Shares/ Units | Description | Value | ||
COMMON STOCKS – 66.2% | ||||
Construction & Engineering – 0.3% | ||||
5,000 | Quanta Services, Inc. | $352,350 | ||
Electric Utilities – 14.8% | ||||
46,200 | Alliant Energy Corp. | 2,247,630 | ||
10,000 | American Electric Power Co., Inc. (a) | 809,100 | ||
11,600 | Duke Energy Corp. | 1,090,400 | ||
20,700 | Emera, Inc. (CAD) (b) | 865,555 | ||
36,000 | Enel S.p.A., ADR | 357,120 | ||
9,200 | Eversource Energy (a) | 805,000 | ||
70,800 | Exelon Corp. | 2,942,448 | ||
17,500 | Fortis, Inc. (CAD) (b) | 707,801 | ||
6,700 | Iberdrola S.A., ADR | 364,279 | ||
25,100 | IDACORP, Inc. | 2,216,330 | ||
5,800 | NextEra Energy, Inc. (a) | 469,046 | ||
2,900 | Orsted A/S, ADR | 183,280 | ||
147,900 | PPL Corp. (a) (b) | 4,092,393 | ||
36,500 | Southern (The) Co. | 2,150,580 | ||
12,000 | Xcel Energy, Inc. (a) | 767,880 | ||
20,068,842 | ||||
Gas Utilities – 8.7% | ||||
242,300 | AltaGas Ltd. (CAD) (b) | 3,598,262 | ||
34,100 | Atmos Energy Corp. (b) | 3,034,900 | ||
71,200 | New Jersey Resources Corp. (b) | 2,492,712 | ||
24,200 | ONE Gas, Inc. | 1,769,746 | ||
25,000 | UGI Corp. | 899,750 | ||
11,795,370 | ||||
Independent Power & Renewable Electricity Producers – 0.4% | ||||
20,400 | EDP Renovaveis S.A. (EUR) (c) | 558,674 | ||
Multi-Utilities – 18.3% | ||||
142,000 | CenterPoint Energy, Inc. | 2,994,780 | ||
18,800 | CMS Energy Corp. (a) | 1,069,344 | ||
38,300 | Dominion Energy, Inc. (b) | 2,791,687 | ||
6,200 | DTE Energy Co. (b) | 736,064 | ||
151,000 | Public Service Enterprise Group, Inc. (b) | 8,520,930 | ||
69,700 | Sempra Energy (a) | 8,626,072 | ||
24,738,877 | ||||
Oil, Gas & Consumable Fuels – 23.3% | ||||
15,000 | Cheniere Energy, Inc. (d) | 949,950 | ||
149,085 | Enbridge, Inc. (a) | 5,009,256 | ||
113,893 | Equitrans Midstream Corp. (b) | 757,388 | ||
35,000 | GasLog Ltd. | 143,500 | ||
113,604 | Keyera Corp. (CAD) (b) | 2,133,934 | ||
323,828 | Kinder Morgan, Inc. (b) | 4,559,498 | ||
119,961 | ONEOK, Inc. (a) (b) | 4,778,047 | ||
118,887 | TC Energy Corp. (a) (b) | 5,103,819 | ||
385,717 | Williams (The) Cos., Inc. (a) (b) | 8,188,772 | ||
31,624,164 |
Shares/ Units | Description | Value | ||
COMMON STOCKS (Continued) | ||||
Water Utilities – 0.4% | ||||
3,200 | American Water Works Co., Inc. | $508,864 | ||
Total Common Stocks | 89,647,141 | |||
(Cost $87,419,401) | ||||
MASTER LIMITED PARTNERSHIPS – 59.6% | ||||
Chemicals – 3.5% | ||||
197,848 | Westlake Chemical Partners, L.P. (b) | 4,712,739 | ||
Gas Utilities – 1.0% | ||||
88,500 | Suburban Propane Partners, L.P. (b) | 1,358,475 | ||
Independent Power & Renewable Electricity Producers – 2.8% | ||||
46,319 | NextEra Energy Partners, L.P. (b) (e) | 3,774,999 | ||
Oil, Gas & Consumable Fuels – 52.3% | ||||
213,141 | BP Midstream Partners, L.P. (b) | 2,485,224 | ||
184,800 | Cheniere Energy Partners, L.P. (b) | 7,233,072 | ||
27,960 | Energy Transfer, L.P. (b) | 175,309 | ||
773,564 | Enterprise Products Partners, L.P. (b) | 15,649,200 | ||
7,500 | Hess Midstream, L.P., Class A (e) | 156,525 | ||
220,232 | Holly Energy Partners, L.P. (b) | 3,206,578 | ||
432,289 | Magellan Midstream Partners, L.P. (b) | 19,219,569 | ||
49,500 | Phillips 66 Partners, L.P. (b) | 1,243,440 | ||
578,400 | Plains All American Pipeline, L.P. (b) | 4,841,208 | ||
314,480 | Shell Midstream Partners, L.P. (b) | 3,629,099 | ||
432,332 | TC PipeLines, L.P. (b) | 12,835,937 | ||
15,000 | Teekay LNG Partners, L.P. (e) | 185,850 | ||
70,861,011 | ||||
Total Master Limited Partnerships | 80,707,224 | |||
(Cost $79,338,303) | ||||
Total Investments – 125.8% | 170,354,365 | |||
