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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Mueller Water Products, Inc.</name>
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      <invstOrSec>
        <name>Mueller Industries Inc.</name>
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        <name>Kansai Electric Power Co Inc</name>
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        <name>CNX Resources Corporation</name>
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        <name>Tetra Tech Inc</name>
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        <name>Alstom SA</name>
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        <name>Gorman-Rupp Co</name>
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        <name>Algonquin Power &amp; Utilities Corporation</name>
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        <name>LIBERTY GLOBAL LTD</name>
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        <name>MGE ENERGY INC</name>
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        <title>MGE Energy Inc. COM</title>
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        <name>Operadora de Sites Mexicanos SA de CV</name>
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        <name>TXNM Energy Inc.</name>
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        <name>Eversource Energy</name>
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        <name>Bouygues SA</name>
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        <name>Occidental Petroleum Corp.</name>
        <lei>IM7X0T3ECJW4C1T7ON55</lei>
        <title>Occidental Petroleum Corp. COM</title>
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        <name>EQT Corporation</name>
        <lei>4NT01YGM4X7ZX86ISY52</lei>
        <title>EQT Corporation COM</title>
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      <invstOrSec>
        <name>WASTE CONNECTIONS INC</name>
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      <invstOrSec>
        <name>Altaba Inc Escrow</name>
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      <invstOrSec>
        <name>United States Treasury Bills</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>BCE Inc.</name>
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        <name>Air Products &amp; Chemicals, Inc.</name>
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        <name>United States Treasury Bills</name>
        <lei>254900HROIFWPRGM1V77</lei>
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      <invstOrSec>
        <name>Tele2 AB (publ)</name>
        <lei>213800EKD193RVI9HL76</lei>
        <title>Tele2 AB (publ) SER'B'NPV</title>
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      <invstOrSec>
        <name>Devon Energy Corporation</name>
        <lei>54930042348RKR3ZPN35</lei>
        <title>Devon Energy Corporation COM</title>
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        <name>Resideo Technologies Inc</name>
        <lei>5493006TKFPYISY2DS54</lei>
        <title>Resideo Technologies Inc COM</title>
        <cusip>76118Y104</cusip>
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          <ticker value="REZI"/>
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        <fairValLevel>1</fairValLevel>
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        <name>Enel S.p.A.</name>
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        <invCountry>IT</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Hawaiian Electric Industries, Inc.</name>
        <lei>JJ8FWOCWCV22X7GUPJ23</lei>
        <title>Hawaiian Electric Industries, Inc. COM</title>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Veolia Environnement S.A.</name>
        <lei>969500LENY69X51OOT31</lei>
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        <invCountry>FR</invCountry>
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        <name>Landis &amp; Gyr Group AG</name>
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        <title>Landis &amp; Gyr Group AG CHF10 (REGD)</title>
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        <invCountry>CH</invCountry>
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        <name>Telefonica SA</name>
        <lei>549300EEJH4FEPDBBR25</lei>
        <title>Telefonica SA</title>
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        <invCountry>ES</invCountry>
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        <name>RGC Resources Inc</name>
        <lei>N/A</lei>
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      <invstOrSec>
        <name>Constellation Energy Corp.</name>
        <lei>549300F8Y20RYGNGV346</lei>
        <title>Constellation Energy Corp. COM</title>
        <cusip>21037T109</cusip>
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        <name>SMARTONE TELECOMMUNICATIONS HOLDINGS LTD</name>
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        <title>SmarTone Telecommunications Holdings Limited ORD HKD0.10</title>
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        <name>TELESAT CORP</name>
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        <title>Telesat Corp. CL A &amp; CL B SHS</title>
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        <name>Belden Inc.</name>
        <lei>68BKYO1JC791TTJHUE82</lei>
        <title>Belden Inc. COM</title>
        <cusip>077454106</cusip>
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        <name>GCI LIBERTY INC</name>
        <lei>N/A</lei>
        <title>GCI Liberty Inc. COM SER A</title>
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        <name>Freeport-McMoRan Inc.</name>
        <lei>549300IRDTHJQ1PVET45</lei>
        <title>Freeport-McMoRan Inc. CL B</title>
        <cusip>35671D857</cusip>
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          <ticker value="FCX"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Shikoku Electric Power Co Inc.</name>
        <lei>353800KWK6U7ZCIWXS64</lei>
        <title>Shikoku Electric Power Co Inc. NPV</title>
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          <isin value="JP3350800003"/>
          <ticker value="9507"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>National Grid PLC</name>
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      <invstOrSec>
        <name>California Water Service Group</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Telefonica Brasil S.A</name>
        <lei>529900MTGG2HSDBIWG79</lei>
        <title>Telefonica Brasil S.A SPONSORED ADS</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>LIBERTY GLOBAL LTD</name>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>RWE AG</name>
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        <title>RWE AG NPV</title>
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        <invCountry>DE</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Liberty Latin America Ltd</name>
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        <assetCat>EC</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Equinor ASA</name>
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        <title>Equinor ASA NOK2.50</title>
        <cusip>000000000</cusip>
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          <isin value="NO0010096985"/>
