Capital Innovations LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	Williams Ord Shs	410,323	$30	7.5%	$0.07	—	COM	096945710
—	SLB Ord Shs	531,546	$27	6.8%	$0.05	—	COM	080685710
—	NextEra Energy Ord Shs	240,391	$22	5.6%	$0.09	—	COM	065339F10
—	Vistra Ord Shs	124,901	$19	4.7%	$0.15	—	COM	092840M10
—	Constellation Energy Ord Shs	63,976	$18	4.5%	$0.28	—	COM	021037T10
—	EQT Ord Shs	259,594	$17	4.1%	$0.06	—	COM	026884L10
—	Cheniere Energy Ord Shs	55,533	$16	3.9%	$0.28	—	COM	016411R20
—	Digital Realty Trust REIT Ord Shs	84,979	$15	3.8%	$0.18	—	REIT	025386810
—	Canadian Pacific Kansas City Ord Shs	185,368	$15	3.7%	$0.08	—	COM	013646K10
—	NRG Energy Ord Shs	90,744	$13	3.3%	$0.15	—	COM	062937750
—	Halliburton Ord Shs	318,002	$12	3.1%	$0.04	—	COM	040621610
—	Union Pacific Ord Shs	47,283	$11	2.9%	$0.24	—	COM	090781810
—	Sempra Ord Shs	116,533	$11	2.8%	$0.10	—	COM	081685110
—	Southern Ord Shs	115,871	$11	2.8%	$0.10	—	COM	084258710
—	TC Energy Ord Shs	177,391	$11	2.8%	$0.06	—	COM	087807B10
—	SBA Communications REIT Ord Shs Class A	63,760	$11	2.7%	$0.17	—	REIT	078410G10
—	American Tower REIT	58,925	$10	2.5%	$0.17	—	REIT	003027X10
—	Enbridge Ord Shs	184,766	$10	2.5%	$0.05	—	COM	029250N10
—	DT Midstream Ord Shs	54,239	$7	1.8%	$0.13	—	COM	023345M10
—	Waste Management Ord Shs	31,389	$7	1.8%	$0.23	—	COM	094106L10
—	National Grid ADR repsg 5 Ord Shs	84,370	$7	1.8%	$0.08	—	ADR	063627440
—	HA Sustainable Infrastructure Capital Ord Shs	187,959	$7	1.7%	$0.04	—	COM	041068X10
—	RWE ADR Representing 1 Ord Shs	97,719	$7	1.6%	$0.07	—	ADR	749749999
—	Entergy Ord Shs	56,073	$6	1.6%	$0.11	—	COM	029364G10
—	Edison International Ord Shs	85,471	$6	1.6%	$0.07	—	COM	028102010
—	Badger Meter Ord Shs	39,375	$6	1.5%	$0.15	—	COM	005652510
—	American Water Works Ord Shs	36,013	$5	1.2%	$0.14	—	COM	003042010
—	GFL Environmental Subordinate voting Ord Shs	106,981	$4	1.1%	$0.04	—	COM	036168Q10
—	Enel Ord Shs	400,000	$4	1.1%	$0.01	—	COM	000714456
—	Xylem Ord Shs	34,513	$4	1.0%	$0.12	—	COM	098419M10
—	Xcel Energy Ord Shs	49,822	$4	1.0%	$0.08	—	COM	098389B10
—	Waste Connections Ord Shs	23,801	$4	1.0%	$0.16	—	COM	094106B10
—	Dominion Energy Ord Shs	61,605	$4	1.0%	$0.06	—	COM	025746U10
—	Exelon Ord Shs	77,480	$4	1.0%	$0.05	—	COM	030161N10
—	American Electric Power Ord Shs	26,592	$3	0.9%	$0.13	—	COM	002553710
—	Grupo Aeroportuario ADR Representing 10 Ord Shs Series B	9,701	$3	0.8%	$0.34	—	ADR	400509999
—	Duke Energy Ord Shs	22,975	$3	0.8%	$0.13	—	COM	026441C20
—	Iberdrola ADR	29,888	$3	0.7%	$0.09	—	ADR	045073710
—	Oneok Ord Shs	28,513	$3	0.6%	$0.09	—	COM	068268010
—	Ultrapar Participacoes ADR Representing 1 Ord Shs	405,382	$2	0.6%	$0.01	—	ADR	090400P10
—	Public Service Enterprise Group Ord Shs	27,549	$2	0.6%	$0.08	—	COM	074457310
—	FirstEnergy Ord Shs	41,927	$2	0.5%	$0.05	—	COM	033793210
—	CMS Energy Ord Shs	23,622	$2	0.5%	$0.08	—	COM	012589610
—	Essential Utilities Ord Shs	36,596	$1	0.4%	$0.04	—	COM	029670G10
—	TransAlta Ord Shs	99,595	$1	0.3%	$0.01	—	COM	089346D10
—	Solaredge Technologies Ord Shs	23,883	$1	0.3%	$0.05	—	COM	083417M10
—	DTE Energy Ord Shs	7,858	$1	0.3%	$0.15	—	COM	023333110
—	Grupo Aeroportuario del Centro Norte ADS representing 8 Ord Shs Series B	9,365	$1	0.3%	$0.11	—	ADR	040050110
—	Atmos Energy Ord Shs	3,975	$1	0.2%	$0.18	—	COM	004956010
—	NiSource Ord Shs	11,825	$1	0.1%	$0.05	—	COM	065473P10
—	Enel Societa Per Azioni Unsponsored Italy ADR	49,779	$1	0.1%	$0.01	—	ADR	029265W20
—	Enphase Energy Ord Shs	11,110	$0	0.1%	$0.04	—	COM	029355A10
—	T Mobile US Ord Shs	194	$0	0.0%	$0.21	—	COM	087259010

