MainGate MLP Fund | ||||||||
SCHEDULE OF INVESTMENTS (Unaudited) | ||||||||
February 28, 2021 | ||||||||
Master Limited Partnerships and Related Companies - 94.3%(1) | Shares | Fair Value | ||||||
Crude/Refined Products Pipelines and Storage - 43.8%(1) | ||||||||
Canada - 1.0%(1) | ||||||||
Enbridge, Inc. | 225,000 | $ | 7,607,250 | |||||
United States - 42.8%(1) | ||||||||
BP Midstream Partners, L.P. | 1,228,400 | 14,016,044 | ||||||
Genesis Energy, L.P. | 1,482,000 | 11,692,980 | ||||||
Magellan Midstream Partners, L.P. | 1,848,000 | 77,006,160 | ||||||
MPLX, L.P. | 3,855,000 | 91,787,550 | ||||||
Phillips 66 Partners, L.P. | 1,020,000 | 27,213,600 | ||||||
Plains All American Pipeline, L.P. | 4,591,000 | 38,748,040 | ||||||
Plains GP Holdings, L.P. | 4,499,000 | 38,781,380 | ||||||
Shell Midstream Partners, L.P. | 2,343,471 | 25,661,007 | ||||||
324,906,761 | ||||||||
Total Crude/Refined Products Pipelines and Storage | 332,514,011 | |||||||
Natural Gas/Natural Gas Liquid Pipelines and Storage - 30.0%(1) | ||||||||
Canada - 0.7%(1) | ||||||||
TC Energy Corporation | 128,000 | 5,367,040 | ||||||
United States - 29.3%(1) | ||||||||
Cheniere Energy, Inc.(2) | 58,000 | 3,908,620 | ||||||
Energy Transfer, L.P. | 8,414,000 | 64,282,960 | ||||||
Enterprise Products Partners, L.P. | 3,656,000 | 77,945,920 | ||||||
Kinder Morgan, Inc. | 2,550,000 | 37,485,000 | ||||||
Williams Companies, Inc. | 1,680,000 | 38,371,200 | ||||||
221,993,700 | ||||||||
Total Natural Gas/Natural Gas Liquid Pipelines and Storage | 227,360,740 | |||||||
Natural Gas Gathering/Processing - 20.5%(1) | ||||||||
United States - 20.5%(1) | ||||||||
Antero Midstream Corporation | 2,729,000 | 24,069,780 | ||||||
DCP Midstream, L.P. | 108,000 | 2,360,880 | ||||||
Enlink Midstream, LLC | 8,304,000 | 31,970,400 | ||||||
Targa Resources Corporation | 2,260,000 | 69,901,800 | ||||||
Western Midstream Partners, L.P. | 1,647,000 | 27,389,610 | ||||||
Total Natural Gas Gathering/Processing | 155,692,470 | |||||||
Total Master Limited Partnerships and Related Companies (Cost $617,123,564) | 715,567,221 | |||||||
Total Investments - 94.3% (Cost $617,123,564)(1) | 715,567,221 | |||||||
Other Assets in Excess of Liabilities - 5.7%(1) | 42,959,196 | |||||||
Net Assets Applicable to Common Stockholders - 100.0%(1) | $ | 758,526,417 |
(1) | Calculated as a percentage of net assets applicable to common stockholders. | |||
(2) | Non-income producing security. |
Fair Value Measurements
Various inputs that are used in determining the fair value of the Fund’s investments are summarized in the three broad levels listed below:
• | Level 1 — quoted prices in active markets for identical securities |
• | Level 2 — significant other observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
• | Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
These inputs are summarized in the three broad levels that follow.
Fair Value Measurements at Reporting Date Using | |||||||||||
Quoted Prices in | Significant | ||||||||||
Active Markets for | Significant Other | Unobservable | |||||||||
Fair Value at | Identical Assets | Observable Inputs | Inputs | ||||||||
Description | February 28, 2021 | (Level 1) | (Level 2) | (Level 3) | |||||||
Equity Securities | |||||||||||
Master Limited Partnerships and Related Companies (a) | $ | 715,567,221 | $ | 715,567,221 | $ | - | $ | - | |||
Total | $ | 715,567,221 | $ | 715,567,221 | $ | - | $ | - |
(a) | All other industry classifications are identified in the Schedule of Investments. |
The Fund did not hold Level 2 or Level 3 investments at any time during the period ended February 28, 2021. There were no transfers into and out of all Levels during the current period presented. It is the Fund’s policy to record transfers between all Levels at the end of the reporting period.