EIP Growth and Income Fund
  
Schedule of Investments
  
July 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 66.5%
  
Shares
    
Value
 
Canada - 9.0%
        
Energy - 5.9%
            
Imperial Oil Ltd.
    
21,010
    
$
1,751,794
  
Keyera Corp.
    
40,330
      
1,266,134
  
Suncor Energy, Inc.
    
19,220
      
758,063
  
TC Energy Corp.
    
20,426
      
977,997
  
             
4,753,988
  
Independent Power and Renewable Electricity Producers - 0.2%
                
Northland Power, Inc.
    
9,130
      
149,179
  
           
$
–
  
Utilities - 2.9%
                
AltaGas, Ltd.
    
13,401
      
395,666
  
Atco Ltd./Canada - Class I
    
28,470
      
1,031,051
  
Canadian Utilities Ltd. - Class A
    
2,000
      
55,687
  
Emera, Inc.
    
730
      
34,277
  
Fortis, Inc./Canada
    
9,070
      
443,812
  
Hydro One Ltd. (a)
    
11,130
      
393,599
  
             
2,354,092
  
Total Canada
      
7,257,259
  
                 
Denmark - 0.1%
          
Independent Power and Renewable Electricity Producers - 0.1%
                
Orsted A/S - ADR (b)
    
4,975
      
77,760
  
                 
France - 1.6%
          
Energy - 1.6%
                
TotalEnergies SE - ADR
    
21,940
      
1,306,527
  
                 
Italy - 0.3%
          
Utilities - 0.3%
                
Enel SpA - ADR
    
21,884
      
193,892
  
                 
Spain - 0.0%(c)
          
Independent Power and Renewable Electricity Producers - 0.0%(c)
                
EDP Renovaveis SA
    
350
      
4,114
  
                 
United Kingdom - 2.2%
          
Energy - 1.9%
                
Shell PLC - ADR
    
20,940
      
1,512,077
  
           
$
–
  
Energy Equipment & Services - 0.3%
                
TechnipFMC PLC
    
7,780
      
282,959
  
Total United Kingdom
      
1,795,036
  
                 
United States - 53.3%(d)
          
Construction & Engineering - 2.8%
                
Fluor Corp. (b)
    
18,660
      
1,059,328
  
Quanta Services, Inc.
    
2,960
      
1,202,145
  
             
2,261,473
  
Energy - 11.9%
                
Cheniere Energy, Inc.
    
4,150
      
978,902
  
Core Natural Resources, Inc.
    
4,000
      
295,240
  
DT Midstream, Inc.
    
9,700
      
996,481
  
Enbridge, Inc.
    
12,179
      
551,587
  
EQT Corp.
    
10,490
      
563,837
  
Exxon Mobil Corp.
    
15,200
      
1,696,928
  
Gulfport Energy Corp. (b)
    
1,200
      
208,956
  
Kinder Morgan, Inc.
    
38,540
      
1,081,432
  
ONEOK, Inc.
    
22,945
      
1,884,014
  
Targa Resources Corp.
    
6,500
      
1,081,665
  
The Williams Companies, Inc.
    
4,609
      
276,310
  
             
9,615,352
  
Energy Equipment & Services - 3.6%
                
Archrock, Inc.
    
16,470
      
384,739
  
Cactus, Inc. - Class A
    
3,710
      
156,970
  
Generac Holdings, Inc. (b)
    
5,720
      
1,113,627
  
Halliburton Co.
    
16,550
      
370,720
  
Helmerich & Payne, Inc.
    
4,610
      
74,728
  
NOV, Inc.
    
10,580
      
133,097
  
Schlumberger NV
    
18,640
      
630,032
  
             
2,863,913
  
Independent Power and Renewable Electricity Producers - 4.0%
                
Clearway Energy, Inc. - Class A
    
55,520
      
1,708,906
  
The AES Corp.
    
6,270
      
82,450
  
Vistra Corp.
    
6,730
      
1,403,474
  
             
3,194,830
  
Professional Services - 0.3%
                
Amentum Holdings, Inc. (b)
    
1,347
      
33,635
  
Jacobs Solutions, Inc.
    
1,270
      
180,175
  
             
213,810
  
Utilities - 30.7%
                
ALLETE, Inc.
    
3,000
      
197,790
  
Alliant Energy Corp.
    
16,690
      
1,085,017
  
Ameren Corp.
    
5,810
      
587,565
  
American Electric Power Co., Inc.
    
12,719
      
1,439,028
  
American Water Works Co., Inc.
    
90
      
12,622
  
Atmos Energy Corp.
    
6,160
      
960,467
  
CenterPoint Energy, Inc.
    
25,180
      
977,487
  
Chesapeake Utilities Corp.
    
3,170
      
380,020
  
CMS Energy Corp.
    
8,456
      
624,053
  
Constellation Energy Corp.
    
2,070
      
720,029
  
Dominion Energy, Inc.
    
16,960
      
991,312
  
DTE Energy Co.
    
7,284
      
1,008,178
  
Duke Energy Corp.
    
3,970
      
482,911
  
Entergy Corp.
    
12,440
      
1,124,949
  
Essential Utilities, Inc.
    
12,800
      
471,040
  
Evergy, Inc.
    
21,930
      
1,552,644
  
IDACORP, Inc.
    
7,290
      
913,656
  
National Fuel Gas Co.
    
32,420
      
2,813,732
  
New Jersey Resources Corp.
    
15,250
      
700,127
  
NextEra Energy, Inc.
    
5,200
      
369,512
  
ONE Gas, Inc.
    
10,525
      
765,167
  
PG&E Corp.
    
19,000
      
266,380
  
PPL Corp.
    
36,190
      
1,291,621
  
Public Service Enterprise Group, Inc.
    
