Magellan Asset Management Ltd Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPGI	S&P GLOBAL INC	87,710 (+732.6%)	$45,836 (+794.0%)	0.6%	$497.13	-0.6%	COM	78409V104
LNT	ALLIANT ENERGY CORP	2,180,425 (+40.3%)	$141,749 (+35.3%)	1.7%	$63.18	+5.8%	COM	018802108
META	META PLATFORMS INC	467,995 (+1.2%)	$308,919 (-9.1%)	3.8%	$404.27	+65.1%	CL A	30303M102
MSFT	MICROSOFT CORP	1,263,231 (+2.7%)	$610,924 (-4.2%)	7.4%	$137.02	+265.3%	COM	594918104
CCI	CROWN CASTLE INC	1,790,344 (+28.4%)	$159,108 (+18.3%)	1.9%	$89.61	+1.7%	COM	22822V101
MDT	MEDTRONIC PLC	1,472,858 (+11.0%)	$141,483 (+12.0%)	1.7%	$91.85	+5.8%	SHS	G5960L103
NFLX	NETFLIX INC	1,636,208 (+1280.0%)	$153,411 (+7.9%)	1.9%	$103.11	+4.6%	COM	64110L106
INTU	INTUIT	305,521 (+7.2%)	$202,383 (+4.0%)	2.5%	$460.01	+43.6%	COM	461202103
AMT	AMERICAN TOWER CORP NEW	1,071,779 (+6.6%)	$188,172 (-2.7%)	2.3%	$196.48	-8.2%	COM	03027X100
CME	CME GROUP INC	652,160 (+1.0%)	$178,092 (+2.1%)	2.2%	$268.78	+0.7%	COM	12572Q105
HD	HOME DEPOT INC	10,401 (+5678.3%)	$3,579 (+4807.2%)	0.0%	$365.01	-0.1%	COM	437076102
DUK	DUKE ENERGY CORP NEW	336,279 (+12.0%)	$39,415 (+6.1%)	0.5%	$81.19	+49.7%	COM NEW	26441C204
ZBH	ZIMMER BIOMET HOLDINGS INC	636,734 (+6.1%)	$57,255 (-3.1%)	0.7%	$103.79	-8.9%	COM	98956P102
DTE	DTE ENERGY CO	169,278 (+1.2%)	$21,833 (-7.7%)	0.3%	$90.47	+49.0%	COM	233331107
MDLZ	MONDELEZ INTL INC	107,347 (+59.4%)	$5,778 (+37.3%)	0.1%	$60.95	-6.4%	CL A	609207105
ED	CONSOLIDATED EDISON INC	313,902 (+6.1%)	$31,177 (+4.9%)	0.4%	$68.01	+45.3%	COM	209115104
ETR	ENTERGY CORP NEW	370,955 (+5.0%)	$34,287 (+4.1%)	0.4%	$60.44	+56.4%	COM	29364G103
SBAC	SBA COMMUNICATIONS CORP NEW	94,029 (+6.7%)	$18,188 (+6.7%)	0.2%	$207.83	-7.3%	CL A	78410G104
SO	SOUTHERN CO	450,612 (+11.7%)	$39,293 (+2.8%)	0.5%	$55.37	+64.1%	COM	842587107
ATO	ATMOS ENERGY CORP	138,554 (+6.1%)	$23,226 (+4.2%)	0.3%	$98.55	+74.8%	COM	049560105
CNP	CENTERPOINT ENERGY INC	553,939 (+5.5%)	$21,238 (+4.2%)	0.3%	$26.35	+47.5%	COM	15189T107
PPL	PPL CORP	595,657 (+2.5%)	$20,860 (-3.4%)	0.3%	$24.83	+44.3%	COM	69351T106
AEE	AMEREN CORP	228,779 (+1.4%)	$22,846 (-3.0%)	0.3%	$60.09	+69.7%	COM	023608102
