Cushing Mutual Funds Trust NCSRS Certified semi-annual shareholder report (management investment company)

As filed with the U.S. Securities and Exchange Commission on August 7, 2023

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-23293

The Cushing Mutual Funds Trust
(Exact name of registrant as specified in charter)

600 N. Pearl Street, Suite 1205

Dallas, TX 75201
(Address of principal executive offices) (Zip code)

Mark Rhodes

600 N. Pearl Street, Suite 1205

Dallas, TX 75201
(Name and address of agent for service)

214-692-6334

Registrant's telephone number, including area code

Date of fiscal year end: November 30

Date of reporting period: May 31, 2023

Item 1. Reports to Stockholders.

(a)

Table of Contents


Shareholder Letter (Unaudited)	1
Hypothetical Growth of a $10,000 Investment (Unaudited)	6
Expense Examples (Unaudited)	8
Allocation of Portfolio Assets (Unaudited)	10
Schedules of Investments (Unaudited)	12
Statements of Assets & Liabilities (Unaudited)	18
Statements of Operations (Unaudited)	19
Statements of Changes in Net Assets	20
Financial Highlights	21
Notes to Financial Statements (Unaudited)	25
Additional Information (Unaudited)	35
Board Approval of Investment Management Agreement (Unaudited)	38

NXG NextGen Infrastructure Fund

Shareholder Letter (Unaudited)

Dear Shareholder,

For the sixth-month fiscal period ended May 31, 2023 (the “Period”), the NXG NextGen Infrastructure Fund (formerly known as Cushing^® NextGen Infrastructure Fund), (Class I shares) (the “Fund”) delivered a -8.25% total return, versus total returns of -1.94% for the S&P Global Infrastructure Index, the Fund’s benchmark index. FN: See index description on page 3 of this report.

Market and Strategy Overview

The Fund continues to invest among these themes:

●

Clean & Sustainable Infrastructure – Renewable energy, sustainable and water

●

Communication & Technology Infrastructure – Data storage, information highway, and payments

●

Energy Infrastructure – Power and midstream energy

●

Industrial Infrastructure – Toll roads, freight transportation, ports and airports

The Period saw underperformance in high-growth stocks and rotation into defensive and inflation-protected stocks as interest rates continued to rise. Clean & Sustainable Infrastructure was the largest allocation and the largest detracting theme. Energy Infrastructure was the second largest allocation and also detracted from performance due to declining global natural gas prices. The Fund had a positive contribution from Industrial Infrastructure. The Fund’s benchmark has >90% of its exposure to utilities, which traded higher with rising inflation, resulting in the relative underperformance.

Clean & Sustainable Infrastructure is the Fund’s largest allocation and has been a drag recently. We believe clean tech stocks are positioned to outperform because of improving earnings and fundamentals. Both the largest clean tech segments are seeing improving demand:

●

Renewables are the unparalleled source of new electricity generation, as US utilities have proposed renewables for 90% of new installations in the next two years.¹

●

Desire to buy an electric vehicle (“EV”) has tripled (2020 to 2022), according to E&Y.² The result is an expectation that the global passenger EV fleet will grow 182% by 2025.³

Demand is inflecting and we expect further acceleration over the next couple years. The short-term outlook is further aided by an incredible tailwind of falling costs.

Fund Performance & Positioning

The best contributing sector to performance by a wide margin was Utility Solar Equipment, while Solar Module Manufacturers and Natural Gas & NGL Midstream also were positive. The two solar sectors benefitted from faster flowing imports and increased solar demand. The top two performing stocks – solar inverter manufacturer SMA Solar (S92 GR) and solar panel manufacturer Maxeon Solar (MAXN) – benefited from improved sales outlooks. Equitrans (ETRN) was the third largest positive contributor following the approval of their highly contested natural gas pipeline in West Virginia.

¹	EIA. “Electrical Power Monthly” data as of October 2022, released 12/22/2022.

²	EY. “EY Mobility Consumer Index 2022 Study” May 2022.