          <ticker value="EQNR"/>
          <other otherDesc="SEDOL" value="7133608"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NO</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Chart Industries Inc</name>
        <lei>EM7QGKC1GYOF3LSZSL80</lei>
        <title>Chart Industries Inc COM</title>
        <cusip>16115Q308</cusip>
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          <isin value="US16115Q3083"/>
          <ticker value="GTLS"/>
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        <balance>3000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TELEPHONE &amp; DATA SYSTEMS INC</name>
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        <title>Telephone and Data Systems Inc. COM NEW</title>
        <cusip>879433829</cusip>
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          <isin value="US8794338298"/>
          <ticker value="TDS"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Southern Co.</name>
        <lei>549300FC3G3YU2FBZD92</lei>
        <title>Southern Co. COM</title>
        <cusip>842587107</cusip>
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          <isin value="US8425871071"/>
          <ticker value="SO"/>
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        <balance>377850.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>36470082.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Consolidated Edison, Inc.</name>
        <lei>54930033SBW53OO8T749</lei>
        <title>Consolidated Edison, Inc. COM</title>
        <cusip>209115104</cusip>
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          <isin value="US2091151041"/>
          <ticker value="ED"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Northwest Natural Holding Company</name>
        <lei>254900PSJL6ZEC8FR782</lei>
        <title>Northwest Natural Holding Company COM</title>
        <cusip>66765N105</cusip>
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          <isin value="US66765N1054"/>
          <ticker value="NWN"/>
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        <balance>424000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Venture Global Inc</name>
        <lei>2549007XC91CAB3E0N98</lei>
        <title>Venture Global Inc COM CL A</title>
        <cusip>92333F101</cusip>
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          <ticker value="VG"/>
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        <balance>48000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Herc Holdings Inc</name>
        <lei>549300TP80QLITMSBP82</lei>
        <title>Herc Holdings Inc COM</title>
        <cusip>42704L104</cusip>
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          <isin value="US42704L1044"/>
          <ticker value="HRI"/>
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        <balance>2000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>199100.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Chugoku Electric Power Co Inc</name>
        <lei>353800MV866ELME96Q46</lei>
        <title>Chugoku Electric Power Co Inc NPV</title>
        <cusip>000000000</cusip>
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          <isin value="JP3522200009"/>
          <ticker value="9504"/>
          <other otherDesc="SEDOL" value="6195900"/>
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        <assetCat>EC</assetCat>
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        <invCountry>JP</invCountry>
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        <name>Proximus S.A</name>
        <lei>549300CWRXC5EP004533</lei>
        <title>Proximus S.A NPV</title>
        <cusip>000000000</cusip>
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        <invCountry>BE</invCountry>
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      <invstOrSec>
        <name>GCI LIBERTY INC</name>
        <lei>N/A</lei>
        <title>GCI Liberty Inc. COM SER C</title>
        <cusip>36164V800</cusip>
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          <isin value="US36164V8000"/>
          <ticker value="GLIBK"/>
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      <invstOrSec>
        <name>Roper Technologies Inc</name>
        <lei>54930003T4SXCIWVXY35</lei>
        <title>Roper Technologies Inc COM</title>
        <cusip>776696106</cusip>
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        <name>Vulcan Materials Company</name>
        <lei>549300Q8LSNHAVWBNI21</lei>
        <title>Vulcan Materials Company COM</title>
        <cusip>929160109</cusip>
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        <name>America Movil S.A.B. de C.V.</name>
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        <title>America Movil S.A.B. de C.V. SPON ADS RP CL B</title>
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        <name>Tokyo Electric Power Company Holdings Inc.</name>
        <lei>5299004EMJ3R4RVR5Y75</lei>
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        <name>Clear Channel Outdoor Holdings Inc.</name>
        <lei>254900XBEE6V1ENYS150</lei>
        <title>Clear Channel Outdoor Holdings Inc. COM</title>
        <cusip>18453H106</cusip>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>United States Treasury Bills</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>B 0 05/14/26</title>
        <cusip>912797QN0</cusip>
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        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>American Water Works Company, Inc.</name>
        <lei>549300DXHIJQMD5WFW18</lei>
        <title>American Water Works Company, Inc. COM</title>
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          <isin value="US0304201033"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>MIDDLESEX WATER CO</name>
        <lei>N/A</lei>
        <title>Middlesex Water Co. COM</title>
        <cusip>596680108</cusip>
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          <isin value="US5966801087"/>
          <ticker value="MSEX"/>
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        <balance>7650.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Clearway Energy Inc</name>
        <lei>549300LHAZ9HA9G3XC48</lei>
        <title>Clearway Energy Inc CL C</title>
        <cusip>18539C204</cusip>
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          <isin value="US18539C2044"/>
          <ticker value="CWEN"/>
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        <balance>9700.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Ameren Corp.</name>
        <lei>XRZQ5S7HYJFPHJ78L959</lei>
        <title>Ameren Corp. COM</title>
        <cusip>023608102</cusip>
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          <isin value="US0236081024"/>
          <ticker value="AEE"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Essential Utilities Inc</name>
        <lei>549300ILTEOF3E3QY357</lei>
        <title>Essential Utilities Inc COM</title>
        <cusip>29670G102</cusip>
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          <isin value="US29670G1022"/>
          <ticker value="WTRG"/>
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        <balance>439250.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>NiSource Inc.</name>
        <lei>549300D8GOWWH0SJB189</lei>
