Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
KEYS	KEYSIGHT TECHNOLOGIES INC	2,500	$875K	0.1%	$350.07	—	COM	49338L103
RAL	RALLIANT CORP	10,000	$736K	0.1%	$73.63	—	COM	750940108
CON	CONCENTRA GROUP HOLDINGS PAR	20,000	$595K	0.1%	$29.75	—	COMMON STOCK	20603L102
SPHR	SPHERE ENTERTAINMENT CO	2,900	$502K	0.1%	$173.03	—	CL A	55826T102
KEX	KIRBY CORP	2,200	$299K	0.0%	$135.97	—	COM	497266106
FTRE	FORTREA HLDGS INC	17,000	$296K	0.0%	$17.40	—	COMMON STOCK	34965K107
VGNT	VERSIGENT PLC	6,000	$252K	0.0%	$42.01	—	ORDINARY SHARES	G9600F104
GE	GE AEROSPACE	660	$247K	0.0%	$373.73	—	COM NEW	369604301
RIG	TRANSOCEAN LTD	48,000	$235K	0.0%	$4.89	—	REGISTERED SHS	H8817H100
GEF	GREIF INC	2,800	$209K	0.0%	$74.49	—	CL A	397624107

Increased Positions (12)

TRGP TARGA RES CORP 6.0%

Value $51.77M (+30.3%) Shares 193,089 (+21.9%) Est. Cost $98.26 Unrealized —

ET ENERGY TRANSFER L P 12.1%

Value $105M (+12.4%) Shares 5,471,353 (+13.5%) Est. Cost $10.85 Unrealized —

SUN SUNOCO LP/SUNOCO FIN CORP 5.3%

Value $46.04M (+14.9%) Shares 682,002 (+10.6%) Est. Cost $57.92 Unrealized —

TRP TC ENERGY CORP 5.1%

Value $44.41M (+9.3%) Shares 670,000 (+3.2%) Est. Cost $43.15 Unrealized —

WMB WILLIAMS COS INC 7.2%

Value $62.45M (+5.4%) Shares 840,072 (+3.2%) Est. Cost $45.16 Unrealized —

Q QNITY ELECTRONICS INC 0.4%

Value $3.266M (+66.5%) Shares 20,000 (+17.6%) Est. Cost $100.74 Unrealized —

CAT CATERPILLAR INC 0.2%

Value $1.429M (+356.4%) Shares 1,342 (+203.6%) Est. Cost $829.03 Unrealized —

AM ANTERO MIDSTREAM CORP 0.6%

Value $5.309M (+22.3%) Shares 233,383 (+22.6%) Est. Cost $19.75 Unrealized —

SOLS SOLSTICE ADVANCED MATLS INC 0.3%

Value $2.49M (+30.2%) Shares 28,100 (+12.0%) Est. Cost $51.51 Unrealized —

CR CRANE COMPANY 0.2%

Value $1.405M (+67.7%) Shares 6,300 (+28.6%) Est. Cost $127.01 Unrealized —

LNG CHENIERE ENERGY INC 2.1%

Value $18.57M (-2.9%) Shares 77,685 (+15.3%) Est. Cost $188.62 Unrealized —

ECG EVERUS CONSTR GROUP 0.1%

Value $1.062M (+83.6%) Shares 6,400 (+30.6%) Est. Cost $77.65 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
TRGP	TARGA RES CORP	193,089 (+21.9%)	$51.77M (+30.3%)	6.0%	$98.26	—	COM	87612G101
ET	ENERGY TRANSFER L P	5,471,353 (+13.5%)	$105M (+12.4%)	12.1%	$10.85	—	COM UT LTD PTN	29273V100
SUN	SUNOCO LP/SUNOCO FIN CORP	682,002 (+10.6%)	$46.04M (+14.9%)	5.3%	$57.92	—	COM UT REP LP	86765K109
TRP	TC ENERGY CORP	670,000 (+3.2%)	$44.41M (+9.3%)	5.1%	$43.15	—	COM	87807B107