³	BNEF, “ Long-term Electric Vehicle Outlook 2022” 6/1/2022.

The largest detracting sectors were Residential Solar Equipment, Fuel Cells, and Solar Generation. All three clean infrastructure sectors sold off due to expectation that higher interest rates will impact the economics of their projects and lead to greater financing needs. The largest stock detractors were hydrogen company Plug Power (PLUG) and solar equipment manufacturer Enphase Energy (ENPH) that were impacted by higher rates and lowered margin expectations. FREYR Battery (FREY) also sold off after issuing equity to fund their new US battery plant. We believe that the headwinds facing all three companies are temporary and the Fund continues to own positions in all three.

Outlook

We believe that we will see a return of performance driven by fundamentals, and the acceleration in the clean markets will come to the forefront. We are as convinced as ever that we are at the beginning of the clean tech adoption inflection. We also anticipate additional tailwinds from government support and cyclical margin expansion to boost returns. Energy markets also remain very tight following years of underinvestment and global turmoil.

We truly appreciate your support and look forward to continuing to help you achieve your investment goals.

Sincerely,

Mark Rhodes
Chief Executive Officer

The information provided herein represents the opinion of the Fund’s portfolio managers and is not intended to be a forecast of future events, a guarantee of future results, nor investment advice. The opinions expressed are as of the date of this report and are subject to change. The information in this report is not a complete analysis of every aspect of any market, sector, industry, security or the Fund itself. Statements of fact are from sources considered reliable, but the Fund makes no representation or warranty as to their completeness or accuracy. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. Please refer to the Schedule of Investments for a complete list of Fund holdings.

Past performance does not guarantee future results. An investment in the Fund involves risks.

The Fund invests in infrastructure companies, which may be subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital construction and improvement programs, high leverage, costs associated with environmental and other regulations, the effects of economic slowdown, surplus capacity, increased competition from other providers of services, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors. Sustainable infrastructure investments are subject to certain additional risks including high dependency upon on government policies that support renewable power generation and enhance the economic viability of owning renewable electric generation assets; adverse impacts from the reduction or discontinuation of tax benefits and other similar subsidies that benefit sustainable infrastructure companies; dependency on suitable weather condition and risk of damage to components used in the generation of renewable energy by severe weather; adverse changes and volatility in the wholesale market price for electricity in the markets served; the use of newly developed, less proven, technologies and the risk of failure of new technology to perform as anticipated; and dependence on a limited number of suppliers of system components and the occurrence of shortages, delays or component price changes. There is a risk that regulations that provide incentives for renewable energy could change or expire in a manner that adversely impacts the market for sustainable infrastructure companies generally. Technology and communications infrastructure investments are subject to certain additional risks including rapidly changing technologies and existing product obsolescence; short product life cycles; fierce competition; high research and development costs; aggressive pricing and reduced profit margins; the loss of patent, copyright and trademark protections; cyclical market patterns; evolving industry standards; frequent new product introductions and new market entrants; cyber security risks that include, among other things, theft, unauthorized monitoring, release, misuse, loss, destruction or corruption of confidential and highly restricted data, denial of service attacks, unauthorized access to relevant systems, compromises to networks or devices that the information infrastructure companies use, or operational disruption or failures in the physical infrastructure or operating systems, potentially resulting in, among other things, financial losses, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs and/or additional compliance costs.

The Fund incurs operating expenses, including advisory fees. Investment returns for the Fund are shown net of fees and expenses

The S&P 500 Index is an unmanaged index of common stocks that is frequently used as a general measure of stock market performance. The S&P Global Infrastructure Index is designed to track 75 companies from around the world chosen to represent the listed infrastructure industry while maintaining liquidity and tradability. To create diversified exposure, the index includes three distinct infrastructure clusters: energy, transportation, and utilities. Net total returns reflect the deduction of applicable withholding taxes. Indices include the reinvestment of dividends and do not include fees or expenses. It is not possible to invest directly in an index.

