Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
EMN	EASTMAN CHEMICAL	130,000	$8.707M	0.8%	$66.98	—	Common Stock	277432100
XOM	EXXON MOBIL CORP	50,000	$6.836M	0.6%	$136.72	—	Common Stock	30233Q108
DVN	DEVON ENERGY CO	150,000	$6.198M	0.6%	$41.32	—	Common Stock	25179M103
FLEX	FLEX LTD	15,000	$2.431M	0.2%	$162.07	—	ORD	Y2573F102
TK	TEEKAY CORP LTD	230,000	$2.3M	0.2%	$10.00	—	SHS	G8726T105
AD	ARRAY DIGITAL IN	62,800	$2.277M	0.2%	$36.26	—	Common Stock	911684108
CEG	CONSTELLATION EN	8,000	$1.987M	0.2%	$248.37	—	Common Stock	21037T109
GPOR	GULFPORT ENERGY	10,000	$1.697M	0.2%	$169.70	—	Common Shares	402635502
XE	X-ENERGY INC	50,000	$918K	0.1%	$18.36	—	COM CL A	98386P102
FDXF	FEDEX FREIGHT HOLDINGS CO-W/I	3,500	$529K	0.0%	$151.00	—	Common Stock	314352105
ING	ING GROEP-ADR	10,000	$314K	0.0%	$31.38	—	SPONSORED ADR	456837103
SIGA	SIGA TECH INC	40,000	$146K	0.0%	$3.64	—	Common Stock	826917106

Increased Positions (27)

