	$104.23	+14.3%	ORD	G25508105
XEL	XCEL ENERGY INC	2,739,353 (+11.8%)	$202,329 (+2.4%)	5.3%	$65.47	+19.6%	COM	98389B100
APD	AIR PRODS & CHEMS INC	100,000 (+33.3%)	$24,702 (+20.8%)	0.7%	$281.72	-10.7%	COM	009158106
AMRZ	AMRIZE LTD	366,000 (+12.6%)	$19,793 (+25.5%)	0.5%	$51.00	+0.1%	SHS	H2927K103
—	KAYNE ANDERSON ENERGY INFRST	554,700 (+121.9%)	$6,867 (+122.1%)	0.2%	$12.44	—	COM	486606106
SFD	SMITHFIELD FOODS INC	2,090,000 (+13.8%)	$46,670 (+8.2%)	1.2%	$21.77	+0.5%	COM	832248207
WM	WASTE MGMT INC DEL	110,000 (+10.0%)	$24,168 (+9.4%)	0.6%	$216.54	-1.8%	COM	94106L109
HUT	HUT 8 CORP	72,500 (+52.6%)	$3,331 (+101.4%)	0.1%	$31.85	+38.4%	COM	44812J104
ELDN	ELEDON PHARMACEUTICALS INC	2,384,228 (+30.6%)	$3,600 (-23.8%)	0.1%	$2.63	-9.7%	COM	28617K101
CMS	CMS ENERGY CORP	742,500 (+6.9%)	$51,923 (+2.1%)	1.4%	$70.71	+2.5%	COM	125896100
MSEX	MIDDLESEX WTR CO	183,657 (+18.8%)	$9,260 (+10.7%)	0.2%	$54.36	-1.1%	COM	596680108
CUBE	CUBESMART	67,500 (+77.9%)	$2,433 (+57.8%)	0.1%	$38.69	—	COM	229663109
AR	ANTERO RESOURCES CORP	284,000 (+5.2%)	$9,787 (+8.0%)	0.3%	$33.36	+1.5%	COM	03674X106
—	DUFF & PHELPS UTLITY AND INF	83,200 (+197.1%)	$1,057 (+192.5%)	0.0%	$12.78	—	COM	26433C105
FCPT	FOUR CORNERS PPTY TR INC	185,092 (+5.7%)	$4,268 (-0.1%)	0.1%	$26.90	—	COM	35086T109

Exited Positions (69)