(Cost $166,757,704) (f) |
Number of Contracts | Description | Notional Amount | Exercise Price | Expiration Date | Value | |||||
CALL OPTIONS WRITTEN – (0.3)% | ||||||||||
(100) | American Electric Power Co., Inc. | $(809,100) | $87.50 | Feb 2021 | (1,000) | |||||
(188) | CMS Energy Corp. | (1,069,344) | 65.00 | Mar 2021 | (3,760) | |||||
(1,200) | Enbridge, Inc. | (4,032,000) | 35.00 | Feb 2021 | (42,000) | |||||
(92) | Eversource Energy | (805,000) | 90.00 | Feb 2021 | (17,020) | |||||
(58) | NextEra Energy, Inc. | (469,046) | 82.50 | Feb 2021 | (10,150) | |||||
(1,073) | ONEOK, Inc. | (4,273,759) | 48.00 | Feb 2021 | (24,143) | |||||
(100) | PPL Corp. | (276,700) | 28.00 | Feb 2021 | (7,000) | |||||
(999) | PPL Corp. | (2,764,233) | 30.00 | Mar 2021 | (24,975) | |||||
(567) | Sempra Energy | (7,017,192) | 130.00 | Feb 2021 | (93,555) | |||||
(1,000) | TC Energy Corp. | (4,293,000) | 45.00 | Feb 2021 | (65,000) | |||||
(2,000) | Williams (The) Cos., Inc. | (4,246,000) | 22.00 | Feb 2021 | (90,000) | |||||
(1,202) | Williams (The) Cos., Inc. | (2,551,846) | 24.00 | Feb 2021 | (8,414) |
Number of Contracts | Description | Notional Amount | Exercise Price | Expiration Date | Value | |||||
CALL OPTIONS WRITTEN (Continued) | ||||||||||
(120) | Xcel Energy, Inc. | $(767,880) | $70.00 | Mar 2021 | $(7,800) | |||||
Total Call Options Written | (394,817) | |||||||||
(Premiums received $384,341) |
Outstanding Loan – (28.4)% |
(38,400,000) | ||
Net Other Assets and Liabilities – 2.9% |
3,849,661 | ||
Net Assets – 100.0% |
$135,409,209 |
(a) | All or a portion of this security’s position represents cover for outstanding options written. |
(b) | All or a portion of this security serves as collateral on the outstanding loan. |
(c) | This security is fair valued by the Advisor’s Pricing Committee in accordance with procedures adopted by the Fund’s Board of Trustees and in accordance with provisions of the Investment Company Act of 1940, as amended. At January 31, 2021, the security noted as such is valued at $558,674 or 0.4% of net assets. The security is fair valued using a factor provided by a third-party pricing service due to the change in value between the foreign markets’ close and the New York Stock Exchange close exceeding a certain threshold. On days when this threshold is not exceeded, the security is typically valued at the last sale price on the exchange on which it is principally traded. |
(d) | Non-income producing security. |
(e) | This security is taxed as a “C” corporation for federal income tax purposes. |
(f) | Aggregate cost for federal income tax purposes was $153,633,038. As of January 31, 2021, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost was $25,609,260 and the aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value was $9,282,750. The net unrealized appreciation was $16,326,510. The unrealized amounts presented are inclusive of derivative contracts. |
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 1/31/2021 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Common Stocks: | ||||
Independent Power & Renewable Electricity Producers | $ 558,674 | $ — | $ 558,674 | $ — |
Other industry categories* | 89,088,467 | 89,088,467 | — | — |
Master Limited Partnerships* | 80,707,224 | 80,707,224 | — | — |
Total Investments | $ 170,354,365 | $ 169,795,691 | $ 558,674 | $— |
LIABILITIES TABLE | ||||
Total Value at 1/31/2021 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Call Options Written | $ (394,817) | $ (370,674) | $ (24,143) | $ — |
* | See Portfolio of Investments for industry breakout. |