Units | Description | Value | ||
MASTER LIMITED PARTNERSHIPS – 66.1% | ||||
Chemicals – 3.1% | ||||
406,698 | Westlake Chemical Partners, L.P. (a) | $9,349,987 | ||
Energy Equipment & Services – 0.4% | ||||
57,500 | USA Compression Partners, L.P. | 1,220,150 | ||
Gas Utilities – 0.8% | ||||
165,600 | Suburban Propane Partners, L.P. (a) | 2,404,512 | ||
Independent Power & Renewable Electricity Producers – 1.7% | ||||
101,161 | NextEra Energy Partners, L.P. (b) (c) | 5,045,911 | ||
Oil, Gas & Consumable Fuels – 60.1% | ||||
454,807 | Cheniere Energy Partners, L.P. (a) | 23,604,483 | ||
2,295,767 | Energy Transfer, L.P. (a) | 30,923,981 | ||
30,000 | EnLink Midstream, LLC (a) (b) | 373,200 | ||
1,360,016 | Enterprise Products Partners, L.P. (a) | 36,190,026 | ||
515,800 | Hess Midstream, L.P., Class A (a) (b) | 14,906,620 | ||
139,386 | Holly Energy Partners, L.P. (a) | 2,968,922 | ||
541,174 | Magellan Midstream Partners, L.P. (a) | 35,944,777 | ||
450,000 | MPLX, L.P. (a) | 15,700,500 | ||
1,224,321 | Plains All American Pipeline, L.P. (a) (c) | 18,670,895 | ||
73,475 | TXO Partners, L.P. | 1,562,079 | ||
65,000 | Western Midstream Partners, L.P. (c) | 1,734,850 | ||
182,580,333 | ||||
Total Master Limited Partnerships | 200,600,893 | |||
(Cost $87,489,993) | ||||
Shares | Description | Value | ||
COMMON STOCKS – 63.1% | ||||
Electric Utilities – 9.5% | ||||
73,000 | Alliant Energy Corp. (c) | 3,662,410 | ||
66,960 | American Electric Power Co., Inc. (c) | 5,249,664 | ||
99 | Constellation Energy Corp. | 10,312 | ||
9,500 | Duke Energy Corp. | 843,600 | ||
10,000 | Emera, Inc. (CAD) | 374,852 | ||
453,230 | Enel S.p.A., ADR (a) | 3,020,778 | ||
10,000 | Entergy Corp. | 952,500 | ||
43,300 | Eversource Energy | 2,763,406 | ||
135,000 | Exelon Corp. (c) | 5,416,200 | ||
11,500 | Iberdrola S.A., ADR | 545,445 | ||
17,800 | IDACORP, Inc. | 1,705,952 | ||
20,085 | NextEra Energy, Inc. | 1,341,678 | ||
11,280 | Orsted A/S, ADR | 240,602 | ||
72,980 | PPL Corp. | 1,818,661 | ||
390 | Southern (The) Co. | 26,415 | ||
12,600 | Xcel Energy, Inc. (c) | 719,838 | ||
28,692,313 | ||||
Energy Equipment & Services – 1.0% | ||||
244,000 | Archrock, Inc. (a) | 3,120,760 | ||
Gas Utilities – 7.2% | ||||
103,960 | AltaGas Ltd. (CAD) (a) | 2,032,729 | ||
34,150 | Atmos Energy Corp. (a) | 3,959,693 | ||
190,700 | National Fuel Gas Co. (a) | 10,248,218 | ||
55,120 | New Jersey Resources Corp. (a) | 2,324,410 | ||
37,900 | ONE Gas, Inc. (a) | 2,746,613 |
Shares | Description | Value | ||
COMMON STOCKS (Continued) | ||||
Gas Utilities (Continued) | ||||
25,460 | UGI Corp. | $641,083 | ||
21,952,746 | ||||
Independent Power & Renewable Electricity Producers – 1.0% | ||||
75,340 | AES (The) Corp. | 1,350,846 | ||
61,100 | Clearway Energy, Inc., Class A | 1,432,184 | ||
13,800 | EDP Renovaveis S.A. (EUR) | 252,967 | ||
3,035,997 | ||||
Multi-Utilities – 8.9% | ||||
105,000 | Atco Ltd., Class I (CAD) (a) | 2,898,535 | ||
14,100 | CenterPoint Energy, Inc. (a) | 393,249 | ||
31,690 | CMS Energy Corp. | 1,780,661 | ||
30,810 | DTE Energy Co. (a) | 3,185,138 | ||
103,370 | Public Service Enterprise Group, Inc. | 6,313,839 | ||
153,600 | Sempra | 10,785,792 | ||
20,840 | WEC Energy Group, Inc. (c) | 1,753,061 | ||
27,110,275 | ||||
Oil, Gas & Consumable Fuels – 34.5% | ||||
150,000 | BP PLC, ADR (c) | 5,577,000 | ||
28,950 | Cheniere Energy, Inc. (c) | 4,724,640 | ||
228,155 | DT Midstream, Inc. (a) | 11,930,225 | ||
222,596 | Enbridge, Inc. | 7,808,668 | ||
246,370 | Keyera Corp. (CAD) (a) | 6,086,316 | ||
680,595 | Kinder Morgan, Inc. (a) (c) | 11,719,846 | ||
167,784 | ONEOK, Inc. (c) | 10,939,517 | ||
110,000 | Shell PLC, ADR (c) | 6,829,900 | ||
85,300 | Targa Resources Corp. (c) | 7,357,125 | ||
149,279 | TC Energy Corp. | 5,391,957 | ||
95,500 | TotalEnergies SE, ADR | 6,007,905 | ||
590,852 | Williams (The) Cos., Inc. (c) | 20,402,120 | ||
104,775,219 | ||||
Professional Services – 0.7% | ||||
16,000 | Jacobs Solutions, Inc. (c) | 2,157,120 | ||
Semiconductors & Semiconductor Equipment – 0.1% | ||||
2,500 | Enphase Energy, Inc. (d) | 316,325 | ||
Water Utilities – 0.2% | ||||
3,500 | American Water Works Co., Inc. | 485,590 | ||
Total Common Stocks | 191,646,345 | |||
