| Shares/ Units | Description | Value | ||
| COMMON STOCKS (a) – 86.9% | ||||
| Electric Utilities – 27.6% | ||||
| 114,700 | Alliant Energy Corp. | $5,978,164 | ||
| 78,800 | American Electric Power Co., Inc. (b) | 7,033,688 | ||
| 78,800 | Duke Energy Corp. (b) | 7,225,960 | ||
| 92,900 | Emera, Inc. (CAD) | 3,914,639 | ||
| 81,300 | Eversource Energy | 7,029,198 | ||
| 261,300 | Exelon Corp. (b) | 11,264,643 | ||
| 189,000 | Fortis, Inc. (CAD) | 7,648,709 | ||
| 18,100 | Hydro One Ltd. (CAD) (c) (d) | 363,281 | ||
| 39,600 | IDACORP, Inc. | 3,826,944 | ||
| 24,500 | NextEra Energy, Inc. (b) | 6,192,620 | ||
| 281,500 | PPL Corp. | 8,447,815 | ||
| 105,200 | Xcel Energy, Inc. | 6,556,064 | ||
| 75,481,725 | ||||
| Gas Utilities – 2.3% | ||||
| 27,600 | Atmos Energy Corp. | 2,849,700 | ||
| 2,710 | Chesapeake Utilities Corp. | 231,705 | ||
| 95,800 | New Jersey Resources Corp. | 3,382,698 | ||
| 6,464,103 | ||||
| Multi-Utilities – 15.0% | ||||
| 117,900 | ATCO Ltd., Class I (CAD) | 4,398,906 | ||
| 171,000 | Canadian Utilities Ltd., Class A (CAD) | 5,060,250 | ||
| 114,500 | CMS Energy Corp. (b) | 6,918,090 | ||
| 24,300 | Dominion Energy, Inc. | 1,899,774 | ||
| 324,600 | Public Service Enterprise Group, Inc. (b) | 16,655,226 | ||
| 42,200 | Sempra Energy (b) | 5,898,716 | ||
| 1,300 | WEC Energy Group, Inc. | 120,029 | ||
| 40,950,991 | ||||
| Oil, Gas & Consumable Fuels – 41.7% | ||||
| 457,847 | Enbridge, Inc. (b) | 17,137,213 | ||
| 155,606 | Equitrans Midstream Corp. | 1,098,578 | ||
| 242,000 | Inter Pipeline, Ltd. (CAD) | 3,580,645 | ||
| 225,800 | Keyera Corp. (CAD) | 5,420,209 | ||
| 1,370,375 | Kinder Morgan, Inc. (b) | 26,270,089 | ||
| 174,953 | ONEOK, Inc. (b) | 11,672,864 | ||
| 706,465 | TC Energy Corp. | 36,983,443 | ||
| 623,800 | Williams (The) Cos., Inc. (b) | 11,883,390 | ||
| 114,046,431 | ||||
| Water Utilities – 0.3% | ||||
| 7,600 | American Water Works Co., Inc. | 939,816 | ||
Total Common Stocks | 237,883,066 | |||
| (Cost $236,621,177) | ||||
| MASTER LIMITED PARTNERSHIPS (a) – 46.2% | ||||
| Chemicals – 1.3% | ||||
| 177,000 | Westlake Chemical Partners, L.P. | 3,658,590 | ||
| Independent Power & Renewable Electricity Producers – 7.7% | ||||
| 367,255 | NextEra Energy Partners, L.P. (e) | 21,179,596 | ||
| Oil, Gas & Consumable Fuels – 37.2% | ||||
| 204,941 | Alliance Resource Partners, L.P. | 1,381,302 | ||
| 157,144 | BP Midstream Partners, L.P. | 2,093,158 | ||
| Shares/ Units | Description | Value | ||
| MASTER LIMITED PARTNERSHIPS (a) (Continued) | ||||
| Oil, Gas & Consumable Fuels (Continued) | ||||
| 30,000 | Cheniere Energy Partners, L.P. | $1,017,000 | ||
| 826,180 | Energy Transfer, L.P. (b) | 9,154,075 | ||
| 1,102,800 | Enterprise Products Partners, L.P. (b) | 25,739,352 | ||
| 278,576 | Holly Energy Partners, L.P. | 5,777,666 | ||
| 258,886 | Magellan Midstream Partners, L.P. | 14,122,231 | ||
| 54,833 | MPLX, L.P. | 1,112,562 | ||
| 159,300 | Phillips 66 Partners, L.P. | 8,661,141 | ||
| 958,400 | Plains GP Holdings, L.P., Class A (e) | 13,197,168 | ||
| 210,300 | Shell Midstream Partners, L.P. | 3,598,233 | ||
| 415,635 | TC PipeLines, L.P. | 15,773,348 | ||
| 101,627,236 | ||||
Total Master Limited Partnerships | 126,465,422 | |||
| (Cost $127,511,203) | ||||
| REAL ESTATE INVESTMENT TRUSTS (a) – 0.5% | ||||
| Equity Real Estate Investment Trusts – 0.5% | ||||
| 37,701 | CorEnergy Infrastructure Trust, Inc. | 1,315,765 | ||
| (Cost $985,674) | ||||
Total Investments – 133.6% | 365,664,253 | |||
| (Cost $365,118,054) (f) | ||||
| Number of Contracts | Description | Notional Amount | Exercise Price | Expiration Date | Value | |||||
| CALL OPTIONS WRITTEN – (0.3)% | ||||||||||
| (788) | American Electric Power Co., Inc. | $(7,033,688) | $105.00 | May 2020 | (15,760) | |||||
| (47) | CMS Energy Corp. | (283,974) | 65.00 | Mar 2020 | (1,410) | |||||
| (1,098) | CMS Energy Corp. | (6,634,116) | 70.00 | Apr 2020 | (46,665) | |||||
| (788) | Duke Energy Corp. | (7,225,960) | 100.00 | Apr 2020 | (53,584) | |||||
| (4,578) | Enbridge, Inc. | (17,135,454) | 42.50 | Jul 2020 | (109,872) | |||||