NXG Global Clean Equity Fund

Shareholder Letter (Unaudited)

Dear Fellow Shareholder,

For the six-month period ended May 31, 2023 (the “Period”), the NXG Global Clean Equity Fund (formerly known as the Global Clean Equity Fund) (Class I shares) (the “Fund”) delivered a total return of -11.41%, versus a 3.44% total return for the MSCI ACWI Net index, the Fund’s benchmark index. This compares to major clean indices of -18.37% for the NASDAQ Clean Edge Green Energy Index and -12.27% for S&P Global Clean Energy Index. FN: See index descriptions on page 5 of this report.

Market and Strategy Overview

The Period saw underperformance in high-growth stocks and rotation into defensive and inflation-protected stocks as interest rates continued to rise. Clean Energy was the largest allocation while Clean Transportation was our largest detracting theme. Energy Infrastructure was the second largest allocation and also detracted from performance due to declining global natural gas prices.

Despite the very poor recent performance, we believe clean tech stocks are positioned to outperform because of improving earnings and fundamentals. Both the largest clean tech segments are seeing improving demand:

●

Renewables are the unparalleled source of new electricity generation, as US utilities have proposed renewables for 90% of new installations in the next two years.¹

●

Desire to buy an electric vehicle (“EV”) has tripled (2020 to 2022), according to E&Y.² The result is an expectation that the global passenger EV fleet will grow 182% by 2025.³

Demand is inflecting and we expect further acceleration over the next couple years. The short-term outlook is further aided by an incredible tailwind of falling costs.

Fund Performance

The best contributing sectors to performance by a wide margin were Utility Solar Equipment and Solar Module Manufacturers, while Integrated Utilities was also positive. The two solar sectors benefitted from faster flowing imports and increased solar demand. The top three performing stocks – solar inverter manufacturer SMA Solar (S92 GR), solar panel manufacturer Maxeon Solar (MAXN), solar tracker company Array Technologies (ARRY) – benefited from improved sales outlooks.

The largest detracting sectors were Residential Solar Equipment, Fuel Cells, and Solar Generation. All three clean infrastructure sectors sold off due to expectation that higher interest rates will impact the economics of their projects and lead to greater financing needs. The largest stock detractors were hydrogen company Plug Power (PLUG) and solar equipment manufacturer Enphase Energy (ENPH) that had declining growth expectations. Sunrun (RUN), an installer of residential solar, was impacted by higher rates that make it relatively more expensive for purchasers.

¹	EIA. “Electrical Power Monthly” data as of October 2022, released 12/22/2022.

²	EY. “EY Mobility Consumer Index 2022 Study” May 2022.

³	BNEF, “ Long-term Electric Vehicle Outlook 2022” 6/1/2022.

Outlook

The Fund invests among these themes:

●

Clean Energy – Renewable energy, sustainable and charging

●

Clean Infrastructure – Electrical transmission, smart cities, and waste

●

Clean Transportation – New energy vehicles, batteries, and future mobility

●

Clean Water – Treatment, management, and infrastructure

Our view is that a broad approach positions us well, especially when one theme is out of favor, such as Clean Energy has been during the period.

We truly appreciate your support and look forward to continuing to help you achieve your investment goals.

Sincerely,

Mark Rhodes
Chief Executive Officer

Past performance does not guarantee future results. An investment in the Fund involves risks.

The Fund incurs operating expenses, including advisory fees. Investment returns for the Fund are shown net of fees and expenses.

Mutual fund investing involves risk. Principal loss is possible. The Fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Fund is more exposed to individual stock volatility than a diversified fund. Securities of small-cap and mid-cap companies may be subject to greater price volatility, significantly lower trading volumes, cyclical, static or moderate growth prospects and greater spreads between their bid and ask prices than securities of larger companies. Small-cap and mid-cap companies frequently rely on narrower product lines and niche markets and may be more vulnerable to adverse business or market developments. Securities of these types of companies have limited market liquidity, and their prices may be more volatile. There is a risk that the securities issued by companies of a certain market capitalization may underperform the broader market at any given time.

