Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ADC	AGREE RLTY CORP	3,296,414	$248M	6.0%	$75.38	—	COM	008492100
WEC	WEC ENERGY GROUP INC	833,814	$96.53M	2.3%	$109.91	0.0%	COM	92939U106
FPS	FORGENT POWER SOLUTIONS INC	1,950,520	$57.09M	1.4%	$29.27	—	COM SHS CL A	34631F102
D	DOMINION ENERGY INC	500,000	$30.91M	0.7%	$61.62	0.0%	COM	25746U109
—	NEXTERA ENERGY INC	609,324	$30.65M	0.7%	$50.30	—	UNIT 02/15/2029	65339F655
VSEC	VSE CORP	160,500	$29.6M	0.7%	$207.99	0.0%	COM	918284100
APH	AMPHENOL CORP	231,500	$29.25M	0.7%	$146.40	0.0%	CL A	032095101
WHR	WHIRLPOOL CORP	430,500	$23.21M	0.6%	$83.37	0.0%	COM	963320106
HE	HAWAIIAN ELEC INDS INC MTN B	1,500,000	$22.26M	0.5%	—	—	PUT	419870100
USAR	USA RARE EARTH INC	1,151,640	$17.43M	0.4%	$20.16	0.0%	COM	91733P107
PNR	PENTAIR PLC	200,000	$17.42M	0.4%	$102.57	0.0%	SHS	G7S00T104
ES	EVERSOURCE ENERGY	250,000	$17.32M	0.4%	$60.02	+16.8%	CALL	30040W108
SM	SM ENERGY COMPANY	532,500	$16.6M	0.4%	$19.89	0.0%	COM	78454L100
HTO	H2O AMERICA	250,000	$14.67M	0.4%	$52.74	-0.0%	PUT	784305104
CR	CRANE COMPANY	85,000	$14.54M	0.4%	$198.22	0.0%	COMMON STOCK	224408104
POOL	POOL CORP	70,000	$14.16M	0.3%	$251.76	0.0%	COM	73278L105
FCX	FREEPORT MCMORAN INC	237,500	$13.96M	0.3%	$61.12	0.0%	CL B	35671D857
JAN	JANUS LIVING INC	575,000	$13.55M	0.3%	$23.57	—	CL A-1	471024109
CMI	CUMMINS INC	25,000	$13.45M	0.3%	$575.50	0.0%	COM	231021106
GNRC	GENERAC HLDGS INC	54,600	$10.67M	0.3%	$183.13	0.0%	COM	368736104
PCG	PG&E CORP	500,000	$8.785M	0.2%	$18.78	-12.8%	CALL	69331C108
BKH	BLACK HILLS CORP	125,000	$8.676M	0.2%	$66.44	+8.2%	CALL	092113109
WBI	WATERBRIDGE INFRASTRUCTURE L	320,000	$8.573M	0.2%	$22.65	0.0%	CL A SHS REPSTG	940923105
AIV	APARTMENT INVT & MGMT CO	2,027,500	$8.252M	0.2%	$4.07	—	CL A	03748R747
EQPT	EQUIPMENTSHARE COM INC	401,500	$8.179M	0.2%	$20.37	—	COM CL A	29445S100
ROL	ROLLINS INC	150,000	$8.011M	0.2%	$61.83	0.0%	COM	775711104
EMA	EMERA INC	150,436	$7.796M	0.2%	$49.78	0.0%	COM	290876101
INVX	INNOVEX INTERNATIONAL INC	297,425	$7.254M	0.2%	$25.01	0.0%	COM	457651107
ALM	ALMONTY INDS INC	475,000	$6.878M	0.2%	$11.89	0.0%	COM NEW	020398707
GEV	GE VERNOVA INC	7,500	$6.547M	0.2%	$736.93	0.0%	COM	36828A101
SYY	SYSCO CORP	80,000	$5.706M	0.1%	$82.24	0.0%	COM	871829107
AAON	AAON INC	45,000	$3.724M	0.1%	$93.11	0.0%	COM PAR $0.004	000360206
KRMN	KARMAN HLDGS INC	40,000	$3.202M	0.1%	$96.11	0.0%	COMMON STOCK	485924104
YSS	YORK SPACE SYSTEMS INC	115,000	$2.55M	0.1%	$22.17	—	COM	987084100
DOC	HEALTHPEAK PROPERTIES INC	135,300	$2.223M	0.1%	$16.20	0.0%	COM	42250P103
—	WHIRLPOOL CORP	50,000	$2.061M	0.0%	$41.23	—	8.5 DEP SR A CNV	963320205
PSA	PUBLIC STORAGE OPER CO	7,200	$1.95M	0.0%	$258.44	0.0%	COM	74460D109
WULF	TERAWULF INC	131,000	$1.89M	0.0%	$14.58	0.0%	COM	88080T104
NEXT	NEXTDECADE CORP	212,500	$1.628M	0.0%	$5.20	0.0%	COM	65342K105
PICS	PICS NV	125,000	$1.306M	0.0%	$10.45	—	COM CL A	N69958101
NVDA	NVIDIA CORPORATION	6,700	$1.168M	0.0%	$186.63	0.0%	COM	67066G104
REXR	REXFORD INDL RLTY INC	15,000	$491K	0.0%	$32.73	—	COM	76169C100
ENB	ENBRIDGE INC	7,500	$406K	0.0%	$48.57	0.0%	COM	29250N105
AKTS	AKTIS ONCOLOGY INC	15,000	$268K	0.0%	$17.89	—	COM	01021M104
BTGO	BITGO HOLDINGS INC	30,000	$247K	0.0%	$8.23	—	COM SHS CL A	091947101
BOBS	BOBS DISC FURNITURE INC	20,000	$235K	0.0%	$11.75	—	COM SHS	09681N106
KPTI	KARYOPHARM THERAPEUTICS INC	37,500	$209K	0.0%	$7.62	0.0%	COM NEW	48576U205
OFRM	ONCE UPON A FARM PBC	11,000	$180K	0.0%	$16.35	—	COM	68237F108