PCG PG&E CORP 7.8%

Value ($000) $296,910 Shares 10,500,000 Est. Cost $18.78 Unrealized -15.2%

AEP AMERICAN ELEC PWR CO INC 2.7%

Value ($000) $100,928 Shares 897,134 Est. Cost $96.83 Unrealized +21.6%

NI NISOURCE INC 1.1%

Value ($000) $43,300 Shares 1,000,000 Est. Cost $40.42 Unrealized +5.5%

NEE NEXTERA ENERGY INC 1.1%

Value ($000) $40,614 Shares 538,002 Est. Cost $70.47 Unrealized +17.1%

LTM LATAM AIRLINES GROUP SA 1.0%

Value ($000) $37,331 Shares 825,000 Est. Cost $45.25 Unrealized —

LLY ELI LILLY & CO 1.0%

Value ($000) $36,853 Shares 48,300 Est. Cost $773.40 Unrealized +23.6%

ES EVERSOURCE ENERGY 0.9%

Value ($000) $35,570 Shares 500,000 Est. Cost $60.02 Unrealized +15.9%

WEC WEC ENERGY GROUP INC 0.8%

Value ($000) $28,648 Shares 250,000 Est. Cost — Unrealized —

JRVR JAMES RIV GROUP LTD 0.7%

Value ($000) $25,484 Shares 4,591,638 Est. Cost $5.07 Unrealized +13.5%

EVRG EVERGY INC 0.6%

Value ($000) $21,856 Shares 287,500 Est. Cost $75.45 Unrealized 0.0%

SOLV SOLVENTUM CORP 0.5%

Value ($000) $20,075 Shares 275,000 Est. Cost $73.30 Unrealized +4.5%

PEG PUBLIC SVC ENTERPRISE GRP IN 0.5%

Value ($000) $18,779 Shares 225,000 Est. Cost — Unrealized —

LGN LEGENCE CORP 0.5%

Value ($000) $18,486 Shares 600,000 Est. Cost $31.48 Unrealized +25.6%

HESM HESS MIDSTREAM LP 0.5%

Value ($000) $17,275 Shares 500,000 Est. Cost $33.53 Unrealized -2.7%

GSK GSK PLC 0.5%

Value ($000) $17,264 Shares 400,000 Est. Cost — Unrealized —

NEE NEXTERA ENERGY INC 0.4%

Value ($000) $15,098 Shares 200,000 Est. Cost $70.47 Unrealized +17.1%

CTRI CENTURI HOLDINGS INC 0.4%

Value ($000) $15,062 Shares 711,500 Est. Cost $21.22 Unrealized +5.4%

CSW CSW INDUSTRIALS INC 0.4%

Value ($000) $14,565 Shares 60,000 Est. Cost $284.40 Unrealized -6.4%

WBI WATERBRIDGE INFRASTRUCTURE L 0.4%

Value ($000) $14,052 Shares 557,165 Est. Cost $23.45 Unrealized -1.0%

SPXC SPX TECHNOLOGIES INC 0.3%

Value ($000) $13,075 Shares 70,000 Est. Cost $186.78 Unrealized —

ABBV ABBVIE INC 0.3%

Value ($000) $12,712 Shares 54,900 Est. Cost $201.95 Unrealized +12.7%

DUK DUKE ENERGY CORP NEW 0.3%

Value ($000) $12,375 Shares 100,000 Est. Cost $111.04 Unrealized +9.5%

BRO BROWN & BROWN INC 0.3%

Value ($000) $11,724 Shares 125,000 Est. Cost $101.93 Unrealized -18.2%

NIQ NIQ GLOBAL INTELLIGENCE PLC 0.3%

Value ($000) $10,990 Shares 700,000 Est. Cost $17.40 Unrealized -15.9%

OKE ONEOK INC NEW 0.3%

Value ($000) $10,063 Shares 137,900 Est. Cost $94.96 Unrealized -25.8%

FLY FIREFLY AEROSPACE INC 0.3%

Value ($000) $9,822 Shares 335,000 Est. Cost $44.96 Unrealized -48.5%

BBIO BRIDGEBIO PHARMA INC 0.3%

Value ($000) $9,578 Shares 184,400 Est. Cost $29.47 Unrealized +122.8%

LLY ELI LILLY & CO 0.3%

Value ($000) $9,538 Shares 12,500 Est. Cost $773.40 Unrealized +23.6%

MRK MERCK & CO INC 0.2%

Value ($000) $8,393 Shares 100,000 Est. Cost $81.01 Unrealized +15.1%

AZN ASTRAZENECA PLC 0.2%

Value ($000) $8,301 Shares 108,200 Est. Cost $76.72 Unrealized —

BMY BRISTOL-MYERS SQUIBB CO 0.2%

Value ($000) $8,208 Shares 182,000 Est. Cost $46.95 Unrealized +1.2%

BMY BRISTOL-MYERS SQUIBB CO 0.2%

Value ($000) $7,893 Shares 175,000 Est. Cost $46.95 Unrealized +1.2%

WCC WESCO INTL INC 0.2%

Value ($000) $7,403 Shares 35,000 Est. Cost $163.95 Unrealized +49.4%

WLK WESTLAKE CORPORATION 0.2%

Value ($000) $6,935 Shares 90,000 Est. Cost $82.33 Unrealized -14.0%

— ARIS WATER SOLUTIONS INC 0.2%

Value ($000) $5,980 Shares 242,482 Est. Cost $24.66 Unrealized —

SNDX SYNDAX PHARMACEUTICALS INC 0.2%

Value ($000) $5,894 Shares 383,100 Est. Cost $12.10 Unrealized +44.2%

LPX LOUISIANA PAC CORP 0.2%

Value ($000) $5,775 Shares 65,000 Est. Cost $92.32 Unrealized -8.5%

JHX JAMES HARDIE INDS PLC 0.1%

Value ($000) $5,283 Shares 275,000 Est. Cost $23.95 Unrealized -16.3%

ADPT ADAPTIVE BIOTECHNOLOGIES COR 0.1%

