REAVES W H & CO INC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	X-ENERGY REACTOR CO. LLC SERIE	1,891,802	$27,500	0.5%	$14.54	—	PFD	984111777
KRSP/U	RICE ACQUISITION CORPORATION 3	2,400,000	$25,200	0.4%	$10.50	—	COM	G7553X122
—	NATIONAL FUEL GAS - Restricted	314,465	$25,000	0.4%	$79.50	—	COM	636180999
TIC	TIC SOLUTIONS INC	2,149,991	$21,736	0.4%	$11.13	0.0%	COM	00510N102
LITE	LUMENTUM HOLDINGS INC	20,500	$7,556	0.1%	$256.82	0.0%	COM	55024U109
COHR	COHERENT CORP	26,000	$4,799	0.1%	$149.58	0.0%	COM	19247G107
IRM	IRON MTN INC NEW	53,900	$4,471	0.1%	$92.78	0.0%	COM	46284V101
ANET	ARISTA NETWORKS INC	23,336	$3,058	0.1%	$137.66	0.0%	COM	040413205
TBN	TAMBORAN RESOURCES CORP	100,000	$2,723	0.0%	$25.43	0.0%	COM	87507T101
BKR	BAKER HUGHES CO CL A	5,000	$228	0.0%	$47.34	0.0%	COM	05722G100

Increased Positions (26)

LNT ALLIANT ENERGY CORP COM 3.5%

Value ($000) $198,752 (+65.7%) Shares 3,057,253 (+71.8%) Est. Cost $60.37 Unrealized +10.7%

CEG CONSTELLATION ENERGY CORP 7.0%

Value ($000) $400,589 (+19.9%) Shares 1,133,945 (+11.7%) Est. Cost $164.74 Unrealized +120.5%

NEE NEXTERA ENERGY INC COM 1.9%

Value ($000) $106,743 (+138.1%) Shares 1,329,628 (+123.9%) Est. Cost $73.18 Unrealized +12.7%

SRE SEMPRA 3.3%

Value ($000) $188,975 (+31.6%) Shares 2,140,395 (+34.1%) Est. Cost $76.57 Unrealized +18.2%

NRG NRG ENERGY INC COM 1.6%

Value ($000) $91,026 (+90.2%) Shares 571,628 (+93.5%) Est. Cost $150.84 Unrealized +9.6%

GEV GE VERNOVA INC 0.8%

Value ($000) $47,974 (+420.1%) Shares 73,403 (+389.4%) Est. Cost $555.73 Unrealized +9.6%

TLN TALEN ENERGY CORP 10.0%

Value ($000) $570,393 (-4.9%) Shares 1,521,697 (+7.9%) Est. Cost $138.38 Unrealized +180.9%

GLW CORNING INC COM 1.2%

Value ($000) $66,465 (+60.6%) Shares 759,075 (+50.5%) Est. Cost $72.02 Unrealized +19.4%

VST VISTRA CORP. 6.2%

Value ($000) $354,489 (-5.7%) Shares 2,197,292 (+14.5%) Est. Cost $108.85 Unrealized +67.1%

OGE OGE ENERGY CORP COM 1.5%

Value ($000) $83,017 (+34.3%) Shares 1,944,201 (+45.6%) Est. Cost $41.44 Unrealized +7.6%

CNP CENTERPOINT ENERGY INC 5.1%

Value ($000) $293,934 (+4.9%) Shares 7,666,518 (+6.2%) Est. Cost $32.50 Unrealized +19.6%

ETR ENTERGY CORP NEW COM 4.0%

Value ($000) $226,139 (+6.0%) Shares 2,446,593 (+6.9%) Est. Cost $66.28 Unrealized +42.6%

WEC WEC ENERGY GROUP INC COM 0.7%

Value ($000) $39,811 (+47.2%) Shares 377,501 (+60.0%) Est. Cost $108.29 Unrealized +1.8%

DTM DT MIDSTREAM INC 1.6%

Value ($000) $91,286 (+15.8%) Shares 762,753 (+9.4%) Est. Cost $53.78 Unrealized +112.5%

NI NISOURCE INC COM 4.0%

Value ($000) $226,537 (+4.4%) Shares 5,424,733 (+8.3%) Est. Cost $29.37 Unrealized +45.1%

