Shares | Value | |||
COMMON
STOCKS – 127.1% | ||||
AUSTRALIA – 13.0% | ||||
Airports – 5.2% | ||||
Sydney Airport
1,2 |
2,608,200 | $ 9,567,176 | ||
Infrastructure - Diversified – 1.4% | ||||
DUET Group
1 |
1,225,800 | 2,494,878 | ||
Transmission & Distribution – 6.4% | ||||
Spark Infrastructure Group
1,2 |
7,612,200 | 11,793,126 | ||
Total AUSTRALIA
|
23,855,180 | |||
BRAZIL – 12.5% | ||||
Toll Roads – 3.2% | ||||
CCR SA
1 |
737,800 | 5,815,713 | ||
Transmission & Distribution – 9.3% | ||||
Alupar Investimento SA
1,3,4 |
770,800 | 6,103,659 | ||
Tractebel Energia SA
1 |
117,400 | 1,954,636 | ||
Transmissora Alianca de Energia Electrica SA
1 |
747,300 | 7,384,321 | ||
Transmissora Alianca de Energia Eletrica SA
1,4 |
161,100 | 1,591,883 | ||
Total Transmission & Distribution
|
17,034,499 | |||
Total BRAZIL |
22,850,212 | |||
CANADA – 16.3% | ||||
Oil & Gas Storage & Transportation – 16.3% | ||||
Enbridge, Inc.
1 |
113,400 | 4,733,316 | ||
Gibson Energy, Inc.
1,4 |
302,500 | 7,218,533 | ||
Keyera Corp.
1,2 |
87,700 | 4,984,183 | ||
Pembina Pipeline Corp.
1,2 |
142,600 | 4,726,338 | ||
TransCanada Corp.
1,2 |
108,150 | 4,752,111 | ||
Veresen, Inc.
1 |
298,400 | 3,516,893 | ||
Total Oil & Gas Storage & Transportation
|
29,931,374 | |||
Total CANADA |
29,931,374 | |||
FRANCE – 10.4% | ||||
Infrastructure - Diversified – 9.1% | ||||
GDF Suez
1,2 |
664,100 | 16,646,189 | ||
Toll Roads – 1.3% | ||||
Vinci SA
1 |
41,800 | 2,433,448 | ||
Total FRANCE |
19,079,637 | |||
ITALY – 8.0% | ||||
Oil & Gas Storage & Transportation – 8.0% | ||||
Snam SpA
1,2 |
2,903,200 | 14,713,672 | ||
Total ITALY |
14,713,672 | |||
MEXICO – 0.8% | ||||
Oil & Gas Storage & Transportation – 0.8% | ||||
Infraestructura Energetica Nova SAB de CV
1 |
380,300 | 1,469,833 | ||
Total MEXICO |
1,469,833 |
Shares | Value | |||
COMMON
STOCKS (continued) | ||||
SPAIN – 10.5% | ||||
Infrastructure - Diversified – 3.9% | ||||
Ferrovial SA
1,2 |
394,300 | $ 7,101,516 | ||
Toll Roads – 2.6% | ||||
Abertis Infraestructuras SA
1,2 |
245,990 | 4,780,859 | ||
Transmission & Distribution – 4.0% | ||||
Red Electrica Corp. SA
1 |
128,600 | 7,319,996 | ||
Total SPAIN |
19,202,371 | |||
UNITED KINGDOM – 11.3% | ||||
Transmission & Distribution – 8.2% | ||||
National Grid PLC
1,2 |
254,800 | 15,045,940 | ||
Water – 3.1% | ||||
Severn Trent PLC
1 |
118,000 | 3,365,134 | ||
United Utilities Group PLC
1,2 |
203,850 | 2,280,034 | ||
Total Water |
5,645,168 | |||
Total UNITED KINGDOM
|
20,691,108 | |||
UNITED STATES – 44.3% | ||||
Infrastructure - Communications – 4.1% | ||||
American Tower Corp.
2 |
101,200 | 7,501,956 | ||
Oil & Gas Storage & Transportation – 37.2% | ||||
Emerge Energy Services LP
2 |
144,200 | 4,428,382 | ||
Enbridge Energy Management LLC
3 |
186,866 | 5,377,995 | ||
Energy Transfer Equity LP
|
49,500 | 3,256,110 | ||
Energy Transfer Partners LP
2 |
122,100 | 6,357,747 | ||
EQT Midstream Partners LP
|
86,500 | 4,258,395 | ||
EV Energy Partners LP
2 |
67,000 | 2,485,030 | ||
Exterran Partners LP
|
322,300 | 9,372,484 | ||
Inergy LP
2 |
185,100 | 2,548,827 | ||
Kinder Morgan Management LLC
3 |
0 | 37 | ||
Marlin Midstream Partners, LP
3 |
100,000 | 1,795,000 | ||
MPLX LP |
96,600 | 3,520,104 | ||
NuStar Energy LP
|
143,300 | 5,747,763 | ||
NuStar GP Holdings LLC
2 |
79,300 | 1,779,492 | ||
PAA Natural Gas Storage LP
2 |
174,300 | 4,059,447 | ||
QEP Midstream Partners LP
3 |
25,700 | 581,848 | ||
Sempra Energy |
55,100 | 4,716,560 | ||
Spectra Energy Corp.
