EIP Growth and Income Fund
  
Schedule of Investments
  
January 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 69.9%
  
Shares
  
Value
 
Canada - 9.1%
    
Energy - 6.5%
          
Imperial Oil Ltd.
    
27,410
  
$
1,823,184
  
Keyera Corp.
    
40,330
    
1,144,397
  
South Bow Corp.
    
6,581
    
157,286
  
Suncor Energy, Inc.
    
19,220
    
721,139
  
TC Energy Corp.
    
25,426
    
1,145,441
  
           
4,991,447
  
Independent Power and Renewable Electricity Producers - 0.1%
              
Northland Power, Inc.
    
9,130
    
106,857
  
         
$
–
  
Utilities - 2.5%
              
AltaGas, Ltd.
    
7,601
    
175,414
  
Atco Ltd./Canada - Class I
    
28,470
    
905,610
  
Canadian Utilities Ltd. - Class A
    
2,000
    
46,720
  
Emera, Inc.
    
730
    
27,736
  
Fortis, Inc./Canada
    
9,070
    
386,303
  
Hydro One Ltd. (a)
    
11,130
    
346,302
  
           
1,888,085
  
Total Canada
    
6,986,389
  
               
Denmark - 0.1%
      
Independent Power and Renewable Electricity Producers - 0.1%
              
Orsted A/S - ADR (b)
    
4,975
    
63,780
  
               
France - 2.1%
      
Energy - 2.1%
              
TotalEnergies SE - ADR
    
28,540
    
1,656,176
  
               
Italy - 0.2%
      
Utilities - 0.2%
              
Enel SpA - ADR
    
21,884
    
154,063
  
               
Spain - 0.0%(c)
      
Independent Power and Renewable Electricity Producers - 0.0%(c)
              
EDP Renovaveis SA
    
346
    
3,243
  
               
United Kingdom - 2.1%
      
Energy - 1.8%
              
BP PLC - ADR
    
2,730
    
84,794
  
Shell PLC - ADR
    
19,440
    
1,280,124
  
           
1,364,918
  
Energy Equipment & Services - 0.3%
              
TechnipFMC PLC
    
7,780
    
233,789
  
Total United Kingdom
    
1,598,707
  
               
United States - 56.3%(d)
      
Construction & Engineering - 3.0%
              
Fluor Corp. (b)
    
22,160
    
1,068,333
  
Quanta Services, Inc.
    
3,960
    
1,218,136
  
           
2,286,469
  
Energy - 13.8%
              
Cheniere Energy, Inc.
    
4,150
    
928,147
  
Core Natural Resources, Inc.
    
4,000
    
361,360
  
DT Midstream, Inc.
    
7,700
    
778,316
  
Enbridge, Inc.
    
14,179
    
613,100
  
EQT Corp.
    
10,490
    
536,249
  
Exxon Mobil Corp.
    
17,700
    
1,890,891
  
Gulfport Energy Corp. (b)
    
1,200
    
214,212
  
Kinder Morgan, Inc.
    
40,540
    
1,114,039
  
ONEOK, Inc.
    
28,095
    
2,729,991
  
Targa Resources Corp.
    
6,150
    
1,210,320
  
The Williams Companies, Inc.
    
4,609
    
255,477
  
           
10,632,102
  
Energy Equipment & Services - 3.9%
              
Archrock, Inc.
    
16,470
    
462,642
  
Cactus, Inc. - Class A
    
3,710
    
221,524
  
Generac Holdings, Inc. (b)
    
5,720
    
854,168
  
Halliburton Co.
    
16,550
    
430,631
  
Helmerich & Payne, Inc.
    
4,610
    
145,630
  
NOV, Inc.
    
10,580
    
152,881
  
Schlumberger NV
    
18,640
    
750,819
  
           
3,018,295
  
Independent Power and Renewable Electricity Producers - 4.1%
              
Clearway Energy, Inc. - Class A
    
71,520
    
1,754,386
  
The AES Corp.
    
6,270
    
68,970
  
Vistra Corp.
    
8,230
    
1,382,887
  
           
3,206,243
  
Professional Services - 0.3%
              
Amentum Holdings, Inc. (b)
    
1,270
    
26,632
  
Jacobs Solutions, Inc.
    
