# EDGAR Filing Document

**Accession Number:** 0001169069
**File Stem:** 0001169069-26-000002
**Filing Date:** 2026-1
**Character Count:** 17353
**Document Hash:** 1754ff14c194341e7aece168311b1478
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001169069-26-000002.hdr.sgml**: 20260112

**ACCESSION NUMBER**: 0001169069-26-000002

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260112

**DATE AS OF CHANGE**: 20260112

**EFFECTIVENESS DATE**: 20260112

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VIKING FUND MANAGEMENT LLC
- **CENTRAL INDEX KEY:** 0001169069

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-15008
- **FILM NUMBER:** 26525624

**BUSINESS ADDRESS:**
- **STREET 1:** 1 MAIN STREET NORTH
- **CITY:** MINOT
- **STATE:** ND
- **ZIP:** 58701
- **BUSINESS PHONE:** 701-852-5292

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 500
- **CITY:** MINOT
- **STATE:** ND
- **ZIP:** 58702-0500

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2025

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** VIKING FUND MANAGEMENT LLC<br>**Address:** PO BOX 500<br>MINOT, ND 58702-0500

**Form 13F File Number:** 028-15008

**CRD Number (if applicable):** 000107927

**SEC File Number (if applicable):** 801-56605

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Kevin M Flagstad<br>**Title:** Chief Compliance Officer<br>**Phone:** 701-852-5292

**Signature, Place, and Date of Signing:**

Kevin M Flagstad  Minot, ND  01-12-2026<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 137