WMB	WILLIAMS COS INC	840,072 (+3.2%)	$62.45M (+5.4%)	7.2%	$45.16	—	COM	969457100
Q	QNITY ELECTRONICS INC	20,000 (+17.6%)	$3.266M (+66.5%)	0.4%	$100.74	—	COMMON STOCK	74743L100
CAT	CATERPILLAR INC	1,342 (+203.6%)	$1.429M (+356.4%)	0.2%	$829.03	—	COM	149123101
AM	ANTERO MIDSTREAM CORP	233,383 (+22.6%)	$5.309M (+22.3%)	0.6%	$19.75	—	COM	03676B102
SOLS	SOLSTICE ADVANCED MATLS INC	28,100 (+12.0%)	$2.49M (+30.2%)	0.3%	$51.51	—	COM SHS	83443Q103
CR	CRANE COMPANY	6,300 (+28.6%)	$1.405M (+67.7%)	0.2%	$127.01	—	COMMON STOCK	224408104
LNG	CHENIERE ENERGY INC	77,685 (+15.3%)	$18.57M (-2.9%)	2.1%	$188.62	—	COM NEW	16411R208
ECG	EVERUS CONSTR GROUP	6,400 (+30.6%)	$1.062M (+83.6%)	0.1%	$77.65	—	COM	300426103

Exited Positions (11)

GEHC GE HEALTHCARE TECHNOLOGIES I 0.1%

Value $897K Shares 12,601 Est. Cost $79.45 Unrealized —

NTR NUTRIEN LTD 0.1%

Value $581K Shares 7,700 Est. Cost $50.90 Unrealized —

ESAB ESAB CORPORATION 0.1%

Value $558K Shares 5,777 Est. Cost $69.05 Unrealized —

GLD SPDR GOLD TR 0.1%

Value $466K Shares 1,083 Est. Cost $243.06 Unrealized —

INGR INGREDION INC 0.0%

Value $370K Shares 3,285 Est. Cost $138.68 Unrealized —

CARR CARRIER GLOBAL CORPORATION 0.0%

Value $340K Shares 6,030 Est. Cost $50.95 Unrealized —

APA APA CORPORATION 0.0%

Value $334K Shares 7,862 Est. Cost $26.43 Unrealized —

MRP MILLROSE PPTYS INC 0.0%

Value $252K Shares 9,000 Est. Cost $28.51 Unrealized —

CTRA COTERRA ENERGY INC 0.0%

Value $225K Shares 6,409 Est. Cost $28.33 Unrealized —

ITRI ITRON INC 0.0%

Value $215K Shares 2,400 Est. Cost $98.74 Unrealized —

ICL ICL GROUP LTD 0.0%

Value $189K Shares 36,500 Est. Cost $6.06 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
GEHC	GE HEALTHCARE TECHNOLOGIES I	12,601	$897K	0.1%	$79.45	—	—	36266G107
NTR	NUTRIEN LTD	7,700	$581K	0.1%	$50.90	—	—	67077M108
ESAB	ESAB CORPORATION	5,777	$558K	0.1%	$69.05	—	—	29605J106
GLD	SPDR GOLD TR	1,083	$466K	0.1%	$243.06	—	—	78463V107
INGR	INGREDION INC	3,285	$370K	0.0%	$138.68	—	—	457187102
CARR	CARRIER GLOBAL CORPORATION	6,030	$340K	0.0%	$50.95	—	—	14448C104
APA	APA CORPORATION	7,862	$334K	0.0%	$26.43	—	—	03743Q108
MRP	MILLROSE PPTYS INC	9,000	$252K	0.0%	$28.51	—	—	601137102
CTRA	COTERRA ENERGY INC	6,409	$225K	0.0%	$28.33	—	—	127097103
ITRI	ITRON INC	2,400	$215K	0.0%	$98.74	—	—	465741106
ICL	ICL GROUP LTD	36,500	$189K	0.0%	$6.06	—	—	M53213100