Exited Positions (51)

CEG Constellation Energy 5662.0%

Value ($000) $22,601 Shares 63,976 Est. Cost $363.20 Unrealized -17.1%

SLB SLB 5110.9%

Value ($000) $20,401 Shares 531,546 Est. Cost $36.06 Unrealized +33.9%

VST Vistra 5048.1%

Value ($000) $20,150 Shares 124,901 Est. Cost $181.92 Unrealized -10.3%

NEE NextEra Energy 4834.8%

Value ($000) $19,299 Shares 240,391 Est. Cost $80.79 Unrealized +7.9%

WMB Williams 4778.2%

Value ($000) $19,073 Shares 317,298 Est. Cost $60.06 Unrealized +10.5%

NRG NRG Energy 3620.1%

Value ($000) $14,450 Shares 90,744 Est. Cost $165.30 Unrealized -4.1%

EQT EQT 3485.8%

Value ($000) $13,914 Shares 259,594 Est. Cost $56.13 Unrealized -1.5%

DLR Digital Realty Trust 3293.7%

Value ($000) $13,147 Shares 84,979 Est. Cost $163.13 Unrealized -5.0%

SBAC SBA Communications Class A 3089.7%

Value ($000) $12,333 Shares 63,760 Est. Cost $192.67 Unrealized -0.1%

UNP Union Pacific 2740.1%

Value ($000) $10,938 Shares 47,283 Est. Cost $227.32 Unrealized +7.0%

LNG Cheniere Energy 2704.4%

Value ($000) $10,795 Shares 55,533 Est. Cost $209.99 Unrealized -0.1%

CP Canadian Pacific Kansas City 2621.7%

Value ($000) $10,465 Shares 142,128 Est. Cost $73.60 Unrealized +4.9%

AMT American Tower 2591.8%

Value ($000) $10,345 Shares 58,925 Est. Cost $180.30 Unrealized -3.0%

SRE Sempra 2577.6%

Value ($000) $10,289 Shares 116,533 Est. Cost $90.54 Unrealized -1.1%

SO Southern 2531.3%

Value ($000) $10,104 Shares 115,871 Est. Cost $90.89 Unrealized -1.5%

TRP TC Energy 2444.7%

Value ($000) $9,758 Shares 177,391 Est. Cost $53.35 Unrealized +9.1%

HAL Halliburton 2251.4%

Value ($000) $8,987 Shares 318,002 Est. Cost $26.29 Unrealized +27.6%

ENB Enbridge 2214.0%

Value ($000) $8,837 Shares 184,766 Est. Cost $47.11 Unrealized +3.1%

WM Waste Management 1727.7%

Value ($000) $6,896 Shares 31,389 Est. Cost $212.55 Unrealized +6.4%

BMI Badger Meter 1720.4%

Value ($000) $6,867 Shares 39,375 Est. Cost $179.79 Unrealized -10.0%

NGG National Grid 1634.9%

Value ($000) $6,526 Shares 84,370 Est. Cost $77.35 Unrealized —

DTM DT Midstream 1626.2%

Value ($000) $6,491 Shares 54,239 Est. Cost $114.29 Unrealized +10.2%

HASI HA Sustainable Infrastructure Capital 1480.0%

Value ($000) $5,908 Shares 187,959 Est. Cost $31.10 Unrealized +13.1%

RWEOY RWE 1305.1%

Value ($000) $5,209 Shares 97,719 Est. Cost $53.31 Unrealized —

ETR Entergy 1298.4%

Value ($000) $5,183 Shares 56,073 Est. Cost $94.54 Unrealized +3.0%

EIX Edison International 1285.2%

Value ($000) $5,130 Shares 85,471 Est. Cost $57.33 Unrealized +12.7%

XYL Xylem 1177.5%

Value ($000) $4,700 Shares 34,513 Est. Cost $143.58 Unrealized -5.0%

AWK American Water Works 1177.4%

Value ($000) $4,700 Shares 36,013 Est. Cost $133.18 Unrealized -3.3%

GFL GFL Environmental 1151.1%

