The Cushing Energy Income Fund
|
|||||
SCHEDULE OF INVESTMENTS (Unaudited)
|
|||||
August 31, 2018
|
|||||
Fair
|
|||||
Common Stock - 69.5%
|
Shares
|
|
Value
|
||
Exploration & Production - 59.0%
|
|||||
Canada - 8.0%
|
|||||
Suncor Energy, Inc.(1)
|
34,397
|
$ |
1,416,468
|
||
Vermilion Energy, Inc.
|
24,500
|
776,650
|
|||
France - 2.4%
|
|||||
Total S.A.(1)
|
10,300
|
646,222
|
|||
Netherlands - 4.8%
|
|||||
Royal Dutch Shell Plc(1)
|
19,981
|
1,303,361
|
|||
United Kingdom - 4.8%
|
|||||
BP Plc(1)
|
30,307
|
1,299,564
|
|||
United States - 39.0%
|
|||||
Anadarko Petroleum Corporation
|
6,750
|
434,700
|
|||
Antero Resources Corporation(1)(2)
|
17,000
|
314,670
|
|||
Cabot Oil & Gas Corporation
|
61,608
|
1,468,119
|
|||
Chevron Corporation(1)
|
11,110
|
1,316,091
|
|||
EOG Resources, Inc.(1)
|
12,280
|
1,451,864
|
|||
EQT Corporation(1)
|
11,100
|
566,322
|
|||
Extraction Oil & Gas, Inc.(2)
|
47,321
|
546,557
|
|||
Noble Energy, Inc.
|
28,578
|
849,338
|
|||
Occidental Petroleum Corporation
|
10,901
|
870,663
|
|||
Parsley Energy, Inc.(2)
|
48,302
|
1,341,346
|
|||
Pioneer Natural Resource Company(1)
|
6,558
|
1,145,683
|
|||
Whiting Petroleum Corporation(2)
|
6,790
|
345,679
|
|||
16,093,297
|
|||||
General Partners - 10.5%
|
|||||
United States - 10.5%
|
|||||
ONEOK, Inc.(1)
|
20,400
|
1,344,564
|
|||
Targa Resources Corporation(1)
|
27,926
|
1,537,885
|
|||
2,882,449
|
|||||
Total Common Stocks (Cost $16,425,329)
|
$ |
18,975,746
|
|||
MLP Investments and Related Companies - 23.2%
|
|||||
Large Cap Diversified - 4.7%
|
|||||
United States - 4.7%
|
|||||
Energy Transfer Partners, L.P.(1)
|
56,832
|
$ |
1,281,562
|
||
Natural Gas Gatherers & Processors - 6.5%
|
|||||
United States - 6.5%
|
|||||
DCP Midstream Partners, L.P.(1)
|
27,821
|
1,146,503
|
|||
EnLink Midstream Partners, L.P.(1)
|
35,000
|
623,000
|
|||
1,769,503
|
|||||
Shipping - 5.9%
|
|||||
Republic of the Marshall Islands - 5.9%
|
|||||
GasLog Partners, L.P.
|
44,653
|
1,085,068
|
|||
Golar LNG Partners, L.P.
|
38,624
|
522,196
|
|||
1,607,264
|
Upstream - 6.1%
|
|||||
United States - 6.1%
|
|||||
Mid-Con Energy Partners, L.P.(3)
|
116,279
|
176,744
|
|||
Viper Energy Partners, L.P.
|
38,785
|
1,509,125
|
|||
1,685,869
|
|||||
Total MLP Investments and Related Companies (Cost $5,267,334)
|
$ |
6,344,198
|
|||
Preferred Stock - 1.6%
|
|||||
Large Cap Diversified - 1.6%
|
|||||
United States - 1.6%
|
|||||
Kinder Morgan, Inc.
|
13,000
|
$ |
434,330
|
||
Total Preferred Stock (Cost $609,722)
|
$ |
434,330
|
|||
Fixed Income - 11.0%
|
|||||
Exploration & Production - 11.0%
|
|||||
United States - 11.0%
|
|||||
Bill Barrett Corporation, 7.000%, due 10/15/2022
|
500,000
|
$ |
502,500
|
||
Continental Resources, Inc., 3.800%, due 06/01/2024
|
500,000
|
493,039
|
|||
Murphy Oil Corporation, 5.875%, due 12/01/2042
|
600,000
|
541,977
|
|||
QEP Resources, Inc., 5.625%, due 03/01/2026
|
1,000,000
|
960,000
|
|||
Range Resources Corporation, 5.000%, due 03/15/2023
|
500,000
|
491,650
|
|||
Total Fixed Income (Cost $2,901,777)
|
$ |
2,989,166
|
|||
Short-Term Investments - Investment Companies - 3.3%
|
|||||
United States - 3.3%
|
|||||
Fidelity Government Portfolio Fund - Institutional Class, 1.82%(4)
|
221,937
|
$ |
221,937
|
||
First American Prime Obligations Fund - Class Z, 1.80%(4)
|
221,937
|
221,937
|
|||
Invesco Short-Term Government & Agency Portfolio - Institutional Class, 1.85%(4)
|
221,938
|
221,938
|
|||
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class, 1.84%(4)
|
221,937
|
221,937
|
|||
Total Short-Term Investments - Investment Companies (Cost $887,749)
|
$ |
887,749
|
|||
Total Investments - 108.6% (Cost $26,091,911)
|
$ |
29,631,189
|
|||
Liabilities in Excess of Other Assets - (8.6%)
|
(2,336,161)
|
||||
Net Assets Applicable to Common Stockholders - 100.0%
|
$ |
27,295,028
|
|||
|
|||||
(1)
|
All or a portion of these securities are held as collateral pursuant to the loan agreement.
|
||||
(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 August 11, 2016 at $250,000 and the fair value accounted for 0.65% of the Fund’s net assets at August 31, 2018.
|
||||
(4)
|
Rate reported is the current yield as of August 31, 2018.
|
· |
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)
|
$
|
18,975,746
|
$
|
18,975,746
|
$
|
-
|
$
|
-
|
||||||||
Master Limited
Partnerships and Related
Companies (a)
|
6,344,198
|
6,167,454
|
176,744
|
-
|
||||||||||||
Preferred Stock (a)
|
434,300
|
434,330
|
-
|
|||||||||||||
Total Equity Securities
|
25,754,274
|
25,577,530
|
176,744
|
-
|
||||||||||||
Notes
Senior Notes(a)
|
2,989,166
|
-
|
2,989,166
|
-
|
||||||||||||
Total Notes
|
2,989,166
|
-
|
2,989,166
|
-
|
||||||||||||
Other
Short Term
Investments (a)
|
887,749
|
887,749
|
-
|
-
|
||||||||||||
Total Other
|
887,749
|
887,749
|
-
|
-
|
||||||||||||
Total Assets
|
$
|
29,631,189
|
$
|
26,465,279
|
$
|
3,165,910
|
$
|
-
|
(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.
|