|
140,000 | 4,792,200 | ||
The Williams Companies, Inc.
|
31,300 | 1,138,068 | ||
Williams Partners LP
2 |
37,400 | 1,977,712 | ||
Total Oil & Gas Storage & Transportation
|
68,193,201 | |||
Rail – 1.3% | ||||
Union Pacific Corp.
|
15,000 | 2,330,100 |
Shares | Value | |||
COMMON
STOCKS (continued) | ||||
Real Estate Operator/Developer – 1.7% | ||||
CorEnergy Infrastructure Trust
|
450,000 | $ 3,150,000 | ||
Total UNITED STATES
|
81,175,257 | |||
Total
COMMON STOCKS (Cost $207,094,254)
|
232,968,644 | |||
SUBSCRIPTION
RIGHTS – 0.1% | ||||
SPAIN – 0.1% | ||||
Toll Roads – 0.1% | ||||
Abertis Infraestructuras SA
1,2,3 |
245,990 | 239,274 | ||
Total SPAIN |
239,274 | |||
Total
SUBSCRIPTION RIGHTS (Cost $206,239)
|
239,274 |
Interest
Rate |
Maturity | Principal
Amount (000s) |
Value | |
CORPORATE
BONDS – 1.6% | ||||
AUSTRALIA – 1.6% | ||||
Oil & Gas Storage & Transportation – 1.6% | ||||
APT Pipelines, Ltd.
1,5 |
8.01 % | 09/30/72 | AUD 2,919 | 2,859,576 |
Total
CORPORATE BONDS (Cost $3,064,542)
|
2,859,576 | |||
Total
Investments – 128.8% (Cost $210,365,035)
|
236,067,494 | |||
Liabilities in Excess of Other Assets – (28.8)%
|
(52,716,359) | |||
TOTAL NET ASSETS – 100.0%
|
$183,351,135 |
AUD | — Australian Dollar |
The following notes should be read in conjunction with the accompanying Schedule of Investments. |
1 | — Foreign security or a U.S. security of a foreign company. | |||
2 | — All or a portion of this security is pledged as collateral for credit facility. | |||
3 | — Non-income producing security. | |||
4 | — Security acquired in a foreign offering, offered to U.S. Qualified Institutional Buyers under Rule 144a of the Securities Act of 1933. These shares are eligible for resale on their respective foreign exchanges under Regulation S of the Securities Act of 1933. As of September 30, 2013, the total value of all such investments was $14,914,075 or 8.1% of net assets. | |||
5 | — Variable rate security – Interest rate shown is the rate in effect as of September 30, 2013. |
• | Level 1 - | quoted prices in active markets for identical assets or liabilities |
• | Level 2 - | quoted prices in markets that are not active or other significant observable inputs (including, but not limited to: quoted prices for similar assets or liabilities, quoted prices based on recently executed transactions, interest rates, credit risk, etc.) |
• | Level 3 - | significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of assets or liabilities) |
Valuation Inputs | Level 1 | Level 2 | Level 3 | Total | |||
Common Stocks: | |||||||
Australia |
$ — | $ 23,855,180 | $ — | $ 23,855,180 | |||
Brazil |
22,850,212 | — | — | 22,850,212 | |||
Canada |
29,931,374 | — | — | 29,931,374 | |||
France |
— | 19,079,637 | — | 19,079,637 | |||
Italy |
— | 14,713,672 | — | 14,713,672 | |||
Mexico |
1,469,833 | — | — | 1,469,833 | |||
Spain |
— | 19,202,371 | — | 19,202,371 | |||
United Kingdom |
15,045,940 | 5,645,168 | — | 20,691,108 | |||
United States |
81,175,257 | — | — | 81,175,257 | |||
Total Common
Stocks |
150,472,616 | 82,496,028 | — | 232,968,644 | |||
Corporate Bonds: | |||||||
Australia |
— | 2,859,576 | — | 2,859,576 | |||
Subscription Rights: | |||||||
Spain |
239,274 | — | — | 239,274 | |||
Total |
$ 150,711,890 | $ 85,355,604 | $ — | $ 236,067,494 |
Number of Contracts | Premium Amount | ||
Outstanding at December 31,
2012 |
— | $ — | |
Options written |
4,500 | 281,484 | |
Options expired |
(2,556) | (94,972) | |
Options
exercised |
(1,944) | (186,512) | |
Outstanding at September 30,
2013 |
— | $ — |
Total line of credit amount
available |
$63,000,000 |
Line of credit outstanding at September 30,
2013 |
53,000,000 |
Line of credit amount unused at September 30,
2013 |
10,000,000 |
Average balance outstanding during the
period |
53,000,000 |
Interest expense incurred on line of credit during the
period |
445,232 |
Cost of Investments | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation |
$210,365,035 | $33,970,361 | $(8,267,902) | $25,702,459 |