**Form 13F Information Table Value Total:** $862782455

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ABBVIE INC | Common Stock | 00287Y109 |  | 16679770 | 73000 | SH |  | SOLE |  | 73000 | 0 | 0 |
| ACCENTURE PLC-A | SHS CLASS A | G1151C101 |  | 5366000 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| ADV MICRO DEVICE | Common Stock | 007903107 |  | 3640720 | 17000 | SH |  | SOLE |  | 17000 | 0 | 0 |
| AIR PRODS  CHEM | Common Stock | 009158106 |  | 2717220 | 11000 | SH |  | SOLE |  | 11000 | 0 | 0 |
| ALLSTATE CORP | Common Stock | 020002101 |  | 5828200 | 28000 | SH |  | SOLE |  | 28000 | 0 | 0 |
| ALTRIA GROUP INC | Common Stock | 02209S103 |  | 11647320 | 202000 | SH |  | SOLE |  | 202000 | 0 | 0 |
| AMER FINL GROUP | Common Stock | 025932104 |  | 13804680 | 101000 | SH |  | SOLE |  | 101000 | 0 | 0 |
| ANTERO RESOURCES | Common Stock | 03674X106 |  | 4135200 | 120000 | SH |  | SOLE |  | 120000 | 0 | 0 |
| APPLE INC | Common Stock | 037833100 |  | 5709060 | 21000 | SH |  | SOLE |  | 21000 | 0 | 0 |
| ARCHROCK INC | Common Stock | 03957W106 |  | 5724400 | 220000 | SH |  | SOLE |  | 220000 | 0 | 0 |
| AT INC | Common Stock | 00206R102 |  | 12295800 | 495000 | SH |  | SOLE |  | 495000 | 0 | 0 |
| BAKER HUGHES A | CL A | 05722G100 |  | 6557760 | 144000 | SH |  | SOLE |  | 144000 | 0 | 0 |
| BANK OF AMERICA | Common Stock | 060505104 |  | 9900000 | 180000 | SH |  | SOLE |  | 180000 | 0 | 0 |
| BEST BUY CO INC | Common Stock | 086516101 |  | 10374150 | 155000 | SH |  | SOLE |  | 155000 | 0 | 0 |
| BHP GROUP-ADR | SPONSORED ADS | 088606108 |  | 301850 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| BLACKROCK INC | Common Stock | 09290D101 |  | 5351700 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| BLOOM ENERGY C-A | COM CL A | 093712107 |  | 1042680 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| BRISTOL-MYER SQB | Common Stock | 110122108 |  | 17314740 | 321000 | SH |  | SOLE |  | 321000 | 0 | 0 |
| BRIT AMER TO-ADR | SPONSORED ADR | 110448107 |  | 10757800 | 190000 | SH |  | SOLE |  | 190000 | 0 | 0 |
| BROADCOM INC | Common Stock | 11135F101 |  | 30802900 | 89000 | SH |  | SOLE |  | 89000 | 0 | 0 |
| CAL-MAINE FOODS | Common Stock | 128030202 |  | 238710 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| CAMECO CORP | Common Stock | 13321L108 |  | 1555330 | 17000 | SH |  | SOLE |  | 17000 | 0 | 0 |
| CATERPILLAR INC | Common Stock | 149123101 |  | 2291480 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| CHENIERE ENERGY | Common Stock | 16411R208 |  | 8747550 | 45000 | SH |  | SOLE |  | 45000 | 0 | 0 |
| CHEVRON CORP | Common Stock | 166764100 |  | 23090115 | 151500 | SH |  | SOLE |  | 151500 | 0 | 0 |
| CISCO SYSTEMS | Common Stock | 17275R102 |  | 1155450 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| CITIGROUP INC | Common Stock | 172967424 |  | 11435620 | 98000 | SH |  | SOLE |  | 98000 | 0 | 0 |
| CLOUDFLARE INC-A | CL A COM | 18915M107 |  | 4140150 | 21000 | SH |  | SOLE |  | 21000 | 0 | 0 |
| CME GROUP INC | Common Stock | 12572Q105 |  | 14090928 | 51600 | SH |  | SOLE |  | 51600 | 0 | 0 |
| COCA-COLA CO/THE | Common Stock | 191216100 |  | 8389200 | 120000 | SH |  | SOLE |  | 120000 | 0 | 0 |
| CONOCOPHILLIPS | Common Stock | 20825C104 |  | 2527470 | 27000 | SH |  | SOLE |  | 27000 | 0 | 0 |
| CONSTELLATION EN | Common Stock | 21037T109 |  | 1413080 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| CORNING INC | Common Stock | 219350105 |  | 20138800 | 230000 | SH |  | SOLE |  | 230000 | 0 | 0 |
