Cushing Mutual Funds Trust NPORTP NXG Global Clean Equity Fund (Feb 2023 report)

NXG Global Clean Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited)

	February 28, 2023

	Shares		Fair Value
Common Stock - 99.1%
Battery Manufacturer - 0.5%
Freyr Battery⁽¹⁾⁽²⁾		6,432	$	58,402

Diversified Renewable Generation - 2.9%
Renew Energy Global plc⁽¹⁾⁽²⁾		74,524		323,434

Electric Vehicle Charging - 3.5%
Blink Charging Co.⁽²⁾		5,751		52,046
EVGO, Inc.⁽²⁾		18,687		110,814
Tritium DCFC Ltd.⁽¹⁾⁽²⁾		129,110		232,398
				395,258
Electric Vehicle OEM - 3.3%
Nio, Inc.⁽¹⁾⁽²⁾		14,184		133,188
Xpeng, Inc.⁽¹⁾⁽²⁾		26,160		233,347
				366,535
Energy Metering & Management - 3.0%
Ameresco, Inc.⁽²⁾		2,869		126,092
Fluence Energy, Inc.⁽²⁾		7,989		149,155
Stem, Inc.⁽²⁾		7,154		58,377
				333,624
Fuel Cell Generation - 5.1%
SMA Solar Technology AG⁽¹⁾⁽²⁾		7,293		568,549

Hydrogen Equipment - 1.4%
Nel ASA⁽¹⁾⁽²⁾		100,000		151,003

Industrials - 3.5%
Plug Power, Inc.⁽²⁾		25,856		384,479

Metering & Pumps - 3.7%
Xylem, Inc.		4,052		415,938

New Energy Vehicle - 8.9%
NIU Technologies⁽¹⁾⁽²⁾		97,679		410,252
Tesla, Inc.⁽²⁾		2,850		586,273
				996,525
Renewable Distribution - 2.6%
Iberdola S.A.⁽¹⁾		25,314		290,185

Semiconductor Manufacturing - 2.0%
Wolfspeed, Inc.⁽²⁾		3,000		221,940

Smart Grid - 2.7%
Itron, Inc.⁽²⁾		1,830		102,059
Landis & Gyr Group⁽¹⁾		2,628		197,619
				299,678
Solar Developer - 0.7%
Azure Power Global Ltd.⁽¹⁾⁽²⁾		23,623		78,428

Solar Energy Equipment - 22.4%
Array Technologies, Inc.⁽²⁾		11,531		216,091
Enphase Energy, Inc.⁽²⁾		2,837		597,274
Maxeon Solar Technologies Ltd.⁽¹⁾⁽²⁾		31,131		547,906
Shoals Technology Group, Inc.⁽²⁾		19,483		478,113
SolarEdge Technologies, Inc.⁽²⁾		1,747		555,406
Sunrun, Inc.⁽²⁾		4,776		114,815
				2,509,605
Solar Equipment - 1.6%
FTC Solar, Inc.⁽²⁾		59,575		182,895

Solar Generation - 8.8%
Altus Power, Inc.⁽²⁾		51,772		350,496
Scatec ASA⁽¹⁾		12,015		81,160
Solaria Energia y Medio Ambiente, S.A.⁽¹⁾⁽²⁾		30,374		557,027
				988,683
Solar Materials - 0.8%
JinkoSolar Holding Co., Ltd.⁽¹⁾⁽²⁾		1,736		92,008

Solar Materials Modules- 2.3%
Meyer Burger Technology AG⁽¹⁾		350,544		258,919

Utilities - 3.6%
Enel S.p.A.⁽¹⁾		37,809		212,091
RWE AG⁽¹⁾		4,598		195,172
				407,263
Water Tech & Equipment - 1.0%
Energy Recovery, Inc.⁽²⁾		5,000		110,350

Wind Energy Equipment - 1.8%
Vestas Wind System⁽¹⁾		7,000		199,745

Wind Equipment - 0.8%
TPI Composites, Inc.⁽²⁾		8,138		94,075

Wind Generation - 2.2%
Orsted A/S⁽¹⁾⁽³⁾		2,780		241,980

YieldCo - 10.0%
Atlantica Sustainable Infrastructure plc⁽¹⁾		15,191		419,272
Clearway Energy, Inc.		14,093		442,661
Innergex Renewable Energy⁽¹⁾		11,719		124,877
NextEra Energy Partners, L.P.		2,000		132,520
				1,119,330
Total Common Stock (Cost $10,062,573)			$	11,088,831

Short-Term Investments - Investment Companies - 1.1%
First American Government Obligations Fund - Class X, 4.37%⁽⁴⁾		61,886	$	61,886
First American Treasury Obligations Fund - Class X, 4.48%⁽⁴⁾		61,885		61,885
Total Short-Term Investments (Cost $123,771)			$	123,771

Total Investments - 100.2% (Cost $10,186,344)			$	11,212,602
Other Liabilities in Excess of Assets - (0.2)%				(24,847	)
Total Net Assets Applicable to Unitholders - 100.0%			$	11,187,755

Percentages are stated as a percent of net assets.

⁽¹⁾		Foreign issued security. Foreign concentration is as follows: Cayman Islands 7.77%, Spain 7.57%, and Germany 6.83%.
⁽²⁾		No distribution or dividend was made during the period ended February 28, 2023. As such, it is classified as a non-income producing security as of February 28, 2023.
⁽³⁾		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, 2023, the value of these investments was $241,980 or 2.16% of total net assets.
⁽⁴⁾		Rate reported is the current yield as of February 28, 2023.

Fair Value Measurements

Various inputs that are used in determining the fair value of the Fund’s investments are summarized in the three broad levels listed below:

•	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)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

These inputs are summarized in the three broad levels listed below.

			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, 2023		(Level 1)		(Level 2)		(Level 3)
Assets Equity Securities
Common Stock^(a)	$	11,088,831	$	11,088,831	$	-	$	-
Total Equity Securities		11,088,831		11,088,831		-		-
Other
Short Term Investments ^(a)		123,771		123,771		-		-
Total Other		123,771		123,771		-		-
Total Assets	$	11,212,602	$	11,212,602	$	-	$	-

(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, 2023.

Transfers into and out of each level are measured at fair value at the end of the period. There were no transfers between any levels during the period ended February 28, 2023.

Cushing Mutual Funds Trust NPORT-PNXG Global Clean Equity Fund (Feb 2023 report)