The Cushing Renaissance Fund
|
|||||||||
SCHEDULE OF INVESTMENTS (Unaudited)
|
|||||||||
August 31, 2018
|
|||||||||
Fair
|
|||||||||
Common Stock - 58.3%
|
Shares
|
|
Value
|
||||||
Chemicals - 4.9%
|
|||||||||
Netherlands - 2.8%
|
|||||||||
LyondellBasell Industries NV(1)
|
40,000
|
$ |
4,511,200
|
||||||
United States - 2.1%
|
|||||||||
DowDuPont, Inc.
|
47,500
|
3,331,175
|
|||||||
7,842,375
|
|||||||||
Diversified General Partnerships - 3.3%
|
|||||||||
United States - 3.3%
|
|||||||||
HollyFrontier Corporation(1)
|
70,000
|
5,216,400
|
|||||||
Exploration & Production - 11.9%
|
|||||||||
Canada - 3.7%
|
|||||||||
Vermilion Energy, Inc.(1)
|
186,000
|
5,896,200
|
|||||||
Netherlands - 3.7%
|
|||||||||
Royal Dutch Shell Plc(1)
|
88,250
|
5,756,547
|
|||||||
United Kingdom - 4.5%
|
|||||||||
BP Plc(1)
|
167,500
|
7,182,400
|
|||||||
18,835,147
|
|||||||||
Industrials - 5.1%
|
|||||||||
Ireland - 2.7%
|
|||||||||
Eaton Corp Plc
|
52,000
|
4,323,280
|
|||||||
United States - 2.4%
|
|||||||||
Caterpillar, Inc.
|
12,000
|
1,666,200
|
|||||||
Emerson Electric Company
|
26,500
|
2,033,345
|
|||||||
8,022,825
|
|||||||||
Materials - 2.4%
|
|||||||||
United Kingdom - 1.3%
|
|||||||||
Venator Materials Plc(2)
|
175,000
|
2,114,000
|
|||||||
United States - 1.1%
|
|||||||||
Vulcan Materials Co.
|
15,000
|
1,662,000
|
|||||||
3,776,000
|
|||||||||
Midstream - 6.1%
|
|||||||||
Canada - 1.8%
|
|||||||||
Pembina Pipeline Corporation
|
85,000
|
2,900,200
|
|||||||
United States - 4.3%
|
|||||||||
Targa Resources Corporation(1)
|
124,625
|
6,863,099
|
|||||||
9,763,299
|
|||||||||
Refiners - 9.1%
|
|||||||||
United States - 9.1%
|
|||||||||
CVR Energy, Inc.(1)
|
185,000
|
7,039,250
|
|||||||
Phillips 66(1)
|
44,000
|
5,214,440
|
|||||||
Valero Energy Corporation
|
18,500
|
2,180,780
|
|||||||
14,434,470
|
|||||||||
Transportation - 1.0%
|
|||||||||
United States - 1.0%
|
|||||||||
XPO Logistics, Inc.(2)
|
15,000
|
1,597,500
|
|||||||
Utilities - 12.6%
|
|||||||||
United States - 12.6%
|
|||||||||
Dominion Energy, Inc.(1)
|
94,500
|
6,687,765
|
|||||||
NRG Yield, Inc.(1)
|
390,000
|
7,741,500
|
PPL Corporation(1)
|
185,000
|
5,501,900
|
|||||||
19,931,165
|
|||||||||
Yield - 1.9%
|
|||||||||
United Kingdom - 1.9%
|
|||||||||
Atlantica Yield Plc
|
150,000
|
3,095,250
|
|||||||
Total Common Stocks (Cost $84,726,585)
|
$ |
92,514,431
|
|||||||
Master Limited Partnerships and Related Companies - 35.8%
|
|||||||||
Exploration & Production - 6.6%
|
|||||||||
United States - 6.6%
|
|||||||||
Mid-Con Energy Partners, L.P.(3)
|
465,116
|
$ |
706,976
|
||||||
Viper Energy Partners, L.P.(1)
|
250,000
|
9,727,500
|
|||||||
10,434,476
|
|||||||||
Midstream - 18.4%
|
|||||||||
United States - 18.4%
|
|||||||||
DCP Midstream, L.P.(1)
|
207,000
|
8,530,470
|
|||||||
Energy Transfer Partners, L.P.(1)
|
300,000
|
6,765,000
|
|||||||
Enterprise Products Partners, L.P.(1)
|
81,000
|
2,316,600
|
|||||||
Sunoco, L.P.(1)
|
230,000
|
6,230,700
|
|||||||
Western Gas Partners, L.P.(1)
|
110,000
|
5,373,500
|
|||||||
29,216,270
|
|||||||||
Natural Gas Transportation & Storage - 2.9%
|
|||||||||
United States - 2.9%
|
|||||||||
Tallgrass Energy, L.P.
