Schedule of Investments.

Description

Long-Term Investments — 140.0%

Equity Investments⁽¹⁾ — 133.2%

United States — 121.3%

Midstream Companies⁽²⁾ — 84.7%

Antero Midstream GP LP⁽³⁾⁽⁴⁾

Capital Product Partners L.P. — Class B Units^(4)(5)(6)(7)

Enbridge Energy Management, L.L.C.⁽⁸⁾⁽⁹⁾

EnLink Midstream, LLC

GasLog Partners LP⁽⁴⁾

Golar LNG Partners LP⁽⁴⁾

Höegh LNG Partners LP⁽⁴⁾

Kinder Morgan, Inc.

KNOT Offshore Partners LP⁽⁴⁾

ONEOK, Inc.

Plains GP Holdings, L.P.^(4)(10)

Plains GP Holdings, L.P. — Plains AAP, L.P.^{(4)(5)(10)(11)}

SemGroup Corporation

Tallgrass Energy, LP⁽⁴⁾

Targa Resources Corp.

The Williams Companies, Inc.⁽¹²⁾

Midstream MLPs^(2)(13) — 33.0%

Andeavor Logistics LP

BP Midstream Partners LP

Buckeye Partners, L.P.⁽¹⁰⁾

Buckeye Partners, L.P. — Class C Units^{(5)(6)(8)(10)(14)}

Cheniere Energy Partners, L.P.

CNX Midstream Partners LP

Crestwood Equity Partners LP

DCP Midstream, LP

Enable Midstream Partners, LP

Energy Transfer Partners, L.P.⁽¹⁵⁾

Enterprise Products Partners L.P.

EQT Midstream Partners, LP

Global Partners LP

Magellan Midstream Partners, L.P.

MPLX LP

Noble Midstream Partners LP

Phillips 66 Partners LP

Shell Midstream Partners, L.P.

Summit Midstream Partners, LP

Western Gas Partners, LP

Description

Other Energy Companies — 3.6%

Marathon Petroleum Corporation

NextEra Energy Partners, LP

Phillips 66

Valero Energy Corporation

Viper Energy Partners LP

Total United States (Cost — $793,550)

Canada — 11.9%

Midstream Companies⁽²⁾ — 11.9%

Enbridge Inc.⁽⁹⁾

Pembina Pipeline Corporation

TransCanada Corporation

Total Canada (Cost — $86,301)

Total Equity Investments (Cost — $879,851)

Debt Instruments — 6.8%

United States — 5.1%

Upstream — 5.1%

California Resources Corporation^(5)(10)

Eclipse Resources Corporation

Jones Energy Holdings, LLC

Total United States (Cost — $36,072)

Canada — 1.7%

Upstream — 1.7%

Jupiter Resources Inc.⁽⁵⁾ (Cost — $19,827)

Total Debt Investments (Cost — $55,899)

Total Long-Term Investments (Cost — $935,750)

Short-Term Investment — 0.1%

Money Market Fund — 0.1%

JPMorgan 100% U.S. Treasury Securities Money Market Fund — Capital Shares, 1.84%⁽¹⁶⁾ (Cost — $284)

Total Investments — 140.1% (Cost — $936,034)

Debt

Mandatory Redeemable Preferred Stock at Liquidation Value

Other Assets in Excess of Other Liabilities

Net Assets Applicable to Common Stockholders

Unless otherwise noted, equity investments are common units/common shares.

Securities are categorized as “Midstream” if they (i) derive at least 50% of their revenues or operating income from operating Midstream Assets or (ii) have Midstream Assets that represent the majority of their assets.

On October 9, 2018, Antero Midstream GP LP (“AMGP”) and Antero Midstream Partners LP (“AM”) announced that they entered into a definitive agreement for AMGP to acquire all of the outstanding AM common units. In connection with the transaction, AMGP will convert into a corporation and the combined entity will be renamed Antero Midstream Corporation (“New AM”). Under the terms of the agreement, AM unitholders will receive a combination of $3.415 in cash and 1.635 shares of New AM stock per AM unit owned.

This company is structured like an MLP, but is not treated as a publicly-traded partnership for regulated investment company (“RIC”) qualification purposes.

The Fund’s ability to sell this security is subject to certain legal or contractual restrictions. As of August 31, 2018, the aggregate value of restricted securities held by the Fund was $88,794 (8.7% of total assets), which included $45,295 of Level 2 securities and $43,499 of Level 3 securities.

Fair valued security.

Class B Units are convertible on a one-for-one basis into common units of Capital Product Partners L.P. (“CPLP”) and are senior to the common units in terms of liquidation preference and priority of distributions (liquidation preference of $9.00 per unit). The Class B Units pay quarterly cash distributions and are convertible at any time at the option of the holder. The Class B Units paid a distribution of $0.21375 per unit for the third quarter.

Dividends are paid-in-kind.

On August 24, 2018, Enbridge Inc. (“ENB”) announced it entered into a definitive agreement to acquire, with ENB stock, all of the outstanding public common units of Spectra Energy Partners, LP (“SEP”). On September 18, 2018, ENB announced it entered into a definitive agreement to acquire, with ENB stock, all of the outstanding public equity securities of Enbridge Energy Partners, L.P. (“EEP”), Enbridge Energy Management, L.L.C. (“EEQ”) and Enbridge Income Fund Holdings Inc. (“ENF”).