Increased Positions (31)

KMI KINDER MORGAN INC DEL 4.6%

Value $192M (+74.2%) Shares 5,735,100 (+42.8%) Est. Cost $27.41 Unrealized +8.5%

NI NISOURCE INC 5.8%

Value $240M (+48.5%) Shares 5,142,959 (+32.9%) Est. Cost $41.30 Unrealized +6.5%

HTO H2O AMERICA 1.4%

Value $58.73M (+2636.0%) Shares 1,001,000 (+2184.6%) Est. Cost $52.74 Unrealized -0.0%

TRGP TARGA RES CORP 4.8%

Value $199M (+38.2%) Shares 794,933 (+1.7%) Est. Cost $82.20 Unrealized +145.4%

KTOS KRATOS DEFENSE & SEC SOLUTIO 1.3%

Value $55.22M (+708.3%) Shares 783,148 (+770.2%) Est. Cost $100.04 Unrealized +2.4%

BKV BKV CORP 1.3%

Value $55.51M (+309.7%) Shares 1,946,314 (+290.0%) Est. Cost $27.68 Unrealized +3.2%

PNW PINNACLE WEST CAP CORP 1.2%

Value $50.38M (+316.2%) Shares 500,055 (+266.5%) Est. Cost $92.28 Unrealized +1.3%

SWX SOUTHWEST GAS HLDGS INC 1.3%

Value $52.74M (+256.6%) Shares 606,922 (+228.4%) Est. Cost $81.04 Unrealized +3.8%

BKH BLACK HILLS CORP 1.2%

Value $51.44M (+168.4%) Shares 741,034 (+168.5%) Est. Cost $66.44 Unrealized +8.2%

CRH CRH PLC 1.0%

Value $42.05M (+321.2%) Shares 400,000 (+400.0%) Est. Cost $120.31 Unrealized +3.3%

GE GE AEROSPACE 0.9%

Value $36.89M (+498.8%) Shares 130,000 (+550.0%) Est. Cost $296.65 Unrealized +7.3%

QXO QXO INC 0.7%

Value $30.59M (+164.3%) Shares 1,575,000 (+162.5%) Est. Cost $22.44 Unrealized +7.6%

CWST CASELLA WASTE SYS INC 0.5%

Value $20.45M (+1273.9%) Shares 257,694 (+1596.0%) Est. Cost $101.79 Unrealized -0.1%

EME EMCOR GROUP INC 0.6%

Value $25.84M (+156.0%) Shares 35,000 (+112.1%) Est. Cost $689.35 Unrealized +5.4%

LOAR LOAR HOLDINGS INC 0.8%

Value $32.8M (+75.4%) Shares 572,500 (+108.2%) Est. Cost $73.04 Unrealized -5.6%

SARO STANDARDAERO INC 0.5%

Value $21.96M (+112.1%) Shares 850,000 (+135.5%) Est. Cost $29.94 Unrealized +4.5%

CNM CORE & MAIN INC 0.5%

Value $21.24M (+104.4%) Shares 430,000 (+115.0%) Est. Cost $58.26 Unrealized -3.4%

BLDR BUILDERS FIRSTSOURCE INC 0.7%

Value $27.37M (+54.2%) Shares 332,500 (+92.8%) Est. Cost $117.23 Unrealized +0.3%

HUT HUT 8 CORP 0.3%

Value $12.9M (+287.3%) Shares 275,000 (+279.3%) Est. Cost $50.06 Unrealized +13.0%

VRTS VIRTUS INVT PARTNERS INC 0.3%

Value $11.3M (+177.1%) Shares 84,121 (+236.5%) Est. Cost $158.50 Unrealized -1.9%

AERO GRUPO AEROMEXICO SAB DE CV 0.4%

Value $17.14M (-26.4%) Shares 1,223,565 (+15.4%) Est. Cost $20.90 Unrealized —

ALH ALLIANCE LAUNDRY HLDGS INC 0.6%

Value $23.75M (+22.8%) Shares 1,145,003 (+20.5%) Est. Cost $23.77 Unrealized -5.4%

CAT CATERPILLAR INC 0.3%

Value $11.87M (+56.9%) Shares 16,750 (+26.9%) Est. Cost $582.82 Unrealized +17.4%

GPC GENUINE PARTS CO 0.3%

Value $13.22M (+43.3%) Shares 125,000 (+66.7%) Est. Cost $128.43 Unrealized +4.0%

VVX V2X INC 0.2%

Value $8.563M (+74.3%) Shares 125,000 (+38.8%) Est. Cost $59.07 Unrealized +12.3%