XEL XCEL ENERGY INC COM 4.6%

Value ($000) $264,413 (+3.6%) Shares 3,579,918 (+13.1%) Est. Cost $67.21 Unrealized +16.5%

WMB WILLIAMS COS INC COM 1.4%

Value ($000) $77,807 (+12.8%) Shares 1,294,417 (+18.8%) Est. Cost $43.07 Unrealized +39.5%

MPC MARATHON PETROLEUM CORP 0.5%

Value ($000) $27,159 (+40.9%) Shares 167,000 (+67.0%) Est. Cost $163.69 Unrealized +13.9%

AEE AMEREN CORP COM 1.9%

Value ($000) $108,315 (+7.6%) Shares 1,084,664 (+12.5%) Est. Cost $97.52 Unrealized +4.6%

EQT EQT CORP COM 1.1%

Value ($000) $62,282 (+11.2%) Shares 1,161,975 (+12.9%) Est. Cost $52.99 Unrealized +5.9%

PPL PPL CORP COM 2.7%

Value ($000) $154,957 (-3.8%) Shares 4,424,814 (+2.0%) Est. Cost $30.37 Unrealized +18.0%

EQIX EQUINIX INC COM NEW 2.3%

Value ($000) $129,457 (+4.2%) Shares 168,968 (+6.5%) Est. Cost $629.89 Unrealized +24.0%

IDA IDACORP INC COM 4.0%

Value ($000) $228,797 (+1.8%) Shares 1,807,811 (+6.3%) Est. Cost $108.82 Unrealized +19.5%

LAC LITHIUM AMERICAS CORP 0.1%

Value ($000) $4,534 (+297.1%) Shares 1,040,000 (+420.0%) Est. Cost $5.27 Unrealized +9.5%

DLR DIGITAL REALTY TR 0.3%

Value ($000) $14,590 (+12.9%) Shares 94,303 (+26.2%) Est. Cost $146.02 Unrealized +11.7%

