Miller/Howard High Income Equity Fund
|
||||||||
SCHEDULE OF INVESTMENTS
|
||||||||
July 31, 2023 (unaudited)
|
||||||||
Mutual Funds - 4.5%
|
Shares
|
Fair Value
|
||||||
Business Credit Institutions - 3.2%
|
||||||||
Hercules Capital, Inc. (b)
|
400,000
|
$
|
6,708,000
|
|||||
Investing - 1.3%
|
||||||||
Main Street Capital Corp. (b)
|
62,000
|
2,620,740
|
||||||
Total Mutual Funds (Cost $7,375,668)
|
9,328,740
|
|||||||
Common Stock - 72.0%
|
||||||||
Activities Related to Credit Intermediation - 1.0%
|
||||||||
Western Union Co.
|
175,000
|
2,131,500
|
||||||
Biological Products, except Diagnostic Substances - 1.8%
|
||||||||
Gilead Sciences, Inc. (d)
|
50,000
|
3,807,000
|
||||||
Crude Petroleum - 4.7%
|
||||||||
EOG Resources, Inc.
|
36,000
|
4,771,080
|
||||||
Pioneer Natural Resources Co.
|
22,000
|
4,964,740
|
||||||
9,735,820
|
||||||||
Cut and Sew Apparel Manufacturing - 2.7%
|
||||||||
Ralph Lauren Corp.
|
42,400
|
5,568,392
|
||||||
Eating Places - 3.4%
|
||||||||
Cracker Barrel Old Country Store, Inc. (b)
|
75,000
|
6,990,000
|
||||||
Electric Power Generation, Transmission and Distribution - 4.8%
|
||||||||
Exelon Corp. (c)
|
130,000
|
5,441,800
|
||||||
Portland General Electric Co. (b)
|
94,400
|
4,500,048
|
||||||
9,941,848
|
||||||||
Electric Services - 2.6%
|
||||||||
Dominion Energy, Inc.
|
100,000
|
5,355,000
|
||||||
Fruit and Vegetable Preserving and Specialty Food Manufacturing - 3.5%
|
||||||||
Conagra Brands, Inc. (b)(c)
|
225,000
|
7,382,250
|
||||||
Grain and Oilseed Milling - 1.6%
|
||||||||
Ingredion, Inc. (b)
|
30,000
|
3,337,800
|
||||||
Metal Ore Mining - 1.9%
|
||||||||
Vale SA ADR
|
275,000
|
4,023,250
|
||||||
Nondepository Credit Intermediation - 1.8%
|
||||||||
OneMain Holdings, Inc. (b)
|
84,000
|
3,820,320
|
||||||
Oil and Gas Extraction - 7.2%
|
||||||||
Canadian Natural Resources Ltd. ADR (c)
|
150,000
|
9,120,000
|
||||||
Phillips 66 (d)
|
54,000
|
6,023,700
|
||||||
15,143,700
|
||||||||
Other Miscellaneous Manufacturing - 2.2%
|
||||||||
British American Tobacco Plc ADR (c)
|
135,000
|
4,546,800
|
||||||
Petroleum Refining - 2.9%
|
||||||||
TotalEnergies SE ADR
|
100,000
|
6,085,000
|
||||||
Pharmaceutical and Medicine Manufacturing - 1.8%
|
||||||||
Novo Nordisk A/S ADR
|
24,000
|
3,866,400
|
||||||
Pharmaceutical Preparations - 1.6%
|
||||||||
AbbVie, Inc. (d)
|
22,000
|
3,290,760
|
||||||
Pipeline Transportation of Natural Gas - 7.1%
|
||||||||
Antero Midstream Corp. (b)
|
250,000
|
2,985,000
|
||||||
Equitrans Midstream Corp. (b)
|
375,000
|
3,888,750
|
||||||
TC Energy Corp. ADR (c)
|
220,000
|
7,891,400
|
||||||
14,765,150
|
||||||||
Plastics Materials, Synthetic Resins, & Nonvulcanizable Elastomers - 3.3%
|
||||||||
LyondellBasell Industries N.V. (Netherlands) ADR (d)
|
70,000
|
6,920,200
|
||||||
Semiconductors & Related Devices - 3.5%
|
||||||||
Texas Instruments, Inc. (c)
|
40,500
|
7,290,000
|
||||||
Support Activities for Mining - 2.7%
|
||||||||
BHP Group Ltd. ADR (b)
|
90,000
|
5,638,500
|
||||||
Surety Insurance - 3.2%
|
||||||||
Old Republic International Corp. (c)
|
240,000
|
6,616,800
|
||||||
Tobacco Manufacturing - 3.9%
|
||||||||
Altria Group, Inc. (c)
|
180,000
|
8,175,600
|
||||||
Traveler Accommodation - 2.8%
|
||||||||
Vail Resorts, Inc. (c)
|
25,000
|
5,887,250
|
||||||
Total Common Stock (Cost $146,858,546)
|
150,319,340
|
|||||||
Master Limited Partnership - 15.5%
|
||||||||
Investment Advice - 3.1%
|
||||||||
AllianceBernstein Holding LP (c)
|
204,000
|
6,566,760
|
||||||
Natural Gas Transmission - 12.4%
|
||||||||
Energy Transfer L.P. (d)
|
750,500
|
9,974,145
|
||||||
Enterprise Products Partners L.P. (d)
|
300,000
|
7,953,000
|
||||||
MPLX LP (c)
|
224,000
|
7,954,240
|
||||||
25,881,385
|
||||||||
Total Master Limited Partnership (Cost $21,912,428)
|
32,448,145
|
|||||||
Real Estate Investment Trusts (REITs) - 7.9%
|
||||||||
Apple Hospitality REIT, Inc. (b)(c)
|
380,000
|
5,890,000
|
||||||
Lamar Advertising Co. (d)
