The Cushing Renaissance Fund
|
|||||||||
SCHEDULE OF INVESTMENTS (Unaudited)
|
|||||||||
February 28, 2019
|
|||||||||
Fair
|
|||||||||
Common Stock - 43.4%
|
Shares
|
|
Value
|
||||||
Chemicals - 2.5%
|
|||||||||
Netherlands - 2.5%
|
|||||||||
LyondellBasell Industries NV(1)
|
40,000
|
$ |
3,420,800
|
||||||
|
|||||||||
Exploration & Production - 15.7%
|
|||||||||
Canada - 3.7%
|
|||||||||
Vermilion Energy, Inc.(1)
|
200,000
|
5,116,000
|
|||||||
Netherlands - 5.1%
|
|||||||||
Royal Dutch Shell Plc(1)
|
113,250
|
7,045,283
|
|||||||
Norway - 1.1%
|
|||||||||
Equinar ASA
|
70,000
|
1,572,200
|
|||||||
United Kingdom - 5.8%
|
|||||||||
BP Plc(1)
|
187,500
|
7,996,875
|
|||||||
21,730,358
|
|||||||||
Industrials - 1.5%
|
|||||||||
Ireland - 1.5%
|
|||||||||
Eaton Corp Plc(1)
|
26,000
|
2,074,020
|
|||||||
Large Cap Diversified C Corps - 2.7%
|
|||||||||
Canada - 2.7%
|
|||||||||
Pembina Pipeline Corporation
|
100,000
|
3,664,000
|
|||||||
Natural Gas Gatherers & Processors - 0.7%
|
|||||||||
United States - 0.7%
|
|||||||||
Targa Resources Corporation(1)
|
24,625
|
990,910
|
|||||||
Refiners - 10.3%
|
|||||||||
United States - 10.3%
|
|||||||||
CVR Energy, Inc.(1)
|
100,000
|
4,054,000
|
|||||||
Phillips 66(1)
|
56,000
|
5,396,160
|
|||||||
Valero Energy Corporation(1)
|
59,500
|
4,852,820
|
|||||||
14,302,980
|
|||||||||
Utilities - 6.8%
|
|||||||||
United States - 6.8%
|
|||||||||
Clearway Energy, Inc.(1)
|
390,000
|
5,846,100
|
|||||||
PPL Corporation(1)
|
110,000
|
3,538,700
|
|||||||
9,384,800
|
|||||||||
YieldCo - 3.2%
|
|||||||||
United Kingdom - 3.2%
|
|||||||||
Atlantica Yield Plc(1)
|
225,000
|
4,491,000
|
|||||||
Total Common Stocks (Cost $56,035,979)
|
$ |
60,058,868
|
|||||||
Master Limited Partnerships and Related Companies - 32.1%
|
Units
|
||||||||
Fuel Distribution - 5.0%
|
|||||||||
United States - 5.0%
|
|||||||||
Sunoco, L.P.(1)
|
230,000
|
$ |
6,895,400
|
||||||
Large Cap MLP - 4.7%
|
|||||||||
United States - 4.7%
|
|||||||||
Energy Transfer, L.P.(1)
|
440,000
|
6,507,600
|
|||||||
|
|||||||||
Marine - 4.1%
|
|||||||||
Republic of the Marshall Islands - 4.1%
|
|||||||||
GasLog Partners, L.P.(1)
|
126,500
|
2,795,650
|
|||||||
Golar LNG Partners, L.P.(1)
|
232,000
|
2,992,800
|
|||||||
5,788,450
|
|||||||||
Natural Gas Gatherers & Processors - 8.0%
|
|||||||||
United States - 8.0%
|
|||||||||
DCP Midstream, L.P.(1)
|
207,000
|
6,671,610
|
|||||||
Western Midstream Partners L.P.(1)
|
129,625
|
4,337,253
|
|||||||
11,008,863
|
|||||||||
Natural Gas Transportation & Storage - 3.0%
|
|||||||||
United States - 3.0%
|
|||||||||
Tallgrass Energy, L.P.(1)
|
185,000
|
4,186,550
|
|||||||
Upstream MLPs - 5.4%
|
|||||||||
United States - 5.4%
|
|||||||||
Viper Energy Partners, L.P.(1)
|
226,522
|
7,454,839
|
|||||||
|
|||||||||
YieldCo - 1.9%
|
|||||||||
United States - 1.9%
|
|||||||||
NextEra Energy Partners, L.P.(1)
|
60,000
|
2,591,400
|
|||||||
Total Master Limited Partnerships and Related Companies (Cost $40,592,626)