— REAVES UTIL INCOME FD COM SH B 0.1%

Value ($000) $3,048 (-6.2%) Shares 83,326 (+1.5%) Est. Cost $28.51 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
LNT	ALLIANT ENERGY CORP COM	3,057,253 (+71.8%)	$198,752 (+65.7%)	3.5%	$60.37	+10.7%	COM	018802108
CEG	CONSTELLATION ENERGY CORP	1,133,945 (+11.7%)	$400,589 (+19.9%)	7.0%	$164.74	+120.5%	COM	21037T109
NEE	NEXTERA ENERGY INC COM	1,329,628 (+123.9%)	$106,743 (+138.1%)	1.9%	$73.18	+12.7%	COM	65339F101
SRE	SEMPRA	2,140,395 (+34.1%)	$188,975 (+31.6%)	3.3%	$76.57	+18.2%	COM	816851109
NRG	NRG ENERGY INC COM	571,628 (+93.5%)	$91,026 (+90.2%)	1.6%	$150.84	+9.6%	COM	629377508
GEV	GE VERNOVA INC	73,403 (+389.4%)	$47,974 (+420.1%)	0.8%	$555.73	+9.6%	COM	36828A101
TLN	TALEN ENERGY CORP	1,521,697 (+7.9%)	$570,393 (-4.9%)	10.0%	$138.38	+180.9%	COM	87422Q109
GLW	CORNING INC COM	759,075 (+50.5%)	$66,465 (+60.6%)	1.2%	$72.02	+19.4%	COM	219350105
VST	VISTRA CORP.	2,197,292 (+14.5%)	$354,489 (-5.7%)	6.2%	$108.85	+67.1%	COM	92840M102
OGE	OGE ENERGY CORP COM	1,944,201 (+45.6%)	$83,017 (+34.3%)	1.5%	$41.44	+7.6%	COM	670837103
CNP	CENTERPOINT ENERGY INC	7,666,518 (+6.2%)	$293,934 (+4.9%)	5.1%	$32.50	+19.6%	COM	15189T107
ETR	ENTERGY CORP NEW COM	2,446,593 (+6.9%)	$226,139 (+6.0%)	4.0%	$66.28	+42.6%	COM	29364G103
WEC	WEC ENERGY GROUP INC COM	377,501 (+60.0%)	$39,811 (+47.2%)	0.7%	$108.29	+1.8%	COM	92939U106
DTM	DT MIDSTREAM INC	762,753 (+9.4%)	$91,286 (+15.8%)	1.6%	$53.78	+112.5%	COM	23345M107
NI	NISOURCE INC COM	5,424,733 (+8.3%)	$226,537 (+4.4%)	4.0%	$29.37	+45.1%	COM	65473P105
XEL	XCEL ENERGY INC COM	3,579,918 (+13.1%)	$264,413 (+3.6%)	4.6%	$67.21	+16.5%	COM	98389B100
WMB	WILLIAMS COS INC COM	1,294,417 (+18.8%)	$77,807 (+12.8%)	1.4%	$43.07	+39.5%	COM	969457100
MPC	MARATHON PETROLEUM CORP	167,000 (+67.0%)	$27,159 (+40.9%)	0.5%	$163.69	+13.9%	COM	56585A102
AEE	AMEREN CORP COM	1,084,664 (+12.5%)	$108,315 (+7.6%)	1.9%	$97.52	+4.6%	COM	023608102
EQT	EQT CORP COM	1,161,975 (+12.9%)	$62,282 (+11.2%)	1.1%	$52.99	+5.9%	COM	26884L109
PPL	PPL CORP COM	4,424,814 (+2.0%)	$154,957 (-3.8%)	2.7%	$30.37	+18.0%	COM	69351T106
EQIX	EQUINIX INC COM NEW	168,968 (+6.5%)	$129,457 (+4.2%)	2.3%	$629.89	+24.0%	COM	29444U700
IDA	IDACORP INC COM	1,807,811 (+6.3%)	$228,797 (+1.8%)	4.0%	$108.82	+19.5%	COM	451107106
LAC	LITHIUM AMERICAS CORP	1,040,000 (+420.0%)	$4,534 (+297.1%)	0.1%	$5.27	+9.5%	COM	53681J103
DLR	DIGITAL REALTY TR	94,303 (+26.2%)	$14,590 (+12.9%)	0.3%	$146.02	+11.7%	COM	253868103
—	REAVES UTIL INCOME FD COM SH B	83,326 (+1.5%)	$3,048 (-6.2%)	0.1%	$28.51	—	CEF	756158101

Exited Positions (6)

CSX CSX CORP COM 0.1%

Value ($000) $5,327 Shares 150,000 Est. Cost $33.93 Unrealized +5.2%

T AT & T INC. (NEW) 0.1%

Value ($000) $5,102 Shares 180,652 Est. Cost $24.35 Unrealized +3.8%

CNI CANADIAN NATL RY CO COM 0.0%

Value ($000) $2,715 Shares 28,796 Est. Cost $114.47 Unrealized -16.0%

— SCE TRUST IV 5.375 PFD 0.0%

Value ($000) $1,489 Shares 63,125 Est. Cost $0.02 Unrealized —

EIX EDISON INTL COM 0.0%

Value ($000) $360 Shares 6,520 Est. Cost $66.49 Unrealized -13.8%

VZ VERIZON COMMUNICATIONS COM 0.0%

Value ($000) $205 Shares 4,665 Est. Cost $35.71 Unrealized +13.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CSX	CSX CORP COM	150,000	$5,327	0.1%	$33.93	+5.2%	—	126408103
T	AT & T INC. (NEW)	180,652	$5,102	0.1%	$24.35	+3.8%	—	00206R102
CNI	CANADIAN NATL RY CO COM	28,796	$2,715	0.0%	$114.47	-16.0%	—	136375102
—	SCE TRUST IV 5.375 PFD	63,125	$1,489	0.0%	$0.02	—	—	78409G206
EIX	EDISON INTL COM	6,520	$360	0.0%	$66.49	-13.8%	—	281020107
VZ	VERIZON COMMUNICATIONS COM	4,665	$205	0.0%	$35.71	+13.4%	—	92343V104

Decreased Positions (26)

