Eip Investment Trust NPORT-P EIP Growth and Income Fund (Jul 2023 report)

EIP Growth and Income Fund			July 31, 2023
Schedule of Investments (Unaudited)
Shares			Value
UNITED STATES COMMON STOCKS - 46.42%
		Construction & Engineering - 3.28%
	16,980	Quanta Services, Inc.	$	3,423,508
		Energy - 14.88%
	20,900	Cheniere Energy, Inc.		3,382,874
	400	Chevron Corp.		65,464
	80,670	DT Midstream, Inc.		4,317,458
	13,099	Enbridge, Inc.		482,043
	9,100	Exxon Mobil Corp.		975,884
	116,320	Kinder Morgan, Inc.		2,060,027
	18,412	ONEOK, Inc.		1,234,341
	31,400	Targa Resources Corp.		2,574,486
	13,309	The Williams Companies, Inc.		458,495
				15,551,072
		Energy Equipment & Services - 3.69%
	41,900	Archrock, Inc.		488,554
	5,000	Cactus, Inc. - Class A		253,900
	22,400	Halliburton Co.		875,392
	6,200	Helmerich & Payne, Inc.		277,574
	1,700	Nabors Industries, Ltd. (a)		208,233
	14,300	NOV, Inc.		287,144
	18,100	Patterson-UTI Energy, Inc.		286,704
	20,100	Schlumberger NV		1,172,634
				3,850,135
		Independent Power and Renewable Electricity Producers - 2.65%
	79,750	Clearway Energy, Inc. - Class A		1,967,432
	37,200	The AES Corp.		804,636
				2,772,068
		Semiconductors & Semiconductor Equipment - 0.23%
	1,600	Enphase Energy, Inc. (a)		242,928
		Utilities - 21.69%
	29,110	Alliant Energy Corp.		1,564,371
	27,915	American Electric Power Co., Inc.		2,365,517
	100	American Water Works Co., Inc.		14,743
	10,050	Atmos Energy Corp.		1,223,186
	3,990	CenterPoint Energy, Inc.		120,059
	12,760	CMS Energy Corp.		779,253
	2,890	Constellation Energy Corp.		279,319
	9,440	DTE Energy Co.		1,078,992
	5,690	Duke Energy Corp.		532,698
	7,700	Entergy Corp.		790,790
	17,500	Evergy, Inc.		1,049,475
	18,220	Eversource Energy		1,317,853
	2,270	Exelon Corp.		95,022
	58,700	National Fuel Gas Co.		3,117,557
	3,000	New Jersey Resources Corp.		134,100
	13,461	NextEra Energy, Inc.		986,691
	6,975	ONE Gas, Inc.		551,932
	27,740	PPL Corp.		763,682
	17,220	Public Service Enterprise Group, Inc.		1,086,926
	13,100	Sempra Energy		1,952,162
	14,490	The Southern Co.		1,048,207
	14,340	WEC Energy Group, Inc.		1,288,592
	8,290	Xcel Energy, Inc.		520,032
				22,661,159
		TOTAL UNITED STATES COMMON STOCKS (Cost $47,140,364)		48,500,870
MASTER LIMITED PARTNERSHIPS - 32.66%
		Chemicals - 1.38%
	63,690	Westlake Chemical Partners, LP		1,446,400
		Energy - 27.87%
	51,074	Cheniere Energy Partners LP		2,637,972
	478,600	Energy Transfer, LP		6,360,594
	15,500	EnLink Midstream LLC (b)		179,800
	169,434	Enterprise Products Partners, LP		4,491,695
	93,660	Hess Midstream, LP - Class A (b)		2,921,256
	5,710	Holly Energy Partners, LP		111,345
	87,763	Magellan Midstream Partners, LP		5,816,054
	63,500	MPLX, LP		2,254,885
	242,860	Plains GP Holdings, LP - Class A (b)		3,810,473
	19,000	Western Midstream Partners, LP		537,130
				29,121,204
		Energy Equipment & Services - 0.42%
	21,900	USA Compression Partners, LP		436,029
		Independent Power and Renewable Electricity Producers - 2.99%
	57,280	NextEra Energy Partners, LP (b)		3,118,896
		TOTAL MASTER LIMITED PARTNERSHIPS (Cost $29,170,422)		34,122,529
BRITISH COMMON STOCKS - 5.81%
		Energy - 5.81%
	80,200	BP PLC - ADR		2,991,460
	50,000	Shell PLC - ADR		3,081,500
		TOTAL BRITISH COMMON STOCKS (Cost $5,118,440)		6,072,960
CANADIAN COMMON STOCKS - 5.03%
		Energy - 2.30%
	74,790	Keyera Corp.		1,872,231
	14,693	TC Energy Corp.		527,038
				2,399,269
		Independent Power and Renewable Electricity Producers - 0.03%
	1,500	Northland Power, Inc.		29,018
		Utilities - 2.70%
	14,601	AltaGas, Ltd.		288,222
	62,250	Atco, Ltd. - Class I		1,776,886
	2,710	Canadian Utilities, Ltd. - Class A		67,491
	1,000	Emera, Inc.		40,564
	2,050	Fortis, Inc.		87,385
	20,000	Hydro One Ltd.		564,213
				2,824,761
		TOTAL CANADIAN COMMON STOCKS (Cost $5,789,105)		5,253,048
FRENCH COMMON STOCKS - 2.78%
		Energy - 2.78%
	47,800	TotalEnergies SE - ADR		2,908,630
		TOTAL FRENCH COMMON STOCKS (Cost $2,614,811)		2,908,630
ITALIAN COMMON STOCKS - 1.31%
		Utilities - 1.31%
	200,656	Enel SpA - ADR		1,371,444
		TOTAL ITALIAN COMMON STOCKS (Cost $1,327,419)		1,371,444
SPANISH COMMON STOCKS - 0.79%
		Independent Power and Renewable Electricity Producers - 0.68%
	37,300	EDP Renovaveis SA - ADR		712,371
		Utilities - 0.11%
	2,140	Iberdrola SA - ADR		106,974
		TOTAL SPANISH COMMON STOCKS (Cost $1,065,919)		819,345
DANISH COMMON STOCKS - 0.03%
		Utilities - 0.03%
	1,205	Orsted A/S - ADR		34,945
		TOTAL DANISH COMMON STOCKS (Cost $52,964)		34,945
SHORT TERM INVESTMENTS - 3.54%
		Money Market Funds - 3.54%
	3,699,131	First American Treasury Obligations, Class Z,
		Effective Yield, 5.12% (c)		3,699,131
		Total Short Term Investments (Cost $3,699,131)		3,699,131
		Total Investments in Securities (Cost $95,978,575) - 98.37%		102,782,902
		Other Assets in Excess of Liabilities - 1.63%		1,706,372
		NET ASSETS - 100.00%	$	104,489,274