|
$ |
44,433,102
|
|||||||
Preferred Stock - 0.3%
|
Shares
|
||||||||
Upstream MLPs - 0.3%
|
|||||||||
United States - 0.3%
|
|||||||||
Mid-Con Energy Partners, L.P.(1)
|
465,116
|
$ |
455,767
|
||||||
Total Preferred Stock (Cost $1,000,000)
|
$ |
455,767
|
|||||||
Fixed Income - 34.0%
|
Principal
Amount
|
||||||||
Engineering & Construction - 4.5%
|
|||||||||
United States - 4.5%
|
|||||||||
Zachry Holdings, Inc., 7.500%, due 02/01/2020(1)(2)
|
6,250,000
|
$ |
6,261,250
|
||||||
Exploration & Production - 20.6%
|
|||||||||
Canada - 3.5%
|
|||||||||
MEG Energy Corporation, 6.375%, due 01/30/2023(1)(2)
|
2,500,000
|
2,300,000
|
|||||||
MEG Energy Corporation, 7.000%, due 03/31/2024(1)(2)
|
2,725,000
|
2,496,781
|
|||||||
United States - 17.1%
|
|||||||||
Barrett Bill Corporationn, 8.750%, due 06/15/2025(1)
|
1,288,000
|
1,255,800
|
|||||||
Denbury Resources, Inc., 4.625%, due 07/15/2023(1)
|
4,000,000
|
2,660,000
|
|||||||
Highpoint Operating Corporation, 7.000%, due 10/15/2022(1)
|
5,250,000
|
5,053,125
|
|||||||
Murphy Oil Corporation, 5.875%, due 12/01/2042(1)
|
5,000,000
|
4,418,222
|
|||||||
QEP Resources, Inc., 5.625%, due 03/01/2026(1)
|
4,000,000
|
3,770,000
|
|||||||
Sanchez Energy Corporation, 6.125%, due 01/15/2023(1)
|
5,000,000
|
762,500
|
|||||||
Southwestern Energy Company, 7.750%, due 10/01/2027(1)
|
5,500,000
|
5,721,980
|
|||||||
28,438,408
|
|||||||||
Industrials - 3.2%
|
|||||||||
United States - 3.2%
|
|||||||||
Cleaver-Brooks, Inc., 7.875%, due 03/01/2023(1)(2)
|
4,500,000
|
4,410,000
|
|||||||
Natural Gas Gatherers & Processors - 2.2%
|
|||||||||
United States - 2.2%
|
|||||||||
DCP Midstream, L.P., 7.375%, due 06/15/2023(1)
|
3,139,000
|
3,024,505
|
|||||||
Refiners - 3.5%
|
|||||||||
United States - 3.5%
|
|||||||||
PBF Holding Company, LLC / PBF Finance Corporation, 7.000%, due 11/15/2023(1)
|
4,655,000
|
4,783,013
|
|||||||
Total Fixed Income (Cost $53,512,733)
|
$ |
46,917,176
|
|||||||
Short-Term Investments - Investment Companies - 6.8%
|
Shares
|
||||||||
United States - 6.8%
|
|||||||||
Fidelity Government Portfolio Fund, 2.29%(1)(3)
|
2,343,322
|
$ |
2,343,322
|
||||||
First American Government Obligations Fund - Class Z, 2.29%(1)(3)
|
2,343,322
|
2,343,322
|
|||||||
Invesco Short-Term Government & Agency Portfolio - Intitutional Class, 2.33%(1)(3)
|
2,343,321
|
2,343,321
|
|||||||
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 2.31%(1)(3)
|
2,343,321
|
2,343,321
|
|||||||
Total Short-Term Investments - Investment Companies (Cost $9,373,286)
|
$ |
9,373,286
|
|||||||
Total Investments - 116.6% (Cost $160,514,624)
|
$ |
161,238,199
|
|||||||
Written Options(4) -
0.0% (Premiums received $100,944)
|
(24,660)
|
||||||||
Liabilities in Excess of Other Assets - (16.6)%
|
(22,931,619)
|
||||||||
Net Assets Applicable to Common Stockholders - 100.0%
|
$ |
138,281,920
|
|||||||
|
|||||||||
(1)
|
All or a portion of these securities are held as collateral pursuant to the loan agreements.