WMB WILLIAMS COS INC 2.4%

Value $26.32M (+50.7%) Shares 354,000 (+47.5%) Est. Cost $68.21 Unrealized —

GPC GENUINE PARTS CO 1.7%

Value $18.88M (+78.5%) Shares 160,000 (+60.0%) Est. Cost $122.12 Unrealized —

ABBV ABBVIE INC 2.5%

Value $27.68M (+41.4%) Shares 110,000 (+22.2%) Est. Cost $140.30 Unrealized —

KMB KIMBERLY-CLARK 1.6%

Value $17.56M (+76.8%) Shares 160,000 (+55.3%) Est. Cost $106.10 Unrealized —

IBM IBM 1.3%

Value $14.06M (+114.8%) Shares 50,000 (+85.2%) Est. Cost $204.72 Unrealized —

MKC MCCORMICK-N/V 1.5%

Value $16.89M (+67.4%) Shares 335,000 (+67.5%) Est. Cost $61.19 Unrealized —

FITB FIFTH THIRD BANC 1.4%

Value $15.22M (+63.8%) Shares 270,000 (+35.0%) Est. Cost $52.59 Unrealized —

KLAC KLA-TENCOR CORP 0.8%

Value $9.051M (+104.9%) Shares 30,000 (+900.0%) Est. Cost $304.18 Unrealized —

BAC BANK OF AMERICA 1.3%

Value $14.81M (+38.1%) Shares 260,000 (+18.2%) Est. Cost $37.38 Unrealized —

T AT&T INC 1.2%

Value $13.56M (-18.7%) Shares 655,000 (+13.9%) Est. Cost $22.21 Unrealized —

BMY BRISTOL-MYER SQB 2.3%

Value $25.53M (+12.8%) Shares 443,000 (+18.8%) Est. Cost $55.83 Unrealized —

TTE TOTALENERGIES SE 1.0%

Value $11.66M (+28.2%) Shares 150,000 (+50.0%) Est. Cost $73.61 Unrealized —

VST VISTRA CORP 0.5%

Value $5.552M (+84.7%) Shares 35,000 (+75.0%) Est. Cost $143.68 Unrealized —

PRU PRUDENTL FINL 1.3%

Value $14.57M (+19.3%) Shares 135,000 (+8.0%) Est. Cost $84.46 Unrealized —

NRG NRG ENERGY INC 0.5%

Value $5.769M (+51.8%) Shares 39,500 (+51.9%) Est. Cost $114.33 Unrealized —

BTI BRIT AMER TO PLC ADR 1.3%

Value $14.2M (+15.7%) Shares 230,000 (+9.5%) Est. Cost $42.41 Unrealized —

SHEL SHELL PLC-ADR 1.2%

Value $13.34M (-10.4%) Shares 172,000 (+7.5%) Est. Cost $91.92 Unrealized —

CVX CHEVRON CORP 2.9%

Value $32.07M (-4.0%) Shares 193,500 (+19.8%) Est. Cost $148.33 Unrealized —

EXE EXPAND ENERGY CORP 0.8%

Value $8.481M (-12.2%) Shares 93,000 (+5.7%) Est. Cost $103.93 Unrealized —

BMI BADGER METER INC 0.3%

Value $3.709M (+21.7%) Shares 25,000 (+25.0%) Est. Cost $159.10 Unrealized —

MCD MCDONALDS CORP 0.6%

Value $6.758M (+8.7%) Shares 25,000 (+25.0%) Est. Cost $246.19 Unrealized —

NEXT NEXTDECADE CORP 0.3%

Value $3.77M (+9.4%) Shares 500,000 (+11.1%) Est. Cost $5.44 Unrealized —

TFC TRUIST FINANCIAL 0.1%

Value $598K (+62.6%) Shares 12,000 (+50.0%) Est. Cost $48.59 Unrealized —

SNY SANOFI-ADR 0.1%

Value $768K (+32.8%) Shares 18,000 (+50.0%) Est. Cost $46.34 Unrealized —

AR ANTERO RESOURCES 0.4%

Value $4.92M (-3.4%) Shares 140,000 (+16.7%) Est. Cost $30.74 Unrealized —

LNG CHENIERE ENERGY 1.2%

Value $12.91M (+1.1%) Shares 54,000 (+20.0%) Est. Cost $155.55 Unrealized —

OVV OVINTIV INC 0.3%

Value $3.633M (+2.0%) Shares 69,000 (+15.0%) Est. Cost $44.84 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WMB	WILLIAMS COS INC	354,000 (+47.5%)	$26.32M (+50.7%)	2.4%	$68.21	—	Common Stock	969457100
GPC	GENUINE PARTS CO	160,000 (+60.0%)	$18.88M (+78.5%)	1.7%	$122.12	—	Common Stock	372460105
ABBV	ABBVIE INC	110,000 (+22.2%)	$27.68M (+41.4%)	2.5%	$140.30	—	Common Stock	00287Y109
KMB	KIMBERLY-CLARK	160,000 (+55.3%)	$17.56M (+76.8%)	1.6%	$106.10	—	Common Stock	494368103
IBM	IBM	50,000 (+85.2%)	$14.06M (+114.8%)	1.3%	$204.72	—	Common Stock	459200101
MKC	MCCORMICK-N/V	335,000 (+67.5%)	$16.89M (+67.4%)	1.5%	$61.19	—	COM NON VTG	579780206
FITB	FIFTH THIRD BANC	270,000 (+35.0%)	$15.22M (+63.8%)	1.4%	$52.59	—	Common Stock	316773100
KLAC	KLA-TENCOR CORP	30,000 (+900.0%)	$9.051M (+104.9%)	0.8%	$304.18	—	Common Stock	482480100
BAC	BANK OF AMERICA	260,000 (+18.2%)	$14.81M (+38.1%)	1.3%	$37.38	—	Common Stock	060505104
T	AT&T INC	655,000 (+13.9%)	$13.56M (-18.7%)	1.2%	$22.21	—	Common Stock	00206R102
BMY	BRISTOL-MYER SQB	443,000 (+18.8%)	$25.53M (+12.8%)	2.3%	$55.83	—	Common Stock	110122108
TTE	TOTALENERGIES SE	150,000 (+50.0%)	$11.66M (+28.2%)	1.0%	$73.61	—	ACT	F92124100
VST	VISTRA CORP	35,000 (+75.0%)	$5.552M (+84.7%)	0.5%	$143.68	—	Common Stock	92840M102
PRU	PRUDENTL FINL	135,000 (+8.0%)	$14.57M (+19.3%)	1.3%	$84.46	—	Common Stock	744320102
NRG	NRG ENERGY INC	39,500 (+51.9%)	$5.769M (+51.8%)	0.5%	$114.33	—	Common Stock	629377508
BTI	BRIT AMER TO PLC ADR	230,000 (+9.5%)	$14.2M (+15.7%)	1.3%	$42.41	—	SPONSORED ADR	110448107
SHEL	SHELL PLC-ADR	172,000 (+7.5%)	$13.34M (-10.4%)	1.2%	$91.92	—	SPON ADS	780259305
CVX	CHEVRON CORP	193,500 (+19.8%)	$32.07M (-4.0%)	2.9%	$148.33	—	Common Stock	166764100
EXE	EXPAND ENERGY CORP	93,000 (+5.7%)	$8.481M (-12.2%)	0.8%	$103.93	—	Common Stock	165167735
BMI	BADGER METER INC	25,000 (+25.0%)	$3.709M (+21.7%)	0.3%	$159.10	—	Common Stock	056525108
MCD	MCDONALDS CORP	25,000 (+25.0%)	$6.758M (+8.7%)	0.6%	$246.19	—	Common Stock	580135101
NEXT	NEXTDECADE CORP	500,000 (+11.1%)	$3.77M (+9.4%)	0.3%	$5.44	—	Common Stock	65342K105
TFC	TRUIST FINANCIAL	12,000 (+50.0%)	$598K (+62.6%)	0.1%	$48.59	—	Common Stock	89832Q109
SNY	SANOFI-ADR	18,000 (+50.0%)	$768K (+32.8%)	0.1%	$46.34	—	SPONSORED ADR	80105N105
AR	ANTERO RESOURCES	140,000 (+16.7%)	$4.92M (-3.4%)	0.4%	$30.74	—	Common Stock	03674X106
LNG	CHENIERE ENERGY	54,000 (+20.0%)	$12.91M (+1.1%)	1.2%	$155.55	—	Common Stock	16411R208
OVV	OVINTIV INC	69,000 (+15.0%)	$3.633M (+2.0%)	0.3%	$44.84	—	Common Stock	69047Q102