NI	NISOURCE INC	399,089 (+8.1%)	$16,666 (+4.3%)	0.2%	$21.81	+95.5%	COM	65473P105
NWN	NORTHWEST NAT HLDG CO	35,252 (+58.5%)	$1,648 (+64.9%)	0.0%	$50.67	-8.0%	COM	66765N105
BKNG	BOOKING HOLDINGS INC	11,230 (+1.9%)	$60,140 (+1.1%)	0.7%	$3041.73	+68.9%	COM	09857L108
BKH	BLACK HILLS CORP	51,532 (+7.1%)	$3,577 (+20.8%)	0.0%	$52.01	+27.8%	COM	092113109
POR	PORTLAND GEN ELEC CO	82,806 (+6.4%)	$3,974 (+16.0%)	0.0%	$34.33	+36.2%	COM NEW	736508847
FE	FIRSTENERGY CORP	473,459 (+4.8%)	$21,197 (+2.4%)	0.3%	$34.07	+34.2%	COM	337932107
PEG	PUBLIC SVC ENTERPRISE GRP IN	418,554 (+5.5%)	$33,610 (+1.5%)	0.4%	$64.58	+25.5%	COM	744573106
NWE	NORTHWESTERN ENERGY GROUP IN	52,410 (+4.5%)	$3,383 (+15.1%)	0.0%	$41.80	+50.3%	COM NEW	668074305
SR	SPIRE INC	46,165 (+7.3%)	$3,818 (+8.8%)	0.0%	$286.71	—	COM	84857L101
TXNM	TXNM ENERGY INC	63,543 (+4.4%)	$3,741 (+8.7%)	0.0%	$38.41	+50.2%	COM	69349H107
PNW	PINNACLE WEST CAP CORP	92,503 (+4.8%)	$8,205 (+3.7%)	0.1%	$59.35	+50.4%	COM	723484101
AWK	AMERICAN WTR WKS CO INC NEW	177,479 (+5.5%)	$23,161 (-1.1%)	0.3%	$119.64	+11.3%	COM	030420103
OGS	ONE GAS INC	48,846 (+10.5%)	$3,773 (+5.5%)	0.0%	$61.96	+29.7%	COM	68235P108
OGE	OGE ENERGY CORP	150,913 (+5.7%)	$6,444 (-2.5%)	0.1%	$38.27	+16.6%	COM	670837103
AVA	AVISTA CORP	54,769 (+5.4%)	$2,111 (+7.5%)	0.0%	$29.77	+30.2%	COM	05379B107
CMS	CMS ENERGY CORP	252,895 (+5.6%)	$17,685 (+0.8%)	0.2%	$59.58	+21.7%	COM	125896100
MGEE	MGE ENERGY INC	23,793 (+1.5%)	$1,866 (-5.5%)	0.0%	$68.62	+19.3%	COM	55277P104
AWR	AMER STATES WTR CO	30,571 (+6.1%)	$2,216 (+4.9%)	0.0%	$59.49	+23.3%	COM	029899101
WTRG	ESSENTIAL UTILS INC	225,280 (+5.3%)	$8,642 (+1.2%)	0.1%	$43.51	-9.6%	COM	29670G102
IDA	IDACORP INC	40,451 (+5.0%)	$5,119 (+0.6%)	0.1%	$85.56	+52.0%	COM	451107106
EXC	EXELON CORP	862,916 (+3.3%)	$37,615 (+0.1%)	0.5%	$36.57	+24.3%	COM	30161N101
CPK	CHESAPEAKE UTILS CORP	13,083 (+6.6%)	$1,632 (-1.3%)	0.0%	$110.88	+18.5%	COM	165303108
HTO	H2O AMERICA	21,849 (+1.3%)	$1,070 (+1.9%)	0.0%	$55.90	-14.2%	COM	784305104
CWT	CALIFORNIA WTR SVC GROUP	48,734 (+5.9%)	$2,112 (-0.0%)	0.0%	$39.58	+14.0%	COM	130788102