Value ($000) $4,949 Shares 330,834 Est. Cost $9.81 Unrealized +66.3%

MIR MIRION TECHNOLOGIES INC 0.1%

Value ($000) $4,652 Shares 200,000 Est. Cost $21.62 Unrealized +15.4%

AQN ALGONQUIN PWR UTILS CORP 0.1%

Value ($000) $4,301 Shares 800,000 Est. Cost $5.75 Unrealized +3.3%

INCY INCYTE CORP 0.1%

Value ($000) $4,241 Shares 50,000 Est. Cost $79.04 Unrealized +22.4%

NJR NEW JERSEY RES CORP 0.1%

Value ($000) $3,391 Shares 70,430 Est. Cost $45.35 Unrealized +1.0%

CHWY CHEWY INC 0.1%

Value ($000) $3,222 Shares 79,654 Est. Cost $39.84 Unrealized -12.8%

WMB WILLIAMS COS INC 0.1%

Value ($000) $3,168 Shares 50,000 Est. Cost — Unrealized —

ASND ASCENDIS PHARMA A/S 0.1%

Value ($000) $3,082 Shares 15,500 Est. Cost $149.70 Unrealized —

CYTK CYTOKINETICS INC 0.1%

Value ($000) $2,748 Shares 50,000 Est. Cost $55.91 Unrealized +11.3%

CSX CSX CORP 0.1%

Value ($000) $2,663 Shares 75,000 Est. Cost $33.42 Unrealized +6.8%

FIGR FIGURE TECHNOLOGY SOLUTIO 0.1%

Value ($000) $2,546 Shares 70,000 Est. Cost $38.84 Unrealized +3.0%

VG VENTURE GLOBAL INC 0.1%

Value ($000) $2,129 Shares 150,000 Est. Cost — Unrealized —

EOLS EVOLUS INC 0.1%

Value ($000) $2,026 Shares 330,000 Est. Cost $12.63 Unrealized -46.4%

KLAR KLARNA GROUP PLC 0.0%

Value ($000) $1,833 Shares 50,000 Est. Cost $42.59 Unrealized -19.4%

OPAL OPAL FUELS INC 0.0%

Value ($000) $1,811 Shares 823,055 Est. Cost $7.54 Unrealized -68.0%

MRK MERCK & CO INC 0.0%

Value ($000) $1,679 Shares 20,000 Est. Cost $81.01 Unrealized +15.1%

SLNO SOLENO THERAPEUTICS INC 0.0%

Value ($000) $1,663 Shares 24,600 Est. Cost $74.85 Unrealized -26.7%

SPG SIMON PPTY GROUP INC NEW 0.0%

Value ($000) $1,408 Shares 7,503 Est. Cost $157.26 Unrealized +14.5%

SNPS SYNOPSYS INC 0.0%

Value ($000) $814 Shares 1,650 Est. Cost $565.30 Unrealized -21.4%

PLD PROLOGIS INC. 0.0%

Value ($000) $810 Shares 7,070 Est. Cost $108.29 Unrealized +14.4%

NTSK NETSKOPE INC 0.0%

Value ($000) $796 Shares 35,000 Est. Cost $23.79 Unrealized -12.3%

HTFL HEARTFLOW INC 0.0%

Value ($000) $673 Shares 20,000 Est. Cost $32.24 Unrealized -0.1%

CARL CARLSMED INC 0.0%

Value ($000) $670 Shares 50,000 Est. Cost $13.67 Unrealized -2.6%

MIAX MIAMI INTL HLDGS INC 0.0%

Value ($000) $604 Shares 15,000 Est. Cost $36.58 Unrealized +21.9%

GEMI GEMINI SPACE STA INC 0.0%

Value ($000) $599 Shares 25,000 Est. Cost $25.81 Unrealized -39.6%

DLR DIGITAL RLTY TR INC 0.0%

Value ($000) $415 Shares 2,400 Est. Cost $134.52 Unrealized +21.3%

ADC AGREE RLTY CORP 0.0%

Value ($000) $385 Shares 5,416 Est. Cost $72.28 Unrealized —

EQR EQUITY RESIDENTIAL 0.0%

Value ($000) $283 Shares 4,376 Est. Cost $66.62 Unrealized -8.9%

KRG KITE RLTY GROUP TR 0.0%

Value ($000) $281 Shares 12,614 Est. Cost $22.37 Unrealized —

FIG FIGMA INC 0.0%

Value ($000) $259 Shares 5,000 Est. Cost $68.66 Unrealized -34.2%

BRCB BLACK ROCK COFFEE BAR INC 0.0%

Value ($000) $239 Shares 10,000 Est. Cost $26.13 Unrealized -11.3%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PCG	PG&E CORP	10,500,000	$296,910	7.8%	$18.78	-15.2%	CALL	69331C108
AEP	AMERICAN ELEC PWR CO INC	897,134	$100,928	2.7%	$96.83	+21.6%	—	025537101
NI	NISOURCE INC	1,000,000	$43,300	1.1%	$40.42	+5.5%	CALL	65473P105
NEE	NEXTERA ENERGY INC	538,002	$40,614	1.1%	$70.47	+17.1%	—	65339F101
LTM	LATAM AIRLINES GROUP SA	825,000	$37,331	1.0%	$45.25	—	—	51817R205
LLY	ELI LILLY & CO	48,300	$36,853	1.0%	$773.40	+23.6%	—	532457108
ES	EVERSOURCE ENERGY	500,000	$35,570	0.9%	$60.02	+15.9%	PUT	30040W108
WEC	WEC ENERGY GROUP INC	250,000	$28,648	0.8%	—	—	PUT	92939U106
JRVR	JAMES RIV GROUP LTD	4,591,638	$25,484	0.7%	$5.07	+13.5%	—	G5005R107
EVRG	EVERGY INC	287,500	$21,856	0.6%	$75.45	0.0%	PUT	30034W106
SOLV	SOLVENTUM CORP	275,000	$20,075	0.5%	$73.30	+4.5%	—	83444M101
PEG	PUBLIC SVC ENTERPRISE GRP IN	225,000	$18,779	0.5%	—	—	PUT	744573106