|
25,000
|
2,467,500
|
||||||
Sabra Health Care REIT, Inc. (c)
|
225,000
|
2,922,750
|
||||||
Spirit Realty Capital, Inc. (b)
|
130,000
|
5,242,900
|
||||||
Total Real Estate Investment Trusts (REITs) (Cost $17,459,724)
|
16,523,150
|
|||||||
Short-Term Investments: 1.8%
|
||||||||
Morgan Stanley Institutional Liquidity Fund - Treasury Portfolio, 5.10% (a)
|
3,802,660
|
3,802,660
|
||||||
Total Short-Term Investments (Cost $3,802,660)
|
3,802,660
|
|||||||
Investments Purchased with Proceeds from Securities Lending: 19.4%
|
||||||||
Mount Vernon Liquid Assets Portfolio, LLC, 5.47% (a)
|
40,569,726
|
40,569,726
|
||||||
Total Investments Purchased with Proceeds from Securities Lending (Cost $40,569,726)
|
40,569,726
|
|||||||
Total Investments - 121.1% (cost $237,978,752)
|
252,991,761
|
|||||||
Total Value of Options Written (Premiums received $180) - (0.0%)
|
(12
|
)
|
||||||
Other Assets and Liabilities - (21.1)%
|
(44,138,401
|
)
|
||||||
Total Net Assets Applicable to Common Stockholders - 100.0%
|
$
|
208,853,348
|
Note: Percentages indicated are based on the net assets of the Fund.
|
||||
|
||||
ADR
|
American Depository Receipt
|
|||
(a)
|
Rate indicated is the current yield as of July 31, 2023.
|
|||
(b)
|
All or a portion of this security is on loan.
|
|||
(c)
|
All or a portion of this security has been pledged as collateral in connection with the Fund's Special Custody Account Agreement.
As of July 31, 2023, the total value of securites pledged as collateral for the Special Custody Account Agreement was $78,165,969.
|
|||
(d)
|
All or a portion of the security represents collateral for written options. The value of the securities segregated as collateral for written
options is $38,459,105, which is 18.4% of total net assets.
|
Miller/Howard High Income Equity Fund
|
|
||||||||||||||||
SCHEDULE OF OPTIONS WRITTEN
|
|||||||||||||||||
July 31, 2023
|
|||||||||||||||||
(unaudited)
|
|||||||||||||||||
Options Written
|
Expiration Date
|
Strike Price
|
Contracts
|
Notional Amount
|
Fair Value
|
||||||||||||
Call Options
|
|||||||||||||||||
OneMain Holdings, Inc.
|
August 2023
|
$
|
50
|
2
|
$
|
9,096
|
$
|
(12
|
)
|
||||||||
(12
|
)
|
||||||||||||||||
Total Value of Options Written (Premiums received $180)
|
$
|
(12
|
)
|
At July 31, 2023, the Funds' assets carried at market value were classified as follows:
|
|
|||||||||||||||
High Income-Equity Fund
|
||||||||||||||||
Investments in Securities (a)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Assets
|
||||||||||||||||
Mutual Funds
|
$
|
9,328,740
|
$
|
-
|
$
|
-
|
$
|
9,328,740
|
||||||||
Common Stock
|
150,319,340
|
-
|
-
|
150,319,340
|
||||||||||||
Master Limited Partnerships
|
32,448,145
|
-
|
-
|
32,448,145
|
||||||||||||
Real Estate Investment Trusts
|
16,523,150
|
-
|
-
|
16,523,150
|
||||||||||||
Short-Term Investments (b)
|
3,802,660
|
-
|
-
|
3,802,660
|
||||||||||||
Investments Purchased as
|
||||||||||||||||
Securities Lending Collateral (c)
|
-
|
-
|
-
|
40,569,726
|
||||||||||||
Total Investments in Securities
|
$
|
203,093,295
|
$
|
-
|
$
|
-
|
$
|
252,991,761
|
||||||||
Liabilities
|
||||||||||||||||
Written Options
|
$
|
12
|
$
|
-
|
$
|
-
|
$
|
12
|
||||||||
(a) All industry classifications are identified in the Schedule of Investments.
|
||||||||||||||||
(b) Short-term Investment is a sweep investment for cash balances in the Fund at July 31, 2023.
|
||||||||||||||||
(c) Certain investments are measured at fair value using the net asset value per share (or its
|
||||||||||||||||
equivalent) have not been categorized in the fair value hierarchy in accordance with ASC 820. The
|
||||||||||||||||
fair value amounts presented in the table are intended to permit reconciliation to the fair value
|
||||||||||||||||
hierarchy to the amounts presented in the Statement of Assets and Liabilities.
|
||||||||||||||||
The Fund did not hold any Level 2 or 3 securities during the period ended July 31, 2023.
|