|
||||||||
(2)
|
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, 2019, the value of these investments was
$15,468,031 or 11.19% of total net assets.
|
||||||||
(3)
|
Rate reported is the current yield as of February 28, 2019.
|
||||||||
(4)
|
Description
|
Exercise
Price |
Expiration
Date |
Currency
|
Number of
Contracts |
Premiums
Received |
Fair
Value |
Unrealized
Appreciation (Depreciation) |
|
Phillips 66, Call Option
|
$100.00
|
3/19/2019
|
USD
|
560
|
$52,060
|
$20,160
|
$31,900
|
||
Viper Energy Partners L.P., Call Option
|
$37.00
|
3/19/2019
|
USD
|
900
|
$48,884
|
$4,500
|
$44,384
|
||
$100,944
|
$24,660
|
$76,284
|
Cost of investments
|
$
|
160,413,681 | ||
Gross unrealized appreciation
|
12,822,243 | |||
Gross unrealized depreciation
|
(12,022,385
|
)
|
||
Net unrealized appreciation
|
$
|
799,858 |
· |
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
|
February 28, 2019
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||||
Assets
Equity Securities
|
||||||||||||||||
Common Stock (a)
|
$
|
60,058,868
|
$
|
60,058,868
|
$
|
-
|
$
|
-
|
||||||||
Master Limited
Partnerships and
Related
Companies (a)
|
44,433,102
|
44,433,102
|
-
|
-
|
||||||||||||
Preferred Stock
(a)
|
455,767
|
455,767
|
-
|
|||||||||||||
Total Equity Securities
|
104,947,737
|
104,947,737
|
-
|
-
|
Notes
Senior Notes(a)
|
46,917,176
|
-
|
46,917,176
|
-
|
||||||||||||
Total Notes
|
46,917,176
|
-
|
46,917,176
|
-
|
||||||||||||
Other
|
||||||||||||||||
Short Term
Investments (a)
|
9,373,286
|
9,373,286
|
-
|
-
|
||||||||||||
Total Other
|
9,373,286
|
9,373,286
|
-
|
-
|
||||||||||||
Total Assets
|
$
|
161,238,199
|
$
|
114,321,023
|
$
|
46,917,176
|
$
|
-
|
||||||||
Liabilities
Written Options
|
$
|
24,660
|
$
|
24,660
|
$
|
-
|
$
|
-
|
||||||||
Total Liabilities
|
$
|
24,660
|
$
|
24,660
|
$
|
-
|
$
|
-
|
(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, 2019.
|
The effect of derivative instruments on the Statement of Operations for the period ended February 28, 2019:
|
|||||
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
|
$ -
|
$ 146,900
|
$ 146,900
|
||
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
|
$ -
|
$ 76,284
|
$ 76,284
|
||
Asset derivatives
|
|||||
Risk Exposure Category
|
Statement of Assets and
Liabilities location
|
Fair Value
|
|||
Equity Contracts
|
Written options, at fair value
|
$ 24,660
|
(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.
|