The Cushing Renaissance Fund
|
||||||
SCHEDULE OF INVESTMENTS (Unaudited)
|
||||||
|
February 28, 2018
|
Fair
|
||||||||
Common Stock - 61.1%
|
Shares
|
Value
|
||||||
Chemicals - 8.7%
|
||||||||
Netherlands - 2.0%
|
||||||||
LyondellBasell Industries NV(1)
|
21,000
|
$
|
2,272,620
|
|||||
United States - 6.7%
|
||||||||
Albemarle Corporation
|
12,500
|
1,255,375
|
||||||
DowDuPont, Inc.(1)
|
65,000
|
4,569,500
|
||||||
Huntsman Corporation
|
60,000
|
1,936,200
|
||||||
10,033,695
|
||||||||
Diversified General Partnerships - 2.5%
|
||||||||
United States - 2.5%
|
||||||||
HollyFrontier Corporation(1)
|
67,500
|
2,891,025
|
||||||
Exploration & Production - 13.5%
|
||||||||
Canada - 1.7%
|
||||||||
Suncor Energy, Inc.
|
60,000
|
1,975,200
|
||||||
Netherlands - 6.1%
|
||||||||
Royal Dutch Shell Plc
|
110,000
|
6,959,700
|
||||||
United Kingdom - 4.7%
|
||||||||
BP Plc
|
140,000
|
5,440,400
|
||||||
United States - 1.0%
|
||||||||
QEP Resources, Inc.(2)
|
130,000
|
1,120,600
|
||||||
15,495,900
|
||||||||
General Partners - 4.5%
|
||||||||
United States - 4.5%
|
||||||||
Targa Resources Corporation(1)
|
115,125
|
5,140,331
|
||||||
Industrials - 7.6%
|
||||||||
United States - 7.6%
|
||||||||
Dover Corporation
|
32,000
|
3,203,200
|
||||||
Emerson Electric Company(1)
|
77,000
|
5,471,620
|
||||||
8,674,820
|
||||||||
Oil Services - 1.7%
|
||||||||
Netherlands Antilles - 1.7%
|
||||||||
Schlumberger Ltd.
|
30,000
|
1,969,200
|
||||||
Refiners - 11.4%
|
||||||||
United States - 11.4%
|
||||||||
CVR Energy, Inc.(1)
|
75,000
|
2,221,500
|
||||||
PBF Energy, Inc.(1)
|
100,000
|
2,931,000
|
||||||
Phillips 66(1)
|
44,000
|
3,976,280
|
||||||
Valero Energy Corporation(1)
|
44,000
|
3,978,480
|
||||||
13,107,260
|
||||||||
Utilities - 11.2%
|
||||||||
United States - 11.2%
|
||||||||
Exelon Corporation(1)
|
99,000
|
3,666,960
|
||||||
FirstEnergy Corporation(1)
|
140,000
|
4,526,200
|
||||||
NRG Yield, Inc.(1)
|
300,000
|
4,695,000
|
||||||
12,888,160
|
||||||||
Total Common Stocks (Cost $67,109,587)
|
$
|
70,200,391
|
||||||
Master Limited Partnerships and Related Companies - 32.3%
|
||||||||
Crude Oil & Refined Products - 7.0%
|
||||||||
United States - 7.0%
|
||||||||
MPLX, L.P.(1)
|
115,000
|
$
|
3,970,950
|
|||||
Sunoco, L.P.(1)
|
140,000
|
4,048,800
|
||||||
8,019,750
|
||||||||
Large Cap Diversified - 4.4%
|
||||||||
United States - 4.4%
|
||||||||
Energy Transfer Partners, L.P.(1)
|
275,000
|
5,007,750
|
||||||
Natural Gas Gatherers & Processors - 3.2%
|
||||||||
United States - 3.2%
|
||||||||
DCP Midstream, L.P.
|
50,000
|
1,792,000
|
||||||
Western Gas Partners, L.P.
|
40,000
|
1,862,000
|
||||||
3,654,000
|
||||||||
Shipping - 11.9%
|
||||||||
Republic of the Marshall Islands - 8.1%
|
||||||||
GasLog Partners, L.P.
|
220,000
|
5,170,000
|
||||||
Golar LNG Partners, L.P.
