NUMBER OF SHARES
|
VALUE
|
†
|
|||||
Master Limited Partnerships and Related Companies 120.9%
|
|||||||
Coal & Consumable Fuels 8.5%
|
|||||||
1,906,000
|
Alliance Holdings GP, L.P.
|
$ 54,340,000
|
(a)
|
||||
Leisure Facilities 9.4%
|
|||||||
874,100
|
Cedar Fair L.P.
|
59,858,368
|
(a)
|
||||
Oil & Gas Storage & Transportation 96.3%
|
|||||||
900,000
|
American Midstream Partners LP
|
14,265,000
|
(a)
|
||||
826,000
|
Antero Midstream Partners LP
|
28,331,800
|
(a)
|
||||
454,645
|
DCP Midstream Partners, LP
|
17,822,084
|
(a)
|
||||
150,000
|
Dominion Midstream Partners, LP
|
4,642,500
|
(a)
|
||||
576,000
|
Energy Transfer Equity, L.P.
|
10,851,840
|
(a)
|
||||
4,500,000
|
Energy Transfer Equity, L.P.
|
72,905,236
|
*(b)(d)
|
||||
1,400,000
|
Energy Transfer Partners, L.P.
|
52,934,000
|
(a)
|
||||
1,460,000
|
Enterprise Products Partners L.P.
|
40,923,800
|
(a)
|
||||
552,800
|
EQT GP Holdings LP
|
15,113,552
|
(a)
|
||||
526,000
|
EQT Midstream Partners, LP
|
41,459,320
|
(a)
|
||||
900,000
|
MPLX LP
|
33,489,000
|
(a)
|
||||
240,000
|
NuStar Energy L.P.
|
12,537,600
|
(a)
|
||||
1,343,571
|
NuStar GP Holdings, LLC
|
38,829,202
|
(a)
|
||||
960,000
|
ONEOK, Inc.
|
51,888,000
|
(a)
|
||||
200,000
|
ONEOK Partners, L.P.
|
10,476,000
|
(a)
|
||||
90,000
|
Plains All American Pipeline, L.P.
|
2,887,200
|
|||||
276,000
|
Spectra Energy Partners, LP
|
12,345,480
|
(a)
|
||||
276,000
|
Targa Resources Corp.
|
15,594,000
|
(a)
|
||||
700,000
|
Teekay LNG Partners L.P.
|
13,090,000
|
(a)
|
||||
1,676,000
|
Western Gas Equity Partners, LP
|
76,844,600
|
(a)
|
||||
640,000
|
Western Gas Partners, LP
|
39,788,800
|
(a)
|
||||
232,000
|
Williams Cos., Inc.
|
6,574,880
|
(a)
|
||||
613,593,894
|
|||||||
Propane 0.9%
|
|||||||
90,000
|
AmeriGas Partners, L.P.
|
4,227,300
|
(a)
|
||||
70,000
|
Suburban Propane Partners, L.P.
|
1,176,750
|
(a)
|
||||
5,404,050
|
|||||||
Utilities 5.8%
|
|||||||
1,200,000
|
NextEra Energy Partners LP
|
36,936,000
|
(a)
|
||||
Total Master Limited Partnerships and Related Companies (Cost $646,650,991)
|
770,132,312
|
||||||
Convertible Preferred Stock 3.5%
|
|||||||
Oil & Gas Storage & Transportation 3.5%
|
|||||||
4,500,000
|
Energy Transfer Equity, L.P., Preferred (Cost $3,150,000)
|
22,026,004
|
(b)(d)
|
||||
Real Estate Investment Trusts 0.7%
|
|||||||
Specialized REITs 0.7%
|
|||||||
50,000
|
Crown Castle International Corp. (Cost $4,374,732)
|
4,676,500
|
|||||
Short-Term Investment 0.6%
|
|||||||
Investment Company 0.6%
|
|||||||
4,019,982
|
Invesco STIT Treasury Portfolio Money Market Fund Institutional Class, 0.41% (Cost $4,019,982)
|
4,019,982 |
(c)
|
||||
Total Investments 125.7% (Cost $658,195,705)
|
800,854,798
|
##
|
|||||
Other Assets Less Liabilities (25.7%)
|
(163,688,825)
|
||||||
Net Assets Applicable to Common Stockholders 100.0%
|
$ 637,165,973
|
||||||
* Non-income producing security.