        <title>NiSource Inc. COM</title>
        <cusip>65473P105</cusip>
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          <isin value="US65473P1057"/>
          <ticker value="NI"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Alliance Resource Partners, L.P.</name>
        <lei>529900T4Q5UPWOUFG783</lei>
        <title>Alliance Resource Partners, L.P. UT LTD PART</title>
        <cusip>01877R108</cusip>
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          <isin value="US01877R1086"/>
          <ticker value="ARLP"/>
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        <balance>18000.00000000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Essity AB</name>
        <lei>549300G8E6YUVJ1DA153</lei>
        <title>Essity AB</title>
        <cusip>000000000</cusip>
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          <isin value="SE0009922156"/>
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        <assetCat>EC</assetCat>
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        <invCountry>SE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BROOKFIELD RENEWABLE CORP</name>
        <lei>894500N9AWD5I1YNP231</lei>
        <title>Brookfield Renewable Corporation CL A EX SUB VTG</title>
        <cusip>11285B108</cusip>
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          <isin value="CA11285B1085"/>
          <ticker value="BEPC"/>
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        <balance>13000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>517790.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Cogeco Inc</name>
        <lei>5493000KSZQCX0QM2V25</lei>
        <title>Cogeco Inc SUB-VTG SHS NPV</title>
        <cusip>19238T100</cusip>
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          <isin value="CA19238T1003"/>
          <ticker value="CGO"/>
          <other otherDesc="SEDOL" value="2186890"/>
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        <balance>75000.00000000</balance>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>AZZ Inc</name>
        <lei>549300HD1X2NFLWPYC83</lei>
        <title>AZZ Inc COM</title>
        <cusip>002474104</cusip>
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          <isin value="US0024741045"/>
          <ticker value="AZZ"/>
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        <balance>37800.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4729914.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Orascom Investment Holding</name>
        <lei>549300UT4N1DC4S2ZB61</lei>
        <title>Orascom Investment Holding</title>
        <cusip>68555D206</cusip>
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          <isin value="US68555D2062"/>
          <ticker value="OIH"/>
          <other otherDesc="SEDOL" value="B41RYX8"/>
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        <balance>270000.00000000</balance>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>EG</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>National Fuel Gas Company</name>
        <lei>8JB38FFW1Y3C1HM8E841</lei>
        <title>National Fuel Gas Company COM</title>
        <cusip>636180101</cusip>
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          <isin value="US6361801011"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Foster(Lb)&amp; Co</name>
        <lei>549300AUUJGJ2T2L2179</lei>
        <title>Foster(Lb)&amp; Co COM</title>
        <cusip>350060109</cusip>
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          <isin value="US3500601097"/>
          <ticker value="FSTR"/>
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        <balance>7500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>209250.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>EDP SA</name>
        <lei>529900CLC3WDMGI9VH80</lei>
        <title>EDP SA</title>
        <cusip>268353109</cusip>
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          <isin value="US2683531097"/>
          <ticker value="EDPFY"/>
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        <balance>5000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>263350.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Arcosa Inc</name>
        <lei>549300WFHLTCZV7D6V29</lei>
        <title>Arcosa Inc COM</title>
        <cusip>039653100</cusip>
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          <isin value="US0396531008"/>
          <ticker value="ACA"/>
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        <balance>2200.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>233508.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PARK-OHIO HOLDINGS CORP</name>
        <lei>N/A</lei>
        <title>Park Ohio Holdings Corp. COM</title>
        <cusip>700666100</cusip>
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          <isin value="US7006661000"/>
          <ticker value="PKOH"/>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Sunrise Communications AG</name>
        <lei>213800RS9HRGTWOGCO08</lei>
        <title>Sunrise Communications AG CHF0.1 A</title>
        <cusip>000000000</cusip>
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          <isin value="CH1386220409"/>
          <ticker value="SUNN"/>
          <other otherDesc="SEDOL" value="BM9WB18"/>
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        <invCountry>CH</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Valmont Industries, Inc.</name>
        <lei>5493009ZGZJJ8F77JN08</lei>
        <title>Valmont Industries, Inc. COM</title>
        <cusip>920253101</cusip>
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          <isin value="US9202531011"/>
          <ticker value="VMI"/>
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        <balance>500.00000000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>American Electric Power Co, Inc.</name>
        <lei>1B4S6S7G0TW5EE83BO58</lei>
        <title>American Electric Power Co, Inc. COM</title>
        <cusip>025537101</cusip>
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          <isin value="US0255371017"/>
          <ticker value="AEP"/>
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      <invstOrSec>
        <name>Black Hills Corporation</name>
        <lei>3MGELCRSTNSAMJ962671</lei>
        <title>Black Hills Corporation COM</title>
        <cusip>092113109</cusip>
        <identifiers>
          <isin value="US0921131092"/>
          <ticker value="BKH"/>
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        <balance>420000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>29152200.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Swisscom AG</name>
        <lei>5493005SL9HHOXS3B739</lei>
        <title>Swisscom AG SPONSORED ADR</title>
        <cusip>871013108</cusip>
        <identifiers>
          <isin value="US8710131082"/>
          <ticker value="SCMWY"/>
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        <balance>98200.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>8204610.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CH</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Flowserve Corporation</name>
        <lei>6Y0GK87T6V7NJKZJVM41</lei>
        <title>Flowserve Corporation COM</title>
        <cusip>34354P105</cusip>
        <identifiers>