NTST NETSTREIT CORP 0.1%

Value $5.941M (+139.7%) Shares 315,500 (+124.6%) Est. Cost $18.49 Unrealized —

WM WASTE MGMT INC DEL 0.6%

Value $26.43M (+9.3%) Shares 115,000 (+4.5%) Est. Cost $216.96 Unrealized +4.2%

MSFT MICROSOFT CORP 0.2%

Value $7.959M (-17.7%) Shares 21,500 (+7.5%) Est. Cost $343.75 Unrealized +26.4%

— KAYNE ANDERSON ENERGY INFRST 0.2%

Value $8.389M (+22.2%) Shares 587,500 (+5.9%) Est. Cost $12.54 Unrealized —

CPAY CORPAY INC 0.4%

Value $16.3M (+4.1%) Shares 56,000 (+7.7%) Est. Cost $344.90 Unrealized -5.0%

— DUFF & PHELPS UTLITY AND INF 0.0%

Value $1.555M (+47.1%) Shares 107,700 (+29.4%) Est. Cost $13.16 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
KMI	KINDER MORGAN INC DEL	5,735,100 (+42.8%)	$192M (+74.2%)	4.6%	$27.41	+8.5%	COM	49456B101
NI	NISOURCE INC	5,142,959 (+32.9%)	$240M (+48.5%)	5.8%	$41.30	+6.5%	COM	65473P105
HTO	H2O AMERICA	1,001,000 (+2184.6%)	$58.73M (+2636.0%)	1.4%	$52.74	-0.0%	COM	784305104
TRGP	TARGA RES CORP	794,933 (+1.7%)	$199M (+38.2%)	4.8%	$82.20	+145.4%	COM	87612G101
KTOS	KRATOS DEFENSE & SEC SOLUTIO	783,148 (+770.2%)	$55.22M (+708.3%)	1.3%	$100.04	+2.4%	COM NEW	50077B207
BKV	BKV CORP	1,946,314 (+290.0%)	$55.51M (+309.7%)	1.3%	$27.68	+3.2%	COM	05603J108
PNW	PINNACLE WEST CAP CORP	500,055 (+266.5%)	$50.38M (+316.2%)	1.2%	$92.28	+1.3%	COM	723484101
SWX	SOUTHWEST GAS HLDGS INC	606,922 (+228.4%)	$52.74M (+256.6%)	1.3%	$81.04	+3.8%	COM	844895102
BKH	BLACK HILLS CORP	741,034 (+168.5%)	$51.44M (+168.4%)	1.2%	$66.44	+8.2%	COM	092113109
CRH	CRH PLC	400,000 (+400.0%)	$42.05M (+321.2%)	1.0%	$120.31	+3.3%	ORD	G25508105
GE	GE AEROSPACE	130,000 (+550.0%)	$36.89M (+498.8%)	0.9%	$296.65	+7.3%	COM NEW	369604301
QXO	QXO INC	1,575,000 (+162.5%)	$30.59M (+164.3%)	0.7%	$22.44	+7.6%	COM NEW	82846H405
CWST	CASELLA WASTE SYS INC	257,694 (+1596.0%)	$20.45M (+1273.9%)	0.5%	$101.79	-0.1%	CL A	147448104
EME	EMCOR GROUP INC	35,000 (+112.1%)	$25.84M (+156.0%)	0.6%	$689.35	+5.4%	COM	29084Q100
LOAR	LOAR HOLDINGS INC	572,500 (+108.2%)	$32.8M (+75.4%)	0.8%	$73.04	-5.6%	COM SHS	53947R105
SARO	STANDARDAERO INC	850,000 (+135.5%)	$21.96M (+112.1%)	0.5%	$29.94	+4.5%	COM	85423L103
CNM	CORE & MAIN INC	430,000 (+115.0%)	$21.24M (+104.4%)	0.5%	$58.26	-3.4%	CL A	21874C102
BLDR	BUILDERS FIRSTSOURCE INC	332,500 (+92.8%)	$27.37M (+54.2%)	0.7%	$117.23	+0.3%	COM	12008R107
HUT	HUT 8 CORP	275,000 (+279.3%)	$12.9M (+287.3%)	0.3%	$50.06	+13.0%	COM	44812J104
VRTS	VIRTUS INVT PARTNERS INC	84,121 (+236.5%)	$11.3M (+177.1%)	0.3%	$158.50	-1.9%	COM	92828Q109
AERO	GRUPO AEROMEXICO SAB DE CV	1,223,565 (+15.4%)	$17.14M (-26.4%)	0.4%	$20.90	—	SPONSORED ADS	40054J109
ALH	ALLIANCE LAUNDRY HLDGS INC	1,145,003 (+20.5%)	$23.75M (+22.8%)	0.6%	$23.77	-5.4%	COM	01862Q107
CAT	CATERPILLAR INC	16,750 (+26.9%)	$11.87M (+56.9%)	0.3%	$582.82	+17.4%	COM	149123101
GPC	GENUINE PARTS CO	125,000 (+66.7%)	$13.22M (+43.3%)	0.3%	$128.43	+4.0%	COM	372460105
VVX	V2X INC	125,000 (+38.8%)	$8.563M (+74.3%)	0.2%	$59.07	+12.3%	COM	92242T101
NTST	NETSTREIT CORP	315,500 (+124.6%)	$5.941M (+139.7%)	0.1%	$18.49	—	COM	64119V303
WM	WASTE MGMT INC DEL	115,000 (+4.5%)	$26.43M (+9.3%)	0.6%	$216.96	+4.2%	COM	94106L109
MSFT	MICROSOFT CORP	21,500 (+7.5%)	$7.959M (-17.7%)	0.2%	$343.75	+26.4%	COM	594918104
—	KAYNE ANDERSON ENERGY INFRST	587,500 (+5.9%)	$8.389M (+22.2%)	0.2%	$12.54	—	COM	486606106
CPAY	CORPAY INC	56,000 (+7.7%)	$16.3M (+4.1%)	0.4%	$344.90	-5.0%	COM SHS	219948106
—	DUFF & PHELPS UTLITY AND INF	107,700 (+29.4%)	$1.555M (+47.1%)	0.0%	$13.16	—	COM	26433C105