| (2,500) | Energy Transfer, L.P. | (2,770,000) | 14.00 | Apr 2020 | (30,000) | |||||
| (2,330) | Enterprise Products Partners, L.P. | (5,438,220) | 30.00 | Mar 2020 | (9,320) | |||||
| (2,613) | Exelon Corp. | (11,264,643) | 49.00 | May 2020 | (111,053) | |||||
| (4,000) | Kinder Morgan, Inc. | (7,668,000) | 22.00 | Mar 2020 | (20,000) | |||||
| (245) | NextEra Energy, Inc. | (6,192,620) | 250.00 | Mar 2020 | (246,470) | |||||
| (1,240) | ONEOK, Inc. | (8,273,280) | 77.50 | Mar 2020 | (24,800) | |||||
| (3,246) | Public Service Enterprise Group, Inc. (g) | (16,655,226) | 65.00 | Mar 2020 | (3,246) | |||||
| (422) | Sempra Energy (g) | (5,898,716) | 165.00 | Mar 2020 | (2,110) | |||||
| (1,570) | Williams (The) Cos., Inc. | (2,990,850) | 23.00 | Mar 2020 | (3,140) | |||||
| (1,500) | Williams (The) Cos., Inc. | (2,857,500) | 21.00 | May 2020 | (84,750) | |||||
Total Call Options Written | (762,180) | |||||||||
| (Premiums received $1,342,513) | ||||||||||
Outstanding Loans – (39.3)% | (107,500,000) | |
Net Other Assets and Liabilities – 6.0% | 16,224,382 | |
Net Assets – 100.0% | $273,626,455 |
| Counterparty | Floating Rate (1) | Expiration Date | Notional Amount | Fixed Rate (1) | Unrealized Appreciation (Depreciation)/ Value | |||||
| Bank of Nova Scotia | 1 month LIBOR | 10/08/20 | $36,475,000 | 2.121% | $(234,837) | |||||
| Bank of Nova Scotia | 1 month LIBOR | 09/03/24 | 36,475,000 | 2.367% | (2,508,331) | |||||
| $72,950,000 | $(2,743,168) |
| (1) | The Fund pays the fixed rate and receives the floating rate, however, no cash payments are made by either party prior to the expiration dates shown above. The floating rate on February 29, 2020 was 1.671% and 1.655%, respectively. |
| (a) | All of these securities are available to serve as collateral for the outstanding loans. |
| (b) | All or a portion of this security’s position represents cover for outstanding options written. |
| (c) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933, as amended (the “1933 Act”). |
| (d) | This security is exempt from registration upon resale under Rule 144A of the 1933 Act and may be resold in transactions exempt from registration, normally to qualified institutional buyers. This security is not restricted on the foreign exchange where it trades freely without any additional registration. As such, it does not require the additional disclosure required of restricted securities. |
| (e) | This security is taxed as a “C” corporation for federal income tax purposes. |
| (f) | Aggregate cost for financial reporting purposes approximates the aggregate cost for federal income tax purposes. As of February 29, 2020, the aggregate gross unrealized appreciation for all investments in which there was an excess of value over tax cost was $32,027,757 and the aggregate gross unrealized depreciation for all investments in which there was an excess of tax cost over value was $33,644,393. The net unrealized depreciation was $1,616,636. The amounts presented are inclusive of derivative contracts. |
| (g) | This investment 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 the provisions of the Investment Company Act of 1940, as amended. At February 29, 2020, investments noted as such are valued at $(5,356) or (0.0)% of net assets. |
| CAD | Canadian Dollar - Security is denominated in Canadian Dollars and is translated into U.S. Dollars based upon the current exchange rate. |
| • | 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 2/29/2020 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Common Stocks* | $ 237,883,066 | $ 237,883,066 | $ — | $ — |
Master Limited Partnerships* | 126,465,422 | 126,465,422 | — | — |
Real Estate Investment Trusts* | 1,315,765 | 1,315,765 | — | — |
Total Investments | $ 365,664,253 | $ 365,664,253 | $— | $— |
| LIABILITIES TABLE | ||||
| Total Value at 2/29/2020 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Call Options Written | $ (762,180) | $ (514,356) | $ (247,824) | $ — |
Interest Rate Swap Agreements | (2,743,168) | — | (2,743,168) | — |
Total | $ (3,505,348) | $ (514,356) | $ (2,990,992) | $— |
| * | See Portfolio of Investments for industry breakout. |