PEG PUBLIC SVC ENTERPRISE GROUP IN 0.8%

Value ($000) $45,208 (-71.6%) Shares 562,991 (-70.5%) Est. Cost $69.86 Unrealized +16.1%

CHTR CHARTER COMMUNICATIONS INC 0.1%

Value ($000) $5,114 (-89.1%) Shares 24,500 (-85.7%) Est. Cost $360.12 Unrealized -37.5%

AWK AMERICAN WATER WORKS 0.0%

Value ($000) $802 (-98.0%) Shares 6,145 (-97.8%) Est. Cost $102.80 Unrealized +29.6%

CMCSA COMCAST CORP CLASS A 0.4%

Value ($000) $20,627 (-64.7%) Shares 690,100 (-62.9%) Est. Cost $34.54 Unrealized -17.4%

DTE DTE ENERGY CO COM 0.9%

Value ($000) $53,853 (-35.1%) Shares 417,526 (-28.8%) Est. Cost $93.57 Unrealized +44.1%

UNP UNION PAC CORP COM 0.3%

Value ($000) $18,543 (-58.4%) Shares 80,163 (-57.5%) Est. Cost $121.49 Unrealized +87.1%

LEU CENTRUS ENERGY CORP CL A 0.7%

Value ($000) $42,362 (-34.6%) Shares 174,500 (-16.4%) Est. Cost $78.02 Unrealized +287.0%

ATO ATMOS ENERGY CORP COM 0.0%

Value ($000) $2,796 (-84.4%) Shares 16,678 (-84.1%) Est. Cost $107.59 Unrealized +60.1%

CMS CMS ENERGY CORP COM 2.6%

Value ($000) $145,964 (-7.3%) Shares 2,087,283 (-2.9%) Est. Cost $66.32 Unrealized +9.3%

NSC NORFOLK SOUTHERN CORP COM 0.7%

Value ($000) $37,822 (-23.1%) Shares 131,000 (-20.0%) Est. Cost $234.31 Unrealized +23.2%

DUK DUKE ENERGY CORP NEW COM NEW 0.0%

Value ($000) $957 (-92.2%) Shares 8,164 (-91.8%) Est. Cost $117.63 Unrealized +3.4%

CCOI COGENT COMMUNICATIONS HLDGS CO 0.1%

Value ($000) $5,586 (-65.6%) Shares 259,098 (-38.8%) Est. Cost $59.37 Unrealized -50.3%

VRT VERTIV HOLDINGS CO 0.2%

Value ($000) $13,427 (-42.3%) Shares 82,880 (-46.2%) Est. Cost $87.72 Unrealized +97.9%

PNW PINNACLE WEST CAP CORP COM 2.7%

Value ($000) $152,544 (-5.7%) Shares 1,719,774 (-4.7%) Est. Cost $77.56 Unrealized +15.0%

OKE ONEOK INC NEW COM 0.6%

Value ($000) $33,938 (-20.4%) Shares 461,740 (-21.0%) Est. Cost $88.38 Unrealized -20.3%

SBAC SBA COMMUNICATIONS COR CL A 1.2%

Value ($000) $70,111 (-10.9%) Shares 362,464 (-10.9%) Est. Cost $226.61 Unrealized -15.0%

LIN LINDE PLC SH 0.0%

Value ($000) $1,856 (-81.6%) Shares 4,352 (-79.5%) Est. Cost $322.30 Unrealized +32.6%

TXNM TXNM ENERGY INC 2.6%

Value ($000) $145,885 (+1.1%) Shares 2,477,663 (-2.9%) Est. Cost $40.94 Unrealized +41.0%

SO SOUTHERN CO COM 0.0%

Value ($000) $2,149 (-24.5%) Shares 24,648 (-18.0%) Est. Cost $63.49 Unrealized +43.2%

ODFL OLD DOMINION FREIGHT LINE 0.0%

Value ($000) $659 (-43.0%) Shares 4,200 (-48.8%) Est. Cost $180.30 Unrealized -20.6%

JCI JOHNSON CTLS INTL PLC SHS 0.1%

Value ($000) $5,987 (+7.4%) Shares 49,996 (-1.4%) Est. Cost $79.72 Unrealized +44.0%