Exited Positions (42)

ADT ADT INC DEL 2.4%

Value $99.79M Shares 12,365,246 Est. Cost $8.05 Unrealized -0.5%

AEE AMEREN CORP 1.7%

Value $71.29M Shares 713,945 Est. Cost $69.92 Unrealized +49.7%

KD KYNDRYL HLDGS INC 1.4%

Value $59.16M Shares 2,227,253 Est. Cost $16.70 Unrealized +23.2%

CMS CMS ENERGY CORP 1.3%

Value $51.92M Shares 742,500 Est. Cost $70.71 Unrealized +2.1%

SFD SMITHFIELD FOODS INC 1.1%

Value $46.67M Shares 2,090,000 Est. Cost $21.77 Unrealized +9.2%

ETN EATON CORP PLC 1.0%

Value $43.32M Shares 136,000 Est. Cost $299.91 Unrealized +17.9%

ULS UL SOLUTIONS INC 0.8%

Value $35.08M Shares 444,790 Est. Cost $80.28 Unrealized -5.5%

APD AIR PRODS & CHEMS INC 0.6%

Value $24.7M Shares 100,000 Est. Cost $281.72 Unrealized -3.6%

VRT VERTIV HOLDINGS CO 0.5%

Value $22M Shares 135,800 Est. Cost $147.20 Unrealized +35.8%

AMRZ AMRIZE LTD 0.5%

Value $19.79M Shares 366,000 Est. Cost $51.00 Unrealized +12.0%

RIG TRANSOCEAN LTD 0.4%

Value $18.43M Shares 4,463,252 Est. Cost $3.02 Unrealized +71.2%

SNCY SUN CTRY AIRLS HLDGS INC 0.4%

Value $15.13M Shares 1,051,408 Est. Cost $15.19 Unrealized +21.7%

AIR AAR CORP 0.3%

Value $14.07M Shares 170,000 Est. Cost $82.73 Unrealized +28.3%

ROAD CONSTRUCTION PARTNERS INC 0.3%

Value $13.03M Shares 120,000 Est. Cost $112.57 Unrealized +7.2%

EVRG EVERGY INC 0.2%

Value $9.967M Shares 137,500 Est. Cost $75.45 Unrealized +2.4%

MOD MODINE MFG CO 0.2%

Value $8.344M Shares 62,500 Est. Cost $148.95 Unrealized +18.5%

KBONU KARBON CAP PARTNERS CORP 0.2%

Value $8.052M Shares 800,000 Est. Cost $10.06 Unrealized —

MDLN MEDLINE INC 0.2%

Value $6.706M Shares 159,660 Est. Cost $42.23 Unrealized +6.2%

KVUE KENVUE INC 0.2%

Value $6.469M Shares 375,000 Est. Cost $20.06 Unrealized -12.0%

BLSH BULLISH 0.1%

Value $4.166M Shares 110,000 Est. Cost $61.33 Unrealized -44.2%

NP NEPTUNE INS HLDGS INC 0.1%

Value $3.645M Shares 125,000 Est. Cost $26.30 Unrealized -8.7%

CPK CHESAPEAKE UTILS CORP 0.1%

Value $2.495M Shares 20,000 Est. Cost $101.99 Unrealized +25.7%

BETA BETA TECHNOLOGIES INC 0.1%

Value $2.116M Shares 75,000 Est. Cost $29.84 Unrealized -24.3%

MLYS MINERALYS THERAPEUTICS INC 0.1%

Value $2.087M Shares 57,500 Est. Cost $14.49 Unrealized +116.4%

— TORTOISE ENERGY INFRA CORP 0.0%

Value $2.045M Shares 50,000 Est. Cost $32.92 Unrealized —

XZO EXZEO GROUP INC 0.0%

Value $1.819M Shares 75,000 Est. Cost $19.02 Unrealized +1.5%

AVB AVALONBAY CMNTYS INC 0.0%

Value $1.771M Shares 9,769 Est. Cost $192.77 Unrealized -6.4%

SLDE SLIDE INS HLDGS INC 0.0%

Value $1.766M Shares 90,651 Est. Cost $21.55 Unrealized -20.2%

CWT CALIFORNIA WTR SVC GROUP 0.0%

Value $1.668M Shares 38,500 Est. Cost $45.13 Unrealized -1.1%

EQIX EQUINIX INC 0.0%

Value $960K Shares 1,253 Est. Cost $810.19 Unrealized -5.7%

WLTH WEALTHFRONT CORP 0.0%

Value $951K Shares 70,000 Est. Cost $13.20 Unrealized -27.4%

SBAC SBA COMMUNICATIONS CORP NEW 0.0%

Value $19,343 Shares 100 Est. Cost $192.67 Unrealized -0.1%

OGE OGE ENERGY CORP 0.0%

Value $6,960 Shares 163 Est. Cost $44.60 Unrealized -0.3%

CCI CROWN CASTLE INC 0.0%

Value $6,488 Shares 73 Est. Cost $91.09 Unrealized -2.6%

SR SPIRE INC 0.0%

Value $5,623 Shares 68 Est. Cost $82.69 Unrealized —

VZ VERIZON COMMUNICATIONS INC 0.0%

Value $4,765 Shares 117 Est. Cost $40.48 Unrealized +8.2%