The MSCI ACWI index is designed to represent performance of the full opportunity set of large- and mid-cap stocks across 23 developed and 27 emerging markets. The NASDAQ Clean Edge Green Energy Index is a modified market capitalization-weighted index designed to track the performance of companies that are manufacturers, developers, distributors and/or installers of clean-energy technologies. Add description of S&P Global Clean Energy Index. The indices include reinvested dividends by do not include fees or expenses. It is not possible to invest directly in an index.

NXG NextGen Infrastructure Fund

Hypothetical Growth of a $10,000 Investment (Unaudited)

AVERAGE ANNUAL RETURNS
May 31, 2023	1 Year	5 Year	10 Year
Class A (without sales load)	-6.68%	0.11%	n/a
Class A (with sales load)	-11.81%	-1.01%	n/a
Class I	-6.45%	0.41%	1.49%
S&P Global Infrastructure Index (Net Total Return)	2.92%	11.01%	11.99%
S&P 500 Index	1.15%	9.09%	9.87%

⁽¹⁾	Performance figures for Class I shares reflect the historical performance of the Predecessor Fund for periods prior to December 18, 2017.

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 888-878-4080 or by visiting www.cushingfunds.com.

Class A (with sales load) performance reflects the maximum sales charge of 5.50%. Class I is not subject to a sales charge or maximum deferred sales charge.

The S&P Global Infrastructure Index (Net Total Return) is designed to track 75 companies from around the world chosen to represent the listed infrastructure industry while maintaining liquidity and tradability. You cannot invest directly in an index.

The S&P 500 Index is an unmanaged index of common stocks that is frequently used as a general measure of stock market performance.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of the Fund shares.

NXG Global Clean Equity Fund

Hypothetical Growth of a $10,000 Investment (Unaudited)

AVERAGE ANNUAL RETURNS
May 31, 2023	1 Year	5 Year	Since Inception	Inception Date
Class A (without sales load)	-9.49%	n/a	9.21%	1/31/20
Class A (with sales load)	-14.44%	n/a	7.38%	1/31/20
Class I	-9.21%	n/a	9.48%	1/31/20
MSCI ACWI Net Total Return Index	0.85%	n/a	6.28%	1/31/20

Class A (with sales load) performance reflects the maximum sales charge of 5.50%. Class I is not subject to a sales charge or maximum deferred sales charge.

The MSCI ACWI Net Total Return Index, MSCI’s flagship global equity index, is designed to represent performance of the full opportunity set of large- and mid-cap stocks across 23 developed and 26 emerging markets. You cannot invest directly in an index.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of the Fund shares.

NXG NextGen Infrastructure Fund

Expense Example (Unaudited)

The example below is intended to describe the fees and expenses borne by shareholders during the period from December 1, 2022 through May 31, 2023, and the impact of those costs on your investment.

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including exchange fees and sales charges (loads) on purchases (as applicable), and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses (as applicable). This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 made at the beginning of the fiscal year and held for the entire period from December 1, 2022 through May 31, 2023.

This example illustrates your Fund’s ongoing costs in two ways:

Actual Expenses

The second and third data columns in the table below provide information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid during the period from December 1, 2022 through May 31, 2023. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The fourth and fifth data columns in the table below provide information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the six-month period shown. You may use this information to compare the ongoing costs of investing in the Fund with the ongoing costs of investing in other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other Funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as exchange fees or sales charges (loads). Therefore, the fourth and fifth data columns of the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Share Class	Beginning Account Value 12/01/22		Ending Account Value (Based on Actual Returns and Expenses) 05/31/23		Expenses Paid During Period¹		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 05/31/23		Expenses Paid During Period¹		Net Expense Ratio During Period²
Class A Shares	$	1,000.00	$	916.60	$	7.17	$	1,017.45	$	7.54		1.50	%
Class I Shares	$	1,000.00	$	917.50	$	5.98	$	1,018.70	$	6.29		1.25	%

^1.	Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 182 (to reflect the period). The table above represents the actual expenses incurred during the period.

^2.	Expenses are equal to the Fund’s annualized expense ratio to reflect the period.