Value ($000) $4,595 Shares 106,981 Est. Cost $44.67 Unrealized -3.9%

WCN Waste Connections 1045.6%

Value ($000) $4,174 Shares 23,801 Est. Cost $172.81 Unrealized -3.1%

XEL Xcel Energy 921.9%

Value ($000) $3,680 Shares 49,822 Est. Cost $78.29 Unrealized -1.4%

D Dominion Energy 904.2%

Value ($000) $3,609 Shares 61,605 Est. Cost $59.76 Unrealized +3.1%

EXC Exelon 846.1%

Value ($000) $3,377 Shares 77,480 Est. Cost $45.46 Unrealized -0.7%

ASR Grupo Aeroportuario 786.0%

Value ($000) $3,137 Shares 9,701 Est. Cost $323.40 Unrealized —

AEP American Electric Power 768.2%

Value ($000) $3,066 Shares 26,592 Est. Cost $117.70 Unrealized +2.4%

DUK Duke Energy 674.6%

Value ($000) $2,693 Shares 22,975 Est. Cost $121.57 Unrealized -0.6%

IBDRY Iberdrola 646.9%

Value ($000) $2,582 Shares 29,888 Est. Cost $86.40 Unrealized —

PEG Public Service Enterprise Group 554.2%

Value ($000) $2,212 Shares 27,549 Est. Cost $81.08 Unrealized +0.6%

OKE Oneok 525.0%

Value ($000) $2,096 Shares 28,513 Est. Cost $70.46 Unrealized +11.5%

FE FirstEnergy 470.3%

Value ($000) $1,877 Shares 41,927 Est. Cost $45.73 Unrealized +3.0%

CMS CMS Energy 413.8%

Value ($000) $1,652 Shares 23,622 Est. Cost $72.50 Unrealized -0.4%

UGP Ultrapar Participacoes 382.9%

Value ($000) $1,528 Shares 405,382 Est. Cost $3.77 Unrealized —

WTRG Essential Utilities 351.7%

Value ($000) $1,404 Shares 36,596 Est. Cost $39.35 Unrealized -1.5%

TAC TransAlta 315.4%

Value ($000) $1,259 Shares 99,595 Est. Cost $14.93 Unrealized -13.4%

OMAB Grupo Aeroportuario del Centro Norte 255.2%

Value ($000) $1,019 Shares 9,365 Est. Cost $108.77 Unrealized —

DTE DTE Energy 253.9%

Value ($000) $1,014 Shares 7,858 Est. Cost $134.80 Unrealized +1.5%

SEDG Solaredge Technologies 172.6%

Value ($000) $689 Shares 23,883 Est. Cost $34.87 Unrealized -0.3%

ATO Atmos Energy 166.9%

Value ($000) $666 Shares 3,975 Est. Cost $172.31 Unrealized -0.5%

ENLAY Enel Societa Per Azioni 129.4%

Value ($000) $517 Shares 49,779 Est. Cost $10.38 Unrealized —

NI NiSource 123.7%

Value ($000) $494 Shares 11,825 Est. Cost $42.62 Unrealized +3.2%

ENPH Enphase Energy 89.2%

Value ($000) $356 Shares 11,110 Est. Cost $32.39 Unrealized +27.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CEG	Constellation Energy	63,976	$22,601	5662.0%	$363.20	-17.1%	—	21037T109
SLB	SLB	531,546	$20,401	5110.9%	$36.06	+33.9%	—	806857108
VST	Vistra	124,901	$20,150	5048.1%	$181.92	-10.3%	—	92840M102
NEE	NextEra Energy	240,391	$19,299	4834.8%	$80.79	+7.9%	—	65339F101
WMB	Williams	317,298	$19,073	4778.2%	$60.06	+10.5%	—	969457100
NRG	NRG Energy	90,744	$14,450	3620.1%	$165.30	-4.1%	—	629377508
EQT	EQT	259,594	$13,914	3485.8%	$56.13	-1.5%	—	26884L109
DLR	Digital Realty Trust	84,979	$13,147	3293.7%	$163.13	-5.0%	—	253868103
SBAC	SBA Communications Class A	63,760	$12,333	3089.7%	$192.67	-0.1%	—	78410G104