AMT AMERICAN TOWER CORP NEW 0.0%

Value $4,038 Shares 23 Est. Cost $180.30 Unrealized -3.0%

OGS ONE GAS INC 0.0%

Value $3,863 Shares 50 Est. Cost $80.38 Unrealized +0.4%

TU TELUS CORPORATION 0.0%

Value $3,071 Shares 233 Est. Cost $14.08 Unrealized -2.9%

WTRG ESSENTIAL UTILS INC 0.0%

Value $3,069 Shares 80 Est. Cost $39.35 Unrealized -1.5%

BCE BCE INC 0.0%

Value $2,529 Shares 106 Est. Cost $23.04 Unrealized +8.6%

VOD VODAFONE GROUP PLC NEW 0.0%

Value $793 Shares 60 Est. Cost $13.22 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
ADT	ADT INC DEL	12,365,246	$99.79M	2.4%	$8.05	-0.5%	—	00090Q103
AEE	AMEREN CORP	713,945	$71.29M	1.7%	$69.92	+49.7%	—	023608102
KD	KYNDRYL HLDGS INC	2,227,253	$59.16M	1.4%	$16.70	+23.2%	—	50155Q100
CMS	CMS ENERGY CORP	742,500	$51.92M	1.3%	$70.71	+2.1%	—	125896100
SFD	SMITHFIELD FOODS INC	2,090,000	$46.67M	1.1%	$21.77	+9.2%	—	832248207
ETN	EATON CORP PLC	136,000	$43.32M	1.0%	$299.91	+17.9%	—	G29183103
ULS	UL SOLUTIONS INC	444,790	$35.08M	0.8%	$80.28	-5.5%	—	903731107
APD	AIR PRODS & CHEMS INC	100,000	$24.7M	0.6%	$281.72	-3.6%	—	009158106
VRT	VERTIV HOLDINGS CO	135,800	$22M	0.5%	$147.20	+35.8%	—	92537N108
AMRZ	AMRIZE LTD	366,000	$19.79M	0.5%	$51.00	+12.0%	—	H2927K103
RIG	TRANSOCEAN LTD	4,463,252	$18.43M	0.4%	$3.02	+71.2%	—	H8817H100
SNCY	SUN CTRY AIRLS HLDGS INC	1,051,408	$15.13M	0.4%	$15.19	+21.7%	—	866683105
AIR	AAR CORP	170,000	$14.07M	0.3%	$82.73	+28.3%	—	000361105
ROAD	CONSTRUCTION PARTNERS INC	120,000	$13.03M	0.3%	$112.57	+7.2%	—	21044C107
EVRG	EVERGY INC	137,500	$9.967M	0.2%	$75.45	+2.4%	—	30034W106
MOD	MODINE MFG CO	62,500	$8.344M	0.2%	$148.95	+18.5%	—	607828100
KBONU	KARBON CAP PARTNERS CORP	800,000	$8.052M	0.2%	$10.06	—	—	G5225W126
MDLN	MEDLINE INC	159,660	$6.706M	0.2%	$42.23	+6.2%	—	58507V107
KVUE	KENVUE INC	375,000	$6.469M	0.2%	$20.06	-12.0%	—	49177J102
BLSH	BULLISH	110,000	$4.166M	0.1%	$61.33	-44.2%	—	G16910120
NP	NEPTUNE INS HLDGS INC	125,000	$3.645M	0.1%	$26.30	-8.7%	—	64073B103
CPK	CHESAPEAKE UTILS CORP	20,000	$2.495M	0.1%	$101.99	+25.7%	—	165303108
BETA	BETA TECHNOLOGIES INC	75,000	$2.116M	0.1%	$29.84	-24.3%	—	086921103
MLYS	MINERALYS THERAPEUTICS INC	57,500	$2.087M	0.1%	$14.49	+116.4%	—	603170101
—	TORTOISE ENERGY INFRA CORP	50,000	$2.045M	0.0%	$32.92	—	—	89147L886
XZO	EXZEO GROUP INC	75,000	$1.819M	0.0%	$19.02	+1.5%	—	30234F101
AVB	AVALONBAY CMNTYS INC	9,769	$1.771M	0.0%	$192.77	-6.4%	—	053484101
SLDE	SLIDE INS HLDGS INC	90,651	$1.766M	0.0%	$21.55	-20.2%	—	831349105
CWT	CALIFORNIA WTR SVC GROUP	38,500	$1.668M	0.0%	$45.13	-1.1%	—	130788102
EQIX	EQUINIX INC	1,253	$960K	0.0%	$810.19	-5.7%	—	29444U700
WLTH	WEALTHFRONT CORP	70,000	$951K	0.0%	$13.20	-27.4%	—	947002101
SBAC	SBA COMMUNICATIONS CORP NEW	100	$19,343	0.0%	$192.67	-0.1%	—	78410G104
OGE	OGE ENERGY CORP	163	$6,960	0.0%	$44.60	-0.3%	—	670837103
CCI	CROWN CASTLE INC	73	$6,488	0.0%	$91.09	-2.6%	—	22822V101
SR	SPIRE INC	68	$5,623	0.0%	$82.69	—	—	84857L101
VZ	VERIZON COMMUNICATIONS INC	117	$4,765	0.0%	$40.48	+8.2%	—	92343V104
AMT	AMERICAN TOWER CORP NEW	23	$4,038	0.0%	$180.30	-3.0%	—	03027X100
OGS	ONE GAS INC	50	$3,863	0.0%	$80.38	+0.4%	—	68235P108
TU	TELUS CORPORATION	233	$3,071	0.0%	$14.08	-2.9%	—	87971M103
WTRG	ESSENTIAL UTILS INC	80	$3,069	0.0%	$39.35	-1.5%	—	29670G102
BCE	BCE INC	106	$2,529	0.0%	$23.04	+8.6%	—	05534B760
VOD	VODAFONE GROUP PLC NEW	60	$793	0.0%	$13.22	—	—	92857W308