Exited Positions (8)

XOM EXXON MOBIL CORP 0.8%

Value $8.483M Shares 50,000 Est. Cost $93.34 Unrealized —

KVUE KENVUE INC 0.5%

Value $5.172M Shares 300,000 Est. Cost $20.73 Unrealized —

ACN ACCENTURE PLC-A 0.4%

Value $3.966M Shares 20,000 Est. Cost $260.61 Unrealized —

SLB SLB LTD 0.3%

Value $3.083M Shares 60,000 Est. Cost $45.84 Unrealized —

MRSH MARSH & MCLENNAN 0.3%

Value $2.949M Shares 17,000 Est. Cost $186.43 Unrealized —

COP CONOCOPHILLIPS 0.2%

Value $2.64M Shares 20,000 Est. Cost $99.90 Unrealized —

MUSA MURPHY USA INC 0.2%

Value $1.976M Shares 4,000 Est. Cost $383.35 Unrealized —

CALM CAL-MAINE FOODS 0.0%

Value $237K Shares 3,000 Est. Cost $103.42 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
XOM	EXXON MOBIL CORP	50,000	$8.483M	0.8%	$93.34	—	—	30231G102
KVUE	KENVUE INC	300,000	$5.172M	0.5%	$20.73	—	—	49177J102
ACN	ACCENTURE PLC-A	20,000	$3.966M	0.4%	$260.61	—	—	G1151C101
SLB	SLB LTD	60,000	$3.083M	0.3%	$45.84	—	—	806857108
MRSH	MARSH & MCLENNAN	17,000	$2.949M	0.3%	$186.43	—	—	571748102
COP	CONOCOPHILLIPS	20,000	$2.64M	0.2%	$99.90	—	—	20825C104
MUSA	MURPHY USA INC	4,000	$1.976M	0.2%	$383.35	—	—	626755102
CALM	CAL-MAINE FOODS	3,000	$237K	0.0%	$103.42	—	—	128030202

Decreased Positions (20)