UNP	Union Pacific	47,283	$10,938	2740.1%	$227.32	+7.0%	—	907818108
LNG	Cheniere Energy	55,533	$10,795	2704.4%	$209.99	-0.1%	—	16411R208
CP	Canadian Pacific Kansas City	142,128	$10,465	2621.7%	$73.60	+4.9%	—	13646K108
AMT	American Tower	58,925	$10,345	2591.8%	$180.30	-3.0%	—	03027X100
SRE	Sempra	116,533	$10,289	2577.6%	$90.54	-1.1%	—	816851109
SO	Southern	115,871	$10,104	2531.3%	$90.89	-1.5%	—	842587107
TRP	TC Energy	177,391	$9,758	2444.7%	$53.35	+9.1%	—	87807B107
HAL	Halliburton	318,002	$8,987	2251.4%	$26.29	+27.6%	—	406216101
ENB	Enbridge	184,766	$8,837	2214.0%	$47.11	+3.1%	—	29250N105
WM	Waste Management	31,389	$6,896	1727.7%	$212.55	+6.4%	—	94106L109
BMI	Badger Meter	39,375	$6,867	1720.4%	$179.79	-10.0%	—	056525108
NGG	National Grid	84,370	$6,526	1634.9%	$77.35	—	—	636274409
DTM	DT Midstream	54,239	$6,491	1626.2%	$114.29	+10.2%	—	23345M107
HASI	HA Sustainable Infrastructure Capital	187,959	$5,908	1480.0%	$31.10	+13.1%	—	41068X100
RWEOY	RWE	97,719	$5,209	1305.1%	$53.31	—	—	74975E303
ETR	Entergy	56,073	$5,183	1298.4%	$94.54	+3.0%	—	29364G103
EIX	Edison International	85,471	$5,130	1285.2%	$57.33	+12.7%	—	281020107
XYL	Xylem	34,513	$4,700	1177.5%	$143.58	-5.0%	—	98419M100
AWK	American Water Works	36,013	$4,700	1177.4%	$133.18	-3.3%	—	030420103
GFL	GFL Environmental	106,981	$4,595	1151.1%	$44.67	-3.9%	—	36168Q104
WCN	Waste Connections	23,801	$4,174	1045.6%	$172.81	-3.1%	—	94106B101
XEL	Xcel Energy	49,822	$3,680	921.9%	$78.29	-1.4%	—	98389B100
D	Dominion Energy	61,605	$3,609	904.2%	$59.76	+3.1%	—	25746U109
EXC	Exelon	77,480	$3,377	846.1%	$45.46	-0.7%	—	30161N101
ASR	Grupo Aeroportuario	9,701	$3,137	786.0%	$323.40	—	—	40051E202
AEP	American Electric Power	26,592	$3,066	768.2%	$117.70	+2.4%	—	025537101
DUK	Duke Energy	22,975	$2,693	674.6%	$121.57	-0.6%	—	26441C204
IBDRY	Iberdrola	29,888	$2,582	646.9%	$86.40	—	—	450737101
PEG	Public Service Enterprise Group	27,549	$2,212	554.2%	$81.08	+0.6%	—	744573106
OKE	Oneok	28,513	$2,096	525.0%	$70.46	+11.5%	—	682680103
FE	FirstEnergy	41,927	$1,877	470.3%	$45.73	+3.0%	—	337932107
CMS	CMS Energy	23,622	$1,652	413.8%	$72.50	-0.4%	—	125896100
UGP	Ultrapar Participacoes	405,382	$1,528	382.9%	$3.77	—	—	90400P101
WTRG	Essential Utilities	36,596	$1,404	351.7%	$39.35	-1.5%	—	29670G102
TAC	TransAlta	99,595	$1,259	315.4%	$14.93	-13.4%	—	89346D107
OMAB	Grupo Aeroportuario del Centro Norte	9,365	$1,019	255.2%	$108.77	—	—	400501102
DTE	DTE Energy	7,858	$1,014	253.9%	$134.80	+1.5%	—	233331107
SEDG	Solaredge Technologies	23,883	$689	172.6%	$34.87	-0.3%	—	83417M104
ATO	Atmos Energy	3,975	$666	166.9%	$172.31	-0.5%	—	049560105
ENLAY	Enel Societa Per Azioni	49,779	$517	129.4%	$10.38	—	—	29265W207
NI	NiSource	11,825	$494	123.7%	$42.62	+3.2%	—	65473P105
ENPH	Enphase Energy	11,110	$356	89.2%	$32.39	+27.4%	—	29355A107