Decreased Positions (39)

KNTK KINETIK HOLDINGS INC 0.2%

Value $6.446M (-93.5%) Shares 133,150 (-95.1%) Est. Cost $36.12 Unrealized +11.5%

SRE SEMPRA 1.6%

Value $67.98M (-45.4%) Shares 699,600 (-50.4%) Est. Cost $77.62 Unrealized +15.3%

ETR ENTERGY CORP NEW 2.5%

Value $104M (-32.1%) Shares 928,573 (-44.1%) Est. Cost $94.54 Unrealized +3.0%

LNG CHENIERE ENERGY INC 0.4%

Value $15.61M (-74.0%) Shares 55,000 (-82.2%) Est. Cost $211.00 Unrealized -0.6%

VNOM VIPER ENERGY INC 0.9%

Value $36.18M (-46.2%) Shares 770,000 (-55.7%) Est. Cost $38.10 Unrealized +7.6%

AZO AUTOZONE INC 0.4%

Value $16.89M (-64.4%) Shares 5,000 (-64.3%) Est. Cost $3568.65 Unrealized +1.6%

PWR QUANTA SVCS INC 0.2%

Value $8.235M (-77.6%) Shares 15,000 (-82.8%) Est. Cost $358.95 Unrealized +35.5%

ES EVERSOURCE ENERGY 5.6%

Value $232M (-10.5%) Shares 3,342,607 (-13.0%) Est. Cost $60.02 Unrealized +16.8%

RYAN RYAN SPECIALTY HOLDINGS INC 0.7%

Value $29.52M (-42.8%) Shares 875,000 (-12.5%) Est. Cost $46.45 Unrealized +0.4%

KGS KODIAK GAS SVCS INC 3.3%

Value $139M (-13.0%) Shares 2,381,916 (-44.2%) Est. Cost $33.03 Unrealized +31.8%

TXNM TXNM ENERGY INC 2.2%

Value $89.58M (-18.3%) Shares 1,532,247 (-17.7%) Est. Cost $54.45 Unrealized +8.6%

CNP CENTERPOINT ENERGY INC 0.5%

Value $19.14M (-50.3%) Shares 443,500 (-55.9%) Est. Cost $36.53 Unrealized +9.5%

DUK DUKE ENERGY CORP NEW 1.4%

Value $57.34M (-23.9%) Shares 437,929 (-31.9%) Est. Cost $111.04 Unrealized +8.9%

ITT ITT INC 0.2%

Value $9.527M (-61.5%) Shares 50,000 (-64.9%) Est. Cost $179.17 Unrealized +6.3%

TTAM TITAN AMER SA 0.1%

Value $3.986M (-75.6%) Shares 266,111 (-73.1%) Est. Cost $14.78 Unrealized +21.1%

NVT NVENT ELEC PLC 0.7%

Value $27.85M (-27.2%) Shares 235,500 (-37.2%) Est. Cost $92.56 Unrealized +21.4%

TDG TRANSDIGM GROUP INC 0.7%

Value $28.97M (-25.5%) Shares 25,000 (-14.5%) Est. Cost $1279.92 Unrealized +6.4%

STC STEWART INFORMATION SVCS COR 0.4%

Value $15.15M (-39.2%) Shares 245,942 (-30.6%) Est. Cost $72.01 Unrealized -5.1%

CTRE CARETRUST REIT INC 1.3%

Value $54.47M (-14.5%) Shares 1,486,155 (-15.6%) Est. Cost $31.23 Unrealized —

LMRI LUMEXA IMAGING HOLDINGS INC 0.1%

Value $2.58M (-77.1%) Shares 300,000 (-50.8%) Est. Cost $18.05 Unrealized -19.7%

CARR CARRIER GLOBAL CORPORATION 0.3%

Value $12.95M (-36.7%) Shares 230,000 (-40.6%) Est. Cost $60.75 Unrealized -1.8%

PACS PACS GROUP INC 0.1%

Value $4.497M (-61.3%) Shares 140,000 (-53.7%) Est. Cost $27.41 Unrealized +39.5%

FVR FRONTVIEW REIT INC 0.2%

Value $6.563M (-51.7%) Shares 424,233 (-53.9%) Est. Cost $18.13 Unrealized —

XEL XCEL ENERGY INC 5.0%

Value $209M (+3.2%) Shares 2,629,300 (-4.0%) Est. Cost $65.47 Unrealized +17.9%

PRMB PRIMO BRANDS CORPORATION 0.3%

Value $13.5M (-26.8%) Shares 717,000 (-36.4%) Est. Cost $32.41 Unrealized -42.3%

PCG PG&E CORP 2.7%

Value $113M (-3.7%) Shares 6,420,105 (-11.9%) Est. Cost $18.78 Unrealized -12.8%

PH PARKER-HANNIFIN CORP 0.5%

Value $22.38M (-15.1%) Shares 25,000 (-16.7%) Est. Cost $568.72 Unrealized +68.4%