LGN	LEGENCE CORP	600,000	$18,486	0.5%	$31.48	+25.6%	—	52476L109
HESM	HESS MIDSTREAM LP	500,000	$17,275	0.5%	$33.53	-2.7%	CALL	428103105
GSK	GSK PLC	400,000	$17,264	0.5%	—	—	PUT	37733W204
NEE	NEXTERA ENERGY INC	200,000	$15,098	0.4%	$70.47	+17.1%	CALL	65339F101
CTRI	CENTURI HOLDINGS INC	711,500	$15,062	0.4%	$21.22	+5.4%	—	155923105
CSW	CSW INDUSTRIALS INC	60,000	$14,565	0.4%	$284.40	-6.4%	—	126402106
WBI	WATERBRIDGE INFRASTRUCTURE L	557,165	$14,052	0.4%	$23.45	-1.0%	—	940923105
SPXC	SPX TECHNOLOGIES INC	70,000	$13,075	0.3%	$186.78	—	—	78473E103
ABBV	ABBVIE INC	54,900	$12,712	0.3%	$201.95	+12.7%	—	00287Y109
DUK	DUKE ENERGY CORP NEW	100,000	$12,375	0.3%	$111.04	+9.5%	CALL	26441C204
BRO	BROWN & BROWN INC	125,000	$11,724	0.3%	$101.93	-18.2%	—	115236101
NIQ	NIQ GLOBAL INTELLIGENCE PLC	700,000	$10,990	0.3%	$17.40	-15.9%	—	G63755105
OKE	ONEOK INC NEW	137,900	$10,063	0.3%	$94.96	-25.8%	—	682680103
FLY	FIREFLY AEROSPACE INC	335,000	$9,822	0.3%	$44.96	-48.5%	—	31816X106
BBIO	BRIDGEBIO PHARMA INC	184,400	$9,578	0.3%	$29.47	+122.8%	—	10806X102
LLY	ELI LILLY & CO	12,500	$9,538	0.3%	$773.40	+23.6%	CALL	532457108
MRK	MERCK & CO INC	100,000	$8,393	0.2%	$81.01	+15.1%	PUT	58933Y105
AZN	ASTRAZENECA PLC	108,200	$8,301	0.2%	$76.72	—	—	046353108
BMY	BRISTOL-MYERS SQUIBB CO	182,000	$8,208	0.2%	$46.95	+1.2%	—	110122108
BMY	BRISTOL-MYERS SQUIBB CO	175,000	$7,893	0.2%	$46.95	+1.2%	CALL	110122108
WCC	WESCO INTL INC	35,000	$7,403	0.2%	$163.95	+49.4%	—	95082P105
WLK	WESTLAKE CORPORATION	90,000	$6,935	0.2%	$82.33	-14.0%	—	960413102
—	ARIS WATER SOLUTIONS INC	242,482	$5,980	0.2%	$24.66	—	—	04041L106
SNDX	SYNDAX PHARMACEUTICALS INC	383,100	$5,894	0.2%	$12.10	+44.2%	—	87164F105
LPX	LOUISIANA PAC CORP	65,000	$5,775	0.2%	$92.32	-8.5%	—	546347105
JHX	JAMES HARDIE INDS PLC	275,000	$5,283	0.1%	$23.95	-16.3%	—	G4253H101
ADPT	ADAPTIVE BIOTECHNOLOGIES COR	330,834	$4,949	0.1%	$9.81	+66.3%	—	00650F109
MIR	MIRION TECHNOLOGIES INC	200,000	$4,652	0.1%	$21.62	+15.4%	—	60471A101
AQN	ALGONQUIN PWR UTILS CORP	800,000	$4,301	0.1%	$5.75	+3.3%	—	015857105
INCY	INCYTE CORP	50,000	$4,241	0.1%	$79.04	+22.4%	—	45337C102
NJR	NEW JERSEY RES CORP	70,430	$3,391	0.1%	$45.35	+1.0%	—	646025106
CHWY	CHEWY INC	79,654	$3,222	0.1%	$39.84	-12.8%	—	16679L109
WMB	WILLIAMS COS INC	50,000	$3,168	0.1%	—	—	PUT	969457100
ASND	ASCENDIS PHARMA A/S	15,500	$3,082	0.1%	$149.70	—	—	04351P101
CYTK	CYTOKINETICS INC	50,000	$2,748	0.1%	$55.91	+11.3%	—	23282W605
CSX	CSX CORP	75,000	$2,663	0.1%	$33.42	+6.8%	—	126408103
FIGR	FIGURE TECHNOLOGY SOLUTIO	70,000	$2,546	0.1%	$38.84	+3.0%	—	349381103
VG	VENTURE GLOBAL INC	150,000	$2,129	0.1%	—	—	PUT	92333F101
EOLS	EVOLUS INC	330,000	$2,026	0.1%	$12.63	-46.4%	—	30052C107
KLAR	KLARNA GROUP PLC	50,000	$1,833	0.0%	$42.59	-19.4%	—	G5279N105
OPAL	OPAL FUELS INC	823,055	$1,811	0.0%	$7.54	-68.0%	—	68347P103
MRK	MERCK & CO INC	20,000	$1,679	0.0%	$81.01	+15.1%	—	58933Y105
SLNO	SOLENO THERAPEUTICS INC	24,600	$1,663	0.0%	$74.85	-26.7%	—	834203309
SPG	SIMON PPTY GROUP INC NEW	7,503	$1,408	0.0%	$157.26	+14.5%	—	828806109
SNPS	SYNOPSYS INC	1,650	$814	0.0%	$565.30	-21.4%	—	871607107
PLD	PROLOGIS INC.	7,070	$810	0.0%	$108.29	+14.4%	—	74340W103
NTSK	NETSKOPE INC	35,000	$796	0.0%	$23.79	-12.3%	—	64119N608
HTFL	HEARTFLOW INC	20,000	$673	0.0%	$32.24	-0.1%	—	42238D107
CARL	CARLSMED INC	50,000	$670	0.0%	$13.67	-2.6%	—	14280C105
MIAX	MIAMI INTL HLDGS INC	15,000	$604	0.0%	$36.58	+21.9%	—	59356Q108
GEMI	GEMINI SPACE STA INC	25,000	$599	0.0%	$25.81	-39.6%	—	36866J105
DLR	DIGITAL RLTY TR INC	2,400	$415	0.0%	$134.52	+21.3%	—	253868103
ADC	AGREE RLTY CORP	5,416	$385	0.0%	$72.28	—	—	008492100
EQR	EQUITY RESIDENTIAL	4,376	$283	0.0%	$66.62	-8.9%	—	29476L107
KRG	KITE RLTY GROUP TR	12,614	$281	0.0%	$22.37	—	—	49803T300
FIG	FIGMA INC	5,000	$259	0.0%	$68.66	-34.2%	—	316841105
BRCB	BLACK ROCK COFFEE BAR INC	10,000	$239	0.0%	$26.13	-11.3%	—	092244102