Decreased Positions (4)

MPLX MPLX LP 10.8%

Value $93.96M (-19.7%) Shares 1,668,116 (-18.7%) Est. Cost $35.74 Unrealized —

SNDK SANDISK CORP 0.9%

Value $7.731M (+176.5%) Shares 3,400 (-22.7%) Est. Cost $200.29 Unrealized —

HESM HESS MIDSTREAM LP 5.0%

Value $43.63M (-5.3%) Shares 1,160,420 (-2.1%) Est. Cost $34.91 Unrealized —

WES WESTERN MIDSTREAM PARTNERS L 7.7%

Value $66.72M (+2.7%) Shares 1,524,646 (-3.4%) Est. Cost $25.52 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MPLX	MPLX LP	1,668,116 (-18.7%)	$93.96M (-19.7%)	10.8%	$35.74	—	COM UNIT REP LTD	55336V100
SNDK	SANDISK CORP	3,400 (-22.7%)	$7.731M (+176.5%)	0.9%	$200.29	—	COM	80004C200
HESM	HESS MIDSTREAM LP	1,160,420 (-2.1%)	$43.63M (-5.3%)	5.0%	$34.91	—	CL A SHS	428103105
WES	WESTERN MIDSTREAM PARTNERS L	1,524,646 (-3.4%)	$66.72M (+2.7%)	7.7%	$25.52	—	COM UNIT LP INT	958669103

Unchanged Positions (54)