ELDN ELEDON PHARMACEUTICALS INC 0.1%

Value $5.775M (+60.4%) Shares 1,875,000 (-21.4%) Est. Cost $2.63 Unrealized -20.8%

IDA IDACORP INC 2.5%

Value $103M (+2.1%) Shares 723,692 (-9.6%) Est. Cost $125.89 Unrealized +7.0%

BOW BOWHEAD SPECIALTY HLDGS INC 0.1%

Value $4.706M (-23.3%) Shares 209,800 (-2.4%) Est. Cost $25.56 Unrealized -1.9%

SMA SMARTSTOP SELF STORAG REIT I 0.4%

Value $18.17M (-7.0%) Shares 600,000 (-5.0%) Est. Cost $36.25 Unrealized —

YORW YORK WTR CO 0.5%

Value $22.31M (-5.5%) Shares 732,677 (-1.2%) Est. Cost $37.64 Unrealized -12.7%

IRON DISC MEDICINE INC 0.0%

Value $1.068M (-51.1%) Shares 16,700 (-39.3%) Est. Cost $43.14 Unrealized +71.6%

AR ANTERO RESOURCES CORP 0.2%

Value $9.018M (-7.8%) Shares 212,500 (-25.2%) Est. Cost $33.36 Unrealized +1.3%

FE FIRSTENERGY CORP 0.0%

Value $1.266M (-37.1%) Shares 25,000 (-44.4%) Est. Cost $45.73 Unrealized +3.0%

GAUZ GAUZY LTD 0.0%

Value $76,400 (-89.8%) Shares 100,000 (-82.8%) Est. Cost $12.81 Unrealized -92.9%