NXG Global Clean Equity Fund

Expense Example (Unaudited)

The example below is intended to describe the fees and expenses borne by shareholders during the period from December 1, 2022 through May 31, 2023, and the impact of those costs on your investment.

Example

This example illustrates your Fund’s ongoing costs in two ways:

Actual Expenses

Hypothetical Example for Comparison Purposes

Share Class	Beginning Account Value 12/01/22		Ending Account Value (Based on Actual Returns and Expenses) 05/31/23		Expenses Paid During Period¹		Ending Account Value (Based on Hypothetical 5% Annualized Return and Actual Expenses) 05/31/23		Expenses Paid During Period¹		Net Expense Ratio During Period²
Class A Shares	$	1,000.00	$	885.00	$	6.58	$	1,017.95	$	7.04		1.40	%
Class I Shares	$	1,000.00	$	885.90	$	5.41	$	1,019.20	$	5.79		1.15	%

^1.	Expenses are equal to the Fund’s annualized expense ratio of each class multiplied by the average account value over the period, divided by 365 and multiplied by 182 (to reflect the period). The table above represents the actual expenses incurred during the period.

^2.	Expenses are equal to the Fund’s annualized expense ratio to reflect the period.

NXG NextGen Infrastructure Fund

Allocation of Portfolio Assets⁽¹⁾ (Unaudited)

May 31, 2023
(Expressed as a Percentage of Total Investments)

Solar Energy Equipment ⁽²⁾	10.0	%
YieldCo ⁽²⁾⁽³⁾	7.3	%
LNG Midstream ⁽²⁾	7.0	%
Solar Equipment ⁽²⁾	6.6	%
Solar Generation ⁽²⁾	5.7	%
Solar Materials Modules ⁽²⁾	5.4	%
Wind Equipment ⁽²⁾	5.3	%
Natural Gas Transportation & Storage ⁽²⁾⁽³⁾	5.2	%
Towers ⁽²⁾⁽⁴⁾	4.9	%
IT Services ⁽²⁾	4.9	%
Large Cap MLP ⁽³⁾	4.9	%
Industrials⁽²⁾	4.2	%
Diversified Renewable Generation ⁽²⁾	3.5	%
Data Center Software ⁽²⁾	3.1	%
Electric Vehicle Charging ⁽²⁾	3.1	%
Engineering Metering & Management ⁽²⁾	3.0	%
Solar Developer ⁽²⁾	2.8	%
Large Cap Diversified C Corps ⁽²⁾	1.9	%
Wind Generation ⁽²⁾	1.7	%
Natural Gas Gathering & Processing ⁽³⁾	1.5	%
Communication Services ⁽²⁾	1.4	%
Renewable Distribution ⁽²⁾	1.3	%
Fuel Cell Generation ⁽²⁾	1.2	%
Battery Manufacturer ⁽²⁾	1.0	%
Wind Energy Equipment ⁽²⁾	1.0	%
Data Centers ⁽⁴⁾	0.9	%
Hydrogen Equipment ⁽²⁾	0.7	%
Electric Vehicle OEM Light ⁽²⁾	0.5	%
	100.0	%

⁽¹⁾	Fund holdings and sector allocations are subject to change and there is no assurance that the Fund will continue to hold any particular security.

⁽²⁾	Common Stock

⁽³⁾	Master Limited Partnerships and Related Companies

⁽⁴⁾	Real Estate Investment Trusts

NXG Global Clean Equity Fund

Allocation of Portfolio Assets⁽¹⁾ (Unaudited)

May 31, 2023
(Expressed as a Percentage of Total Investments)