(Cost $174,078,703) | ||||
MONEY MARKET FUNDS – 4.5% | ||||
13,670,976 | Morgan Stanley Institutional Liquidity Funds - Treasury Portfolio - Institutional Class - 5.21% (e) | 13,670,976 | ||
(Cost $13,670,976) | ||||
Total Investments – 133.7% | 405,918,214 | |||
(Cost $275,239,672) |
Number of Contracts | Description | Notional Amount | Exercise Price | Expiration Date | Value | |||||
CALL OPTIONS WRITTEN – (0.2)% | ||||||||||
(730) | Alliant Energy Corp. (f) (g) | $(3,662,410) | $57.50 | 09/15/23 | 0 | |||||
(669) | American Electric Power Co., Inc. | (5,244,960) | 82.50 | 10/20/23 | (49,506) |
Number of Contracts | Description | Notional Amount | Exercise Price | Expiration Date | Value | |||||
CALL OPTIONS WRITTEN (Continued) | ||||||||||
(1,500) | BP PLC, ADR | $(5,577,000) | $37.50 | 09/15/23 | $(64,500) | |||||
(289) | Cheniere Energy, Inc. | (4,716,480) | 175.00 | 09/15/23 | (9,248) | |||||
(1,350) | Exelon Corp. | (5,416,200) | 42.00 | 10/20/23 | (47,250) | |||||
(160) | Jacobs Solutions, Inc. | (2,157,120) | 140.00 | 10/20/23 | (21,120) | |||||
(3,715) | Kinder Morgan, Inc. | (6,397,230) | 18.00 | 10/20/23 | (59,440) | |||||
(842) | NextEra Energy Partners, L.P. | (4,199,896) | 60.00 | 09/15/23 | (2,526) | |||||
(1,677) | ONEOK, Inc. | (10,934,040) | 70.00 | 09/15/23 | (11,739) | |||||
(6,491) | Plains All American Pipeline, L.P. | (9,898,775) | 16.00 | 10/20/23 | (129,820) | |||||
(1,100) | Shell PLC, ADR | (6,829,900) | 63.00 | 09/15/23 | (50,600) | |||||
(853) | Targa Resources Corp. | (7,357,125) | 87.50 | 09/15/23 | (99,801) | |||||
(208) | WEC Energy Group, Inc. | (1,749,696) | 90.00 | 10/20/23 | (9,880) | |||||
(140) | Western Midstream Partners, L.P. (f) (g) | (373,660) | 30.00 | 09/15/23 | (140) | |||||
(510) | Western Midstream Partners, L.P. | (1,361,190) | 29.00 | 10/20/23 | (10,200) | |||||
(3,000) | Williams (The) Cos., Inc. | (10,359,000) | 36.00 | 10/20/23 | (81,000) | |||||
(126) | Xcel Energy, Inc. | (719,838) | 60.00 | 10/20/23 | (6,426) | |||||
Total Call Options Written | (653,196) | |||||||||
(Premiums received $1,068,077) |
Outstanding Loan – (25.4)% | (77,200,000) | |
Net Other Assets and Liabilities – (8.1)% | (24,471,549) | |
Net Assets – 100.0% | $303,593,469 |
(a) | All or a portion of this security serves as collateral on the outstanding loan. |
(b) | This security is taxed as a “C” corporation for federal income tax purposes. |
(c) | All or a portion of this security’s position represents cover for outstanding options written. |
(d) | Non-income producing security. |
(e) | Rate shown reflects yield as of August 31, 2023. |
(f) | This investment is fair valued by the Advisor’s Pricing Committee in accordance with procedures approved by the Fund’s Board of Trustees, and in accordance with the provisions of the Investment Company Act of 1940 and rules thereunder, as amended. At August 31, 2023, investments noted as such are valued at $(140) or (0.0)% of net assets. |
(g) | This investment’s value was determined using significant unobservable inputs (see Valuation Inputs section). |
Abbreviations throughout the Portfolio of Investments: | |
ADR | American Depositary Receipt |
CAD | Canadian Dollar |
EUR | Euro |
• | Level 1 – Level 1 inputs are quoted prices in active markets for identical investments. |
• | Level 2 – Level 2 inputs are observable inputs, either directly or indirectly. (Quoted prices for similar investments, valuations based on interest rates and yield curves, or valuations derived from observable market data.) |
• | Level 3 – Level 3 inputs are unobservable inputs that may reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the investment. |
ASSETS TABLE | ||||
Total Value at 8/31/2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Master Limited Partnerships* | $ 200,600,893 | $ 200,600,893 | $ — | $ — |
Common Stocks* | 191,646,345 | 191,646,345 | — | — |
Money Market Funds | 13,670,976 | 13,670,976 | — | — |
Total Investments | $ 405,918,214 | $ 405,918,214 | $— | $— |
LIABILITIES TABLE | ||||
Total Value at 8/31/2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Call Options Written | $ (653,196) | $ (632,976) | $ (20,080) | $ (140) |
* | See Portfolio of Investments for industry breakout. |