MainGate Trust NPORT-P MainGate MLP Fund (Feb 2021 report)

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.