Solar Energy Equipment ⁽²⁾	23.6	%
YieldCo ⁽²⁾	11.4	%
Solar Generation ⁽²⁾	7.5	%
New Energy Vehicle ⁽²⁾	5.6	%
Wind Equipment ⁽²⁾	5.2	%
Industrials ⁽²⁾	4.5	%
Smart Grid ⁽²⁾	4.5	%
Fuel Cell Generation ⁽²⁾	3.8	%
Diversified Renewable Generation ⁽²⁾	3.5	%
Solar Materials Modules ⁽²⁾	3.5	%
Utilities ⁽²⁾	3.2	%
Electric Vehicle Charging ⁽²⁾	3.2	%
Energy Metering & Management ⁽²⁾	3.0	%
Metering & Pumps ⁽²⁾	2.8	%
Renewable Distribution ⁽²⁾	2.3	%
Wind Generation ⁽²⁾	2.2	%
Solar Equipment ⁽²⁾	2.1	%
Solar Developer ⁽²⁾	1.6	%
Semiconductor Manufacturing ⁽²⁾	1.3	%
Wind Energy Equipment ⁽²⁾	1.1	%
Water Tech & Equipment ⁽²⁾	1.0	%
Battery Manufacturer ⁽²⁾	1.0	%
Hydrogen Equipment ⁽²⁾	0.9	%
Short-Term Investments	0.7	%
Electric Vehicle OEM ⁽²⁾	0.5	%
	100.0	%

⁽¹⁾	Fund holdings and sector allocations are subject to change and there is no assurance that the Fund will continue to hold any particular security.

⁽²⁾	Common Stocks

NXG NextGen Infrastructure Fund
Schedule of Investments (Unaudited)	May 31, 2023

Common Stock — 85.3%	Shares		Fair Value
Battery Manufacturer — 0.9%
Freyr Battery⁽¹⁾⁽²⁾		31,698	$	228,860

Communication Services — 1.4%
Infrastrutture Wireless Italiane SpA⁽¹⁾		26,000		331,500

Data Center Software — 3.1%
Megaport Ltd.⁽¹⁾⁽²⁾		167,329		740,924

Diversified Renewable Generation — 3.4%
Renew Energy Global plc⁽¹⁾⁽²⁾		149,519		817,869

Electric Vehicle Charging — 3.1%
EVGO, Inc.⁽²⁾		66,819		264,603
Tritium DCFC Ltd.⁽¹⁾⁽²⁾		405,077		469,889
				734,492
Electric Vehicle OEM Light — 0.5%
Niu Technologies⁽¹⁾⁽²⁾		31,947		112,134

Engineering Metering & Management — 3.0%
Fluence Enercy, Inc.⁽²⁾		7,200		178,560
STEM, Inc.⁽²⁾		96,408		532,172
				710,732
Fuel Cell Generation — 1.2%
Bloom Energy Corporation⁽²⁾		20,080		275,498

Hydrogen Equipment — 0.7%
Nel ASA⁽¹⁾⁽²⁾		135,468		172,253

Industrials — 4.2%
Plug Power, Inc.⁽²⁾		119,774		996,520

IT Services — 4.8%
21Vianet Group, Inc.⁽¹⁾⁽²⁾		263,781		677,917
GDS Holdings Ltd.⁽¹⁾⁽²⁾		47,915		467,650
				1,145,567
Large Cap Diversified C Corps — 1.9%
Cheniere Energy, Inc.		3,199		447,124

LNG Midstream — 6.9%
New Fortress Energy, Inc.		21,143		555,427
Targa Resources Corporation		15,910		1,082,675
				1,638,102
Natural Gas Transportation & Storage — 3.2%
Equitrans Midstream Corporation		90,000		767,700

Renewable Distribution — 1.3%
Iberdola S.A.⁽¹⁾		25,375		309,875

See Accompanying Notes to the Financial Statements.

