The Cushing Royalty & Income Fund
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SCHEDULE OF INVESTMENTS (Unaudited)
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August 31, 2012
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Common Stock - 6.6% (1)
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Shares
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Fair Value
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Crude Oil/ Natural Gas Production - 1.4%(1)
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United States - 1.4%(1)
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Pengrowth Energy Corporation
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414,000 | $ | 2,802,780 | ||||||
Exploration and Production - 5.2%(1)
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Canada - 5.2%(1)
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Baytex Energy Corporation
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63,000 | 2,868,390 | |||||||
Crescent Point Energy Corporation
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180,800 | 7,518,125 | |||||||
10,386,515 | |||||||||
Total Common Stock (Cost $14,206,182)
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$ | 13,189,295 | |||||||
Master Limited Partnerships and Related Companies - 62.7% (1)
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Crude Oil/Natural Gas Production - 62.7%(1)
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United States - 62.7% (1)
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Breitburn Energy Partners, L.P.
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932,900 | $ | 18,256,853 | ||||||
Dorchester Minerals, L.P.
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216,000 | 4,749,840 | |||||||
EV Energy Partners, L.P.
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152,000 | 9,541,040 | |||||||
Legacy Reserves, L.P.
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500,100 | 13,947,789 | |||||||
Linn Energy, LLC
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462,500 | 18,389,000 | |||||||
LRR Energy, L.P.
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222,700 | 4,017,508 | |||||||
Memorial Production Partners, L.P
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515,602 | 9,162,248 | |||||||
MID-CON Energy Partners, L.P.
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450,500 | 10,077,685 | |||||||
Pioneer Southwest Energy Partners, L.P.
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414,500 | 10,611,200 | |||||||
QR Energy, L.P.
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671,192 | 11,994,201 | |||||||
Vanguard Natural Resources, LLC
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524,600 | 15,014,052 | |||||||
Total Master Limited Partnerships and Related Companies (Cost $123,550,986)
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$ | 125,761,416 | |||||||
Royalty Trusts - 36.3% (1)
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Crude Oil/Natural Gas Production - 36.3% (1)
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United States - 36.3% (1)
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BP Prudhoe Bay Royalty Trust
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81,900 | $ | 7,234,227 | ||||||
Enduro Royalty Trust
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344,700 | 6,290,775 | |||||||
MV Oil Trust
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182,100 | 6,140,412 | |||||||
Pacific Coast Oil Trust
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540,000 | 10,233,000 | |||||||
Permian Basin Royalty Trust
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476,200 | 7,414,434 | |||||||
San Juan Basin Royalty Trust
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97,000 | 1,321,140 | |||||||
Sandridge Mississippian Trust II
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626,000 | 13,027,060 | |||||||
Sandridge Permian Trust I
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639,800 | 12,783,204 | |||||||
VOC Energy Trust
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147,300 | 2,644,035 | |||||||
Whiting USA Trust II
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298,300 | 5,727,360 |
Total US Royalty Trusts (Cost $83,830,239)
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$ | 72,815,647 | |||||||
Principal
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Amount
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Senior Notes - 1.0% (1)
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Crude Oil/Natural Gas Production - 1.0% (1)
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United States - 1.0% (1)
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EV Energy Partners, L.P., 8.000%, due 04/15/2019
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2,000,000 | $ | 2,075,000 | ||||||
Total Senior Notes (Cost $2,060,000)
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$ | 2,075,000 | |||||||
Short-Term Investments - Investment Companies - 1.4% (1)
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Shares
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United States - 1.4% (1)
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AIM Short-Term Treasury Portfolio Fund - Institutional Class, 0.02% (2)
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585,913 | $ | 585,913 | ||||||
Fidelity Government Portfolio Fund - Institutional Class, 0.01% (2)
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585,914 | 585,914 | |||||||
Fidelity Money Market Protfolio - Institutional Class, 0.16% (2)
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585,914 | 585,914 | |||||||
First American Government Obligations Fund - Class Z, 0.02% (2)
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585,913 | 585,913 | |||||||
First American Treasury Obligations Fund - Class Z, 0.00% (2)
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585,913 | 585,913 | |||||||
Total Short-Term Investments (Cost $2,929,567)
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$ | 2,929,567 | |||||||
Total Investments - 108.0% (1) (Cost $226,576,974)
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$ | 216,770,925 | |||||||
Liabilities in Excess of Other Assets - (8.0)% (1)
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(16,135,749 | ) | |||||||
Net Assets Applicable to Common Stockholders - 100.0% (1)
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$ | 200,635,176 | |||||||
(1)
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Calculated as a percentage of net assets applicable to common stockholders.
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(2)
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Rate reported is the current yield as of August 31, 2012.
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Cost of investments
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$ | 226,576,974 | ||
Gross unrealized appreciation
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6,662,650 | |||
Gross unrealized depreciation
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(16,468,699 | ) | ||
Net unrealized appreciation
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$ | (9,806,049 | ) |
·
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Level 1 — quoted prices in active markets for identical securities
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·
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Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
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·
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Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
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Fair Value Measurements at Reporting Date Using
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Quoted Prices in
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Significant
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Active Markets for
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Significant Other
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Unobservable
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Fair Value at
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Identical Assets
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Observable Inputs
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Inputs
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Description
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August 31, 2012
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(Level 1)
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(Level 2)
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(Level 3)
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Assets
Equity Securities
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Common Stock (a)
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$ | 13,189,295 | $ | 13,189,295 | $ | - | $ | - | ||||||||
Master Limited
Partnerships and
Related
Companies (a)
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125,761,416 | 125,761,416 | - | - | ||||||||||||
US Royalty Trusts (a)
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72,815,647 | 72,815,647 | - | - | ||||||||||||
Total Equity Securities
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211,766,358 | 211,766,358 | - | - | ||||||||||||
Notes
Senior Notes(a)
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2,075,000 | - | 2,075,000 | |||||||||||||
Total Notes
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2,075,000 | - | 2,075,000 | |||||||||||||
Other
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Short-Term Investments
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2,929,567 | 2,929,567 | - | - | ||||||||||||
Total Other
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2,929,567 | 2,929,567 | - | - | ||||||||||||
Total
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$ | 216,770,925 | $ | 214,695,925 | $ | 2,075,000 | $ | - |
(a)
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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, 2012.
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(a)
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The Registrant’s President and Treasurer have concluded that the Registrant'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)).
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(b)
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There were no changes in the Registrant'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 Registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
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