Decreased Positions (39)

NI NISOURCE INC 4.3%

Value ($000) $161,615 (-36.6%) Shares 3,870,100 (-34.3%) Est. Cost $40.42 Unrealized +5.5%

TXNM TXNM ENERGY INC 2.9%

Value ($000) $109,641 (-42.8%) Shares 1,862,107 (-45.1%) Est. Cost $54.45 Unrealized +6.0%

TRGP TARGA RES CORP 3.8%

Value ($000) $144,267 (-35.1%) Shares 781,933 (-41.1%) Est. Cost $80.22 Unrealized +109.5%

CNP CENTERPOINT ENERGY INC 1.0%

Value ($000) $38,536 (-63.4%) Shares 1,005,100 (-63.0%) Est. Cost $36.53 Unrealized +6.4%

KMI KINDER MORGAN INC DEL 2.9%

Value ($000) $110,394 (-35.8%) Shares 4,015,800 (-33.8%) Est. Cost $26.41 Unrealized +1.9%

BKH BLACK HILLS CORP 0.5%

Value ($000) $19,162 (-71.7%) Shares 276,034 (-74.9%) Est. Cost $57.24 Unrealized +16.1%

SWX SOUTHWEST GAS HLDGS INC 0.4%

Value ($000) $14,789 (-75.6%) Shares 184,822 (-76.1%) Est. Cost $74.09 Unrealized +8.1%

PRMB PRIMO BRANDS CORPORATION 0.5%

Value ($000) $18,437 (-65.8%) Shares 1,127,654 (-53.8%) Est. Cost $32.41 Unrealized -43.0%

CWST CASELLA WASTE SYS INC 0.0%

Value ($000) $1,488 (-95.8%) Shares 15,194 (-95.9%) Est. Cost $103.14 Unrealized -10.0%

CNM CORE & MAIN INC 0.3%

Value ($000) $10,394 (-70.1%) Shares 200,000 (-69.0%) Est. Cost $60.57 Unrealized -15.3%

QXO QXO INC 0.3%

Value ($000) $11,574 (-66.5%) Shares 600,000 (-66.9%) Est. Cost $19.67 Unrealized -2.6%