TBN TAMBORAN RES CORP 0.1%

Value $4.573M (+16.8%) Shares 91,480 (-36.4%) Est. Cost $25.43 Unrealized +10.9%

HESM HESS MIDSTREAM LP 0.3%

Value $11.65M (-4.0%) Shares 299,800 (-14.8%) Est. Cost $33.53 Unrealized +4.9%

MSEX MIDDLESEX WTR CO 0.2%

Value $9.208M (-0.6%) Shares 176,903 (-3.7%) Est. Cost $54.36 Unrealized -2.9%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
KNTK	KINETIK HOLDINGS INC	133,150 (-95.1%)	$6.446M (-93.5%)	0.2%	$36.12	+11.5%	COM NEW CL A	02215L209
SRE	SEMPRA	699,600 (-50.4%)	$67.98M (-45.4%)	1.6%	$77.62	+15.3%	COM	816851109
ETR	ENTERGY CORP NEW	928,573 (-44.1%)	$104M (-32.1%)	2.5%	$94.54	+3.0%	COM	29364G103
LNG	CHENIERE ENERGY INC	55,000 (-82.2%)	$15.61M (-74.0%)	0.4%	$211.00	-0.6%	COM NEW	16411R208
VNOM	VIPER ENERGY INC	770,000 (-55.7%)	$36.18M (-46.2%)	0.9%	$38.10	+7.6%	CL A	64361Q101
AZO	AUTOZONE INC	5,000 (-64.3%)	$16.89M (-64.4%)	0.4%	$3568.65	+1.6%	COM	053332102
PWR	QUANTA SVCS INC	15,000 (-82.8%)	$8.235M (-77.6%)	0.2%	$358.95	+35.5%	COM	74762E102
ES	EVERSOURCE ENERGY	3,342,607 (-13.0%)	$232M (-10.5%)	5.6%	$60.02	+16.8%	COM	30040W108
RYAN	RYAN SPECIALTY HOLDINGS INC	875,000 (-12.5%)	$29.52M (-42.8%)	0.7%	$46.45	+0.4%	CL A	78351F107
KGS	KODIAK GAS SVCS INC	2,381,916 (-44.2%)	$139M (-13.0%)	3.3%	$33.03	+31.8%	COM	50012A108
TXNM	TXNM ENERGY INC	1,532,247 (-17.7%)	$89.58M (-18.3%)	2.2%	$54.45	+8.6%	COM	69349H107
CNP	CENTERPOINT ENERGY INC	443,500 (-55.9%)	$19.14M (-50.3%)	0.5%	$36.53	+9.5%	COM	15189T107
DUK	DUKE ENERGY CORP NEW	437,929 (-31.9%)	$57.34M (-23.9%)	1.4%	$111.04	+8.9%	COM NEW	26441C204
ITT	ITT INC	50,000 (-64.9%)	$9.527M (-61.5%)	0.2%	$179.17	+6.3%	COM	45073V108
TTAM	TITAN AMER SA	266,111 (-73.1%)	$3.986M (-75.6%)	0.1%	$14.78	+21.1%	COMMON SHARES	B9151N105
NVT	NVENT ELEC PLC	235,500 (-37.2%)	$27.85M (-27.2%)	0.7%	$92.56	+21.4%	SHS	G6700G107
TDG	TRANSDIGM GROUP INC	25,000 (-14.5%)	$28.97M (-25.5%)	0.7%	$1279.92	+6.4%	COM	893641100
STC	STEWART INFORMATION SVCS COR	245,942 (-30.6%)	$15.15M (-39.2%)	0.4%	$72.01	-5.1%	COM	860372101
CTRE	CARETRUST REIT INC	1,486,155 (-15.6%)	$54.47M (-14.5%)	1.3%	$31.23	—	COM	14174T107
LMRI	LUMEXA IMAGING HOLDINGS INC	300,000 (-50.8%)	$2.58M (-77.1%)	0.1%	$18.05	-19.7%	COM	550249106
CARR	CARRIER GLOBAL CORPORATION	230,000 (-40.6%)	$12.95M (-36.7%)	0.3%	$60.75	-1.8%	COM	14448C104
PACS	PACS GROUP INC	140,000 (-53.7%)	$4.497M (-61.3%)	0.1%	$27.41	+39.5%	COM SHS	69380Q107
FVR	FRONTVIEW REIT INC	424,233 (-53.9%)	$6.563M (-51.7%)	0.2%	$18.13	—	COM	35922N100
XEL	XCEL ENERGY INC	2,629,300 (-4.0%)	$209M (+3.2%)	5.0%	$65.47	+17.9%	COM	98389B100
PRMB	PRIMO BRANDS CORPORATION	717,000 (-36.4%)	$13.5M (-26.8%)	0.3%	$32.41	-42.3%	CLASS A COM SHS	741623102
PCG	PG&E CORP	6,420,105 (-11.9%)	$113M (-3.7%)	2.7%	$18.78	-12.8%	COM	69331C108
PH	PARKER-HANNIFIN CORP	25,000 (-16.7%)	$22.38M (-15.1%)	0.5%	$568.72	+68.4%	COM	701094104
ELDN	ELEDON PHARMACEUTICALS INC	1,875,000 (-21.4%)	$5.775M (+60.4%)	0.1%	$2.63	-20.8%	COM	28617K101
IDA	IDACORP INC	723,692 (-9.6%)	$103M (+2.1%)	2.5%	$125.89	+7.0%	COM	451107106
BOW	BOWHEAD SPECIALTY HLDGS INC	209,800 (-2.4%)	$4.706M (-23.3%)	0.1%	$25.56	-1.9%	COM SHS	10240L102
SMA	SMARTSTOP SELF STORAG REIT I	600,000 (-5.0%)	$18.17M (-7.0%)	0.4%	$36.25	—	COMMON STOCK	83192D402
YORW	YORK WTR CO	732,677 (-1.2%)	$22.31M (-5.5%)	0.5%	$37.64	-12.7%	COM	987184108
IRON	DISC MEDICINE INC	16,700 (-39.3%)	$1.068M (-51.1%)	0.0%	$43.14	+71.6%	COM	254604101
AR	ANTERO RESOURCES CORP	212,500 (-25.2%)	$9.018M (-7.8%)	0.2%	$33.36	+1.3%	COM	03674X106
FE	FIRSTENERGY CORP	25,000 (-44.4%)	$1.266M (-37.1%)	0.0%	$45.73	+3.0%	COM	337932107
GAUZ	GAUZY LTD	100,000 (-82.8%)	$76,400 (-89.8%)	0.0%	$12.81	-92.9%	SHS	M4757U106
TBN	TAMBORAN RES CORP	91,480 (-36.4%)	$4.573M (+16.8%)	0.1%	$25.43	+10.9%	COM	87507T101
HESM	HESS MIDSTREAM LP	299,800 (-14.8%)	$11.65M (-4.0%)	0.3%	$33.53	+4.9%	CL A SHS	428103105
MSEX	MIDDLESEX WTR CO	176,903 (-3.7%)	$9.208M (-0.6%)	0.2%	$54.36	-2.9%	COM	596680108

Unchanged Positions (7)

WELL WELLTOWER INC 5.3%

Value $221M Shares 1,118,925 Est. Cost $87.18 Unrealized +114.4%

AVAH AVEANNA HEALTHCARE HLDGS INC 0.1%

Value $4.908M Shares 762,150 Est. Cost $9.03 Unrealized -8.6%

— TXNM ENERGY INC 3.1%

Value $127M Shares 95,022,000 Est. Cost $1.29 Unrealized —

JRVR JAMES RIV GROUP HOLDINGS INC 0.7%

Value $28.93M Shares 4,591,638 Est. Cost $6.36 Unrealized —

FCPT FOUR CORNERS PPTY TR INC 0.1%

Value $4.377M Shares 185,092 Est. Cost $26.90 Unrealized —

CUBE CUBESMART 0.1%

Value $2.474M Shares 67,500 Est. Cost $38.69 Unrealized —

— ALLSPRING UTILITIES AND HIGH 0.0%

Value $1.559M Shares 128,803 Est. Cost $10.90 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WELL	WELLTOWER INC	1,118,925	$221M	5.3%	$87.18	+114.4%	COM	95040Q104
AVAH	AVEANNA HEALTHCARE HLDGS INC	762,150	$4.908M	0.1%	$9.03	-8.6%	COM	05356F105
—	TXNM ENERGY INC	95,022,000	$127M	3.1%	$1.29	—	NOTE 5.750% 6/0	69349HAF4
JRVR	JAMES RIV GROUP HOLDINGS INC	4,591,638	$28.93M	0.7%	$6.36	—	COM SHS	46990A102
FCPT	FOUR CORNERS PPTY TR INC	185,092	$4.377M	0.1%	$26.90	—	COM	35086T109
CUBE	CUBESMART	67,500	$2.474M	0.1%	$38.69	—	COM	229663109
—	ALLSPRING UTILITIES AND HIGH	128,803	$1.559M	0.0%	$10.90	—	WF UTILITIES INC	94987E109