MainGate Trust NPORT-P MainGate MLP Fund (Feb 2024 report)

MainGate MLP Fund
SCHEDULE OF INVESTMENTS (Unaudited)
	February 29, 2024
Master Limited Partnerships and Related Companies - 102.3%(1)	Shares		Fair Value
Crude/Refined Products Pipelines and Storage - 26.4%(1)
Canada - 0.3%(1)
Enbridge, Inc.		70,000	$	2,409,400
United States - 26.1%(1)
Genesis Energy, L.P.		1,675,000		19,296,000
MPLX, L.P.		2,550,000		98,022,000
Phillips 66		60,000		8,550,600
Plains All American Pipeline, L.P.		2,000,000		32,840,000
Plains GP Holdings, L.P.		2,700,000		46,440,000
				205,148,600
Total Crude/Refined Products Pipelines and Storage				207,558,000
Natural Gas/Natural Gas Liquid Pipelines and Storage - 35.4%(1)
United States - 35.4%(1)
Cheniere Energy, Inc.		185,000		28,712,000
DT Midstream, Inc.		75,000		4,322,250
Energy Transfer, L.P.		6,600,000		96,624,000
Enterprise Products Partners, L.P.		2,413,000		66,236,850
Kinder Morgan, Inc.		419,000		7,286,410
ONEOK, Inc.		770,000		57,842,400
Williams Companies, Inc.		500,000		17,970,000
Total Natural Gas/Natural Gas Liquid Pipelines and Storage				278,993,910
Natural Gas Gathering/Processing - 40.5%(1)
United States - 40.5%(1)
Antero Midstream Corporation		605,000		8,107,000
Enlink Midstream, LLC		6,400,000		78,912,000
Kinetik Holdings, Inc.		336,000		11,867,520
Targa Resources Corporation		1,100,000		108,064,000
Western Midstream Partners, L.P.		3,350,000		112,057,500
Total Natural Gas Gathering/Processing				319,008,020
Total Master Limited Partnerships and Related Companies (Cost $274,803,568)				805,559,930
Total Investments - 102.3% (Cost $274,803,568)(1)				805,559,930
Liabilities in Excess of Other Assets - (2.3%)(1)				(18,436,404	)
Net Assets - 100.0%(1)			$	787,123,526

⁽¹⁾  
Calculated as a percentage of net assets.

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 29, 2024		(Level 1)		(Level 2)		(Level 3)
Equity Securities
Master Limited Partnerships and Related Companies (a)	$	805,559,930	$	805,559,930	$	-	$	-
Total	$	805,559,930	$	805,559,930	$	-	$	-

(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 29, 2024.  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.