EXC EXELON CORP COM 0.0%

Value ($000) $348 (-52.7%) Shares 7,990 (-51.2%) Est. Cost $30.49 Unrealized +49.1%

CVX CHEVRON CORPORATION COM 0.0%

Value ($000) $1,389 (-19.5%) Shares 9,115 (-18.0%) Est. Cost $144.74 Unrealized +4.6%

CP CANADIAN PACIFIC KANSAS CITY L 0.0%

Value ($000) $603 (-13.4%) Shares 8,191 (-12.3%) Est. Cost $76.97 Unrealized -4.4%

NJR NEW JERSEY RES COM 0.0%

Value ($000) $665 (-8.0%) Shares 14,420 (-4.0%) Est. Cost $45.53 Unrealized +0.6%

PCG PG&E CORP COM 0.0%

Value ($000) $1,593 (-0.9%) Shares 99,104 (-7.0%) Est. Cost $15.16 Unrealized +5.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PEG	PUBLIC SVC ENTERPRISE GROUP IN	562,991 (-70.5%)	$45,208 (-71.6%)	0.8%	$69.86	+16.1%	COM	744573106
CHTR	CHARTER COMMUNICATIONS INC	24,500 (-85.7%)	$5,114 (-89.1%)	0.1%	$360.12	-37.5%	COM	16119P108
AWK	AMERICAN WATER WORKS	6,145 (-97.8%)	$802 (-98.0%)	0.0%	$102.80	+29.6%	COM	030420103
CMCSA	COMCAST CORP CLASS A	690,100 (-62.9%)	$20,627 (-64.7%)	0.4%	$34.54	-17.4%	COM	20030N101
DTE	DTE ENERGY CO COM	417,526 (-28.8%)	$53,853 (-35.1%)	0.9%	$93.57	+44.1%	COM	233331107
UNP	UNION PAC CORP COM	80,163 (-57.5%)	$18,543 (-58.4%)	0.3%	$121.49	+87.1%	COM	907818108
LEU	CENTRUS ENERGY CORP CL A	174,500 (-16.4%)	$42,362 (-34.6%)	0.7%	$78.02	+287.0%	COM	15643U104
ATO	ATMOS ENERGY CORP COM	16,678 (-84.1%)	$2,796 (-84.4%)	0.0%	$107.59	+60.1%	COM	049560105
CMS	CMS ENERGY CORP COM	2,087,283 (-2.9%)	$145,964 (-7.3%)	2.6%	$66.32	+9.3%	COM	125896100
NSC	NORFOLK SOUTHERN CORP COM	131,000 (-20.0%)	$37,822 (-23.1%)	0.7%	$234.31	+23.2%	COM	655844108
DUK	DUKE ENERGY CORP NEW COM NEW	8,164 (-91.8%)	$957 (-92.2%)	0.0%	$117.63	+3.4%	COM	26441C204
CCOI	COGENT COMMUNICATIONS HLDGS CO	259,098 (-38.8%)	$5,586 (-65.6%)	0.1%	$59.37	-50.3%	COM	19239V302
VRT	VERTIV HOLDINGS CO	82,880 (-46.2%)	$13,427 (-42.3%)	0.2%	$87.72	+97.9%	COM	92537N108
PNW	PINNACLE WEST CAP CORP COM	1,719,774 (-4.7%)	$152,544 (-5.7%)	2.7%	$77.56	+15.0%	COM	723484101
OKE	ONEOK INC NEW COM	461,740 (-21.0%)	$33,938 (-20.4%)	0.6%	$88.38	-20.3%	COM	682680103
SBAC	SBA COMMUNICATIONS COR CL A	362,464 (-10.9%)	$70,111 (-10.9%)	1.2%	$226.61	-15.0%	COM	78410G104
LIN	LINDE PLC SH	4,352 (-79.5%)	$1,856 (-81.6%)	0.0%	$322.30	+32.6%	COM	G54950103
TXNM	TXNM ENERGY INC	2,477,663 (-2.9%)	$145,885 (+1.1%)	2.6%	$40.94	+41.0%	COM	69349H107
SO	SOUTHERN CO COM	24,648 (-18.0%)	$2,149 (-24.5%)	0.0%	$63.49	+43.2%	COM	842587107
ODFL	OLD DOMINION FREIGHT LINE	4,200 (-48.8%)	$659 (-43.0%)	0.0%	$180.30	-20.6%	COM	679580100
JCI	JOHNSON CTLS INTL PLC SHS	49,996 (-1.4%)	$5,987 (+7.4%)	0.1%	$79.72	+44.0%	COM	G51502105
EXC	EXELON CORP COM	7,990 (-51.2%)	$348 (-52.7%)	0.0%	$30.49	+49.1%	COM	30161N101
CVX	CHEVRON CORPORATION COM	9,115 (-18.0%)	$1,389 (-19.5%)	0.0%	$144.74	+4.6%	COM	166764100
CP	CANADIAN PACIFIC KANSAS CITY L	8,191 (-12.3%)	$603 (-13.4%)	0.0%	$76.97	-4.4%	COM	13646K108
NJR	NEW JERSEY RES COM	14,420 (-4.0%)	$665 (-8.0%)	0.0%	$45.53	+0.6%	COM	646025106
PCG	PG&E CORP COM	99,104 (-7.0%)	$1,593 (-0.9%)	0.0%	$15.16	+5.0%	COM	69331C108