| CYBERARK SOFTWAR | SHS | M2682V108 |  | 2676360 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| DEERE  CO | Common Stock | 244199105 |  | 2327850 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| DELL TECHN-C | CL C | 24703L202 |  | 5412840 | 43000 | SH |  | SOLE |  | 43000 | 0 | 0 |
| DIAMONDBACK ENER | Common Stock | 25278X109 |  | 2555610 | 17000 | SH |  | SOLE |  | 17000 | 0 | 0 |
| DIGITALOCEAN HOL | Common Stock | 25402D102 |  | 3609000 | 75000 | SH |  | SOLE |  | 75000 | 0 | 0 |
| DIVERSIFIED ENER | Common Stock | 25520W107 |  | 217200 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| DOMINION ENERGY INC | Common Stock | 25746U109 |  | 205065 | 3500 | SH |  | SOLE |  | 3500 | 0 | 0 |
| DORIAN LPG LTD | SHS USD | Y2106R110 |  | 438120 | 18000 | SH |  | SOLE |  | 18000 | 0 | 0 |
| EDWARDS LIFE | Common Stock | 28176E108 |  | 1705000 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| ELI LILLY  CO | Common Stock | 532457108 |  | 8919844 | 8300 | SH |  | SOLE |  | 8300 | 0 | 0 |
| ENBRIDGE INC | Common Stock | 29250N105 |  | 11287880 | 236000 | SH |  | SOLE |  | 236000 | 0 | 0 |
| ENTERGY CORP | Common Stock | 29364G103 |  | 19410300 | 210000 | SH |  | SOLE |  | 210000 | 0 | 0 |
| EQT CORP | Common Stock | 26884L109 |  | 3752000 | 70000 | SH |  | SOLE |  | 70000 | 0 | 0 |
| EVERGY INC | Common Stock | 30034W106 |  | 7249000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| EVERSOURCE ENERG | Common Stock | 30040W108 |  | 269320 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| EXCELERATE ENE-A | CL A COM | 30069T101 |  | 2524500 | 90000 | SH |  | SOLE |  | 90000 | 0 | 0 |
| EXELON CORP | Common Stock | 30161N101 |  | 2615400 | 60000 | SH |  | SOLE |  | 60000 | 0 | 0 |
| EXPAND ENERGY CORP | Common Stock | 165167735 |  | 3310800 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| EXPRO GROUP HOLD | Common Stock | N3144W105 |  | 400500 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| EXXON MOBIL CORP | Common Stock | 30231G102 |  | 9627200 | 80000 | SH |  | SOLE |  | 80000 | 0 | 0 |
| FEDEX CORP | Common Stock | 31428X106 |  | 2022020 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| FIRST SOLAR INC | Common Stock | 336433107 |  | 4179680 | 16000 | SH |  | SOLE |  | 16000 | 0 | 0 |
| GE VERNOVA INC | Common Stock | 36828A101 |  | 1960710 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| GENERAC HOLDINGS | Common Stock | 368736104 |  | 545480 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| GENUINE PARTS CO | Common Stock | 372460105 |  | 6762800 | 55000 | SH |  | SOLE |  | 55000 | 0 | 0 |
| GULFPORT ENERGY | SHS | 402635502 |  | 4991760 | 24000 | SH |  | SOLE |  | 24000 | 0 | 0 |
| HEWLETT PACKA | Common Stock | 42824C109 |  | 11769800 | 490000 | SH |  | SOLE |  | 490000 | 0 | 0 |
| HOME DEPOT INC | Common Stock | 437076102 |  | 9634800 | 28000 | SH |  | SOLE |  | 28000 | 0 | 0 |
| IBM | Common Stock | 459200101 |  | 7109040 | 24000 | SH |  | SOLE |  | 24000 | 0 | 0 |
| ILLINOIS TOOL WO | Common Stock | 452308109 |  | 4187100 | 17000 | SH |  | SOLE |  | 17000 | 0 | 0 |
| INTUIT INC | Common Stock | 461202103 |  | 3312100 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| JPMORGAN CHASE | Common Stock | 46625H100 |  | 11599920 | 36000 | SH |  | SOLE |  | 36000 | 0 | 0 |
| KENVUE INC | Common Stock | 49177J102 |  | 8625000 | 500000 | SH |  | SOLE |  | 500000 | 0 | 0 |
| KIMBERLY-CLARK | Common Stock | 494368103 |  | 8172090 | 81000 | SH |  | SOLE |  | 81000 | 0 | 0 |
| KINDER MORGAN IN | Common Stock | 49456B101 |  | 2061750 | 75000 | SH |  | SOLE |  | 75000 | 0 | 0 |