NGL NGL ENERGY PARTNERS LP 1.5%

Value $13.26M Shares 832,479 Est. Cost $5.16 Unrealized —

DTM DT MIDSTREAM INC 3.9%

Value $33.9M Shares 230,999 Est. Cost $88.76 Unrealized —

EPD ENTERPRISE PRODS PARTNERS L 7.8%

Value $67.53M Shares 1,837,044 Est. Cost $23.73 Unrealized —

KMI KINDER MORGAN INC DEL 3.9%

Value $33.46M Shares 1,046,638 Est. Cost $21.74 Unrealized —

GEL GENESIS ENERGY L P 0.6%

Value $4.864M Shares 343,243 Est. Cost $11.14 Unrealized —

GEV GE VERNOVA INC 0.5%

Value $4.64M Shares 3,949 Est. Cost $191.56 Unrealized —

GLP GLOBAL PARTNERS LP 1.0%

Value $9.096M Shares 195,234 Est. Cost $34.62 Unrealized —

CQP CHENIERE ENERGY PARTNERS L P 1.4%

Value $11.83M Shares 194,126 Est. Cost $47.38 Unrealized —

SPH SUBURBAN PROPANE PARTNERS L 0.4%

Value $3.674M Shares 214,864 Est. Cost $17.61 Unrealized —

OKE ONEOK INC NEW 1.6%

Value $13.62M Shares 156,630 Est. Cost $74.47 Unrealized —

XOM EXXON MOBIL CORP 0.2%

Value $1.328M Shares 9,710 Est. Cost $108.43 Unrealized —

PAA PLAINS ALL AMERN PIPELINE L 9.3%

Value $80.71M Shares 3,625,784 Est. Cost $11.68 Unrealized —

AEM AGNICO EAGLE MINES LTD 0.1%

Value $746K Shares 4,809 Est. Cost $86.40 Unrealized —

NEM NEWMONT CORP 0.2%

Value $1.421M Shares 15,218 Est. Cost $69.39 Unrealized —

CF CF INDUSTRIES HOLD 0.1%

Value $1.115M Shares 10,300 Est. Cost $75.83 Unrealized —

PHIN PHINIA INC 0.1%

Value $1.227M Shares 14,900 Est. Cost $34.61 Unrealized —

SU SUNCOR ENERGY INC NEW 0.1%

Value $880K Shares 16,400 Est. Cost $43.09 Unrealized —

SHEL SHELL PLC 0.1%

Value $899K Shares 11,588 Est. Cost $78.38 Unrealized —

CVX CHEVRON CORPORATION 0.1%

Value $696K Shares 4,200 Est. Cost $138.98 Unrealized —

STLD STEEL DYNAMICS INC 0.1%

Value $618K Shares 2,694 Est. Cost $67.00 Unrealized —

COP CONOCOPHILLIPS 0.1%

Value $467K Shares 4,492 Est. Cost $90.99 Unrealized —

BHP BHP BILLITON LIMITED 0.1%

Value $750K Shares 9,000 Est. Cost $57.99 Unrealized —

E ENI SPA 0.0%

Value $430K Shares 9,186 Est. Cost $56.61 Unrealized —

SMC SUMMIT MIDSTREAM CORPORATION 0.1%

Value $1.282M Shares 45,000 Est. Cost $36.10 Unrealized —

IMO IMPERIAL OIL LTD 0.0%

Value $416K Shares 3,710 Est. Cost $104.95 Unrealized —

RS RELIANCE INC 0.0%

Value $374K Shares 1,000 Est. Cost $183.74 Unrealized —

B BARRICK MNG CORP 0.1%

Value $602K Shares 16,400 Est. Cost $19.29 Unrealized —

FCX FREEPORT MCMORAN INC 0.1%

Value $948K Shares 15,068 Est. Cost $39.40 Unrealized —

CEG CONSTELLATION ENERGY CORP 0.1%

Value $493K Shares 1,985 Est. Cost $211.85 Unrealized —

PH PARKER-HANNIFIN CORP 0.1%

Value $714K Shares 730 Est. Cost $523.94 Unrealized —

MLI MUELLER INDS INC 0.1%

Value $606K Shares 4,926 Est. Cost $31.91 Unrealized —

TT TRANE TECHNOLOGIES PLC 0.0%

Value $393K Shares 800 Est. Cost $267.07 Unrealized —

LLYVK LIBERTY LIVE HOLDINGS INC 0.1%