DELL DELL TECHN-C 1.5%

Value $16.83M (+138.4%) Shares 39,000 (-9.3%) Est. Cost $118.55 Unrealized —

HPE HEWLETT PACKA 2.0%

Value $22.55M (+72.2%) Shares 500,000 (-9.1%) Est. Cost $22.16 Unrealized —

GLW CORNING INC 3.0%

Value $33.21M (+32.0%) Shares 130,000 (-29.7%) Est. Cost $35.14 Unrealized —

DOCN DIGITALOCEAN HOL 1.0%

Value $10.68M (+66.0%) Shares 68,000 (-9.3%) Est. Cost $37.76 Unrealized —

TRGP TARGA RESOURCES 0.8%

Value $8.58M (-31.6%) Shares 32,000 (-36.0%) Est. Cost $130.17 Unrealized —

QCOM QUALCOMM INC 1.2%

Value $13.1M (+35.6%) Shares 70,900 (-5.5%) Est. Cost $113.28 Unrealized —

TRP TC Energy Corp 2.7%

Value $29.83M (-10.1%) Shares 450,000 (-15.1%) Est. Cost $43.85 Unrealized —

KGS KODIAK GAS SERVI 0.7%

Value $7.513M (-17.9%) Shares 100,000 (-36.3%) Est. Cost $32.13 Unrealized —

FSLR FIRST SOLAR INC 0.2%

Value $2.36M (-25.2%) Shares 10,000 (-37.5%) Est. Cost $182.59 Unrealized —

DAR DARLING INGREDIE 0.1%

Value $1.092M (-41.1%) Shares 20,000 (-33.3%) Est. Cost $45.22 Unrealized —

ETR ENTERGY CORP 2.0%

Value $22.28M (-3.3%) Shares 194,000 (-5.4%) Est. Cost $69.53 Unrealized —

VRT VERTIV HOLDING-A 0.4%

Value $4.687M (+16.9%) Shares 14,000 (-12.5%) Est. Cost $97.64 Unrealized —

NE NOBLE CORP PLC 0.0%

Value $373K (-49.3%) Shares 10,000 (-33.3%) Est. Cost $22.94 Unrealized —

AROC ARCHROCK INC 0.7%

Value $7.328M (-4.3%) Shares 180,000 (-18.2%) Est. Cost $24.41 Unrealized —

LYB LYONDELLBASELL-A 0.0%

Value $158K (-67.3%) Shares 3,000 (-50.0%) Est. Cost $65.81 Unrealized —

BKE THE BUCKLE INC 0.0%

Value $169K (-58.1%) Shares 4,000 (-50.0%) Est. Cost $51.77 Unrealized —

UBS UBS GROUP AG 0.0%

Value $496K (-25.4%) Shares 10,000 (-41.2%) Est. Cost $45.56 Unrealized —

SHLS SHOALS TECHNOL-A 0.1%

Value $990K (+15.7%) Shares 100,000 (-23.1%) Est. Cost $17.80 Unrealized —

BHP BHP GROUP-ADR 0.0%

Value $250K (-31.3%) Shares 3,000 (-40.0%) Est. Cost $55.04 Unrealized —

RIO RIO TINTO PLC ADR 0.0%

Value $285K (-23.7%) Shares 3,000 (-25.0%) Est. Cost $66.56 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
DELL	DELL TECHN-C	39,000 (-9.3%)	$16.83M (+138.4%)	1.5%	$118.55	—	CL C	24703L202
HPE	HEWLETT PACKA	500,000 (-9.1%)	$22.55M (+72.2%)	2.0%	$22.16	—	Common Stock	42824C109
GLW	CORNING INC	130,000 (-29.7%)	$33.21M (+32.0%)	3.0%	$35.14	—	Common Stock	219350105
DOCN	DIGITALOCEAN HOL	68,000 (-9.3%)	$10.68M (+66.0%)	1.0%	$37.76	—	Common Stock	25402D102
TRGP	TARGA RESOURCES	32,000 (-36.0%)	$8.58M (-31.6%)	0.8%	$130.17	—	Common Stock	87612G101
QCOM	QUALCOMM INC	70,900 (-5.5%)	$13.1M (+35.6%)	1.2%	$113.28	—	Common Stock	747525103
TRP	TC Energy Corp	450,000 (-15.1%)	$29.83M (-10.1%)	2.7%	$43.85	—	Common Stock	87807B107
KGS	KODIAK GAS SERVI	100,000 (-36.3%)	$7.513M (-17.9%)	0.7%	$32.13	—	Common Stock	50012A108
FSLR	FIRST SOLAR INC	10,000 (-37.5%)	$2.36M (-25.2%)	0.2%	$182.59	—	Common Stock	336433107
DAR	DARLING INGREDIE	20,000 (-33.3%)	$1.092M (-41.1%)	0.1%	$45.22	—	Common Stock	237266101
ETR	ENTERGY CORP	194,000 (-5.4%)	$22.28M (-3.3%)	2.0%	$69.53	—	Common Stock	29364G103
VRT	VERTIV HOLDING-A	14,000 (-12.5%)	$4.687M (+16.9%)	0.4%	$97.64	—	COM CL A	92537N108
NE	NOBLE CORP PLC	10,000 (-33.3%)	$373K (-49.3%)	0.0%	$22.94	—	ORD SHS A	G65431127
AROC	ARCHROCK INC	180,000 (-18.2%)	$7.328M (-4.3%)	0.7%	$24.41	—	Common Stock	03957W106
LYB	LYONDELLBASELL-A	3,000 (-50.0%)	$158K (-67.3%)	0.0%	$65.81	—	SHS -A-	N53745100
BKE	THE BUCKLE INC	4,000 (-50.0%)	$169K (-58.1%)	0.0%	$51.77	—	Common Stock	118440106
UBS	UBS GROUP AG	10,000 (-41.2%)	$496K (-25.4%)	0.0%	$45.56	—	SHS	H42097107
SHLS	SHOALS TECHNOL-A	100,000 (-23.1%)	$990K (+15.7%)	0.1%	$17.80	—	CL A	82489W107
BHP	BHP GROUP-ADR	3,000 (-40.0%)	$250K (-31.3%)	0.0%	$55.04	—	SPONSORED ADS	088606108
RIO	RIO TINTO PLC ADR	3,000 (-25.0%)	$285K (-23.7%)	0.0%	$66.56	—	SPONSORED ADR	767204100

Unchanged Positions (87)

