RECURRENT MLP & INFRASTRUCTURE FUND
SCHEDULE OF INVESTMENTS (Unaudited)
July 31, 2025
 
Shares             Fair Value
    COMMON STOCKS — 72.6%      
    OIL & GAS PRODUCERS - 72.6%      
929,152   AltaGas Ltd.       $ 27,433,320
5,643,414   Cenovus Energy, Inc.         85,949,195
247,314   Cheniere Energy, Inc.         58,336,426
324,000   DT Midstream, Inc.         33,284,520
429,734   Enbridge, Inc.         19,462,653
1,414,560   Keyera Corporation         44,409,180
1,391,065   Kinder Morgan, Inc.         39,033,284
250,559   Marathon Petroleum Corporation         42,642,636
56,469   Murphy USA, Inc.         20,468,883
969,460   ONEOK, Inc.         79,602,361
1,620,919   PBF Energy, Inc., Class A         36,632,769
1,717,268   Pembina Pipeline Corporation         63,865,197
413,643   Phillips 66         51,118,002
1,506,325   South Bow Corporation         39,556,095
1,568,608   Suncor Energy, Inc.         61,897,272
478,648   Targa Resources Corporation         79,651,814
204,390   TC Energy Corporation         9,786,193
307,467   Viper Energy, Inc.         11,579,207
717,575   Williams Companies, Inc. (The)         43,018,621
    TOTAL COMMON STOCKS (Cost $649,515,652)        

847,727,628

               
    MASTER LIMITED PARTNERSHIPS — 25.7%      
    METALS & MINING - 1.4%      
626,448   Alliance Resource Partners, L.P.         16,588,343
             
    OIL & GAS PRODUCERS - 24.3%      
4,574,033   Energy Transfer, L.P.         82,515,556
1,610,476   Enterprise Products Partners, L.P.         49,908,651
2,563,833   Plains GP Holdings, L.P., Class A         50,251,127
883,988   Sunoco, L.P.         48,893,376
             
             
             
 
 

 

RECURRENT MLP & INFRASTRUCTURE FUND  
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)  
July 31, 2025  
   
Shares             Fair Value  
    MASTER LIMITED PARTNERSHIPS — 25.7% (Continued)        
    OIL & GAS PRODUCERS - 24.3% (Continued)        
1,286,885   Western Midstream Partners, L.P.       $ 52,414,826  
             

283,983,536

  
                 
    TOTAL MASTER LIMITED PARTNERSHIPS (Cost $218,039,400)    

  300,571,879

  
                 
    SHORT-TERM INVESTMENTS — 1.5%        
    MONEY MARKET FUNDS - 1.5%        
18,116,643   First American Government Obligations Fund, Class X, 4.23% (Cost $18,116,643)(a)         18,116,643     
               
    TOTAL INVESTMENTS - 99.8% (Cost $885,671,695)     $ 1,166,416,150  
    OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%    

1,805,148

  
    NET ASSETS - 100.0%        

$ 1,168,221,298

  
             
   
                       

 

 

 

LP  - Limited Partnership
Ltd.  - Limited Company
   
 

 

 

 

(a) Rate disclosed is the seven day effective yield as of July 31, 2025.