|
|||||||
(a) All or a portion of this security is pledged with the custodian for loans payable.
|
|||||||
(b) Security fair valued as of February 28, 2017 in accordance with procedures approved by the Fund's Board of Directors (the "Board"). Total value of all such securities at February 28, 2017 amounted to $94,931,240, which represents 14.9% of net assets applicable to common stockholders of the Fund.
|
|||||||
(c) Represents 7-day effective yield as of February 28, 2017.
|
|||||||
(d) These securities have been deemed by the investment manager to be illiquid, and are restricted securities subject to restrictions on resale.
At February 28, 2017, these securities amounted to $94,931,240, which represents 14.9% of net assets applicable to common stockholders of the Fund.
|
Restricted Security
|
Acquisition Date
|
Acquisition Cost
|
Acquisition Cost
Percentage of Net
Assets Applicable to Common
Stockholders as of
Acquisition Date
|
Value as of
2/28/2017
|
Fair Value Percentage of
Net Assets Applicable to
Common Stockholders as
of 2/28/2017
|
|||||||||||||||
Energy Transfer Equity, L.P.
|
3/16/2016
|
$
|
57,957,425
|
15.0
|
%
|
$
|
72,905,236
|
11.4
|
%
|
|||||||||||
Energy Transfer Equity, L.P., Preferred
|
3/16/2016
|
3,150,000
|
0.8
|
22,026,004
|
3.5
|
|||||||||||||||
$
|
61,107,425
|
$
|
94,931,240
|
14.9
|
%
|
|||||||||||||||
Asset
class
|
Fair value
at 02/28/2017
|
Valuation
techniques
|
Unobservable
inputs
|
Range
|
Input
Value
|
Impact to
valuation
from an
increase
in input
|
||
Quarterly Cash
Distribution
|
$0.285
|
$0.285
|
Increase
|
|||||
Energy Transfer Equity, L.P.
|
Master Limited
Partnerships and
Related
Companies
|
$72,905,236
|
Income Approach
|
Discount for Lack of Marketability
|
5.5%
|
5.5%
|
Decrease
|
|
Quarterly Cash
Distribution
|
$0.285
|
$0.285
|
Increase
|
|||||
Energy Transfer Equity, L.P., Preferred
|
Convertible
Preferred Stock
|
$22,026,004
|
Income Approach
|
Discount for Lack of Marketability
|
5.5%
|
5.5%
|
Decrease
|
•
|
Level 1 – quoted prices in active markets for identical investments
|
•
|
Level 2 – other observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, amortized cost, etc.)
|
•
|
Level 3 – unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
|
## |
At February 28, 2017, the cost of investments for U.S. federal income tax purposes was $592,956,075. Gross unrealized appreciation of investments was $243,424,017 and gross unrealized depreciation of investments was $35,525,294 resulting in net unrealized appreciation of $207,898,723 based on cost for U.S. federal income tax purposes.
|
(a) |
Based on an evaluation of the disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act), as of a date within 90 days of the filing date of this report, the Chief Executive Officer and President and the Treasurer and Principal Financial and Accounting Officer of the Registrant have concluded that such disclosure controls and procedures are effectively designed to ensure that information required to be disclosed by the Registrant on Form N-Q is accumulated and communicated to the Registrant’s management to allow timely decisions regarding required disclosure.
|
(b) |
There were no significant changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
|
By:
|
/s/ Robert Conti
|
|
|
Robert Conti
|
|
|
Chief Executive Officer and President
|
By:
|
/s/ Robert Conti
|
|
|
Robert Conti
|
|
|
Chief Executive Officer and President
|
By:
|
/s/ John M. McGovern
|
|
|
John M. McGovern
|
|
|
Treasurer and Principal Financial
|
|
and Accounting Officer |