NXG NextGen Infrastructure Income Fund | ||||||||
SCHEDULE OF INVESTMENTS (Unaudited) | ||||||||
August 31, 2023 | ||||||||
Fair | ||||||||
Common Stock - 78.0% | Shares | Value | ||||||
Battery Manufacturer - 0.5% | ||||||||
Freyr Battery(2)(3) | 90,000 | $ | 560,700 | |||||
Communication Services - 1.7% | ||||||||
Infrastrutture Wireless Italiane SpA(1)(2) | 162,944 | 2,016,008 | ||||||
Data Center Software - 1.9% | ||||||||
Megaport Ltd.(2)(3) | 282,548 | 2,194,666 | ||||||
Diversified Renewable Generation - 2.1% | ||||||||
Renew Energy Global plc(2)(3) | 415,447 | 2,534,227 | ||||||
Electric Vehicle Charging - 1.2% | ||||||||
Chargepoint Holdings, Inc.(3) | 50,000 | 358,000 | ||||||
EVGO, Inc.(3) | 79,819 | 320,872 | ||||||
Tritium DCFC Limited(2)(3) | 800,955 | 758,905 | ||||||
1,437,777 | ||||||||
Electric Vehicle OEM - 0.4% | ||||||||
Niu Technologies(2)(3) | 169,199 | 524,517 | ||||||
Energy Metering & Management - 1.4% | ||||||||
STEM, Inc.(3) | 316,956 | 1,613,306 | ||||||
Industrials- 2.6% | ||||||||
Plug Power, Inc.(3) | 366,671 | 3,102,037 | ||||||
Integrated Utility - 0.6% | ||||||||
Enel Societa Per Azioni(1)(2) | 100,000 | 666,500 | ||||||
IT Services - 4.1% | ||||||||
21Vianet Group, Inc.(1)(2)(3) | 776,687 | 2,912,576 | ||||||
GDS Holdings Ltd.(1)(2)(3) | 167,880 | 2,007,845 | ||||||
4,920,421 | ||||||||
Large Cap Diversified C Corps. - 3.6% | ||||||||
Pembina Pipeline Corporation(1)(2) | 138,907 | 4,317,230 | ||||||
LNG Midstream - 4.8% | ||||||||
New Fortress Energy, Inc. | 182,157 | 5,654,153 | ||||||
Mineral Royalties - 4.4% | ||||||||
Sitio Royalties Corporation | 206,280 | 5,239,512 | ||||||
Natural Gas Gatherers & Processors - 2.4% | ||||||||
DT Midstream, Inc. | 55,000 | 2,875,950 | ||||||
Natural Gas Pipeline - 2.5% | ||||||||
Williams Companies, Inc. | 85,000 | 2,935,050 | ||||||
Natural Gas Transportation & Storage - 5.2% | ||||||||
Equitrans Midstream Corporation(1) | 637,742 | 6,122,323 | ||||||
Renewable Generation - 1.8% | ||||||||
Sunnova Energy International, Inc.(3) | 150,488 | 2,093,288 | ||||||
Solar - 7.4% | ||||||||
Atlantica Sustainable Infrastructure plc(1)(2) | 344,368 | 7,731,062 | ||||||
Sunrun, Inc.(1)(3) | 64,500 | 1,008,135 | ||||||
8,739,197 | ||||||||
Solar Energy Equipment - 4.6% | ||||||||
Array Technologies, Inc.(1)(3) | 112,855 | 2,806,704 | ||||||
Maxeon Solar Technologies Ltd.(2)(3) | 169,179 | 2,666,261 | ||||||
5,472,965 | ||||||||
Solar Equipment - 5.0% | ||||||||
FTC Solar, Inc.(3) | 843,273 | 1,585,353 | ||||||
Shoals Technologies Group, Inc. - Class A(3) | 161,456 | 3,177,454 | ||||||
SMA Solar Technology AG(2)(3) | 14,029 | 1,127,087 | ||||||
5,889,894 | ||||||||
Solar Generation - 3.9% | ||||||||
Altus Power, Inc.(3) | 208,682 | 1,348,086 | ||||||
Solaria Energia(1)(2)(3) | 220,426 | 3,275,491 | ||||||
4,623,577 | ||||||||
Solar Materials Modules - 1.0% | ||||||||
Meyer Burger Technology AG(2)(3) | 2,669,233 | 1,198,597 | ||||||
Towers - 6.2% | ||||||||
Cellnex Telecom SA(2) | 35,000 | 1,338,593 | ||||||
Crown Castle Inc. | 60,458 | 6,076,029 | ||||||
7,414,622 | ||||||||
Utilities - 6.0% | ||||||||
Clearway Energy, Inc.(1) | 288,733 | 7,151,916 | ||||||
Wind Equipment - 1.9% | ||||||||
TPI Composites, Inc.(3) | 457,631 | 2,311,036 | ||||||
Wind Generation - 0.8% | ||||||||
Orsted A/S(2)(4) | 15,398 | 987,854 | ||||||
Total Common Stocks (Cost $109,021,417) | $ | 92,597,323 | ||||||
Master Limited Partnerships and Related Companies - 41.0% | Units | |||||||
Crude Oil & Refined Products - 5.8% | ||||||||
Delek Logistics Partners, L.P.(1) | 26,520 | $ | 1,107,210 | |||||
Nustar Energy, L.P.(1) | 347,594 | 5,825,675 | ||||||
6,932,885 | ||||||||
Large Cap Diversified C Corps - 1.0% | ||||||||
Plains GP Holdings, L.P.(1) | 78,643 | 1,261,434 | ||||||
Large Cap MLP - 9.6% | ||||||||
Energy Transfer, L.P.(1) | 389,472 | 5,246,194 | ||||||
MPLX, L.P.(1) | 175,227 | 6,113,670 | ||||||
11,359,864 | ||||||||
Natural Gas Gatherers & Processors - 8.4% | ||||||||
Crestwood Equity Partners, L.P.(1) | 223,506 | 6,392,272 | ||||||
Western Midstream Partners, L.P.(1) | 132,802 | 3,544,485 | ||||||
