Shares/
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Units
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Description (1)
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Value
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Master Limited Partnerships & MLP Affiliates - 151.3% (99.9% of Total Investments)
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Energy Equipment & Services - 1.2% (0.8% of Total Investments)
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320,336
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Exterran Partners LP
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$
8,946,984
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Oil, Gas & Consumable Fuels - 150.1% (99.1% of Total Investments)
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647,590
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Access Midstream Partners LP
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29,536,580
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181,545
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Alliance Holdings GP LP
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11,154,125
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125,925
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Alliance Resource Partners LP
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9,479,634
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625,438
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Atlas Pipeline Partners LP
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24,266,994
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764,010
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Boardwalk Pipeline Partners LP
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22,966,141
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510,900
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Buckeye Partners LP
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35,763,000
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434,123
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Buckeye Partners LP, Class B Shares, (2), (3), (4)
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29,910,808
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122,671
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Crestwood Midstream Partners LP
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3,182,086
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601,005
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Crosstex Energy LP
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11,250,814
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1,267,469
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DCP Midstream Partners LP
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60,749,789
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491,590
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Delek Logistics Partners LP
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14,551,064
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1,557,602
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Energy Transfer Equity LP
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100,200,535
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1,485,804
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Enterprise Products Partners LP
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88,286,474
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475,760
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EQT Midstream Partners LP
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22,784,146
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1,012,525
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EV Energy Partners LP
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36,947,037
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741,252
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Genesis Energy LP
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36,076,735
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341,180
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Golar LNG Partners LP
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11,088,350
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2,352,805
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Inergy LP
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32,327,541
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1,665,885
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Inergy Midstream LP
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38,715,167
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62,889
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Kinder Morgan Energy Partners LP
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5,129,227
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663,137
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Kinder Morgan Management LLC, (2)
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52,944,858
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1,449,355
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Kinder Morgan Inc
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54,974,035
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34,810
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Knot Offshore Partners LP
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837,181
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1,069,451
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Magellan Midstream Partners LP
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58,028,411
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801,895
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MarkWest Energy Partners LP
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53,558,567
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135,410
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Oiltanking Partners LP
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6,567,385
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709,615
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Oxford Resource Partners LP
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1,639,211
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1,638,298
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Plains All American Pipeline LP
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82,832,347
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152,745
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QEP Midstream Partners LP, (5)
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3,459,674
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141,850
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Rose Rock Midstream LP
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4,634,240
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754,910
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Southcross Energy Partners LP
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14,199,857
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188,550
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Tallgrass Energy Partners LP
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4,276,314
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511,955
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TC PipeLines LP
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24,737,666
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692,635
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Teekay Offshore Partners LP
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22,005,014
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341,910
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Tesoro Logistics LP
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18,326,376
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372,575
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Western Gas Partners LP
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22,034,086
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448,690
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Western Gas Equity Partners LP
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17,669,412
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1,809,422
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Williams Partners LP
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89,258,787
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169,715
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World Point Terminals LP, (5)
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3,411,272
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Total Oil, Gas & Consumable Fuels
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1,159,760,940
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Total Master Limited Partnerships & MLP Affiliates (cost $949,554,864)
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1,168,707,924
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Principal
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Amount (000)
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Description (1)
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Coupon
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Maturity
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Value
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Short-Term Investments - 0.1% (0.1% of Total Investments)
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$ 1,024
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Repurchase Agreement with State Street Bank, dated 8/30/13, repurchase price $1,023,744, collateralized by $1,045,000 U.S. Treasury Notes, 0.250%, due 2/15/15, value $1,044,820
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0.000%
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9/03/13
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$ 1,023,744
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Total Short-Term Investments (cost $1,023,744)
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1,023,744
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Total Investments (cost $950,578,608) - 151.4%
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1,169,731,668
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Borrowings - (36.6)% (6), (7)
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(283,000,000)
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Other Assets Less Liabilities - (14.8)% (8)
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(114,181,147)
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Net Assets - 100%
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$ 772,550,521
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Investments in Derivatives as of August 31, 2013
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Swaps outstanding:
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Fund
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Fixed Rate
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Unrealized
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Notional
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Pay/Receive
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Fixed Rate
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Payment
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Effective
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Termination
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Appreciation
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Counterparty
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Amount
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Floating Rate
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Floating Rate Index
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(Annualized)
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Frequency
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Date (9)
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Date
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(Depreciation) (8)
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JPMorgan
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$
96,375,000
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Receive
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1-Month USD-LIBOR
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1.498%
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Monthly
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12/01/14
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12/01/18
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$ 2,732,157
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JPMorgan
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96,375,000
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Receive
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1-Month USD-LIBOR
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1.995
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Monthly
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12/01/14
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12/01/20
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4,353,465
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$ 192,750,000
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$ 7,085,622
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Fair Value Measurements
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Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entitys own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
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Level 1 - Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
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Level 2 - Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
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Level 3 - Prices are determined using significant unobservable inputs (including managements assumptions in determining the fair value of investments).
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The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Funds fair value measurements as of the end of the reporting period:
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Level 1
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Level 2
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Level 3
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Total
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Long-Term Investments:
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Master Limited Partnerships & MLP Affiliates
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$ 1,138,797,116
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$ 29,910,808
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$
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$ 1,168,707,924
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Short-Term Investments:
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Repurchase Agreements
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1,023,744
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1,023,744
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Derivatives:
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Swaps*
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7,085,622
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7,085,622
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Total
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$ 1,138,797,116
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$ 38,020,174
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$
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$ 1,176,817,290
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* Represents net unrealized appreciation (depreciation) as reported in the Funds Portfolio of Investments.
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Income Tax Information
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As of August 31, 2013, the cost of investments (excluding investments in derivatives) was $952,021,842.
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Gross unrealized appreciation and gross unrealized depreciation of investments (excluding investments in derivatives) as of August 31, 2013, were as follows:
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Gross unrealized:
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Appreciation
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$ 247,713,557
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Depreciation
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(30,003,731
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Net unrealized appreciation (depreciation) of investments
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$ 217,709,826
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For Fund portfolio compliance purposes, the Funds industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.
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(1)
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All percentages shown in the Portfolio of Investments are based on net assets unless otherwise noted.
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(2)
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Distributions are paid in-kind.
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(3)
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For fair value measurement disclosure purposes, Master Limited Partnership & MLP Affiliates classified as Level 2.
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(4)
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Security is restricted and may be resold only in transactions exempt from registration, normally to qualified institutional buyers.
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(5)
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Represents a new issue security. Security has not made an initial distribution to shareholders.
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(6)
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Borrowings as a percentage of Total Investments is 24.2%.
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(7)
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The Fund may pledge up to 100% of its eligible investments in the Portfolio of Investments as collateral for Borrowings. As of the end of the reporting period, investments with a value of $662,898,243 have been pledged as collateral for Borrowings.
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(8)
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Other Assets Less Liabilities includes the Unrealized Appreciation (Depreciation) of derivative instruments as listed within Investments in Derivatives as of the end of the reporting period.
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(9)
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Effective date represents the date on which both the Fund and Counterparty commence interest payment accruals on each swap contract.
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USD-LIBOR
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United States Dollar-London Inter-Bank Offered Rate.
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