Value $543K Shares 5,143 Est. Cost $85.87 Unrealized —

PAAS PAN AMERN SILVER CORP 0.0%

Value $249K Shares 5,567 Est. Cost $32.15 Unrealized —

FTV FORTIVE CORP 0.1%

Value $513K Shares 8,400 Est. Cost $51.86 Unrealized —

MT ARCELORMITTAL SA LUXEMBOURG 0.0%

Value $289K Shares 4,800 Est. Cost $45.57 Unrealized —

HAL HALLIBURTON CO 0.0%

Value $244K Shares 7,200 Est. Cost $26.29 Unrealized —

DINO HF SINCLAIR CORP 0.0%

Value $320K Shares 4,600 Est. Cost $51.88 Unrealized —

MPC MARATHON PETE CORP 0.1%

Value $586K Shares 2,291 Est. Cost $107.10 Unrealized —

BKR BAKER HUGHES COMPANY 0.0%

Value $216K Shares 3,900 Est. Cost $56.08 Unrealized —

DKL DELEK LOGISTICS PARTNERS LP 0.1%

Value $544K Shares 10,559 Est. Cost $42.95 Unrealized —

VLO VALERO ENERGY CORP 0.0%

Value $354K Shares 1,360 Est. Cost $147.81 Unrealized —

SCCO SOUTHERN COPPER CORP 0.1%

Value $770K Shares 4,419 Est. Cost $56.93 Unrealized —

GGB GERDAU SA 0.0%

Value $134K Shares 33,264 Est. Cost $5.21 Unrealized —

WLKP WESTLAKE CHEM PARTNERS LP 0.2%

Value $1.79M Shares 80,400 Est. Cost $23.09 Unrealized —

RIO RIO TINTO PLC 0.1%

Value $778K Shares 8,200 Est. Cost $63.03 Unrealized —

FIP FTAI INFRASTRUCTURE INC 0.0%

Value $153K Shares 33,000 Est. Cost $2.55 Unrealized —

CMC COMMERCIAL METALS CO 0.0%

Value $389K Shares 6,200 Est. Cost $54.97 Unrealized —

PLD PROLOGIS INC. 0.0%

Value $325K Shares 2,400 Est. Cost $102.32 Unrealized —

ENB ENBRIDGE INC 0.4%

Value $3.659M Shares 67,500 Est. Cost $43.78 Unrealized —

VLTO VERALTO CORP 0.1%

Value $780K Shares 8,800 Est. Cost $83.59 Unrealized —

NATL NCR ATLEOS CORPORATION 0.1%

Value $551K Shares 12,700 Est. Cost $24.38 Unrealized —

KNTK KINETIK HOLDINGS INC 0.2%

Value $1.329M Shares 27,502 Est. Cost $34.94 Unrealized —

RNA ATRIUM THERAPEUTICS INC 0.0%

Value $269K Shares 20,000 Est. Cost $13.37 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
NGL	NGL ENERGY PARTNERS LP	832,479	$13.26M	1.5%	$5.16	—	COM UNIT REPST	62913M107
DTM	DT MIDSTREAM INC	230,999	$33.9M	3.9%	$88.76	—	COMMON STOCK	23345M107
EPD	ENTERPRISE PRODS PARTNERS L	1,837,044	$67.53M	7.8%	$23.73	—	COM	293792107
KMI	KINDER MORGAN INC DEL	1,046,638	$33.46M	3.9%	$21.74	—	COM	49456B101
GEL	GENESIS ENERGY L P	343,243	$4.864M	0.6%	$11.14	—	UNIT LTD PARTN	371927104
GEV	GE VERNOVA INC	3,949	$4.64M	0.5%	$191.56	—	COM	36828A101
GLP	GLOBAL PARTNERS LP	195,234	$9.096M	1.0%	$34.62	—	COM UNITS	37946R109
CQP	CHENIERE ENERGY PARTNERS L P	194,126	$11.83M	1.4%	$47.38	—	COM UNIT	16411Q101
SPH	SUBURBAN PROPANE PARTNERS L	214,864	$3.674M	0.4%	$17.61	—	UNIT LTD PARTN	864482104
OKE	ONEOK INC NEW	156,630	$13.62M	1.6%	$74.47	—	COM	682680103
XOM	EXXON MOBIL CORP	9,710	$1.328M	0.2%	$108.43	—	COM	30231G102
PAA	PLAINS ALL AMERN PIPELINE L	3,625,784	$80.71M	9.3%	$11.68	—	UNIT LTD PARTN	726503105