1,270
    
177,965
  
           
204,597
  
Utilities - 31.2%
              
ALLETE, Inc.
    
3,000
    
196,860
  
Alliant Energy Corp.
    
16,690
    
982,707
  
Ameren Corp.
    
6,610
    
622,662
  
American Electric Power Co., Inc.
    
16,519
    
1,624,809
  
American Water Works Co., Inc.
    
90
    
11,218
  
Atmos Energy Corp.
    
7,960
    
1,134,380
  
CenterPoint Energy, Inc.
    
32,680
    
1,064,388
  
Chesapeake Utilities Corp.
    
3,170
    
387,532
  
CMS Energy Corp.
    
5,956
    
393,096
  
Constellation Energy Corp.
    
2,070
    
620,959
  
Dominion Energy, Inc.
    
16,960
    
942,806
  
DTE Energy Co.
    
9,084
    
1,088,990
  
Duke Energy Corp.
    
3,520
    
394,205
  
Entergy Corp.
    
14,940
    
1,211,335
  
Essential Utilities, Inc.
    
15,300
    
542,844
  
Evergy, Inc.
    
14,930
    
958,058
  
IDACORP, Inc.
    
6,640
    
730,002
  
National Fuel Gas Co.
    
33,320
    
2,333,399
  
New Jersey Resources Corp.
    
6,250
    
299,687
  
NextEra Energy, Inc.
    
5,200
    
372,112
  
ONE Gas, Inc.
    
10,525
    
743,486
  
PG&E Corp.
    
19,000
    
297,350
  
PPL Corp.
    
30,940
    
1,039,584
  
Public Service Enterprise Group, Inc.
    
6,800
    
568,072
  
Sempra Energy
    
15,320
    
1,270,488
  
The Southern Co.
    
18,350
    
1,540,482
  
UGI Corp.
    
24,600
    
755,958
  
WEC Energy Group, Inc.
    
8,000
    
794,080
  
Xcel Energy, Inc.
    
16,264
    
1,092,941
  
           
24,014,490
  
Total United States
    
43,362,196
  
TOTAL COMMON STOCKS (Cost $44,557,511)
    
53,824,554
  
               
MASTER LIMITED PARTNERSHIPS - 25.5%
  
Units
  
Value
 
United States - 25.5%(d)
      
Chemicals - 1.0%
              
Westlake Chemical Partners, LP
    
32,311
    
788,389
  
         
$
–
  
Energy - 24.2%
              
Cheniere Energy Partners LP
    
13,639
    
836,889
  
Energy Transfer, LP
    
279,270
    
5,719,450
  
Enterprise Products Partners, LP
    
111,924
    
3,654,319
  
Hess Midstream LP - Class A (f)
    
16,880
    
683,809
  
MPLX, LP
    
75,990
    
3,952,240
  
Plains GP Holdings LP (f)
    
68,590
    
1,450,678
  
Sunoco LP
    
28,320
    
1,595,265
  
TXO Partners LP
    
39,080
    
726,497
  
           
18,619,147
  
Energy Equipment & Services - 0.3%
              
USA Compression Partners, LP
    
9,040
    
240,916
  
Total United States
    
19,648,452
  
TOTAL MASTER LIMITED PARTNERSHIPS (Cost $12,317,939)
    
19,648,452
  
               
SHORT-TERM INVESTMENTS - 3.3%
        
Value
 
Money Market Funds - 3.3%
  
Shares
        
First American Treasury Obligations Fund - Class Z, 4.27% (e)
    
2,578,855
    
2,578,855
  
TOTAL SHORT-TERM INVESTMENTS (Cost $2,578,855)
    
2,578,855
  
               
TOTAL INVESTMENTS - 98.7% (Cost $59,454,305)
    
76,051,861
  
Other Assets in Excess of Liabilities - 1.3%
    
979,260
  
TOTAL NET ASSETS - 100.0%
        
$
77,031,121
  
two
  
–
%
Percentages are stated as a percent of net assets.
  