|
190,000
|
4,672,100
|
|||||||
Shipping - 3.9%
|
|||||||||
Republic of the Marshall Islands - 3.9%
|
|||||||||
GasLog Partners, L.P.
|
126,500
|
3,073,950
|
|||||||
Golar LNG Partners, L.P.
|
232,000
|
3,136,640
|
|||||||
6,210,590
|
|||||||||
Utilities - 4.0%
|
|||||||||
United States - 4.0%
|
|||||||||
NextEra Energy Partners, L.P.(1)
|
130,000
|
6,305,000
|
|||||||
Total Master Limited Partnerships and Related Companies (Cost $44,336,402)
|
$ |
56,838,436
|
|||||||
Fixed Income - 31.3%
|
|||||||||
Engineering & Construction - 3.9%
|
|||||||||
United States - 3.9%
|
|||||||||
Zachry Holdings, Inc., 7.500%, due 02/01/2020(1)(4)
|
6,250,000
|
$ |
6,281,250
|
||||||
Exploration & Production - 20.1%
|
|||||||||
Canada - 3.0%
|
|||||||||
MEG Energy Corporation, 6.375%, due 01/30/2023(4)
|
2,725,000
|
2,486,563
|
|||||||
MEG Energy Corporation, 7.000%, due 03/31/2024(4)
|
2,500,000
|
2,281,250
|
|||||||
United States - 17.1%
|
|||||||||
Barrett Bill Corporation, 7.000%, due 10/15/2022(1)
|
5,250,000
|
5,276,250
|
|||||||
Denbury Resources, Inc., 4.625%, due 07/15/2023
|
4,000,000
|
3,460,000
|
|||||||
HighPoint Operating Corporation, 8.750%, due 06/15/2025
|
1,288,000
|
1,381,380
|
|||||||
Murphy Oil Corporation, 5.875%, due 12/01/2042
|
5,000,000
|
4,516,472
|
|||||||
QEP Resources, Inc., 5.625%, due 03/01/2026
|
4,000,000
|
3,840,000
|
|||||||
Sanchez Energy Corporation, 6.125%, due 01/15/2023(1)
|
5,000,000
|
2,848,250
|
|||||||
Southwestern Energy Company, 7.750%, due 10/01/2027
|
5,500,000
|
5,843,750
|
|||||||
31,933,915
|
|||||||||
Industrials - 2.3%
|
|||||||||
United States - 2.3%
|
|||||||||
Cleaver-Brooks, Inc., 7.875%, due 03/01/2023(4)
|
3,500,000
|
3,622,500
|
|||||||
Midstream - 1.9%
|
|||||||||
United States - 1.9%
|
|||||||||
DCP Midstream, L.P., 7.375%, due 06/15/2023
|
3,000,000
|
3,005,625
|
|||||||
Refiners - 3.1%
|
|||||||||
United States - 3.1%
|
|||||||||
PBF Holding Company, LLC / PBF Finance Corporation, 7.000%, due 11/15/2023
|
4,655,000
|
4,887,750
|
|||||||
Total Fixed Income (Cost $52,316,719)
|
$ |
49,731,040
|
|||||||
Short-Term Investments - Investment Companies - 1.6%
|
|||||||||
United States - 1.6%
|
|||||||||
Fidelity Government Portfolio Fund, 1.82%(5)
|
643,289
|
$ |
643,289
|
||||||
First American Government Obligations Fund - Class Z, 1.80%(5)
|
623,669
|
623,669
|
|||||||
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 1.84%(5)
|
623,669
|
623,669
|
|||||||
STIT-Government & Agency Portfolio, 1.85%(5)
|
623,669
|
623,669
|
|||||||
Total Short-Term Investments - Investment Companies (Cost $2,514,296)