|
225,000
|
4,160,250
|
||||||
United States - 3.8%
|
||||||||
Cheniere Energy Partners, L.P.(1)
|
150,000
|
4,398,000
|
||||||
13,728,250
|
||||||||
Upstream - 0.7%
|
||||||||
United States - 0.7%
|
||||||||
Mid-Con Energy Partners, L.P.(3)
|
465,116
|
776,744
|
||||||
Yield - 5.1%
|
||||||||
United States - 5.1%
|
||||||||
NextEra Energy Partners, L.P.(1)
|
150,000
|
5,886,000
|
||||||
Total Master Limited Partnerships and Related Companies (Cost $31,292,514)
|
$
|
37,072,494
|
||||||
Fixed Income - 30.0%
|
||||||||
Engineering & Construction - 5.5%
|
||||||||
United States - 5.5%
|
||||||||
Zachry Holdings, Inc., 7.500%, due 02/01/2020(1)(4)
|
6,250,000
|
$
|
6,343,750
|
|||||
Exploration & Production - 14.4%
|
||||||||
Canada - 2.0%
|
||||||||
MEG Energy Corporation, 6.375%, due 01/30/2023(4)
|
2,725,000
|
2,350,312
|
||||||
United States - 12.4%
|
||||||||
Barrett Bill Corporation, 7.000%, due 10/15/2022(1)
|
2,750,000
|
2,763,750
|
||||||
Denbury Resources, Inc., 4.625%, due 07/15/2023
|
4,000,000
|
2,980,000
|
||||||
Murphy Oil Corporation, 5.875%, due 12/01/2042
|
5,000,000
|
4,700,000
|
||||||
Sanchez Energy Corporation, 6.125%, due 01/15/2023(1)
|
5,000,000
|
3,775,000
|
||||||
16,569,062
|
||||||||
Industrials - 3.2%
|
||||||||
United States - 3.2%
|
||||||||
Cleaver-Brooks, Inc., 7.875%, due 03/01/2023(4)
|
3,500,000
|
3,701,250
|
||||||
Natural Gas Gatherers & Processors - 2.7%
|
||||||||
United States - 2.7%
|
||||||||
DCP Midstream, L.P., 7.375%, due 06/15/2023
|
3,000,000
|
3,031,875
|
Refiners - 4.2%
|
||||||||
United States - 4.2%
|
||||||||
PBF Holding Company, LLC / PBF Finance Corporation, 7.000%, due 11/15/2023
|
4,655,000
|
4,864,475
|
||||||
Total Fixed Income (Cost $36,649,969)
|
$
|
34,510,412
|
||||||
Short-Term Investments - Investment Companies - 0.6%
|
||||||||
United States - 0.6%
|
||||||||
Fidelity Government Portfolio Fund - Institutional Class, 1.26%(5)
|
169,565
|
$
|
169,565
|
|||||
First American Government Obligations Fund - Class Z, 1.25%(5)
|
169,564
|
169,564
|
||||||
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 1.26%(5)
|
169,564
|
169,564
|
||||||
Invesco Short-Term Government & Agency Portfolio - Institutional Class, 1.30%(5)
|
169,565
|
169,565
|
||||||
Total Short-Term Investments - Investment Companies (Cost $678,258)
|
$
|
678,258
|
||||||
Total Investments - 124.0% (Cost $135,730,328)
|
$
|
142,461,555
|
||||||
Written Options(6) - 0.0% (Premiums paid $32,038)
|
(22,880)
|
|
||||||
Liabilities in Excess of Other Assets - (24.0%)
|
(27,507,155)
|
|
||||||
Net Assets Applicable to Common Stockholders - 100.0%
|
$
|
114,931,520
|
(1)
|
All or a portion of these securities are held as collateral pursuant to the loan agreements.
|
|||||||
(2)
|
No distribution or dividend was made during the period ended February 28, 2018. As such, it is classified as a non-income producing security as of February 28, 2018.
|
|||||||
(3)
|
Restricted security. Fair valued by the Adviser using the Fund's valuation prodecures and subsequently ratified by the Board of Trustees. The position was acquired on October 7, 2016 at $1,000,000 and the fair value accounted for 0.68% of the Fund's net assets as of February 28, 2018.