          <isin value="US34354P1057"/>
          <ticker value="FLS"/>
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        <balance>80000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5880800.00000000</valUSD>
        <pctVal>0.331977546106</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Graham Corp</name>
        <lei>254900EI9P4LTY524J77</lei>
        <title>Graham Corp COM</title>
        <cusip>384556106</cusip>
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          <isin value="US3845561063"/>
          <ticker value="GHM"/>
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        <balance>4800.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>378816.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>H2O America</name>
        <lei>N/A</lei>
        <title>H2O America COM</title>
        <cusip>784305104</cusip>
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          <isin value="US7843051043"/>
          <ticker value="HTO"/>
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        <balance>86255.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>5060580.85000000</valUSD>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Energy Transfer LP</name>
        <lei>MTLVN9N7JE8MIBIJ1H73</lei>
        <title>Energy Transfer LP COM UT LTD PTN</title>
        <cusip>29273V100</cusip>
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          <isin value="US29273V1008"/>
          <ticker value="ET"/>
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        <balance>469200.00000000</balance>
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        <curCd>USD</curCd>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Rogers Communications Inc.</name>
        <lei>5493000M6Z4XFIP6PF03</lei>
        <title>Rogers Communications Inc. CL B</title>
        <cusip>775109200</cusip>
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          <isin value="CA7751092007"/>
          <ticker value="RCI"/>
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        <curCd>USD</curCd>
        <valUSD>3845000.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Allient Inc</name>
        <lei>549300I2LHAWYGNBPM97</lei>
        <title>Allient Inc COM</title>
        <cusip>019330109</cusip>
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          <isin value="US0193301092"/>
          <ticker value="ALNT"/>
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        <balance>13500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>797715.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Johnson Controls International PLC</name>
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        <title>Johnson Controls International PLC COM USD1.00</title>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>IE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Twin Disc Inc</name>
        <lei>549300FR8EHCY14BLP32</lei>
        <title>Twin Disc Inc COM</title>
        <cusip>901476101</cusip>
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          <isin value="US9014761012"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Cogeco Communications Inc</name>
        <lei>549300XHH6LJM6IAXV57</lei>
        <title>Cogeco Communications Inc SUB VTG SHS</title>
        <cusip>19239C106</cusip>
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          <isin value="CA19239C1068"/>
          <ticker value="CCA"/>
          <other otherDesc="SEDOL" value="BZCDFX9"/>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>HUTCHISON TELECOMMUNICATIONS HONG KONG HOLDINGS LTD</name>
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        <title>Hutchison Tel Hk H HKD0.25</title>
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          <isin value="KYG4672G1064"/>
          <ticker value="215"/>
          <other otherDesc="SEDOL" value="B3XH0P3"/>
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        <currencyConditional curCd="HKD" exchangeRt="7.84120000"/>
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        <pctVal>0.000001684500</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Fluence Energy Inc</name>
        <lei>25490043LHZ97BT5PP29</lei>
        <title>Fluence Energy Inc COM CL A</title>
        <cusip>34379V103</cusip>
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          <isin value="US34379V1035"/>
          <ticker value="FLNC"/>
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        <balance>10000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>137600.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Deutsche Telekom AG</name>
        <lei>549300V9QSIG4WX4GJ96</lei>
        <title>Deutsche Telekom AG SPONSORED ADS</title>
        <cusip>251566105</cusip>
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          <isin value="US2515661054"/>
          <ticker value="DTEGY"/>
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        <balance>453000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16797240.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>DE</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>KNIFE RIVER CORP</name>
        <lei>N/A</lei>
        <title>Knife River Corp. COMMON STOCK</title>
        <cusip>498894104</cusip>
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          <isin value="US4988941047"/>
          <ticker value="KNF"/>
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        <balance>7500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>612375.00000000</valUSD>
        <pctVal>0.034569233743</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Dominion Energy Inc</name>
        <lei>ILUL7B6Z54MRYCF6H308</lei>
        <title>Dominion Energy Inc COM</title>
        <cusip>25746U109</cusip>
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          <ticker value="D"/>
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        <curCd>USD</curCd>
        <valUSD>22471570.00000000</valUSD>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Kyushu Electric Power Co Inc</name>
        <lei>549300BYNZPLKQVQH430</lei>
        <title>Kyushu Electric Power Co Inc NPV</title>
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          <isin value="JP3246400000"/>
          <ticker value="9508"/>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Spire Inc</name>
        <lei>549300NXSY15DRY2R511</lei>
        <title>Spire Inc COM</title>
        <cusip>84857L101</cusip>
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          <isin value="US84857L1017"/>
          <ticker value="SR"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Entergy Corporation</name>
        <lei>4XM3TW50JULSLG8BNC79</lei>
        <title>Entergy Corporation COM</title>
        <cusip>29364G103</cusip>
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          <isin value="US29364G1031"/>
          <ticker value="ETR"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>TELUS CORP</name>
        <lei>894500TX134IMF6NW757</lei>
        <title>Telus Corp. COM NPV</title>
        <cusip>87971M103</cusip>
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          <ticker value="T"/>
          <other otherDesc="SEDOL" value="2381093"/>
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        <invCountry>CA</invCountry>
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      <invstOrSec>