AVGO BROADCOM INC 3.7%

Value $41.36M Shares 109,500 Est. Cost $180.00 Unrealized —

AMD ADV MICRO DEVICE 0.9%

Value $9.875M Shares 17,000 Est. Cost $21.08 Unrealized —

LRCX LAM RESEARCH 0.8%

Value $8.667M Shares 20,000 Est. Cost $74.98 Unrealized —

MS MORGAN STANLEY 1.8%

Value $19.86M Shares 95,000 Est. Cost $85.64 Unrealized —

TXN TEXAS INSTRUMENT 0.9%

Value $9.538M Shares 32,000 Est. Cost $137.24 Unrealized —

LLY ELI LILLY & CO 1.2%

Value $13.19M Shares 11,000 Est. Cost $817.07 Unrealized —

NVO NOVO-NORDISK-ADR 1.2%

Value $12.94M Shares 270,000 Est. Cost $49.83 Unrealized —

VZ VERIZON COMMUNIC 1.4%

Value $15.54M Shares 367,000 Est. Cost $39.06 Unrealized —

PEP PEPSICO INC 1.7%

Value $18.82M Shares 139,000 Est. Cost $138.95 Unrealized —

C CITIGROUP INC 1.2%

Value $13.72M Shares 98,000 Est. Cost $66.09 Unrealized —

PANW PALO ALTO NETWOR 0.4%

Value $4.502M Shares 13,203 Est. Cost $172.15 Unrealized —

JPM JPMORGAN CHASE 1.3%

Value $14.4M Shares 44,000 Est. Cost $136.58 Unrealized —

CAT CATERPILLAR INC 0.4%

Value $4.26M Shares 4,000 Est. Cost $166.68 Unrealized —

PFE PFIZER INC 0.7%

Value $8.139M Shares 338,000 Est. Cost $26.61 Unrealized —

GOOGL ALPHABET INC-A 0.6%

Value $6.433M Shares 18,000 Est. Cost $323.29 Unrealized —

NEE NEXTERA ENERGY 2.3%

Value $25.22M Shares 287,300 Est. Cost $63.98 Unrealized —

BBY BEST BUY CO INC 0.7%

Value $8.043M Shares 106,000 Est. Cost $75.25 Unrealized —

AFG AMER FINL GROUP 1.3%

Value $14.13M Shares 101,000 Est. Cost $128.47 Unrealized —

LMT LOCKHEED MARTIN 0.6%

Value $6.623M Shares 13,000 Est. Cost $367.75 Unrealized —

FANG DIAMONDBACK ENER 0.9%

Value $9.668M Shares 55,000 Est. Cost $145.88 Unrealized —

MO ALTRIA GROUP INC 1.3%

Value $14.53M Shares 202,000 Est. Cost $38.87 Unrealized —

PR PERMIAN RESOURCE 0.7%

Value $7.567M Shares 411,000 Est. Cost $13.84 Unrealized —

UNM UNUM GROUP 0.6%

Value $6.258M Shares 70,000 Est. Cost $68.94 Unrealized —

PSX PHILLIPS 66 1.3%

Value $14.37M Shares 85,000 Est. Cost $110.62 Unrealized —

ALL ALLSTATE CORP 0.7%

Value $8.328M Shares 35,000 Est. Cost $199.37 Unrealized —

VG VENTURE GLOBAL-A 0.2%

Value $2.56M Shares 230,000 Est. Cost $12.10 Unrealized —

NVDA NVIDIA CORP 0.6%

Value $7.003M Shares 35,000 Est. Cost $91.94 Unrealized —

UNH UNITEDHEALTH GRP 0.2%

Value $2.494M Shares 6,000 Est. Cost $360.18 Unrealized —

DOW DOW INC 0.1%

Value $1.642M Shares 60,000 Est. Cost $29.05 Unrealized —

INTU INTUIT INC 0.1%

Value $1.305M Shares 5,000 Est. Cost $323.15 Unrealized —

MRK MERCK & CO 1.2%

Value $12.85M Shares 100,000 Est. Cost $79.54 Unrealized —

TT TRANE TECHNOLOGI 0.5%

Value $5.403M Shares 11,000 Est. Cost $117.25 Unrealized —

NET CLOUDFLARE INC-A 0.5%

Value $5.151M Shares 21,000 Est. Cost $80.68 Unrealized —

EQT EQT CORP 0.4%

Value $3.988M Shares 75,000 Est. Cost $44.66 Unrealized —

SR SPIRE INC 0.4%

Value $4.685M Shares 60,000 Est. Cost $81.52 Unrealized —

AAPL APPLE INC 0.5%

Value $6.077M Shares 21,000 Est. Cost $100.16 Unrealized —

BKR BAKER HUGHES A 0.6%

Value $7.215M Shares 130,000 Est. Cost $30.58 Unrealized —

KO COCA-COLA CO/THE 1.0%

Value $10.97M Shares 135,000 Est. Cost $56.37 Unrealized —

HD HOME DEPOT INC 0.9%

Value $9.875M Shares 28,000 Est. Cost $290.14 Unrealized —

SBUX STARBUCKS CORP 0.5%

Value $5.314M Shares 52,000 Est. Cost $77.82 Unrealized —