Exited Positions (2)

— ALLETE INC 0.0%

Value ($000) $2,945 Shares 44,345 Est. Cost $59.61 Unrealized —

HCA HCA HEALTHCARE INC 0.0%

Value ($000) $76 Shares 179 Est. Cost $229.37 Unrealized +102.2%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	ALLETE INC	44,345	$2,945	0.0%	$59.61	—	—	018522300
HCA	HCA HEALTHCARE INC	179	$76	0.0%	$229.37	+102.2%	—	40412C101

Decreased Positions (23)

ES EVERSOURCE ENERGY 5.7%

Value ($000) $470,597 (-10.7%) Shares 6,989,415 (-5.6%) Est. Cost $59.58 Unrealized +16.7%

CMG CHIPOTLE MEXICAN GRILL INC 1.8%

Value ($000) $148,063 (-21.7%) Shares 4,001,695 (-17.1%) Est. Cost $59.62 Unrealized -39.3%

SYK STRYKER CORPORATION 1.4%

Value ($000) $118,904 (-23.1%) Shares 338,305 (-19.1%) Est. Cost $283.64 Unrealized +28.1%

GOOG ALPHABET INC 1.8%

Value ($000) $145,372 (+21.0%) Shares 463,264 (-6.1%) Est. Cost $105.90 Unrealized +170.4%

ICE INTERCONTINENTAL EXCHANGE IN 2.5%

Value ($000) $203,959 (-10.9%) Shares 1,259,320 (-7.3%) Est. Cost $97.27 Unrealized +60.6%

YUM YUM BRANDS INC 3.7%

Value ($000) $300,762 (-7.3%) Shares 1,988,118 (-6.9%) Est. Cost $90.41 Unrealized +63.3%

WEC WEC ENERGY GROUP INC 1.6%

Value ($000) $135,528 (-9.1%) Shares 1,285,113 (-1.2%) Est. Cost $73.36 Unrealized +50.3%

MSCI MSCI INC 2.2%

Value ($000) $182,205 (-6.0%) Shares 317,580 (-7.1%) Est. Cost $550.57 Unrealized +1.7%

EVRG EVERGY INC 2.1%

Value ($000) $174,651 (-6.0%) Shares 2,409,310 (-1.4%) Est. Cost $64.49 Unrealized +17.0%

MA MASTERCARD INCORPORATED 4.4%

Value ($000) $360,452 (-2.8%) Shares 631,398 (-3.2%) Est. Cost $195.02 Unrealized +186.6%

V VISA INC 3.0%

Value ($000) $249,603 (-3.9%) Shares 711,707 (-6.5%) Est. Cost $97.74 Unrealized +248.2%

SRE SEMPRA 2.3%

Value ($000) $191,311 (-5.0%) Shares 2,166,850 (-3.2%) Est. Cost $57.36 Unrealized +57.8%

NSC NORFOLK SOUTHN CORP 0.8%

Value ($000) $66,187 (-12.9%) Shares 229,244 (-9.3%) Est. Cost $217.54 Unrealized +32.7%

TMO THERMO FISHER SCIENTIFIC INC 0.5%

Value ($000) $43,796 (-17.7%) Shares 75,582 (-31.1%) Est. Cost $466.22 Unrealized +21.2%

AMZN AMAZON COM INC 7.8%

Value ($000) $641,378 (-1.3%) Shares 2,778,692 (-6.1%) Est. Cost $120.77 Unrealized +89.4%

GOOGL ALPHABET INC 2.5%

Value ($000) $201,825 (-3.4%) Shares 644,809 (-25.0%) Est. Cost $131.60 Unrealized +117.0%

TSM TAIWAN SEMICONDUCTOR MFG LTD 5.2%

Value ($000) $425,798 (+1.2%) Shares 1,401,158 (-7.0%) Est. Cost $173.77 Unrealized —