        <name>Endesa SA - Empresa Nacional Electricidad</name>
        <lei>549300LHK07F2CHV4X31</lei>
        <title>Endesa SA - Empresa Nacional Electricidad EUR1.2</title>
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          <isin value="ES0130670112"/>
          <ticker value="ELE"/>
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        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Gulf Coast Ultra Deep Royalty</name>
        <lei>549300LVVWU3NPP3DF95</lei>
        <title>Gulf Coast Ultra Deep Royalty Trust</title>
        <cusip>40222T104</cusip>
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          <isin value="US40222T1043"/>
          <ticker value="GULTU"/>
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        <balance>100000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3498.00000000</valUSD>
        <pctVal>0.000197465898</pctVal>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>PG&amp;E Corporation</name>
        <lei>8YQ2GSDWYZXO2EDN3511</lei>
        <title>PG&amp;E Corporation COM</title>
        <cusip>69331C108</cusip>
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          <isin value="US69331C1080"/>
          <ticker value="PCG"/>
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        <balance>268500.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>4717545.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Franklin Electric Co Inc</name>
        <lei>RR6AURIKMXUE4Q24G284</lei>
        <title>Franklin Electric Co Inc COM</title>
        <cusip>353514102</cusip>
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          <isin value="US3535141028"/>
          <ticker value="FELE"/>
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        <balance>2000.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>184340.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Millicom International Cellular SA</name>
        <lei>549300CTHC1CP86P2G96</lei>
        <title>Millicom International Cellular SA COM USD1.50</title>
        <cusip>000000000</cusip>
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          <isin value="LU0038705702"/>
          <ticker value="TIGO"/>
          <other otherDesc="SEDOL" value="2418128"/>
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        <balance>33200.00000000</balance>
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        <curCd>USD</curCd>
        <valUSD>2488008.00000000</valUSD>
        <pctVal>0.140450753389</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Koninklijke KPN N.V.</name>
        <lei>549300YO0JZHAL7FVP81</lei>
        <title>Koninklijke KPN N.V. EUR0.04</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="NL0000009082"/>
          <ticker value="KPN"/>
          <other otherDesc="SEDOL" value="5956078"/>
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        <balance>1448000.00000000</balance>
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        <name>Kinnevik AB</name>
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        <name>Tejon Ranch Co</name>
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        <name>Everus Construction Group Inc.</name>
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        <name>Liberty Broadband Corporation</name>
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        <name>Cheniere Energy Inc</name>
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        <name>Singapore Telecommunications Ltd.</name>
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        <name>Public Service Enterprise Group Incorporated</name>
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        <name>Telekom Austria AG</name>
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        <name>Duke Energy Corp</name>
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        <name>RPC Inc</name>
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        <name>Chubu Electric Power Co Inc.</name>
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        <name>Prairiesky Royalty Ltd.</name>
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        <name>Grupo Televisa S.A.B.</name>
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        <name>United States Treasury Bills</name>
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        <name>Korea Electric Power Corp.</name>
        <lei>988400QG33WS7JEIV602</lei>
        <title>Korea Electric Power Corp. SPONSORED ADR</title>
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        <name>Cameco Corporation</name>
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        <name>E.ON SE</name>
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        <name>Orange Belgium SA</name>
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        <title>Orange Belgium SA</title>
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        <name>Tim S A</name>
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        <name>Charter Communications, Inc.</name>
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      <invstOrSec>
        <name>Snam S.p.A.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Liberty Latin America Ltd</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Evergy Inc</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PLDT Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Wesco International, Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>FirstEnergy Corp.</name>
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        <title>FirstEnergy Corp. COM</title>
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        <fairValLevel>1</fairValLevel>
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        <name>Italgas SpA</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>VEON LTD</name>
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        <title>Veon Ltd. SPONSORED ADS</title>
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        <assetCat>EC</assetCat>
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        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Chesapeake Utilities Corporation</name>
        <lei>254900WW0FDCKAOCKE74</lei>
        <title>Chesapeake Utilities Corporation COM</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Eos Energy Enterprises Inc.</name>
        <lei>529900UCCJMLRGDXVT41</lei>
        <title>Eos Energy Enterprises Inc. COM CL A</title>
        <cusip>29415C101</cusip>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Exelon Corp.</name>
        <lei>3SOUA6IRML7435B56G12</lei>
        <title>Exelon Corp. COM</title>
        <cusip>30161N101</cusip>
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        <name>Secure Waste Infrastructure Corp.</name>
        <lei>894500UQR7AONHFERA55</lei>
        <title>Secure Waste Infrastructure Corp. COM</title>
        <cusip>813921103</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>The Timken Company</name>
        <lei>B0I35MLPFXZSE70ASS73</lei>
        <title>The Timken Company COM</title>
        <cusip>887389104</cusip>
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          <ticker value="TKR"/>
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      <invstOrSec>
        <name>Oneok Inc.</name>
        <lei>2T3D6M0JSY48PSZI1Q41</lei>
        <title>Oneok Inc. COM</title>
        <cusip>682680103</cusip>