Unchanged Positions (25)

MP MP MATLS CORP 2.3%

Value ($000) $131,833 Shares 2,609,526 Est. Cost $48.98 Unrealized +29.5%

CCJ CAMECO CORP COM 2.3%

Value ($000) $133,024 Shares 1,453,978 Est. Cost $48.52 Unrealized +85.4%

DY DYCOM INDS INC COM 0.8%

Value ($000) $48,391 Shares 143,212 Est. Cost $193.46 Unrealized +63.0%

TMUS T-MOBILE US INC COM 0.5%

Value ($000) $30,585 Shares 150,637 Est. Cost $128.71 Unrealized +64.2%

EPD ENTERPRISE PRODUCTS PARTNERS L 2.0%

Value ($000) $112,016 Shares 3,493,940 Est. Cost $0.03 Unrealized —

CCI CROWN CASTLE INC 0.5%

Value ($000) $29,043 Shares 326,798 Est. Cost $99.10 Unrealized -8.1%

WBI WATERBRIDGE INFRASTRUCTURE LLC 0.2%

Value ($000) $9,005 Shares 450,000 Est. Cost $23.45 Unrealized -1.0%

MPLX MPLX LP COM UNIT REP LTD 0.6%

Value ($000) $35,785 Shares 670,500 Est. Cost $49.85 Unrealized —

PWR QUANTA SVCS INC COM 2.0%

Value ($000) $114,213 Shares 270,609 Est. Cost $249.21 Unrealized +76.3%

AMT AMERICAN TOWER REIT COM 0.3%

Value ($000) $17,212 Shares 98,037 Est. Cost $179.34 Unrealized +0.5%

CPK CHESAPEAKE UTILS CORP 0.1%

Value ($000) $3,743 Shares 30,000 Est. Cost $113.22 Unrealized +16.0%

— FRONTIER COMMUNICATIONS PARENT 0.4%

Value ($000) $22,383 Shares 587,933 Est. Cost $0.02 Unrealized —

UTL UNITIL CORP 0.2%

Value ($000) $13,321 Shares 275,000 Est. Cost $48.81 Unrealized -0.3%

XOM EXXON MOBIL CORP 0.0%

Value ($000) $2,155 Shares 17,910 Est. Cost $110.72 Unrealized +4.3%

LAMR LAMAR ADVERTISING CO 0.1%

Value ($000) $3,165 Shares 25,000 Est. Cost $113.78 Unrealized —

PLD PROLOGIS INC COM 0.0%

Value ($000) $939 Shares 7,356 Est. Cost $84.76 Unrealized +46.1%

AAPL APPLE INC COM 0.0%

Value ($000) $1,305 Shares 4,800 Est. Cost $89.58 Unrealized +199.5%

JNJ JOHNSON & JOHNSON COM 0.0%

Value ($000) $678 Shares 3,278 Est. Cost $78.16 Unrealized +152.1%

MO ALTRIA GROUP INC. 0.0%

Value ($000) $461 Shares 8,000 Est. Cost $16.43 Unrealized +261.3%

DTEGY DEUTSCHE TELEKOM AG 0.0%

Value ($000) $1,230 Shares 37,859 Est. Cost $4.86 Unrealized —

EVRG EVERGY INC COM 0.0%

Value ($000) $719 Shares 9,924 Est. Cost $70.25 Unrealized +7.4%

PPG PPG INDS INC COM 0.0%

Value ($000) $512 Shares 5,000 Est. Cost $77.00 Unrealized +30.0%