| KLA-TENCOR CORP | Common Stock | 482480100 |  | 7290480 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| KODIAK GAS SERVI | Common Stock | 50012A108 |  | 5871800 | 157000 | SH |  | SOLE |  | 157000 | 0 | 0 |
| KRAFT HEINZ CO/T | Common Stock | 500754106 |  | 145500 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| LAM RESEARCH | Common Stock | 512807306 |  | 6847200 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| LANDBRIDGE CO LL | CL A | 514952100 |  | 3919200 | 80000 | SH |  | SOLE |  | 80000 | 0 | 0 |
| LOCKHEED MARTIN | Common Stock | 539830109 |  | 7255050 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| LOWE'S COS INC | Common Stock | 548661107 |  | 2411600 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| LYONDELLBASELL-A | SHS -A- | N53745100 |  | 259800 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| MARSH  MCLENNAN | Common Stock | 571748102 |  | 3153840 | 17000 | SH |  | SOLE |  | 17000 | 0 | 0 |
| MASTERCARD INC-A | CL A | 57636Q104 |  | 3996160 | 7000 | SH |  | SOLE |  | 7000 | 0 | 0 |
| MCCORMICK-N/V | Common NON VTG | 579780206 |  | 10216500 | 150000 | SH |  | SOLE |  | 150000 | 0 | 0 |
| MCDONALDS CORP | Common Stock | 580135101 |  | 6112600 | 20000 | SH |  | SOLE |  | 20000 | 0 | 0 |
| MERCK  CO | Common Stock | 58933Y105 |  | 10526000 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| MICROSOFT CORP | Common Stock | 594918104 |  | 2901720 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| MONDAY.COM LTD | SHS | M7S64H106 |  | 1475600 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| MORGAN STANLEY | Common Stock | 617446448 |  | 15977700 | 90000 | SH |  | SOLE |  | 90000 | 0 | 0 |
| MURPHY USA INC | Common Stock | 626755102 |  | 2421120 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| NEXTERA ENERGY | Common Stock | 65339F101 |  | 26091000 | 325000 | SH |  | SOLE |  | 325000 | 0 | 0 |
| NEXTRACKER-CL A | CLASS A COM | 65290E101 |  | 1655090 | 19000 | SH |  | SOLE |  | 19000 | 0 | 0 |
| NOBLE CORP PLC | ORD SHS A | G65431127 |  | 423600 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| NOVO-NORDISK-ADR | ADR/GDR/EDR | 670100205 |  | 12720000 | 250000 | SH |  | SOLE |  | 250000 | 0 | 0 |
| NRG ENERGY INC | Common Stock | 629377508 |  | 5095680 | 32000 | SH |  | SOLE |  | 32000 | 0 | 0 |
| NVIDIA CORP | Common Stock | 67066G104 |  | 10257500 | 55000 | SH |  | SOLE |  | 55000 | 0 | 0 |
| OLD REPUB INTL | Common Stock | 680223104 |  | 9128000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| PAYCHEX INC | Common Stock | 704326107 |  | 5384640 | 48000 | SH |  | SOLE |  | 48000 | 0 | 0 |
| PEPSICO INC | Common Stock | 713448108 |  | 19949280 | 139000 | SH |  | SOLE |  | 139000 | 0 | 0 |
| PERMIAN RESOURCE | CLASS A COM | 71424F105 |  | 9694730 | 691000 | SH |  | SOLE |  | 691000 | 0 | 0 |
| PFIZER INC | Common Stock | 717081103 |  | 8353950 | 335500 | SH |  | SOLE |  | 335500 | 0 | 0 |
| PHILIP MORRIS IN | Common Stock | 718172109 |  | 5614000 | 35000 | SH |  | SOLE |  | 35000 | 0 | 0 |
| PHILLIPS 66 | Common Stock | 718546104 |  | 11226480 | 87000 | SH |  | SOLE |  | 87000 | 0 | 0 |
| PNC FINANCIAL SE | Common Stock | 693475105 |  | 2087300 | 10000 | SH |  | SOLE |  | 10000 | 0 | 0 |
| PORTLAND GENERAL | Common Stock | 736508847 |  | 263945 | 5500 | SH |  | SOLE |  | 5500 | 0 | 0 |
| PRIMORIS SERVICE | Common Stock | 74164F103 |  | 2110380 | 17000 | SH |  | SOLE |  | 17000 | 0 | 0 |
| PROCTER  GAMBLE | Common Stock | 742718109 |  | 4012680 | 28000 | SH |  | SOLE |  | 28000 | 0 | 0 |