NXG NextGen Infrastructure Fund
Schedule of Investments (Unaudited)	May 31, 2023 — (Continued)

Common Stock — (Continued)	Shares		Fair Value
Solar Developer — 2.8%
Azure Power Global Ltd.⁽¹⁾⁽²⁾		152,846	$	380,587
Sunnova Energy International, Inc.⁽²⁾		15,756		278,251
				658,838
Solar Energy Equipment — 9.9%
Array Technologies, Inc.⁽²⁾		19,982		443,001
Enphase Energy, Inc.⁽²⁾		2,000		347,760
SolarEdge Technologies, Inc.⁽²⁾		2,500		712,075
Shoals Technologies Group, Inc. ⁽²⁾		19,776		464,538
Sunrun, Inc.⁽²⁾		22,439		395,824
				2,363,198
Solar Equipment — 6.5%
FTC Solar Inc.⁽²⁾		177,322		489,409
Maxeon Solar Technologies Ltd.⁽¹⁾⁽²⁾		17,240		479,100
SMA Solar Technology AG⁽¹⁾⁽²⁾		5,400		582,428
				1,550,937
Solar Generation — 5.7%
Altus Power, Inc.⁽²⁾		100,943		479,479
Scatec ASA⁽¹⁾		23,032		154,161
Solaria Energia y Medio Ambiente, S.A.⁽¹⁾⁽²⁾		52,285		712,396
				1,346,036
Solar Materials Modules — 5.4%
First Solar, Inc.⁽²⁾		2,381		483,248
Meyer Burger Tehnology AG⁽¹⁾⁽²⁾		1,254,477		792,429
				1,275,677
Towers — 3.1%
Cellnex Telecom S.A.⁽¹⁾		18,000		729,459

Wind Energy Equipment — 1.0%
Vestas Wind System⁽¹⁾⁽²⁾		8,000		227,861

Wind Equipment — 5.3%
Nordex SE⁽¹⁾⁽²⁾		25,268		306,438
TPI Composites, Inc.⁽²⁾		89,281		951,735
				1,258,173
Wind Generation — 1.7%
Orsted A/S⁽¹⁾⁽³⁾		4,542		399,637

YieldCo — 4.3%
Atlantica Sustainable Infrastructure plc⁽¹⁾		16,628		401,899
Clearway Energy, Inc.		21,504		617,810
				1,019,709
Total Common Stock (Cost $20,461,906)			$	20,258,675

See Accompanying Notes to the Financial Statements.

NXG NextGen Infrastructure Fund
Schedule of Investments (Unaudited)	May 31, 2023 — (Continued)

Master Limited Partnerships and Related Companies — 11.0%	Units		Fair Value
Large Cap MLP — 4.6%
Energy Transfer, L.P.		70,000	$	868,000
MPLX, L.P.		7,000		233,380
				1,101,380
Natural Gas Gathering & Processing — 1.5%
Crestwood Energy Partners, L.P.		14,000		359,240

Natural Gas Transportation & Storage — 2.0%
Cheniere Energy Partners, L.P.		10,500		466,725

YieldCo — 2.9%
NextEra Energy Partners, L.P.		11,598		694,952
Total Master Limited Partnerships (Cost $1,893,646)			$	2,622,297

Real Estate Investment Trusts — 2.8%		Shares
Data Centers — 1.0%
Keppel DC REIT⁽¹⁾		144,558	$	223,401

Towers — 1.8%
Crown Castle International Corporation		3,825		433,028

Total Real Estate Investment Trusts (Cost $764,336)			$	656,429
Total Investments — 99.1.% (Cost $23,119,888)			$	23,537,401
Other Assets in Excess of Liabilites — 0.9%				219,018
Total Net Assets Applicable to Unitholders — 100.0%			$	23,756,419

Percentages are stated as a percent of net assets.

⁽¹⁾	Foreign issued security. Foreign concentration is as follows: Spain 7.37%, Cayman Islands 5.29%, and Germany 5.1%.

⁽²⁾	No distribution or dividend was made during the period ended May 31, 2023. As such, it is classified as a non-income producing security as of May 31, 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 Trustees. As of May 31, 2023, the value of these investments was $399,637 or 1.68% of total net assets.

See Accompanying Notes to the Financial Statements.