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        <name>Portland General Electric Company</name>
        <lei>GJOUP9M7C39GLSK9R870</lei>
        <title>Portland General Electric Company COM NEW</title>
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        <name>Rolls-Royce Holdings PLC</name>
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        <title>Rolls-Royce Holdings PLC ORD GBP0.20</title>
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        <name>Abiomed Inc</name>
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        <title>Abiomed Inc USD0.01 SUBS RTS</title>
        <cusip>003CVR016</cusip>
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      <invstOrSec>
        <name>Atmos Energy Corp.</name>
        <lei>QVLWEGTD2S8GJMO8D383</lei>
        <title>Atmos Energy Corp. COM</title>
        <cusip>049560105</cusip>
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        <name>BP PLC</name>
        <lei>213800LH1BZH3DI6G760</lei>
        <title>BP PLC SPONSORED ADR</title>
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        <name>Optimum Communications Inc.</name>
        <lei>54930064K3612MGCER95</lei>
        <title>Optimum Communications Inc. CL A</title>
        <cusip>02156K103</cusip>
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      <invstOrSec>
        <name>YORK WATER COMPANY (THE)</name>
        <lei>N/A</lei>
        <title>The York Water Co. COM</title>
        <cusip>987184108</cusip>
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      <invstOrSec>
        <name>TALEN ENERGY CORP</name>
        <lei>N/A</lei>
        <title>Talen Energy Corporation COM</title>
        <cusip>87422Q109</cusip>
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          <ticker value="TLN"/>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>NextEra Energy Inc</name>
        <lei>254900RHL9MEUS5NKX63</lei>
        <title>NextEra Energy Inc COM</title>
        <cusip>65339F101</cusip>
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          <ticker value="NEE"/>
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        <invCountry>US</invCountry>
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      <invstOrSec>
        <name>SLB LTD</name>
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      <invstOrSec>
        <name>Sony Financial Group Inc.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Ormat Technologies Inc.</name>
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        <name>AES Corp.</name>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Array Digital Infrastructure Inc.</name>
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        <name>Innovex International Inc.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Idacorp Inc</name>
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        <title>Idacorp Inc COM</title>
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        <name>Enbridge Inc.</name>
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        <title>Enbridge Inc. COM</title>
        <cusip>29250N105</cusip>
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        <invCountry>CA</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>CMS Energy Corporation</name>
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        <title>CMS Energy Corporation COM</title>
        <cusip>125896100</cusip>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Consd Water Co</name>
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        <title>Consd Water Co COM USD0.60</title>
        <cusip>000000000</cusip>
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          <ticker value="CWCO"/>
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        <invCountry>KY</invCountry>
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        <name>Pinnacle West Capital Corp.</name>
        <lei>TWSEY0NEDUDCKS27AH81</lei>
        <title>Pinnacle West Capital Corp. COM</title>
        <cusip>723484101</cusip>
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        <name>Redeia Corporacion S.A.</name>
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        <name>ARTESIAN RESOURCES CORP</name>
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        <name>Severn Trent PLC</name>
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        <name>Vodafone Group PLC</name>
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        <title>Vodafone Group PLC SPONSORED ADR</title>
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        <name>Astec Industries Inc.</name>
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        <name>American States Water Co.</name>
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        <name>United States Treasury Bills</name>
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        <name>Huaneng Power International Inc.</name>
        <lei>529900WU0SMVKMPG4V21</lei>
        <title>Huaneng Power International Inc. 'H'SHS CNY1</title>
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        <name>Anterix Inc.</name>
        <lei>549300QIX2QHFGIEQG40</lei>
        <title>Anterix Inc. COM</title>
        <cusip>03676C100</cusip>
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        <name>Eurotelesites AG</name>
        <lei>5299007TJV9W1OY91Y28</lei>
        <title>Eurotelesites AG</title>
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        <assetCat>EC</assetCat>
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        <invCountry>AT</invCountry>
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        <name>Tsumura &amp; Co</name>
        <lei>3538005RS3M1OVJLC663</lei>
        <title>Tsumura &amp; Co NPV</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Alliant Energy Corporation</name>
        <lei>5493009ML300G373MZ12</lei>
        <title>Alliant Energy Corporation COM</title>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Xylem, Inc.</name>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Unitil Corp</name>
        <lei>N/A</lei>
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          <isin value="US9132591077"/>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>OGE Energy Corporation</name>
        <lei>CE5OG6JPOZMDSA0LAQ19</lei>
        <title>OGE Energy Corporation COM</title>
        <cusip>670837103</cusip>
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          <isin value="US6708371033"/>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>SK Telecom Co Ltd</name>
        <lei>9884003WEA1PHW006037</lei>
        <title>SK Telecom Co Ltd SPONSORED ADR</title>
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          <isin value="US78440P3064"/>
          <ticker value="SKM"/>
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        <curCd>USD</curCd>
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        <assetCat>EC</assetCat>
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        <invCountry>KR</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>United Utilities Group PLC</name>
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        <title>United Utilities Group PLC</title>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>APA Corp.</name>
        <lei>549300VCIWLRHYVSHC79</lei>
        <title>APA Corp. COM</title>