|
$ |
2,514,296
|
|||||||
Total Investments - 127.0% (Cost $183,894,002)
|
$ |
201,598,203
|
|||||||
Liabilities in Excess of Other Assets - (27.0%)
|
(42,854,769)
|
||||||||
Net Assets Applicable to Common Stockholders - 100.0%
|
$ |
158,743,434
|
|||||||
|
|||||||||
(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 August 31, 2018. As such, it is classified as a non-income producing security as of August 31, 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 0.45% of the Fund’s net assets as of August 31, 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 August 31, 2018, the value of these investments was $14,671,563 or 9.24% of total net assets.
|
||||||||
(5)
|
Rate reported is the current yield as of August 31, 2018.
|
||||||||
(6)
|
Description
|
Exercise
Price |
Expiration
Date |
Currency
|
Number of
Contracts |
Premiums
Received |
Fair
Value |
Unrealized
Appreciation (Depreciation) |
|
DowDuPont, Inc., Call Option
|
$71.00
|
9/21/2018
|
USD
|
475
|
$25,819
|
$41,800
|
($15,981)
|
||
Eaton Corporation Plc, Call Option
|
$84.50
|
9/21/2018
|
USD
|
260
|
$19,621
|
$14,300
|
$5,321
|
||
Emerson Electric Company, Call Option
|
$76.00
|
9/21/2018
|
USD
|
265
|
$27,816
|
$36,835
|
($9,019)
|
||
$73,256
|
$92,935
|
($19,679)
|
|||||||
· |
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
|
||||||||||||||||
Quoted Prices in
|
Significant
|
|||||||||||||||
Active Markets for
|
Significant Other
|
Unobservable
|
||||||||||||||
Fair Value at
|
Identical Assets
|
Observable Inputs
|
Inputs
|
|||||||||||||
Description
|
August 31, 2018
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||||
Assets
Equity Securities
|
||||||||||||||||
Common Stock (a)
|
$
|
92,514,431
|
$
|
92,514,431
|
$
|
-
|
$
|
-
|
||||||||
Master Limited
Partnerships and
Related
Companies (a)
|
56,838,436
|
56,131,460
|
706,976
|
-
|
||||||||||||
Total Equity Securities
|
149,352,867
|
148,645,891
|
706,976
|
-
|
||||||||||||
Notes
Senior Notes(a)
|
49,731,040
|
-
|
49,731,040
|
-
|
||||||||||||
Total Notes
|
49,731,040
|
-
|
49,731,040
|
-
|
||||||||||||
Other
|
||||||||||||||||
Short Term
Investments (a)
|
2,514,296
|
2,514,296
|
-
|
-
|
||||||||||||
Total Other
|
2,514,296
|
2,514,296
|
-
|
-
|
||||||||||||
Total Assets
|
$
|
201,598,203
|
$
|
151,160,187
|
$
|
50,438,016
|
$
|
-
|
||||||||
Liabilities
Written Options
|
$
|
92,935
|
$
|
92,935
|
$
|
-
|
$
|
-
|
||||||||
Total Liabilities
|
$
|
92,935
|
$
|
92,935
|
$
|
-
|
$
|
-
|
(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 August 31, 2018.
|
(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.
|