–
%

ADR - American Depositary Receipt
NV - Naamloze Vennootschap
PLC - Public Limited Company
SA - Sociedad Anónima

(a)
Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of January 31, 2025, the value of these securities total $346,302 or 0.4% of the Fund’s net assets.
(b)
Non-income producing security.
(c)
Represents less than 0.05% of net assets.
(d)
To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting the country or region.
(e)
(f)
The rate shown represents the 7-day annualized effective yield as of January 31, 2025.
This Security has elected to be treated as a corporation for U.S. Federal income tax purposes.
EIP Growth and Income Fund
Schedule of Total Return Swap Contracts
as of January 31, 2025 (Unaudited)
 
For each of the following total return swaps the Fund receives the total return on reference entity, the counterparty is BNP Paribas Prime Brokerage, Inc., the payment frequency is monthly, the financing rate is the daily OBFR (Overnight Bank Funding Rate) + 90 basis points and there were no upfront premiums paid or received.
 
The amount of $960,000 in cash was segregated with the custodian to cover the following total return swaps outstanding at January 31, 2025:

Reference Entity
Counterparty
Long/ Short
Maturity Date
  
Notional Amount(1)
    
Value/ Unrealized Appreciation
(Depreciation) (2)
  
American Water Works Co., Inc.
BNP Paribas Prime Brokerage, Inc.
Long
06/17/2025
  
$
30,883
    
$
210
  
Atmos Energy Corp.
BNP Paribas Prime Brokerage, Inc.
Long
06/17/2025
    
378,094
      
3,008
  
Cheniere Energy, Inc.
BNP Paribas Prime Brokerage, Inc.
Long
06/17/2025
    
110,646
      
(10,245
)
Clearway Energy, Inc. - Class A
BNP Paribas Prime Brokerage, Inc.
Long
06/17/2025
    
178,963
      
4,867
  
DT Midstream, Inc.
BNP Paribas Prime Brokerage, Inc.
Long
06/17/2025
    
452,899
      
(33,393
)
Enterprise Products Partners, LP
BNP Paribas Prime Brokerage, Inc.
Long
06/17/2025
    
2,453,491
      
(16,753
)
IDACORP, Inc.
BNP Paribas Prime Brokerage, Inc.
Long
06/17/2025
    
98,854
      
2,075
  
Kinder Morgan, Inc.
BNP Paribas Prime Brokerage, Inc.
Long
06/17/2025
    
76,544
      
(5,263
)
New Jersey Resources Corp.
BNP Paribas Prime Brokerage, Inc.
Long
06/17/2025
    
70,170
      
2,082
  
Sempra Energy
BNP Paribas Prime Brokerage, Inc.
Long
06/17/2025
    
587,655
      
2,356
  
The Williams Companies, Inc.
BNP Paribas Prime Brokerage, Inc.
Long
06/17/2025
    
139,804
      
(6,522
)
     
$
(57,578
)

(1)
The notional amount represents the U.S. dollar value of the contract as of the day of the opening of the transaction or latest contract reset date.
(2)
Amounts include $29,394 of net dividends and financing costs.

The accompanying notes are an integral part of these financial statements.
Summary of Fair Value Disclosure as of January 31, 2025 (Unaudited)
 
EIP Growth and Income Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
 
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
 
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of January 31, 2025:
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
  Common Stocks
  
$
53,824,554
    
$
–
    
$
–
    
$
53,824,554
  
  Master Limited Partnerships
    
19,648,452
      
–
      
–
      
19,648,452
  
  Money Market Funds
    
2,578,855
      
–
      
–
      
2,578,855
  
Total Investments
  
$
76,051,861
    
$
–
    
$
–
    
$
76,051,861
  
   
Other Financial Instruments:
                                
  Total Return Swaps*
    
–
      
14,598
      
–
      
14,598
  
Total Other Financial Instruments
  
$
–
    
$
14,598
    
$
–
    
$
14,598
  
                                 
Liabilities:
                                
   
Other Financial Instruments:
                                
  Total Return Swaps*
    
–
      
(72,176
)
    
–
      
(72,176
)
Total Other Financial Instruments
  
$
–
    
$
(72,176
)
  
$
–
    
$
(72,176
)
   
* The fair value of the Fund's investment represents the net unrealized appreciation (depreciation) as of January 31, 2025.
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.