PM PHILLIP MORRIS INTERNATIONAL 0.0%

Value ($000) $802 Shares 5,000 Est. Cost $49.85 Unrealized +208.1%

ECG EVERUS CONSTRUCTION GROUP INC 0.0%

Value ($000) $1,070 Shares 12,500 Est. Cost $62.93 Unrealized +42.2%

BRK/B BERKSHIRE HATHAWAY INC CLASS B 0.2%

Value ($000) $8,923 Shares 17,751 Est. Cost $118.44 Unrealized +320.1%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MP	MP MATLS CORP	2,609,526	$131,833	2.3%	$48.98	+29.5%	COM	553368101
CCJ	CAMECO CORP COM	1,453,978	$133,024	2.3%	$48.52	+85.4%	COM	13321L108
DY	DYCOM INDS INC COM	143,212	$48,391	0.8%	$193.46	+63.0%	COM	267475101
TMUS	T-MOBILE US INC COM	150,637	$30,585	0.5%	$128.71	+64.2%	COM	872590104
EPD	ENTERPRISE PRODUCTS PARTNERS L	3,493,940	$112,016	2.0%	$0.03	—	LP	293792107
CCI	CROWN CASTLE INC	326,798	$29,043	0.5%	$99.10	-8.1%	COM	22822V101
WBI	WATERBRIDGE INFRASTRUCTURE LLC	450,000	$9,005	0.2%	$23.45	-1.0%	COM	940923105
MPLX	MPLX LP COM UNIT REP LTD	670,500	$35,785	0.6%	$49.85	—	LP	55336V100
PWR	QUANTA SVCS INC COM	270,609	$114,213	2.0%	$249.21	+76.3%	COM	74762E102
AMT	AMERICAN TOWER REIT COM	98,037	$17,212	0.3%	$179.34	+0.5%	COM	03027X100
CPK	CHESAPEAKE UTILS CORP	30,000	$3,743	0.1%	$113.22	+16.0%	COM	165303108
—	FRONTIER COMMUNICATIONS PARENT	587,933	$22,383	0.4%	$0.02	—	COM	35909D109
UTL	UNITIL CORP	275,000	$13,321	0.2%	$48.81	-0.3%	COM	913259107
XOM	EXXON MOBIL CORP	17,910	$2,155	0.0%	$110.72	+4.3%	COM	30231G102
LAMR	LAMAR ADVERTISING CO	25,000	$3,165	0.1%	$113.78	—	COM	512816109
PLD	PROLOGIS INC COM	7,356	$939	0.0%	$84.76	+46.1%	COM	74340W103
AAPL	APPLE INC COM	4,800	$1,305	0.0%	$89.58	+199.5%	COM	037833100
JNJ	JOHNSON & JOHNSON COM	3,278	$678	0.0%	$78.16	+152.1%	COM	478160104
MO	ALTRIA GROUP INC.	8,000	$461	0.0%	$16.43	+261.3%	COM	02209S103
DTEGY	DEUTSCHE TELEKOM AG	37,859	$1,230	0.0%	$4.86	—	COM	251566105
EVRG	EVERGY INC COM	9,924	$719	0.0%	$70.25	+7.4%	COM	30034W106
PPG	PPG INDS INC COM	5,000	$512	0.0%	$77.00	+30.0%	COM	693506107
PM	PHILLIP MORRIS INTERNATIONAL	5,000	$802	0.0%	$49.85	+208.1%	COM	718172109
ECG	EVERUS CONSTRUCTION GROUP INC	12,500	$1,070	0.0%	$62.93	+42.2%	COM	300426103
BRK/B	BERKSHIRE HATHAWAY INC CLASS B	17,751	$8,923	0.2%	$118.44	+320.1%	COM	084670702