UNP UNION PAC CORP 0.8%

Value ($000) $66,259 (-4.4%) Shares 286,438 (-2.4%) Est. Cost $223.15 Unrealized +1.9%

USB US BANCORP DEL 0.7%

Value ($000) $55,924 (+3.9%) Shares 1,048,050 (-5.9%) Est. Cost $41.62 Unrealized +17.1%

DG DOLLAR GEN CORP NEW 0.9%

Value ($000) $72,419 (+2.3%) Shares 545,445 (-20.4%) Est. Cost $117.08 Unrealized -4.8%

KO COCA COLA CO 1.8%

Value ($000) $149,498 (-1.1%) Shares 2,138,440 (-6.1%) Est. Cost $67.17 Unrealized +3.3%

CSX CSX CORP 1.4%

Value ($000) $116,583 (-0.3%) Shares 3,216,069 (-2.4%) Est. Cost $29.84 Unrealized +19.6%

NEE NEXTERA ENERGY INC 0.5%

Value ($000) $39,455 (-0.7%) Shares 491,469 (-6.6%) Est. Cost $68.24 Unrealized +20.9%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ES	EVERSOURCE ENERGY	6,989,415 (-5.6%)	$470,597 (-10.7%)	5.7%	$59.58	+16.7%	COM	30040W108
CMG	CHIPOTLE MEXICAN GRILL INC	4,001,695 (-17.1%)	$148,063 (-21.7%)	1.8%	$59.62	-39.3%	COM	169656105
SYK	STRYKER CORPORATION	338,305 (-19.1%)	$118,904 (-23.1%)	1.4%	$283.64	+28.1%	COM	863667101
GOOG	ALPHABET INC	463,264 (-6.1%)	$145,372 (+21.0%)	1.8%	$105.90	+170.4%	CAP STK CL C	02079K107
ICE	INTERCONTINENTAL EXCHANGE IN	1,259,320 (-7.3%)	$203,959 (-10.9%)	2.5%	$97.27	+60.6%	COM	45866F104
YUM	YUM BRANDS INC	1,988,118 (-6.9%)	$300,762 (-7.3%)	3.7%	$90.41	+63.3%	COM	988498101
WEC	WEC ENERGY GROUP INC	1,285,113 (-1.2%)	$135,528 (-9.1%)	1.6%	$73.36	+50.3%	COM	92939U106
MSCI	MSCI INC	317,580 (-7.1%)	$182,205 (-6.0%)	2.2%	$550.57	+1.7%	COM	55354G100
EVRG	EVERGY INC	2,409,310 (-1.4%)	$174,651 (-6.0%)	2.1%	$64.49	+17.0%	COM	30034W106
MA	MASTERCARD INCORPORATED	631,398 (-3.2%)	$360,452 (-2.8%)	4.4%	$195.02	+186.6%	CL A	57636Q104
V	VISA INC	711,707 (-6.5%)	$249,603 (-3.9%)	3.0%	$97.74	+248.2%	COM CL A	92826C839
SRE	SEMPRA	2,166,850 (-3.2%)	$191,311 (-5.0%)	2.3%	$57.36	+57.8%	COM	816851109
NSC	NORFOLK SOUTHN CORP	229,244 (-9.3%)	$66,187 (-12.9%)	0.8%	$217.54	+32.7%	COM	655844108
TMO	THERMO FISHER SCIENTIFIC INC	75,582 (-31.1%)	$43,796 (-17.7%)	0.5%	$466.22	+21.2%	COM	883556102
AMZN	AMAZON COM INC	2,778,692 (-6.1%)	$641,378 (-1.3%)	7.8%	$120.77	+89.4%	COM	023135106
GOOGL	ALPHABET INC	644,809 (-25.0%)	$201,825 (-3.4%)	2.5%	$131.60	+117.0%	CAP STK CL A	02079K305
TSM	TAIWAN SEMICONDUCTOR MFG LTD	1,401,158 (-7.0%)	$425,798 (+1.2%)	5.2%	$173.77	—	SPONSORED ADS	874039100
UNP	UNION PAC CORP	286,438 (-2.4%)	$66,259 (-4.4%)	0.8%	$223.15	+1.9%	COM	907818108
USB	US BANCORP DEL	1,048,050 (-5.9%)	$55,924 (+3.9%)	0.7%	$41.62	+17.1%	COM NEW	902973304
DG	DOLLAR GEN CORP NEW	545,445 (-20.4%)	$72,419 (+2.3%)	0.9%	$117.08	-4.8%	COM	256677105
KO	COCA COLA CO	2,138,440 (-6.1%)	$149,498 (-1.1%)	1.8%	$67.17	+3.3%	COM	191216100
CSX	CSX CORP	3,216,069 (-2.4%)	$116,583 (-0.3%)	1.4%	$29.84	+19.6%	COM	126408103
NEE	NEXTERA ENERGY INC	491,469 (-6.6%)	$39,455 (-0.7%)	0.5%	$68.24	+20.9%	COM	65339F101