V VISA INC-CLASS A 0.5%

Value $5.146M Shares 15,000 Est. Cost $147.75 Unrealized —

GEV GE VERNOVA INC 0.2%

Value $2.35M Shares 2,000 Est. Cost $365.54 Unrealized —

CSCO CISCO SYSTEMS 0.2%

Value $1.762M Shares 15,000 Est. Cost $42.55 Unrealized —

LB LANDBRIDGE CO LL 0.4%

Value $4.437M Shares 56,000 Est. Cost $56.65 Unrealized —

UPS UNITED PARCEL-B 0.6%

Value $6.343M Shares 59,000 Est. Cost $132.86 Unrealized —

PM PHILIP MORRIS IN 0.5%

Value $5.427M Shares 30,000 Est. Cost $67.86 Unrealized —

EVRG EVERGY INC 0.8%

Value $8.643M Shares 100,000 Est. Cost $63.61 Unrealized —

GNRC GENERAC HOLDINGS 0.1%

Value $1.171M Shares 4,000 Est. Cost $264.49 Unrealized —

VLO VALERO ENERGY 0.7%

Value $7.553M Shares 29,000 Est. Cost $107.87 Unrealized —

PNC PNC FINANCIAL SE 0.2%

Value $2.462M Shares 10,000 Est. Cost $125.28 Unrealized —

NTR NUTRIEN LTD 0.2%

Value $1.889M Shares 30,000 Est. Cost $68.11 Unrealized —

PAYX PAYCHEX INC 0.5%

Value $5.9M Shares 60,000 Est. Cost $113.86 Unrealized —

DE DEERE & CO 0.3%

Value $3.172M Shares 5,000 Est. Cost $214.92 Unrealized —

TPL TEXAS PACIFIC LA 0.4%

Value $3.939M Shares 9,000 Est. Cost $301.44 Unrealized —

FDX FEDEX CORP 0.2%

Value $2.192M Shares 7,000 Est. Cost $206.07 Unrealized —

XEL XCEL ENERGY INC 1.9%

Value $20.88M Shares 260,000 Est. Cost $63.05 Unrealized —

TSLA TESLA INC 0.2%

Value $1.893M Shares 4,500 Est. Cost $253.56 Unrealized —

EW EDWARDS LIFE 0.2%

Value $1.809M Shares 20,000 Est. Cost $75.41 Unrealized —

ORI OLD REPUB INTL 0.7%

Value $8.184M Shares 200,000 Est. Cost $24.96 Unrealized —

PG PROCTER & GAMBLE 1.1%

Value $11.73M Shares 80,000 Est. Cost $142.82 Unrealized —

ITW ILLINOIS TOOL WO 0.4%

Value $4.598M Shares 17,000 Est. Cost $192.57 Unrealized —

TGT TARGET CORP 0.2%

Value $2.351M Shares 18,000 Est. Cost $117.53 Unrealized —

LOW LOWE'S COS INC 0.2%

Value $2.205M Shares 10,000 Est. Cost $84.51 Unrealized —

EXC EXELON CORP 0.3%

Value $2.797M Shares 60,000 Est. Cost $30.42 Unrealized —

KMI KINDER MORGAN IN 0.2%

Value $2.398M Shares 75,000 Est. Cost $16.48 Unrealized —

FTI TECHNIPFMC PLC 0.2%

Value $2.652M Shares 40,000 Est. Cost $29.81 Unrealized —

CVE CENOVUS ENERGY 0.1%

Value $1.489M Shares 60,000 Est. Cost $19.61 Unrealized —

MA MASTERCARD INC-A 0.3%

Value $3.595M Shares 7,000 Est. Cost $312.75 Unrealized —

SPGI S&P GLOBAL INC 0.2%

Value $2.036M Shares 5,000 Est. Cost $203.86 Unrealized —

WM WASTE MANAGEMENT 0.3%

Value $2.897M Shares 13,000 Est. Cost $83.25 Unrealized —

TS TENARIS-ADR 0.1%

Value $1.387M Shares 25,000 Est. Cost $32.79 Unrealized —

CCJ CAMECO CORP 0.1%

Value $815K Shares 8,000 Est. Cost $53.26 Unrealized —

DEC DIVERSIFIED ENERGY COMPANY 0.0%

Value $208K Shares 15,000 Est. Cost $13.84 Unrealized —

XPRO EXPRO GROUP HOLD 0.0%

Value $295K Shares 20,000 Est. Cost $19.02 Unrealized —

TMO THERMO FISHER 0.2%

Value $2.507M Shares 5,000 Est. Cost $143.74 Unrealized —

RF REGIONS FINANCIA 0.0%

Value $362K Shares 12,000 Est. Cost $23.32 Unrealized —

APD AIR PRODS & CHEM 0.3%

Value $3.225M Shares 11,000 Est. Cost $233.05 Unrealized —

NXT NEXTPOWER-CL A 0.2%

Value $2.264M Shares 19,000 Est. Cost $47.49 Unrealized —

SOBO SOUTH BOW CORP 0.0%

Value $423K Shares 12,000 Est. Cost $26.33 Unrealized —

D DOMINION ENERGY INC 0.0%

Value $239K Shares 3,500 Est. Cost $51.41 Unrealized —