SARO STANDARDAERO INC 0.3%

Value ($000) $10,352 (-62.1%) Shares 360,951 (-63.9%) Est. Cost $28.12 Unrealized -3.2%

KVUE KENVUE INC 0.2%

Value ($000) $6,469 (-70.9%) Shares 375,000 (-72.6%) Est. Cost $20.06 Unrealized -19.0%

ETN EATON CORP PLC 1.1%

Value ($000) $43,317 (-25.3%) Shares 136,000 (-12.2%) Est. Cost $299.91 Unrealized +18.2%

CPAY CORPAY INC 0.4%

Value ($000) $15,648 (-46.1%) Shares 52,000 (-48.4%) Est. Cost $346.23 Unrealized -16.1%

SMA SMARTSTOP SELF STORAG REIT I 0.5%

Value ($000) $19,539 (-39.1%) Shares 631,500 (-25.9%) Est. Cost $36.25 Unrealized —

RIG TRANSOCEAN LTD 0.5%

Value ($000) $18,433 (-39.1%) Shares 4,463,252 (-54.0%) Est. Cost $3.02 Unrealized +28.7%

TDG TRANSDIGM GROUP INC 1.0%

Value ($000) $38,898 (-22.3%) Shares 29,250 (-23.0%) Est. Cost $1279.92 Unrealized +2.4%

GE GE AEROSPACE 0.2%

Value ($000) $6,161 (-62.8%) Shares 20,000 (-63.6%) Est. Cost $178.21 Unrealized +68.8%

SNCY SUN CTRY AIRLS HLDGS INC 0.4%

Value ($000) $15,130 (-38.9%) Shares 1,051,408 (-49.8%) Est. Cost $15.19 Unrealized -15.8%

HESM HESS MIDSTREAM LP 0.3%

Value ($000) $12,134 (-42.2%) Shares 351,700 (-42.1%) Est. Cost $33.53 Unrealized -2.7%

AEE AMEREN CORP 1.9%

Value ($000) $71,295 (-8.8%) Shares 713,945 (-4.7%) Est. Cost $69.92 Unrealized +45.8%

CPK CHESAPEAKE UTILS CORP 0.1%

Value ($000) $2,495 (-71.1%) Shares 20,000 (-68.8%) Est. Cost $101.99 Unrealized +28.8%

HTO H2O AMERICA 0.1%

Value ($000) $2,147 (-64.5%) Shares 43,816 (-64.8%) Est. Cost $52.81 Unrealized -9.2%

IRON DISC MEDICINE INC 0.1%

Value ($000) $2,184 (-63.3%) Shares 27,500 (-69.5%) Est. Cost $43.14 Unrealized +95.9%

GAUZ GAUZY LTD 0.0%

Value ($000) $750 (-81.7%) Shares 581,187 (-10.0%) Est. Cost $12.81 Unrealized -70.6%

VNOM VIPER ENERGY INC 1.8%

Value ($000) $67,216 (-4.4%) Shares 1,740,000 (-5.4%) Est. Cost $38.10 Unrealized -0.6%

NTST NETSTREIT CORP 0.1%

Value ($000) $2,478 (-53.4%) Shares 140,500 (-52.3%) Est. Cost $18.06 Unrealized —

PCG PG&E CORP 3.1%

Value ($000) $117,115 (-1.8%) Shares 7,287,774 (-7.9%) Est. Cost $18.78 Unrealized -15.2%

FVR FRONTVIEW REIT INC 0.4%

Value ($000) $13,586 (-11.4%) Shares 920,485 (-17.7%) Est. Cost $18.13 Unrealized —

MLYS MINERALYS THERAPEUTICS INC 0.1%

Value ($000) $2,087 (-45.0%) Shares 57,500 (-42.5%) Est. Cost $14.49 Unrealized +176.7%

— TORTOISE ENERGY INFRA CORP 0.1%

Value ($000) $2,045 (-41.7%) Shares 50,000 (-38.6%) Est. Cost $32.92 Unrealized —

PNW PINNACLE WEST CAP CORP 0.3%

Value ($000) $12,104 (-9.2%) Shares 136,455 (-8.2%) Est. Cost $89.02 Unrealized +0.2%

TTAM TITAN AMER SA 0.4%

Value ($000) $16,312 (-5.6%) Shares 989,829 (-14.4%) Est. Cost $14.78 Unrealized +5.9%

EQIX EQUINIX INC 0.0%

Value ($000) $960 (-38.8%) Shares 1,253 (-37.5%) Est. Cost $810.19 Unrealized -3.6%

YORW YORK WTR CO 0.6%

Value ($000) $23,620 (+2.5%) Shares 741,849 (-2.1%) Est. Cost $37.64 Unrealized -15.6%