9,936,757 | ||||||||
Natural Gas Transportation & Storage- 4.0% | ||||||||
Cheniere Energy Partners, L.P. | 91,940 | 4,771,686 | ||||||
Upstream MLP - 5.3% | ||||||||
Kimbell Royalty Partners, L.P. | 151,128 | 2,319,815 | ||||||
TXO Energy Partners, L.P. | 187,500 | 3,986,250 | ||||||
6,306,065 | ||||||||
YieldCo - 6.9% | ||||||||
NextEra Energy Partners, L.P. | 163,281 | 8,144,456 | ||||||
Total Master Limited Partnerships and Related Companies (Cost $36,879,382) | $ | 48,713,147 | ||||||
Real Estate Investment Trusts - 1.1% | Shares | |||||||
Data Centers - 1.1% | ||||||||
Keppel DC REIT(2) | 831,057 | $ | 1,352,206 | |||||
Total Real Estate Investment Trusts (Cost $1,440,460) | $ | 1,352,206 | ||||||
. | ||||||||
Fixed Income - 8.3% | Principal Amount | |||||||
Automobile Parts Manufacturing - 4.3% | ||||||||
Clarios Global, L.P., 8.500%, due 05/15/2027 (1)(2)(4) | 5,000,000 | $ | 5,059,710 | |||||
Exploration & Production - 0.0% | ||||||||
Sanchez Energy Corporation, 6.125%, due 01/15/2023(1) | 5,000,000 | - | ||||||
Refiners - 4.0% | ||||||||
PBF Holding Company, LLC / PBF Finance Corporation, 7.000%, due 11/15/2023(1) | 4,750,000 | 4,754,592 | ||||||
Total Fixed Income (Cost $14,691,118) | $ | 9,814,302 | ||||||
Short-Term Investments - Investment Companies - 7.2% | Shares | |||||||
First American Government Obligations Fund - Class X, 5.25%(1)(5) | 4,296,578 | $ | 4,296,577 | |||||
First American Treasury Obligations Fund - Class X, 5.26%(1)(5) | 4,296,577 | 4,296,577 | ||||||
Total Short-Term Investments - Investment Companies (Cost $8,593,154) | $ | 8,593,154 | ||||||
Total Investments - 135.6% (Cost $170,625,531) | $ | 161,070,132 | ||||||
Liabilities in Excess of Other Assets - (35.6)% | (42,317,386 | ) | ||||||
Net Assets Applicable to Common Stockholders - 100.0% | $ | 118,752,746 |
(1) | All or a portion of these securities are held as collateral pursuant to the loan agreements. | |||||||
(2) | Foreign issued security. Foreign concentration is as follows: United Kingdom 8.64%, Canada 7.90%, Cayman Islands 4.59%, Spain 3.89%, Singapore 3.38%, Australia 2.49%, Italy 2.26%, Switzerland 1.01%, Germany 0.95%, Denmark 0.93%, and Luxembourg 0.47%. | |||||||
(3) | No distribution or dividend was made during the period ended August 31, 2023. As such, it is classified as a non-income producing security as of August 31, 2023. | |||||||
(4) | Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” These securities have been deemed to be liquid by the Fund’s adviser under the supervision of the Board of Directors. As of August 31, 2023, the value of these investments was $6,047,564 or 5.09% of total net assets. | |||||||
(5) | Rate reported is the current yield as of August 31, 2023. |
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 — other significant 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 listed below.
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 | August 31, 2023 | (Level 1) | (Level 2) | (Level 3) | |||||||||||
Assets Equity Securities | |||||||||||||||
Common Stock (a) | $ | 92,597,323 | $ | 92,597,323 | $ | - | $ | - | |||||||
Master Limited Partnerships and Related Companies (a) | 48,713,147 | 48,713,147 | - | - | |||||||||||
Real Estate Investment Trusts (a) | 1,352,206 | 1,352,206 | - | - | |||||||||||
Total Equity Securities | 142,662,676 | 142,662,676 | - | - | |||||||||||
Notes Senior Notes(a) | 9,814,302 | - | 9,814,302 | - | |||||||||||
Total Notes | 9,814,302 | - | 9,814,302 | - | |||||||||||
Other | |||||||||||||||
Short Term Investments (a) | 8,593,154 | 8,593,154 | - | - | |||||||||||
Total Other | 8,593,154 | 8,593,154 | - | - | |||||||||||
Total Assets | $ | 161,070,132 | $ | 151,255,830 | $ | 9,814,302 | $ | - |
(a) | All other industry classifications are identified in the Schedule of Investments. The Fund did not hold Level 3 investments at any time during the period ended August 31, 2023. |
Transfers into and out of each level are measured at fair value at the end of the period. There were no transfers between any levels during the period ended August 31, 2023.