6,800
      
610,572
  
Sempra Energy
    
4,120
      
336,522
  
The Southern Co.
    
13,850
      
1,308,548
  
UGI Corp.
    
24,600
      
890,028
  
WEC Energy Group, Inc.
    
8,000
      
872,640
  
Xcel Energy, Inc.
    
12,664
      
930,044
  
             
24,683,661
  
Total United States
      
42,833,039
  
TOTAL COMMON STOCKS (Cost $41,414,020)
      
53,467,627
  
                 
MASTER LIMITED PARTNERSHIPS - 25.4%
  
Units
    
Value
 
United States - 25.4%(d)
          
Chemicals - 0.9%
                
Westlake Chemical Partners, LP
    
32,311
      
711,811
  
           
$
–
  
Energy - 24.2%
                
Cheniere Energy Partners LP
    
13,465
      
776,526
  
Energy Transfer, LP
    
336,270
      
6,066,311
  
Enterprise Products Partners, LP
    
134,124
      
4,156,503
  
Hess Midstream LP - Class A (e)
    
15,998
      
696,393
  
MPLX, LP
    
80,590
      
4,230,975
  
Plains GP Holdings LP (e)
    
68,590
      
1,344,364
  
Sunoco LP
    
28,320
      
1,566,379
  
TXO Partners LP
    
41,580
      
632,016
  
             
19,469,467
  
Energy Equipment & Services - 0.3%
                
USA Compression Partners, LP
    
9,040
      
215,604
  
Total United States
      
20,396,882
  
TOTAL MASTER LIMITED PARTNERSHIPS (Cost $14,009,893)
      
20,396,882
  
                 
SHORT-TERM INVESTMENTS - 6.9%
          
Value
 
Money Market Funds - 6.9%
  
Shares
          
First American Treasury Obligations Fund - Class Z, 4.18%(f)
    
5,572,151
      
5,572,151
  
TOTAL SHORT-TERM INVESTMENTS (Cost $5,572,151)
      
5,572,151
  
                 
TOTAL INVESTMENTS - 98.8% (Cost $60,996,064)
      
79,436,660
  
Other Assets in Excess of Liabilities - 1.2%
      
943,341
  
TOTAL NET ASSETS - 100.0%
          
$
80,380,001
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%

ADR - American Depositary Receipt
NV - Naamloze Vennootschap
LP - Limited Partnership
PLC - Public Limited Company
SA - Sociedad Anónima
SE – Societas Europeae
SpA – Societ per Azioni

(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 July 31, 2025, the value of these securities total $393,599 or 0.5% 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 such country or region.
(e)
This Security has elected to be treated as a corporation for U.S. Federal income tax purposes.
(f)
The rate shown represents the 7-day annualized effective yield as of July 31, 2025.
EIP Growth and Income Fund
Schedule of Total Return Swap Contracts
as of July 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 $985,000 in cash was segregated with the custodian to cover the following total return swaps outstanding at July 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
06/16/2026
  
$
35,208
    
$
(229
)
Atmos Energy Corp.
BNP Paribas Prime Brokerage, Inc.
Long
06/16/2026
    
412,988
      
3,918
  
Cheniere Energy, Inc.
BNP Paribas Prime Brokerage, Inc.
Long
06/16/2026
    
105,899
      
1
  
Clearway Energy, Inc. - Class A
BNP Paribas Prime Brokerage, Inc.
Long
06/16/2026
    
227,778
      
2,850
  
DT Midstream, Inc.
BNP Paribas Prime Brokerage, Inc.
Long
06/16/2026
    
429,187
      
(2,828
)
Enterprise Products Partners, LP
BNP Paribas Prime Brokerage, Inc.
Long
06/16/2026
    
2,318,085
      
(2,813
)
IDACORP, Inc.
BNP Paribas Prime Brokerage, Inc.
Long
06/16/2026
    
108,468
      
6,583
  
Kinder Morgan, Inc.
BNP Paribas Prime Brokerage, Inc.
Long
06/16/2026
    
72,644
      
904
  
New Jersey Resources Corp.
BNP Paribas Prime Brokerage, Inc.
Long
06/16/2026
    
69,324
      
(161
)
Sempra Energy
BNP Paribas Prime Brokerage, Inc.
Long
06/16/2026
    
528,618
      
52,531
  
The Williams Companies, Inc.
BNP Paribas Prime Brokerage, Inc.
Long
06/16/2026
    
140,672
      
3,481
  
     
$
64,237
  

(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 $30,526 of net dividends and financing costs.

The accompanying notes are an integral part of these financial statements.
Summary of Fair Value Disclosure as of July 31, 2025 (Unaudited)
 
EIP Growth and Income Fund (the "Fund") has adopted fair value accounting standards which establish a 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 valuation 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 based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of July 31, 2025:
 

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Investments:
                        
  Common Stocks
  
$
53,467,627
    
$
–
    
$
–
    
$
53,467,627
  
  Master Limited Partnerships
    
20,396,882
      
–
      
–
      
20,396,882
  
  Money Market Funds
    
5,572,151
      
–
      
–
      
5,572,151
  
Total Investments
  
$
79,436,660
    
$
–
    
$
–
      
79,436,660
  
   
Other Financial Instruments:
                                
  Total Return Swaps*
    
–
      
70,268
      
–
      
70,268
  
Total Other Financial Instruments
  
$
–
    
$
70,268
    
$
–
    
$
70,268
  
                                 
Liabilities:
                                
Other Financial Instruments:
                                
  Total Return Swaps*
    
–
      
(6,031
)
    
–
      
(6,031
)
Total Other Financial Instruments
  
$
–
    
$
(6,031
)
  
$
–
    
$
(6,031
)
   
* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of July 31, 2025.
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.