AVB AVALONBAY CMNTYS INC 0.0%

Value ($000) $1,771 (-21.4%) Shares 9,769 (-16.2%) Est. Cost $192.77 Unrealized -6.7%

SLDE SLIDE INS HLDGS INC 0.0%

Value ($000) $1,766 (-18.6%) Shares 90,651 (-34.1%) Est. Cost $21.55 Unrealized -22.6%

PH PARKER-HANNIFIN CORP 0.7%

Value ($000) $26,369 (-0.6%) Shares 30,000 (-14.3%) Est. Cost $568.72 Unrealized +43.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
NI	NISOURCE INC	3,870,100 (-34.3%)	$161,615 (-36.6%)	4.3%	$40.42	+5.5%	COM	65473P105
TXNM	TXNM ENERGY INC	1,862,107 (-45.1%)	$109,641 (-42.8%)	2.9%	$54.45	+6.0%	COM	69349H107
TRGP	TARGA RES CORP	781,933 (-41.1%)	$144,267 (-35.1%)	3.8%	$80.22	+109.5%	COM	87612G101
CNP	CENTERPOINT ENERGY INC	1,005,100 (-63.0%)	$38,536 (-63.4%)	1.0%	$36.53	+6.4%	COM	15189T107
KMI	KINDER MORGAN INC DEL	4,015,800 (-33.8%)	$110,394 (-35.8%)	2.9%	$26.41	+1.9%	COM	49456B101
BKH	BLACK HILLS CORP	276,034 (-74.9%)	$19,162 (-71.7%)	0.5%	$57.24	+16.1%	COM	092113109
SWX	SOUTHWEST GAS HLDGS INC	184,822 (-76.1%)	$14,789 (-75.6%)	0.4%	$74.09	+8.1%	COM	844895102
PRMB	PRIMO BRANDS CORPORATION	1,127,654 (-53.8%)	$18,437 (-65.8%)	0.5%	$32.41	-43.0%	CLASS A COM SHS	741623102
CWST	CASELLA WASTE SYS INC	15,194 (-95.9%)	$1,488 (-95.8%)	0.0%	$103.14	-10.0%	CL A	147448104
CNM	CORE & MAIN INC	200,000 (-69.0%)	$10,394 (-70.1%)	0.3%	$60.57	-15.3%	CL A	21874C102
QXO	QXO INC	600,000 (-66.9%)	$11,574 (-66.5%)	0.3%	$19.67	-2.6%	COM NEW	82846H405
SARO	STANDARDAERO INC	360,951 (-63.9%)	$10,352 (-62.1%)	0.3%	$28.12	-3.2%	COM	85423L103
KVUE	KENVUE INC	375,000 (-72.6%)	$6,469 (-70.9%)	0.2%	$20.06	-19.0%	COM	49177J102
ETN	EATON CORP PLC	136,000 (-12.2%)	$43,317 (-25.3%)	1.1%	$299.91	+18.2%	SHS	G29183103
CPAY	CORPAY INC	52,000 (-48.4%)	$15,648 (-46.1%)	0.4%	$346.23	-16.1%	COM SHS	219948106
SMA	SMARTSTOP SELF STORAG REIT I	631,500 (-25.9%)	$19,539 (-39.1%)	0.5%	$36.25	—	COMMON STOCK	83192D402
RIG	TRANSOCEAN LTD	4,463,252 (-54.0%)	$18,433 (-39.1%)	0.5%	$3.02	+28.7%	REGISTERED SHS	H8817H100
TDG	TRANSDIGM GROUP INC	29,250 (-23.0%)	$38,898 (-22.3%)	1.0%	$1279.92	+2.4%	COM	893641100
GE	GE AEROSPACE	20,000 (-63.6%)	$6,161 (-62.8%)	0.2%	$178.21	+68.8%	COM NEW	369604301
SNCY	SUN CTRY AIRLS HLDGS INC	1,051,408 (-49.8%)	$15,130 (-38.9%)	0.4%	$15.19	-15.8%	COM	866683105
HESM	HESS MIDSTREAM LP	351,700 (-42.1%)	$12,134 (-42.2%)	0.3%	$33.53	-2.7%	CL A SHS	428103105
AEE	AMEREN CORP	713,945 (-4.7%)	$71,295 (-8.8%)	1.9%	$69.92	+45.8%	COM	023608102
CPK	CHESAPEAKE UTILS CORP	20,000 (-68.8%)	$2,495 (-71.1%)	0.1%	$101.99	+28.8%	COM	165303108
HTO	H2O AMERICA	43,816 (-64.8%)	$2,147 (-64.5%)	0.1%	$52.81	-9.2%	COM	784305104
IRON	DISC MEDICINE INC	27,500 (-69.5%)	$2,184 (-63.3%)	0.1%	$43.14	+95.9%	COM	254604101
GAUZ	GAUZY LTD	581,187 (-10.0%)	$750 (-81.7%)	0.0%	$12.81	-70.6%	SHS	M4757U106
VNOM	VIPER ENERGY INC	1,740,000 (-5.4%)	$67,216 (-4.4%)	1.8%	$38.10	-0.6%	CL A	64361Q101
NTST	NETSTREIT CORP	140,500 (-52.3%)	$2,478 (-53.4%)	0.1%	$18.06	—	COM	64119V303
PCG	PG&E CORP	7,287,774 (-7.9%)	$117,115 (-1.8%)	3.1%	$18.78	-15.2%	COM	69331C108
FVR	FRONTVIEW REIT INC	920,485 (-17.7%)	$13,586 (-11.4%)	0.4%	$18.13	—	COM	35922N100
MLYS	MINERALYS THERAPEUTICS INC	57,500 (-42.5%)	$2,087 (-45.0%)	0.1%	$14.49	+176.7%	COM	603170101
—	TORTOISE ENERGY INFRA CORP	50,000 (-38.6%)	$2,045 (-41.7%)	0.1%	$32.92	—	COM	89147L886
PNW	PINNACLE WEST CAP CORP	136,455 (-8.2%)	$12,104 (-9.2%)	0.3%	$89.02	+0.2%	COM	723484101
TTAM	TITAN AMER SA	989,829 (-14.4%)	$16,312 (-5.6%)	0.4%	$14.78	+5.9%	COMMON SHARES	B9151N105
EQIX	EQUINIX INC	1,253 (-37.5%)	$960 (-38.8%)	0.0%	$810.19	-3.6%	COM	29444U700
YORW	YORK WTR CO	741,849 (-2.1%)	$23,620 (+2.5%)	0.6%	$37.64	-15.6%	COM	987184108
AVB	AVALONBAY CMNTYS INC	9,769 (-16.2%)	$1,771 (-21.4%)	0.0%	$192.77	-6.7%	COM	053484101
SLDE	SLIDE INS HLDGS INC	90,651 (-34.1%)	$1,766 (-18.6%)	0.0%	$21.55	-22.6%	COM	831349105
PH	PARKER-HANNIFIN CORP	30,000 (-14.3%)	$26,369 (-0.6%)	0.7%	$568.72	+43.8%	COM	701094104