| PRUDENTL FINL | Common Stock | 744320102 |  | 13997120 | 124000 | SH |  | SOLE |  | 124000 | 0 | 0 |
| PUB SERV ENTERP | Common Stock | 744573106 |  | 5219500 | 65000 | SH |  | SOLE |  | 65000 | 0 | 0 |
| QUALCOMM INC | Common Stock | 747525103 |  | 12828750 | 75000 | SH |  | SOLE |  | 75000 | 0 | 0 |
| REGIONS FINANCIA | Common Stock | 7591EP100 |  | 325200 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| RIO TINTO-ADR | SPONSORED ADR | 767204100 |  | 320120 | 4000 | SH |  | SOLE |  | 4000 | 0 | 0 |
| S GLOBAL INC | Common Stock | 78409V104 |  | 2612950 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| SCHLUMBERGER LTD | COM STK | 806857108 |  | 3070400 | 80000 | SH |  | SOLE |  | 80000 | 0 | 0 |
| SHOALS TECHNOL-A | CL A | 82489W107 |  | 1105000 | 130000 | SH |  | SOLE |  | 130000 | 0 | 0 |
| SOUTH BOW CORP | Common Stock | 83671M105 |  | 329640 | 12000 | SH |  | SOLE |  | 12000 | 0 | 0 |
| SPIRE INC | Common Stock | 84857L101 |  | 4962000 | 60000 | SH |  | SOLE |  | 60000 | 0 | 0 |
| STARBUCKS CORP | Common Stock | 855244109 |  | 4378920 | 52000 | SH |  | SOLE |  | 52000 | 0 | 0 |
| TARGA RESOURCES | Common Stock | 87612G101 |  | 5719500 | 31000 | SH |  | SOLE |  | 31000 | 0 | 0 |
| TARGET CORP | Common Stock | 87612E106 |  | 8602000 | 88000 | SH |  | SOLE |  | 88000 | 0 | 0 |
| TC Energy Corp | Common Stock | 87807B107 |  | 29815420 | 542000 | SH |  | SOLE |  | 542000 | 0 | 0 |
| TECHNIPFMC PLC | Common Stock | G87110105 |  | 1782400 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| TENARIS-ADR | SPONSORED ADS | 88031M109 |  | 1076600 | 28000 | SH |  | SOLE |  | 28000 | 0 | 0 |
| TESLA INC | Common Stock | 88160R101 |  | 2023740 | 4500 | SH |  | SOLE |  | 4500 | 0 | 0 |
| TEXAS INSTRUMENT | Common Stock | 882508104 |  | 5551680 | 32000 | SH |  | SOLE |  | 32000 | 0 | 0 |
| TEXAS PACIFIC LA | Common Stock | 88262P102 |  | 5428458 | 18900 | SH |  | SOLE |  | 18900 | 0 | 0 |
| THERMO FISHER | Common Stock | 883556102 |  | 2897250 | 5000 | SH |  | SOLE |  | 5000 | 0 | 0 |
| TRANE TECHNOLOGI | SHS | G8994E103 |  | 4281200 | 11000 | SH |  | SOLE |  | 11000 | 0 | 0 |
| TRUIST FINANCIAL | Common Stock | 89832Q109 |  | 147630 | 3000 | SH |  | SOLE |  | 3000 | 0 | 0 |
| TYLER TECHNOLOG | Common Stock | 902252105 |  | 907900 | 2000 | SH |  | SOLE |  | 2000 | 0 | 0 |
| UNITED PARCEL-B | CL B | 911312106 |  | 5852210 | 59000 | SH |  | SOLE |  | 59000 | 0 | 0 |
| UNITEDHEALTH GRP | Common Stock | 91324P102 |  | 1980660 | 6000 | SH |  | SOLE |  | 6000 | 0 | 0 |
| UNUM GROUP | Common Stock | 91529Y106 |  | 5425000 | 70000 | SH |  | SOLE |  | 70000 | 0 | 0 |
| VALERO ENERGY | Common Stock | 91913Y100 |  | 4720910 | 29000 | SH |  | SOLE |  | 29000 | 0 | 0 |
| VENTURE GLOBAL-A | COM CL A | 92333F101 |  | 1023000 | 150000 | SH |  | SOLE |  | 150000 | 0 | 0 |
| VERIZON COMMUNIC | Common Stock | 92343V104 |  | 14133310 | 347000 | SH |  | SOLE |  | 347000 | 0 | 0 |
| VERTIV HOLDING-A | COM CL A | 92537N108 |  | 4212260 | 26000 | SH |  | SOLE |  | 26000 | 0 | 0 |
| VISA INC-CLASS A | COM CL A | 92826C839 |  | 5260650 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| VISTRA CORP | Common Stock | 92840M102 |  | 4033250 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| WASTE MANAGEMENT | Common Stock | 94106L109 |  | 2856230 | 13000 | SH |  | SOLE |  | 13000 | 0 | 0 |
| WILLIAMS COS INC | Common Stock | 969457100 |  | 2404400 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| XCEL ENERGY INC | Common Stock | 98389B100 |  | 14033400 | 190000 | SH |  | SOLE |  | 190000 | 0 | 0 |

---