AEM	AGNICO EAGLE MINES LTD	4,809	$746K	0.1%	$86.40	—	COM	008474108
NEM	NEWMONT CORP	15,218	$1.421M	0.2%	$69.39	—	COM	651639106
CF	CF INDUSTRIES HOLD	10,300	$1.115M	0.1%	$75.83	—	COM	125269100
PHIN	PHINIA INC	14,900	$1.227M	0.1%	$34.61	—	COMMON STOCK	71880K101
SU	SUNCOR ENERGY INC NEW	16,400	$880K	0.1%	$43.09	—	COM	867224107
SHEL	SHELL PLC	11,588	$899K	0.1%	$78.38	—	SPON ADS	780259305
CVX	CHEVRON CORPORATION	4,200	$696K	0.1%	$138.98	—	COM	166764100
STLD	STEEL DYNAMICS INC	2,694	$618K	0.1%	$67.00	—	COM	858119100
COP	CONOCOPHILLIPS	4,492	$467K	0.1%	$90.99	—	COM	20825C104
BHP	BHP BILLITON LIMITED	9,000	$750K	0.1%	$57.99	—	SPONSORED ADS	088606108
E	ENI SPA	9,186	$430K	0.0%	$56.61	—	SPONSORED ADR	26874R108
SMC	SUMMIT MIDSTREAM CORPORATION	45,000	$1.282M	0.1%	$36.10	—	COM	86614G101
IMO	IMPERIAL OIL LTD	3,710	$416K	0.0%	$104.95	—	COM NEW	453038408
RS	RELIANCE INC	1,000	$374K	0.0%	$183.74	—	COM	759509102
B	BARRICK MNG CORP	16,400	$602K	0.1%	$19.29	—	COM SHS	06849F108
FCX	FREEPORT MCMORAN INC	15,068	$948K	0.1%	$39.40	—	CL B	35671D857
CEG	CONSTELLATION ENERGY CORP	1,985	$493K	0.1%	$211.85	—	COM	21037T109
PH	PARKER-HANNIFIN CORP	730	$714K	0.1%	$523.94	—	COM	701094104
MLI	MUELLER INDS INC	4,926	$606K	0.1%	$31.91	—	COM	624756102
TT	TRANE TECHNOLOGIES PLC	800	$393K	0.0%	$267.07	—	SHS	G8994E103
LLYVK	LIBERTY LIVE HOLDINGS INC	5,143	$543K	0.1%	$85.87	—	COM SHS SER C	530909308
PAAS	PAN AMERN SILVER CORP	5,567	$249K	0.0%	$32.15	—	COM	697900108
FTV	FORTIVE CORP	8,400	$513K	0.1%	$51.86	—	COM	34959J108
MT	ARCELORMITTAL SA LUXEMBOURG	4,800	$289K	0.0%	$45.57	—	NY REGISTRY SH	03938L203
HAL	HALLIBURTON CO	7,200	$244K	0.0%	$26.29	—	COM	406216101
DINO	HF SINCLAIR CORP	4,600	$320K	0.0%	$51.88	—	COM	403949100
MPC	MARATHON PETE CORP	2,291	$586K	0.1%	$107.10	—	COM	56585A102
BKR	BAKER HUGHES COMPANY	3,900	$216K	0.0%	$56.08	—	CL A	05722G100
DKL	DELEK LOGISTICS PARTNERS LP	10,559	$544K	0.1%	$42.95	—	COM UNT RP INT	24664T103
VLO	VALERO ENERGY CORP	1,360	$354K	0.0%	$147.81	—	COM	91913Y100
SCCO	SOUTHERN COPPER CORP	4,419	$770K	0.1%	$56.93	—	COM	84265V105
GGB	GERDAU SA	33,264	$134K	0.0%	$5.21	—	SPON ADR REP PFD	373737105
WLKP	WESTLAKE CHEM PARTNERS LP	80,400	$1.79M	0.2%	$23.09	—	COM UNIT RP LP	960417103
RIO	RIO TINTO PLC	8,200	$778K	0.1%	$63.03	—	SPONSORED ADR	767204100
FIP	FTAI INFRASTRUCTURE INC	33,000	$153K	0.0%	$2.55	—	COMMON STOCK	35953C106
CMC	COMMERCIAL METALS CO	6,200	$389K	0.0%	$54.97	—	COM	201723103
PLD	PROLOGIS INC.	2,400	$325K	0.0%	$102.32	—	COM	74340W103
ENB	ENBRIDGE INC	67,500	$3.659M	0.4%	$43.78	—	COM	29250N105
VLTO	VERALTO CORP	8,800	$780K	0.1%	$83.59	—	COM SHS	92338C103
NATL	NCR ATLEOS CORPORATION	12,700	$551K	0.1%	$24.38	—	COM SHS	63001N106
KNTK	KINETIK HOLDINGS INC	27,502	$1.329M	0.2%	$34.94	—	COM NEW CL A	02215L209
RNA	ATRIUM THERAPEUTICS INC	20,000	$269K	0.0%	$13.37	—	COM	04965N104