Unchanged Positions (8)

WELL WELLTOWER INC 5.5%

Value ($000) $207,275 Shares 1,116,725 Est. Cost $87.18 Unrealized +113.9%

KD KYNDRYL HLDGS INC 1.6%

Value ($000) $59,156 Shares 2,227,253 Est. Cost $16.70 Unrealized +62.4%

PACS PACS GROUP INC 0.3%

Value ($000) $11,613 Shares 302,500 Est. Cost $27.41 Unrealized -20.0%

— TXNM ENERGY INC 3.4%

Value ($000) $127,549 Shares 95,022,000 Est. Cost $1.29 Unrealized —

BLSH BULLISH 0.1%

Value ($000) $4,166 Shares 110,000 Est. Cost $61.33 Unrealized -20.6%

MSFT MICROSOFT CORP 0.3%

Value ($000) $9,672 Shares 20,000 Est. Cost $336.94 Unrealized +48.6%

BOW BOWHEAD SPECIALTY HLDGS INC 0.2%

Value ($000) $6,136 Shares 215,000 Est. Cost $25.56 Unrealized +3.8%

— ALLSPRING UTILITIES AND HIGH 0.0%

Value ($000) $1,522 Shares 128,803 Est. Cost $10.90 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WELL	WELLTOWER INC	1,116,725	$207,275	5.5%	$87.18	+113.9%	COM	95040Q104
KD	KYNDRYL HLDGS INC	2,227,253	$59,156	1.6%	$16.70	+62.4%	COMMON STOCK	50155Q100
PACS	PACS GROUP INC	302,500	$11,613	0.3%	$27.41	-20.0%	COM SHS	69380Q107
—	TXNM ENERGY INC	95,022,000	$127,549	3.4%	$1.29	—	NOTE 5.750% 6/0	69349HAF4
BLSH	BULLISH	110,000	$4,166	0.1%	$61.33	-20.6%	ORD SHS	G16910120
MSFT	MICROSOFT CORP	20,000	$9,672	0.3%	$336.94	+48.6%	COM	594918104
BOW	BOWHEAD SPECIALTY HLDGS INC	215,000	$6,136	0.2%	$25.56	+3.8%	COM SHS	10240L102
—	ALLSPRING UTILITIES AND HIGH	128,803	$1,522	0.0%	$10.90	—	WF UTILITIES INC	94987E109