Percentages are stated as a percentage of net assets.
(a)	Non-income producing security.
(b)	Organized as a limited partnership and has elected to be treated as a corporation for U.S. federal income tax purposes.
(c)	Seven-day yield as of July 31, 2023.
ADR	American Depositary Receipt
PLC	Public Limited Company

Schedule of Total Return Swaps (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 July 31, 2023:

Long Total Return Equity Swaps	Expiration Date		Notional Amount(1)		Unrealized Appreciation (Depreciation)(2)
American Water Works Co., Inc.
	06/19/2024	$	40,340	$	854
Atmos Energy Corp.
	06/19/2024		426,096		6,270
Cheniere Energy, Inc.
	06/19/2024		77,495		3,267
Clearway Energy, Inc. - Class A
	06/19/2024		258,257		(9,648)
DT Midstream, Inc.
	06/19/2024		293,892		10,536
Enbridge, Inc.
	06/19/2024		105,792		699
Enterprise Products Partners, LP
	06/19/2024		2,648,257		27,029
IDACORP, Inc.
	06/19/2024		124,654		(512)
Kinder Morgan, Inc.
	06/19/2024		59,441		2,864
New Jersey Resources Corp.
	06/19/2024		94,951		(2,627)
PPL Corp.
	06/19/2024		39,675		1,534
Sempra Energy
	06/19/2024		699,915		12,377
The Williams Companies, Inc.
	06/19/2024		107,943		4,475
	Total	$	4,976,708	$	57,118

⁽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 $39,848 of net dividends and financing costs.

EIP Growth and Income Fund
Notes to Schedule of Investments (unaudited)	July 31, 2023
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.
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.
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.
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.
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:
• 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)
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 July 31, 2023 is as follows:

	Total			Level 1		Significant			Significant
	Value at			Quoted		Observable			Unobservable
	07/31/2023			Price		Inputs			Inputs
ASSETS
United States Common Stock	$	48,500,870		$	48,500,870	$	–		$	–
Master Limited Partnerships		34,122,529			34,122,529		–			–
British Common Stock		6,072,960			6,072,960		–			–
Canadian Common Stock		5,253,048			5,253,048		–			–
French Common Stock		2,908,630			2,908,630		–			–
Italian Common Stock		1,371,444			1,371,444		–			–
Spanish Common Stock		819,345			819,345		–			–
Danish Common Stock		34,945			34,945		–			–
Short Term Investments		3,699,131			3,699,131		–			–
Other Financial Instruments*
Equity Contracts - Swaps		69,905			–		69,905			–
Total	$	102,852,807		$	102,782,902	$	69,905		$	–
LIABILITIES
Other Financial Instruments*
Equity Contracts - Swaps		(12,787	)		–		(12,787	)		–
Total	$	(12,787	)	$	–	$	(12,787	)	$	–

*Other Financial Instruments, such as swaps, are not reflected in the Schedule of Investments and are reflected at the unrealized appreciation (depreciation) on the instrument. Total Return Swaps can be located in the Schedule of Total Return Swaps.

For further information regarding security characteristics, see the Schedule of Investments.

The Fund did not have any transfers in or out of Level 3 during the three months ended July 31, 2023. Transfers in and out of levels are recognized at market value at the end of the period.

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.

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.