The Fund believes that it is an affiliate of Buckeye Partners, L.P. (“BPL”), Plains AAP, L.P. (“PAGP-AAP”) and Plains GP Holdings, L.P. (“PAGP”). The Fund does not believe that it is an affiliate of California Resources Corporation.

The Fund’s ownership of PAGP-AAP is exchangeable on a one-for-one basis into either PAGP shares or Plains All American Pipeline, L.P. (“PAA”) units at the Fund’s option. The Fund values its PAGP-AAP investment on an “as exchanged” basis based on the higher public market value of either PAGP or PAA. As of August 31, 2018, the Fund’s PAGP-AAP investment is valued at PAA’s closing price.

On August 10, 2018, The Williams Companies, Inc. (“WMB”) and Williams Partners L.P. (“WPZ”) completed their previously announced stock-for-unit merger.

Unless otherwise noted, securities are treated as a publicly-traded partnership for RIC qualification purposes. To qualify as a RIC for tax purposes, the Fund may directly invest up to 25% of its total assets in equity and debt securities of entities treated as publicly-traded partnerships. The Fund had 23.4% of its total assets invested in publicly-traded partnerships at August 31, 2018. It is the Fund’s intention to be treated as a RIC for tax purposes.

On March 2, 2018, the Fund purchased, in a private placement, Class C Units from BPL. The BPL Class C Units are similar in all respects to the common units except that BPL has elected to pay distributions in-kind (additional Class C Units) instead of cash. The Class C Units will convert on a one-for-one basis to BPL common units no later than March 2, 2020 and convert automatically on a one-for-one basis if BPL reduces its common unit distribution.

On October 19, 2018, Energy Transfer Equity, L.P. (“ETE”) and Energy Transfer Partners, L.P. (“ETP”) completed their previously announced unit-for-unit merger, in which ETE acquired ETP. Upon closing of the merger, ETE changed its name to Energy Transfer LP.

The rate indicated is the current yield as of August 31, 2018.

Investment

Level 2 Investments

Equity Investments

Plains GP Holdings, L.P. — Plains AAP, L.P.⁽¹⁾

Senior Notes⁽⁴⁾

California Resources Corporation

Jupiter Resources, Inc.

Total

Level 3 Investments⁽⁷⁾

Equity Investments

Buckeye Partners, L.P.

Class C Units

Capital Product Partners L.P.

Class B Units

Total

Total of all restricted investments

The Fund values its investment in Plains AAP, L.P. (“PAGP-AAP”) on an “as exchanged” basis based on the higher public market value of either Plains GP Holdings, L.P. (“PAGP”) or Plains All American, L.P. (“PAA”). As of August 31, 2018, the Fund’s PAGP-AAP investment is valued at PAA’s closing price.

Security was acquired at various dates in current and/or prior fiscal years.

The Fund’s investment in PAGP-AAP is exchangeable on a one-for-one basis into either PAGP shares or PAA units at the Fund’s option. Upon exchange, the PAGP shares or PAA units will be freely tradable.

These securities have a fair market value determined by the mean of the bid and ask prices provided by an agent or a syndicate bank, a principal market maker, an independent pricing service or an independent broker. These securities have limited trading volume and are not listed on a national exchange.

Unregistered or restricted security of a publicly-traded company.

Unregistered security of a private company.

Securities are valued using inputs reflecting the Fund’s own assumptions.

Gross unrealized appreciation

Gross unrealized depreciation

Net unrealized appreciation

Level 1 — Valuations based on quoted unadjusted prices for identical instruments in active markets traded on a national exchange to which the Fund has access at the date of measurement.

Level 2 — Valuations based on quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists or instances where prices vary substantially over time or among brokered market makers.

Level 3 — Model derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those inputs that reflect the Fund’s own assumptions that market participants would use to price the asset or liability based on the best available information.

Assets at Fair Value

Equity investments

Debt investments

Short-term investments

Total assets at fair value

The Fund’s investment in Plains AAP, L.P. (“PAGP-AAP”) is exchangeable on a one-for-one basis into either Plains GP Holdings, L.P. (“PAGP”) shares or Plains All American Pipeline, L.P. (“PAA”) units at the Fund’s option. The Fund values its PAGP-AAP investment on an “as exchanged” basis based on the higher public market value of either PAGP or PAA. As of August 31, 2018, the Fund’s PAGP-AAP investment is valued at PAA’s closing price. The Fund categorizes its investment as a Level 2 security for fair value reporting purposes.

Balance — November 30, 2017

Purchases

Issuances

Acquired through merger with Kayne Anderson Energy Total Return Fund, Inc. (“KYE”)

Transfers out to Level 1 and 2

Realized gains (losses)

Unrealized gains (losses), net

Balance — August 31, 2018

Investment

Buckeye Partners, L.P.— Class C Units

Capital Product Partners L.P.— Class B Units

Derivatives Not Accounted for as
Hedging Instruments

Location of Gains/(Losses) on

Derivatives Recognized in Income

Call options written

Category

Percent of

Long-Term

Investments

Securities of energy companies

Equity securities

Debt securities

Securities of MLPs⁽¹⁾

Largest single issuer

Restricted securities

Securities of MLPs consist of entities that are structured as limited partnerships and limited liability companies that are publicly traded and are treated as partnerships for federal income tax purposes, and their affiliates.

Controls and Procedures.

Exhibits.