MSFT MICROSOFT CORP 0.2%

Value $2.238M Shares 6,000 Est. Cost $222.90 Unrealized —

LPG DORIAN LPG LTD 0.1%

Value $730K Shares 21,000 Est. Cost $27.57 Unrealized —

ES EVERSOURCE ENERG 0.0%

Value $289K Shares 4,000 Est. Cost $60.33 Unrealized —

NGG NATIONAL GRI-ADR 0.0%

Value $414K Shares 5,000 Est. Cost $84.60 Unrealized —

POR PORTLAND GENERAL 0.0%

Value $285K Shares 5,500 Est. Cost $42.98 Unrealized —

BLK BLACKROCK INC 0.4%

Value $4.808M Shares 5,000 Est. Cost $991.05 Unrealized —

ENB ENBRIDGE INC 0.0%

Value $325K Shares 6,000 Est. Cost $37.42 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
AVGO	BROADCOM INC	109,500	$41.36M	3.7%	$180.00	—	Common Stock	11135F101
AMD	ADV MICRO DEVICE	17,000	$9.875M	0.9%	$21.08	—	Common Stock	007903107
LRCX	LAM RESEARCH	20,000	$8.667M	0.8%	$74.98	—	Common Stock	512807306
MS	MORGAN STANLEY	95,000	$19.86M	1.8%	$85.64	—	Common Stock	617446448
TXN	TEXAS INSTRUMENT	32,000	$9.538M	0.9%	$137.24	—	Common Stock	882508104
LLY	ELI LILLY & CO	11,000	$13.19M	1.2%	$817.07	—	Common Stock	532457108
NVO	NOVO-NORDISK-ADR	270,000	$12.94M	1.2%	$49.83	—	ADR	670100205
VZ	VERIZON COMMUNIC	367,000	$15.54M	1.4%	$39.06	—	Common Stock	92343V104
PEP	PEPSICO INC	139,000	$18.82M	1.7%	$138.95	—	Common Stock	713448108
C	CITIGROUP INC	98,000	$13.72M	1.2%	$66.09	—	Common Stock	172967424
PANW	PALO ALTO NETWOR	13,203	$4.502M	0.4%	$172.15	—	Common Stock	697435105
JPM	JPMORGAN CHASE	44,000	$14.4M	1.3%	$136.58	—	Common Stock	46625H100
CAT	CATERPILLAR INC	4,000	$4.26M	0.4%	$166.68	—	Common Stock	149123101
PFE	PFIZER INC	338,000	$8.139M	0.7%	$26.61	—	Common Stock	717081103
GOOGL	ALPHABET INC-A	18,000	$6.433M	0.6%	$323.29	—	CAP STK CL A	02079K305
NEE	NEXTERA ENERGY	287,300	$25.22M	2.3%	$63.98	—	Common Stock	65339F101
BBY	BEST BUY CO INC	106,000	$8.043M	0.7%	$75.25	—	Common Stock	086516101
AFG	AMER FINL GROUP	101,000	$14.13M	1.3%	$128.47	—	Common Stock	025932104
LMT	LOCKHEED MARTIN	13,000	$6.623M	0.6%	$367.75	—	Common Stock	539830109
FANG	DIAMONDBACK ENER	55,000	$9.668M	0.9%	$145.88	—	Common Stock	25278X109
MO	ALTRIA GROUP INC	202,000	$14.53M	1.3%	$38.87	—	Common Stock	02209S103
PR	PERMIAN RESOURCE	411,000	$7.567M	0.7%	$13.84	—	CLASS A COM	71424F105
UNM	UNUM GROUP	70,000	$6.258M	0.6%	$68.94	—	Common Stock	91529Y106
PSX	PHILLIPS 66	85,000	$14.37M	1.3%	$110.62	—	Common Stock	718546104
ALL	ALLSTATE CORP	35,000	$8.328M	0.7%	$199.37	—	Common Stock	020002101
VG	VENTURE GLOBAL-A	230,000	$2.56M	0.2%	$12.10	—	COM CL A	92333F101
NVDA	NVIDIA CORP	35,000	$7.003M	0.6%	$91.94	—	Common Stock	67066G104
UNH	UNITEDHEALTH GRP	6,000	$2.494M	0.2%	$360.18	—	Common Stock	91324P102
DOW	DOW INC	60,000	$1.642M	0.1%	$29.05	—	Common Stock	260557103
INTU	INTUIT INC	5,000	$1.305M	0.1%	$323.15	—	Common Stock	461202103
MRK	MERCK & CO	100,000	$12.85M	1.2%	$79.54	—	Common Stock	58933Y105
TT	TRANE TECHNOLOGI	11,000	$5.403M	0.5%	$117.25	—	SHS	G8994E103
NET	CLOUDFLARE INC-A	21,000	$5.151M	0.5%	$80.68	—	CL A COM	18915M107
EQT	EQT CORP	75,000	$3.988M	0.4%	$44.66	—	Common Stock	26884L109
SR	SPIRE INC	60,000	$4.685M	0.4%	$81.52	—	Common Stock	84857L101
AAPL	APPLE INC	21,000	$6.077M	0.5%	$100.16	—	Common Stock	037833100
BKR	BAKER HUGHES A	130,000	$7.215M	0.6%	$30.58	—	CL A	05722G100
KO	COCA-COLA CO/THE	135,000	$10.97M	1.0%	$56.37	—	Common Stock	191216100
HD	HOME DEPOT INC	28,000	$9.875M	0.9%	$290.14	—	Common Stock	437076102