        <cusip>03743Q108</cusip>
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          <isin value="US03743Q1085"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>XPLR Infrastructure LP</name>
        <lei>5493008F4ZOQFNG3WN54</lei>
        <title>XPLR Infrastructure LP COM UNIT PART IN</title>
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        <assetCat>EC</assetCat>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Badger Meter Inc</name>
        <lei>5493002JENE20OGTUG20</lei>
        <title>Badger Meter Inc COM</title>
        <cusip>056525108</cusip>
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          <isin value="US0565251081"/>
          <ticker value="BMI"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Comcast Corporation</name>
        <lei>51M0QTTNCGUN7KFCFZ59</lei>
        <title>Comcast Corporation CL A</title>
        <cusip>20030N101</cusip>
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          <ticker value="CMCSA"/>
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        <assetCat>EC</assetCat>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>New Jersey Resources Corp.</name>
        <lei>549300QKBSQBIX4DQ583</lei>
        <title>New Jersey Resources Corp. COM</title>
        <cusip>646025106</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>Acciona SA</name>
        <lei>54930002KP75TLLLNO21</lei>
        <title>Acciona SA EUR1</title>
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        <invCountry>ES</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Oceaneering International, Inc.</name>
        <lei>549300L6PH74701W0R30</lei>
        <title>Oceaneering International, Inc. COM</title>
        <cusip>675232102</cusip>
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        <fairValLevel>1</fairValLevel>
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        <name>United States Treasury Bills</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>B 0 06/18/26</title>
        <cusip>912797TD9</cusip>
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        <assetCat>DBT</assetCat>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
        <name>Diamondback Energy Inc</name>
        <lei>549300R22LSX6OHWEN64</lei>
        <title>Diamondback Energy Inc COM</title>
        <cusip>25278X109</cusip>
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          <isin value="US25278X1090"/>
          <ticker value="FANG"/>
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        <name>Fortis Inc</name>
        <lei>549300MQYQ9Y065XPR71</lei>
        <title>Fortis Inc COM NPV</title>
        <cusip>349553107</cusip>
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          <isin value="CA3495531079"/>
          <ticker value="FTS"/>
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        <invCountry>CA</invCountry>
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        <name>Halliburton Company</name>
        <lei>ENYF8GB5SMQZ25S06U51</lei>
        <title>Halliburton Company COM</title>
        <cusip>406216101</cusip>
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        <name>Sempra</name>
        <lei>PBBKGKLRK5S5C0Y4T545</lei>
        <title>Sempra COM</title>
        <cusip>816851109</cusip>
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          <ticker value="SRE"/>
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      <invstOrSec>
        <name>EchoStar Corp.</name>
        <lei>549300EE20907QZ9GT38</lei>
        <title>EchoStar Corp. CL A</title>
        <cusip>278768106</cusip>
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          <ticker value="SATS"/>
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        <name>Sony Group Corp.</name>
        <lei>529900R5WX9N2OI2N910</lei>
        <title>Sony Group Corp. SPONSORED ADR</title>
        <cusip>835699307</cusip>
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          <ticker value="SONY"/>
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        <invCountry>JP</invCountry>
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        <fairValLevel>1</fairValLevel>
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        <name>Turkcell Iletisim Hizmetleri AS</name>
        <lei>7890003EX1LTLS2FFL84</lei>
        <title>Turkcell Iletisim Hizmetleri AS SPON ADR NEW</title>
        <cusip>900111204</cusip>
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          <ticker value="TKC"/>
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        <invCountry>TR</invCountry>
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        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>UGI Corp</name>
        <lei>DX6GCWD4Q1JO9CRE5I40</lei>
        <title>UGI Corp COM</title>
        <cusip>902681105</cusip>
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          <ticker value="UGI"/>
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        <balance>367000.00000000</balance>
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        <valUSD>13366140.00000000</valUSD>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Liberty Broadband Corporation</name>
        <lei>549300MIX43II8JLN536</lei>
        <title>Liberty Broadband Corporation COM SER C</title>
        <cusip>530307305</cusip>
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          <isin value="US5303073051"/>
          <ticker value="LBRDK"/>
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        <balance>7000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>352100.00000000</valUSD>
        <pctVal>0.019876427354</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Southwest Gas Holdings Inc</name>
        <lei>254900LKF9EV0CUKNE09</lei>
        <title>Southwest Gas Holdings Inc COM</title>
        <cusip>844895102</cusip>
        <identifiers>
          <isin value="US8448951025"/>
          <ticker value="SWX"/>
        </identifiers>
        <balance>604000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>52487600.00000000</valUSD>
        <pctVal>2.962982017587</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EOG Resources Inc.</name>
        <lei>XWTZDRYZPBUHIQBKDB46</lei>
        <title>EOG Resources Inc. COM</title>
        <cusip>26875P101</cusip>
        <identifiers>
          <isin value="US26875P1012"/>
          <ticker value="EOG"/>
        </identifiers>
        <balance>3500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>505995.00000000</valUSD>
        <pctVal>0.028563967222</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Emera Inc</name>
        <lei>NQZVQT2P5IUF2PGA1Q48</lei>
        <title>Emera Inc COM NPV</title>
        <cusip>290876101</cusip>
        <identifiers>
          <isin value="CA2908761018"/>
          <ticker value="EMA"/>
          <other otherDesc="SEDOL" value="2650050"/>
        </identifiers>
        <balance>204500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="CAD" exchangeRt="1.39110000"/>
        <valUSD>10600600.24000000</valUSD>
        <pctVal>0.598415395002</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CA</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Matthews International Corp</name>
        <lei>549300ZVC5O0ATML6U61</lei>
        <title>Matthews International Corp CL A</title>
        <cusip>577128101</cusip>
        <identifiers>