Unchanged Positions (10)

PG PROCTER AND GAMBLE CO 2.9%

Value ($000) $235,412 Shares 1,642,678 Est. Cost $162.47 Unrealized -9.4%

XEL XCEL ENERGY INC 1.9%

Value ($000) $155,956 Shares 2,111,509 Est. Cost $51.77 Unrealized +51.2%

UNH UNITEDHEALTH GROUP INC 3.3%

Value ($000) $267,963 Shares 811,738 Est. Cost $447.89 Unrealized -24.7%

D DOMINION ENERGY INC 2.0%

Value ($000) $164,955 Shares 2,815,414 Est. Cost $54.28 Unrealized +10.1%

AEP AMERICAN ELEC PWR CO INC 0.5%

Value ($000) $39,198 Shares 339,933 Est. Cost $68.71 Unrealized +71.3%

BRK/B BERKSHIRE HATHAWAY INC DEL 0.7%

Value ($000) $59,235 Shares 117,846 Est. Cost $402.37 Unrealized +23.7%

MSEX MIDDLESEX WTR CO 0.0%

Value ($000) $626 Shares 12,416 Est. Cost $89.07 Unrealized -39.6%

CRM SALESFORCE INC 0.0%

Value ($000) $118 Shares 447 Est. Cost $212.00 Unrealized +17.1%

BLK BLACKROCK INC 0.0%

Value ($000) $70 Shares 65 Est. Cost $983.81 Unrealized +10.7%

PEP PEPSICO INC 0.0%

Value ($000) $71 Shares 494 Est. Cost $116.08 Unrealized +25.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PG	PROCTER AND GAMBLE CO	1,642,678	$235,412	2.9%	$162.47	-9.4%	COM	742718109
XEL	XCEL ENERGY INC	2,111,509	$155,956	1.9%	$51.77	+51.2%	COM	98389B100
UNH	UNITEDHEALTH GROUP INC	811,738	$267,963	3.3%	$447.89	-24.7%	COM	91324P102
D	DOMINION ENERGY INC	2,815,414	$164,955	2.0%	$54.28	+10.1%	COM	25746U109
AEP	AMERICAN ELEC PWR CO INC	339,933	$39,198	0.5%	$68.71	+71.3%	COM	025537101
BRK/B	BERKSHIRE HATHAWAY INC DEL	117,846	$59,235	0.7%	$402.37	+23.7%	CL B NEW	084670702
MSEX	MIDDLESEX WTR CO	12,416	$626	0.0%	$89.07	-39.6%	COM	596680108
CRM	SALESFORCE INC	447	$118	0.0%	$212.00	+17.1%	COM	79466L302
BLK	BLACKROCK INC	65	$70	0.0%	$983.81	+10.7%	COM	09290D101
PEP	PEPSICO INC	494	$71	0.0%	$116.08	+25.7%	COM	713448108