Item 1: Schedule of Investments

Item 2: Controls and Procedures

Item 3: Exhibits

SIGNATURES

EX-99.CERT

Description

Long-Term Investments — 162.7%

Equity Investments⁽¹⁾ — 162.7%

Midstream MLP⁽²⁾ — 118.5%

Andeavor Logistics LP

Antero Midstream Partners LP⁽³⁾

BP Midstream Partners LP

Buckeye Partners, L.P.⁽⁴⁾

Buckeye Partners, L.P.— Class C Units^(4)(5)(6)(7)

CNX Midstream Partners LP

Cheniere Energy Partners, L.P.

Crestwood Equity Partners LP

DCP Midstream, LP

Dominion Midstream Partners, LP — Convertible Preferred Units^(5)(6)(8)

Enable Midstream Partners, LP

Enbridge Energy Management, L.L.C.^(9)(10)

Enbridge Energy Partners, L.P⁽¹⁰⁾

Energy Transfer Partners, L.P.⁽¹¹⁾

EnLink Midstream Partners, LP

Enterprise Products Partners L.P.

EQT Midstream Partners, LP

Global Partners LP

Hess Midstream Partners LP

Magellan Midstream Partners, L.P.

MPLX LP

MPLX LP — Convertible Preferred Units^(5)(6)(12)

Noble Midstream Partners LP

Phillips 66 Partners LP

Plains All American Pipeline, L.P.⁽⁴⁾

Plains GP Holdings, L.P.⁽⁴⁾

Plains GP Holdings, L.P. — Plains AAP, L.P.^(4)(6)(13)

Shell Midstream Partners, L.P.

Spectra Energy Partners, LP⁽¹⁰⁾

Sprague Resources LP

Summit Midstream Partners, LP

Western Gas Partners, LP

Midstream Company — 41.1%

Antero Midstream GP LP⁽³⁾

Kinder Morgan, Inc.

ONEOK, Inc.

SemGroup Corporation

Tallgrass Energy, LP

Targa Resources Corp.

The Williams Companies, Inc.⁽¹⁴⁾

Description

General Partner MLP — 1.3%

Energy Transfer Equity, L.P.⁽¹¹⁾

EQT GP Holdings, LP

Shipping MLP — 1.2%

Capital Product Partners L.P. — Class B Units^(5)(6)(15)

Other — 0.6%

Viper Energy Partners LP

Total Long-Term Investments — United States —162.7% (Cost — $3,050,258)

Debt

Mandatory Redeemable Preferred Stock at Liquidation Value

Current Income Tax Liability

Deferred Income Tax Liability

Other Liabilities in Excess of Other Assets

Net Assets Applicable to Common Stockholders

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

Includes limited liability companies and affiliates of master limited partnerships.

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.

The Company believes that it is an affiliate of Buckeye Partners, L.P. (“BPL”), Plains GP Holdings, L.P. (“PAGP”), Plains AAP, L.P. (“PAGP-AAP”) and Plains All American Pipeline, L.P. (“PAA”).

Fair valued security.

The Company’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 Company was $256,634 (6.4% of total assets), which included $42,374 of Level 2 securities and $214,260 of Level 3 securities.

On March 2, 2018, the Company 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 December 1, 2016, the Company purchased, in a private placement, Series A Convertible Preferred Units (“DM Convertible Preferred Units”) from Dominion Midstream Partners, LP (“DM”). The DM Convertible Preferred Units are senior to the common units in terms of liquidation preference and priority of distributions and pay a quarterly distribution of $0.3135 per unit for the first two years and thereafter will pay the higher of (a) $0.3135 per unit or (b) the distribution that the DM Convertible Preferred Units would receive on an as converted basis. For the first two years, the distribution may be paid, at DM’s option, in cash or in units. After two years, the distribution will be paid in cash. Holders of the DM Convertible Preferred Units may convert on a one-for-one basis to DM common units any time after December 1, 2018. On September 19, 2018, Dominion Energy (“D”) announced an offer to acquire all outstanding DM common units that are not already owned by D. In connection with this transaction, the DM Convertible Preferred Units are expected to be converted into DM common units at a conversion ratio that will be determined in accordance with the terms of the partnership agreement of DM and that is expected to result in a value to the Company of 140% of the liquidation preference of $26.40 per unit. The transaction is expected to close in the first quarter of 2019.

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”).

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.

On May 13, 2016, the Company purchased, in a private placement, Series A Convertible Preferred Units (“MPLX Convertible Preferred Units”) from MPLX LP (“MPLX”). The MPLX Convertible Preferred Units are senior to the common units in terms of liquidation preference and priority of distributions and pay a quarterly distribution at the higher of (a) $0.528125 per unit or (b) the distribution that the MPLX Convertible Preferred Units would receive on an as converted basis. Holders of the MPLX Convertible Preferred Units may convert on a one-for-one basis to MPLX common units any time after May 13, 2019.

The Company’s ownership of PAGP-AAP is exchangeable on a one-for-one basis into either PAGP shares or PAA units at the Company’s option. The Company 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 Company’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.

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.

Investment

Level 2 Investments⁽¹⁾

Plains GP Holdings, L.P. —

Plains AAP, L.P.

Level 3 Investments⁽⁴⁾

Buckeye Partners, L.P.

Class C Units

Capital Product Partners L.P.

Class B Units

Dominion Midstream Partners, LP

Convertible Preferred Units

MPLX LP

Convertible Preferred Units

Total

Total of all restricted securities

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

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

Unregistered or restricted security of a publicly-traded company.

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 Company 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 Company’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

The Company’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 Company’s option. The Company 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 Company’s PAGP-AAP investment is valued at PAA’s closing price. The Company 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 Development Company (“KED”)

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

Dominion Midstream Partners, LP — Convertible Preferred Units

Category

Securities of energy companies

Equity securities

Midstream Energy Companies⁽¹⁾

Largest single issuer

Restricted securities

Comprised of energy-related partnerships and their affiliates (collectively, “master limited partnerships” or “MLPs”) and other companies that, as their principal business, operate assets used in the gathering, transporting, processing, storing, refining, distributing, mining or marketing of natural gas, natural gas liquids, crude oil, refined petroleum products or coal.