Schedule of Securities Sold Short (unaudited)
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The amount of $812,834 in cash was segregated with the custodian to cover the following security sold short at January 31, 2021: BNP Paribas Prime Brokerage, Inc. is the counterparty to the below security sold short. | | | |
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| Par Value | | | | | Value |
| UNITED STATES TREASURY OBLIGATIONS - (22.60)% | | | |
| | | United States Treasury Notes - (22.60)% | | | |
$
| 30,500,000 | | 2.000%, 12/31/2021 | | | $
| (31,031,802) |
| | | TOTAL SECURITIES SOLD SHORT (Proceeds $30,972,542) | | | $ | (31,031,802) |
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Schedule of Total Return Swaps (unaudited)
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| 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 1 month LIBOR ( London Interbank Offer Rate) + 90 basis points and there were no upfront premiums paid or received. |
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The amount of $3,375,000 in cash was segregated with the custodian to cover the following total return swaps outstanding at January 31, 2021: | | | |
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Long Total Return Equity Swaps | | Expiration Date | Notional Amount(1) | | Unrealized Appreciation (Depreciation)(2) |
| American Water Works Co., Inc. | | | | | |
| | | 02/18/2021 | $
| 15,972 | | $
| (75) |
| | | 03/17/2021 | 95,832 | | (452) |
| | | 04/19/2021 | 146,942 | | (694) |
| | | 05/19/2021 | 15,972 | | (75) |
| | | 06/17/2021 | 83,054 | | (393) |
| | | 07/19/2021 | 135,762 | | (642) |
| | | 09/17/2021 | 119,790 | | (566) |
| EIP Growth and Income Fund |
| Notes to Schedule of Investments (unaudited) | | | January 31, 2021 |
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Security Valuation: For purposes of valuing investment securities, readily marketable portfolio securities listed on any exchange or the National Association of Securities Dealers Automated Quotation System (“NASDAQ”) Global Market are valued, except as indicated below, at the last sale price or the NASDAQ Official Closing Price as determined by NASDAQ on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the most recent bid and asked price on such day. Portfolio securities traded on more than one securities exchange are valued at the last sale price on the business day of which such value is being determined at the close of the exchange representing the principal market for such securities. Investments initially valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from third party pricing services (“pricing service”). As a result, the net asset value (“NAV”) of the Fund’s shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside of the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the New York Stock Exchange (“NYSE”) is closed and an investor is not able to purchase or redeem shares. |
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| Equity securities traded in the over-the-counter (“OTC”) market, but excluding securities trading on the NASDAQ Global Market, are valued at the last sale price in the OTC market if the security is traded on that day, or, if the OTC security does not trade on a particular day, the OTC security is valued at the mean between the last quoted bid and ask prices. Debt securities are priced based upon valuations provided by a pricing service. These pricing services may employ methodologies that utilize actual market transactions, broker-dealer supplied valuation, or other electronic data processing techniques. Such techniques generally consider such factors as security prices, yields, maturities, call features, ratings and developments relating to specific securities in arriving at valuations. If reliable market quotations are not readily available with respect to a portfolio security held by the Fund, including any illiquid securities, or if a valuation is deemed inappropriate, the fair value of such security will be determined under procedures adopted by the Board of Trustees of the Trust (the “Board”) in a manner designed to fairly reflect a fair market value of the security on the valuation date as described below. |
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| The use of fair value pricing by the Fund indicates that a readily available market quotation is unavailable (such as when the exchange on which a security trades does not open for the day due to extraordinary circumstances and no other market prices are available or when events occur after the close of a relevant market and prior to the close of the NYSE that materially affect the value of an asset) and in such situations the Manager, acting pursuant to policies adopted by the Board, will estimate a fair value of a security using available information. In such situations, the values assigned to such securities may not necessarily represent the amounts which might be realized upon their sale. The use of fair value pricing by the Fund will be governed by valuation procedures adopted by the Trust’s Board, and in accordance with the provisions of the 1940 Act. |
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| Swap agreements are valued utilizing quotes received daily by the Fund’s pricing service. These pricing services may employ methodologies that utilize actual market transactions, broker-dealer supplied valuation, or other electronic data processing techniques. |
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Fair Value Measurement: The inputs and valuation techniques used to measure fair value of the Fund’s net assets are summarized into three levels as described in the hierarchy below: |
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• Level 1 – unadjusted quoted prices in active markets for identical assets and liabilities
• Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, evaluation pricing, etc.)
• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of assets and liabilities) |
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| The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. A summary of the values of each investment in each level as of January 31, 2021 is as follows: |
| | | | | | | | | Level 2 | | | Level 3 | |
| | | Total | | | Level 1 | | | Significant | | | Significant | |
| | | Value at | | | Quoted | | | Observable | | | Unobservable | |
| | | 01/31/2021 | | | Price | | | Inputs | | | Inputs | |
| ASSETS | | | | | | | | | | | | |
| Master Limited Partnerships | | $ | 52,839,349 | | | $ | 52,839,349 | | | $ | – | | | $ | – | |
| United States Common Stock | | | 62,838,955 | | | | 62,838,955 | | | | – | | | | – | |
| Canadian Common Stock | | | 12,472,121 | | | | 12,472,121 | | | | – | | | | – | |
| Danish Common Stock | | | 486,956 | | | | 486,956 | | | | – | | | | – | |
| Greek Common Stock | | | 512,500 | | | | 512,500 | | | | – | | | | – | |
| Italian Common Stock | | | 403,843 | | | | 403,843 | | | | – | | | | – | |
| Spanish Common Stock | | | 2,800,453 | | | | 2,800,453 | | | | – | | | | – | |
| United States Treasury Obligations | | | 31,002,299 | | | | – | | | | 31,002,299 | | | | – | |
| Short Term Investments | | | 632,918 | | | | 632,918 | | | | – | | | | – | |
| Other Financial Instruments* | | | | | | | | | | | | | | | | |
| Equity Contracts - Swaps | | | 16,832 | | | | – | | | | 16,832 | | | | – | |
| Total | | $ | 164,006,226 | | | $ | 132,987,095 | | | $ | 31,019,131 | | | $ | – | |
| LIABILITIES | | | | | | | | | | | | | | | | |
| Other Financial Instruments* | | | | | | | | | | | | | | | | |
| Securities Sold Short | | $ | (31,031,802 | ) | | $ | – | | | $ | (31,031,802 | ) | | $ | – | |
| Equity Contracts - Swaps | | | (600,884 | ) | | | – | | | | (600,884 | ) | | | – | |
| Total | | $ | (31,632,686 | ) | | $ | – | | | $ | (31,632,686 | ) | | $ | – | |
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| *Other Financial Instruments are not reflected in the Schedule of Investments, such as swaps which are reflected at the unrealized appreciation (depreciation) on the instrument, while the securities sold short are reflected at value. | |
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| For further information regarding security characteristics, see the Schedule of Investments. | |
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| The Fund did not have any transfers in or out of Level 3 during the three months ended January 31, 2021. Transfers in and out of levels are recognized at market value at the end of the period. | |
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| At the end of each calendar quarter, management evaluates the Level 2 and Level 3 securities, if applicable, for changes in liquidity, including but not limited to: whether a broker is willing to execute at the quoted price, the depth and consistency of prices from pricing services, and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the Level 1 and Level 2 securities on a quarterly basis for changes in listings or delistings on national exchanges. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund’s investments may fluctuate from period to period. | |
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| Additionally, the fair value of investments may differ significantly from the values that would have been used had a market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities. | |