          <isin value="US5771281012"/>
          <ticker value="MATW"/>
        </identifiers>
        <balance>3700.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>95534.00000000</valUSD>
        <pctVal>0.005392998042</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Edison International</name>
        <lei>549300I7ROF15MAEVP56</lei>
        <title>Edison International COM</title>
        <cusip>281020107</cusip>
        <identifiers>
          <isin value="US2810201077"/>
          <ticker value="EIX"/>
        </identifiers>
        <balance>177000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12952860.00000000</valUSD>
        <pctVal>0.731203012832</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Enagas SA</name>
        <lei>213800OU3FQKGM4M2U23</lei>
        <title>Enagas SA EUR1.50</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="ES0130960018"/>
          <ticker value="ENG"/>
          <other otherDesc="SEDOL" value="7383072"/>
        </identifiers>
        <balance>34500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86516416"/>
        <valUSD>683488.78000000</valUSD>
        <pctVal>0.038583683848</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>ES</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VERSANT MEDIA GROUP INC</name>
        <lei>254900D2Q5F5F229PU30</lei>
        <title>Versant Media Group Inc. COM CL A</title>
        <cusip>925283103</cusip>
        <identifiers>
          <isin value="US9252831030"/>
          <ticker value="VSNTV"/>
        </identifiers>
        <balance>16000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>592320.00000000</valUSD>
        <pctVal>0.033437107214</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHEVRON CORP</name>
        <lei>N/A</lei>
        <title>Chevron Corp. COM</title>
        <cusip>166764100</cusip>
        <identifiers>
          <isin value="US1667641005"/>
          <ticker value="CVX"/>
        </identifiers>
        <balance>51200.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10593280.00000000</valUSD>
        <pctVal>0.598002159505</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ollamani SAB</name>
        <lei>N/A</lei>
        <title>Ollamani SAB CPO</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="MX01AG080022"/>
          <ticker value="AGUILCPO"/>
          <other otherDesc="SEDOL" value="BS89BX4"/>
        </identifiers>
        <balance>30000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MXN" exchangeRt="17.92300000"/>
        <valUSD>122607.82000000</valUSD>
        <pctVal>0.006921344581</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EP</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MX</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Xcel Energy Inc</name>
        <lei>LGJNMI9GH8XIDG5RCM61</lei>
        <title>Xcel Energy Inc COM</title>
        <cusip>98389B100</cusip>
        <identifiers>
          <isin value="US98389B1008"/>
          <ticker value="XEL"/>
        </identifiers>
        <balance>382516.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>30387071.04000000</valUSD>
        <pctVal>1.715383158282</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Hera SpA</name>
        <lei>8156009414FD99443B48</lei>
        <title>Hera SpA EUR1</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="IT0001250932"/>
          <ticker value="HER"/>
          <other otherDesc="SEDOL" value="7598003"/>
        </identifiers>
        <balance>550000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86516416"/>
        <valUSD>2525069.91000000</valUSD>
        <pctVal>0.142542938455</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>IT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pharol SGPS SA</name>
        <lei>549300JNP3LA8FWLU630</lei>
        <title>Pharol SGPS SA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="PTPTC0AM0009"/>
          <ticker value="PHR"/>
          <other otherDesc="SEDOL" value="5817186"/>
        </identifiers>
        <balance>225000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86516416"/>
        <valUSD>19296.92000000</valUSD>
        <pctVal>0.001089332089</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PT</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NTT Inc.</name>
        <lei>353800VHQU5VIXVUA841</lei>
        <title>NTT Inc. NPV</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="JP3735400008"/>
          <ticker value="9432"/>
          <other otherDesc="SEDOL" value="6641373"/>
        </identifiers>
        <balance>12935000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="JPY" exchangeRt="158.70500000"/>
        <valUSD>12812337.36000000</valUSD>
        <pctVal>0.723270357207</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>JP</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ONE Gas, Inc.</name>
        <lei>549300HXDWI0LATTX840</lei>
        <title>ONE Gas, Inc. COM</title>
        <cusip>68235P108</cusip>
        <identifiers>
          <isin value="US68235P1084"/>
          <ticker value="OGS"/>
        </identifiers>
        <balance>148000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12747240.00000000</valUSD>
        <pctVal>0.719595540544</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WEC Energy Group Inc.</name>
        <lei>549300IGLYTZUK3PVP70</lei>
        <title>WEC Energy Group Inc. COM</title>
        <cusip>92939U106</cusip>
        <identifiers>
          <isin value="US92939U1060"/>
          <ticker value="WEC"/>
        </identifiers>
        <balance>462600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>53555202.00000000</valUSD>
        <pctVal>3.023249309823</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Centerpoint Energy Inc</name>
        <lei>21TPXMRRHFKOBHDC8J74</lei>
        <title>Centerpoint Energy Inc COM</title>
        <cusip>15189T107</cusip>
        <identifiers>
          <isin value="US15189T1079"/>
          <ticker value="CNP"/>
        </identifiers>
        <balance>114000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4920240.00000000</valUSD>
        <pctVal>0.277752891010</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GATX Corporation</name>
        <lei>549300IHYHCQP2PIR591</lei>
        <title>GATX Corporation COM</title>
        <cusip>361448103</cusip>
        <identifiers>
          <isin value="US3614481030"/>
          <ticker value="GATX"/>
        </identifiers>
        <balance>76000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12976240.00000000</valUSD>
        <pctVal>0.732522839221</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>National Grid PLC</name>
        <lei>8R95QZMKZLJX5Q2XR704</lei>
        <title>National Grid PLC ORD GBP0.12431289</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="GB00BDR05C01"/>
          <ticker value="NG/"/>
          <other otherDesc="SEDOL" value="BDR05C0"/>
        </identifiers>
        <balance>180000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.75551526"/>
        <valUSD>3024558.36000000</valUSD>
        <pctVal>0.170739603865</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-05-29</ncom:dateSigned>
      <ncom:nameOfApplicant>Gabelli Utilities Fund</ncom:nameOfApplicant>
      <ncom:signature>John C. Ball</ncom:signature>
      <ncom:signerName>John C. Ball</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