SBUX	STARBUCKS CORP	52,000	$5.314M	0.5%	$77.82	—	Common Stock	855244109
V	VISA INC-CLASS A	15,000	$5.146M	0.5%	$147.75	—	COM CL A	92826C839
GEV	GE VERNOVA INC	2,000	$2.35M	0.2%	$365.54	—	Common Stock	36828A101
CSCO	CISCO SYSTEMS	15,000	$1.762M	0.2%	$42.55	—	Common Stock	17275R102
LB	LANDBRIDGE CO LL	56,000	$4.437M	0.4%	$56.65	—	CL A	514952100
UPS	UNITED PARCEL-B	59,000	$6.343M	0.6%	$132.86	—	CL B	911312106
PM	PHILIP MORRIS IN	30,000	$5.427M	0.5%	$67.86	—	Common Stock	718172109
EVRG	EVERGY INC	100,000	$8.643M	0.8%	$63.61	—	Common Stock	30034W106
GNRC	GENERAC HOLDINGS	4,000	$1.171M	0.1%	$264.49	—	Common Stock	368736104
VLO	VALERO ENERGY	29,000	$7.553M	0.7%	$107.87	—	Common Stock	91913Y100
PNC	PNC FINANCIAL SE	10,000	$2.462M	0.2%	$125.28	—	Common Stock	693475105
NTR	NUTRIEN LTD	30,000	$1.889M	0.2%	$68.11	—	Common Stock	67077M108
PAYX	PAYCHEX INC	60,000	$5.9M	0.5%	$113.86	—	Common Stock	704326107
DE	DEERE & CO	5,000	$3.172M	0.3%	$214.92	—	Common Stock	244199105
TPL	TEXAS PACIFIC LA	9,000	$3.939M	0.4%	$301.44	—	Common Stock	88262P102
FDX	FEDEX CORP	7,000	$2.192M	0.2%	$206.07	—	Common Stock	31428X106
XEL	XCEL ENERGY INC	260,000	$20.88M	1.9%	$63.05	—	Common Stock	98389B100
TSLA	TESLA INC	4,500	$1.893M	0.2%	$253.56	—	Common Stock	88160R101
EW	EDWARDS LIFE	20,000	$1.809M	0.2%	$75.41	—	Common Stock	28176E108
ORI	OLD REPUB INTL	200,000	$8.184M	0.7%	$24.96	—	Common Stock	680223104
PG	PROCTER & GAMBLE	80,000	$11.73M	1.1%	$142.82	—	Common Stock	742718109
ITW	ILLINOIS TOOL WO	17,000	$4.598M	0.4%	$192.57	—	Common Stock	452308109
TGT	TARGET CORP	18,000	$2.351M	0.2%	$117.53	—	Common Stock	87612E106
LOW	LOWE'S COS INC	10,000	$2.205M	0.2%	$84.51	—	Common Stock	548661107
EXC	EXELON CORP	60,000	$2.797M	0.3%	$30.42	—	Common Stock	30161N101
KMI	KINDER MORGAN IN	75,000	$2.398M	0.2%	$16.48	—	Common Stock	49456B101
FTI	TECHNIPFMC PLC	40,000	$2.652M	0.2%	$29.81	—	Common Stock	G87110105
CVE	CENOVUS ENERGY	60,000	$1.489M	0.1%	$19.61	—	Common Stock	15135U109
MA	MASTERCARD INC-A	7,000	$3.595M	0.3%	$312.75	—	CL A	57636Q104
SPGI	S&P GLOBAL INC	5,000	$2.036M	0.2%	$203.86	—	Common Stock	78409V104
WM	WASTE MANAGEMENT	13,000	$2.897M	0.3%	$83.25	—	Common Stock	94106L109
TS	TENARIS-ADR	25,000	$1.387M	0.1%	$32.79	—	SPONSORED ADS	88031M109
CCJ	CAMECO CORP	8,000	$815K	0.1%	$53.26	—	Common Stock	13321L108
DEC	DIVERSIFIED ENERGY COMPANY	15,000	$208K	0.0%	$13.84	—	Common Stock	25520W107
XPRO	EXPRO GROUP HOLD	20,000	$295K	0.0%	$19.02	—	Common Stock	N3144W105
TMO	THERMO FISHER	5,000	$2.507M	0.2%	$143.74	—	Common Stock	883556102
RF	REGIONS FINANCIA	12,000	$362K	0.0%	$23.32	—	Common Stock	7591EP100
APD	AIR PRODS & CHEM	11,000	$3.225M	0.3%	$233.05	—	Common Stock	009158106
NXT	NEXTPOWER-CL A	19,000	$2.264M	0.2%	$47.49	—	CLASS A COM	65290E101
SOBO	SOUTH BOW CORP	12,000	$423K	0.0%	$26.33	—	Common Stock	83671M105
D	DOMINION ENERGY INC	3,500	$239K	0.0%	$51.41	—	Common Stock	25746U109
MSFT	MICROSOFT CORP	6,000	$2.238M	0.2%	$222.90	—	Common Stock	594918104
LPG	DORIAN LPG LTD	21,000	$730K	0.1%	$27.57	—	SHS USD	Y2106R110
ES	EVERSOURCE ENERG	4,000	$289K	0.0%	$60.33	—	Common Stock	30040W108
NGG	NATIONAL GRI-ADR	5,000	$414K	0.0%	$84.60	—	SPONSORED ADR NE	636274409
POR	PORTLAND GENERAL	5,500	$285K	0.0%	$42.98	—	Common Stock	736508847
BLK	BLACKROCK INC	5,000	$4.808M	0.4%	$991.05	—	Common Stock	09290D101
ENB	ENBRIDGE INC	6,000	$325K	0.0%	$37.42	—	Common Stock	29250N105