|
|||||||
(4)
|
Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional buyers." These securities have been deemed to be liquid by the Fund's adviser under the supervision of the Board of Directors. As of February 28, 2018, the value of these investments was $12,395,313 or 10.78% of total net assets.
|
|||||||
(5)
|
Rate reported is the current yield as of February 28, 2018.
|
|||||||
(6)
|
Description
|
Exercise
Price
|
Expiration
Date
|
Currency
|
Number of
Contracts
|
Premiums
Received
|
Fair
Value
|
Unrealized
Appreciation
(Depreciation)
|
Dover Corporation, Call Option
|
$105.00
|
3/1/2018
|
USD
|
160
|
$14,074
|
$13,280
|
$794
|
|
Emerson Electric Company,
Call Option
|
$75.00
|
3/1/2018
|
USD
|
400
|
$17,964
|
$9,600
|
$8,364
|
|
$32,038 | $22,880 |
$9,158
|
Cost of investments
|
$
|
135,698,290
|
||
Gross unrealized appreciation
|
13,261,227
|
|||
Gross unrealized depreciation
|
(6,520,842
|
)
|
||
Net unrealized appreciation
|
$
|
6,740,385
|
· |
Level 1 — quoted prices in active markets for identical securities
|
· |
Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
|
· |
Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
|
Fair Value Measurements at Reporting Date Using
|
||||||||||||||||
|
|
|
||||||||||||||
Description
|
Fair Value at
February 28, 2018 |
Quoted Prices in
Active Markets for |
Significant Other
Observable Inputs |
Significant
Unobservable |
||||||||||||
Assets
Equity Securities
|
||||||||||||||||
Common Stock (a)
|
$
|
70,200,391
|
$
|
70,200,391
|
$
|
-
|
$
|
-
|
||||||||
Master Limited
Partnerships and
Related
Companies (a)
|
37,072,494
|
36,295,750
|
776,744
|
-
|
||||||||||||
Total Equity Securities
|
107,272,885
|
106,496,141
|
776,744
|
-
|
||||||||||||
Notes
Senior Notes(a)
|
34,510,412
|
-
|
34,510,412
|
-
|
||||||||||||
Total Notes
|
34,510,412
|
-
|
34,510,412
|
-
|
||||||||||||
Other
|
||||||||||||||||
Short Term
Investments (a)
|
678,258
|
678,258
|
-
|
-
|
||||||||||||
Total Other
|
678,258
|
678,258
|
-
|
-
|
||||||||||||
Total Assets
|
$
|
142,161,555
|
$
|
107,174,399
|
$
|
35,287,156
|
$
|
-
|
||||||||
Liabilities
Written Options
|
$
|
22,880
|
$
|
22,880
|
$
|
-
|
$
|
-
|
||||||||
Total Liabilities
|
$
|
22,880
|
$
|
22,880
|
$
|
-
|
$
|
-
|
(a) |
All other industry classifications are identified in the Schedule of Investments. The Fund did not hold Level 3 investments at any time during the period ended February 28, 2018.
|
The effect of derivative instruments on the Statement of Operations for the period ended February 28, 2018:
|
Amount of Realized Gain (Loss) on Derivatives Recognized in Income
|
||||||||||||
Derivatives not accounted for as
hedging instruments under ASC
815
|
Purchased
Options
|
Written
Options
|
Total
|
|||||||||
Equity Contracts
|
$
|
-
|
$
|
105,799
|
$
|
105,799
|
||||||
Amount of Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
|
||||||||||||
Derivatives not accounted for as
hedging instruments under ASC
815
|
Purchased
Options
|
Written
Options
|
Total
|
|||||||||
Equity Contracts
|
$
|
-
|
$
|
9,158
|
$
|
9,158
|
||||||
Asset derivatives
|
||||||||||||
Risk Exposure Category
|
Statement of Assets and
Liabilities location
|
Fair Value
|
||||||||||
Equity Contracts
|
Written options, at fair value
|
$
|
22,880
|
(a) |
The Fund’s President and Treasurer have concluded that the Fund's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) (17 CFR 270.30a-3(c)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d‑15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(d)).
|
(b) |
There were no changes in the Fund's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) (17 CFR 270.30a-3(d)) that occurred during the Fund's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Fund's internal control over financial reporting.
|