NXG Global Clean Equity Fund
Schedule of Investments (Unaudited)	May 31, 2023

Common Stock — 99.4%	Shares		Fair Value
Battery Manufacturer — 1.0%
Freyr Battery⁽¹⁾⁽²⁾		14,555	$	105,087

Diversified Renewable Generation — 3.5%
Renew Energy Global plc⁽¹⁾⁽²⁾		69,414		379,695

Electric Vehicle Charging — 3.2%
EVGO, Inc.⁽²⁾		31,777		125,837
Tritium DCFC Ltd.⁽¹⁾⁽²⁾		183,785		213,191
				339,028
Electric Vehicle OEM — 0.6%
Rivian Automotive, Inc.⁽²⁾		4,000		58,920

Energy Metering & Management — 3.0%
Fluence Energy, Inc.⁽²⁾		3,167		78,541
Stem, Inc.⁽²⁾		44,264		244,337
				322,878
Fuel Cell Generation — 3.8%
Bloom Energy Corporation⁽²⁾		8,000		109,760
SMA Solar Technology AG⁽¹⁾⁽²⁾		2,750		296,607
				406,367
Hydrogen Equipment — 0.9%
Nel ASA⁽¹⁾⁽²⁾		78,000		99,180

Industrials — 4.6%
Plug Power, Inc.⁽²⁾		58,568		487,286

Metering & Pumps — 2.8%
Xylem, Inc.		3,000		300,600

New Energy Vehicle — 5.6%
NIU Technologies⁽¹⁾⁽²⁾		100,282		351,990
Tesla, Inc.⁽²⁾		1,220		248,795
				600,785
Renewable Distribution — 2.3%
Iberdola S.A.⁽¹⁾		20,000		244,237

Semiconductor Manufacturing — 1.3%
Wolfspeed, Inc.⁽²⁾		2,900		139,316

Smart Grid — 4.5%
Itron, Inc.⁽²⁾		1,400		94,822
Landis & Gyr Group⁽¹⁾		2,628		232,545
Sunnova Energy International, Inc.⁽²⁾		8,948		158,022
				485,389

See Accompanying Notes to the Financial Statements.

NXG Global Clean Equity Fund
Schedule of Investments (Unaudited)	May 31, 2023 — (Continued)

Common Stock — (Continued)	Shares		Fair Value
Solar Developer — 1.6%
Azure Power Global Ltd.⁽¹⁾⁽²⁾		67,556	$	168,214

Solar Energy Equipment — 23.6%
Array Technologies, Inc.⁽²⁾		14,000		310,380
Enphase Energy, Inc.⁽²⁾		2,260		392,969
First Solar, Inc.⁽²⁾		2,346		476,144
Maxeon Solar Technologies Ltd.⁽¹⁾⁽²⁾		10,722		297,964
Shoals Technology Group, Inc.⁽²⁾		18,499		434,541
SolarEdge Technologies, Inc.⁽²⁾		1,500		427,245
Sunrun, Inc.⁽²⁾		10,712		188,960
				2,528,203
Solar Equipment — 2.1%
FTC Solar, Inc.⁽²⁾		80,041		220,913

Solar Generation — 7.5%
Altus Power, Inc.⁽²⁾		59,737		283,751
Scatec ASA⁽¹⁾		14,907		99,778
Solaria Energia y Medio Ambiente, S.A.⁽¹⁾⁽²⁾		31,069		423,323
				806,852
Solar Materials Modules- 3.5%
Meyer Burger Technology AG⁽¹⁾⁽²⁾		587,038		370,820

Utilities — 3.2%
Enel S.p.A.⁽¹⁾		30,000		188,820
RWE AG⁽¹⁾		3,798		159,050
				347,870
Water Tech & Equipment — 1.0%
Energy Recovery, Inc.⁽²⁾		4,597		109,454

Wind Energy Equipment — 1.0%
Vestas Wind System⁽¹⁾⁽²⁾		4,000		113,930

Wind Equipment — 5.2%
Nordex SE⁽¹⁾⁽²⁾		11,384		138,059
TPI Composites, Inc.⁽²⁾		39,460		420,644
				558,703
Wind Generation — 2.2%
Orsted A/S⁽¹⁾⁽³⁾		2,630		231,406

YieldCo — 11.4%
Atlantica Sustainable Infrastructure plc⁽¹⁾		13,504		326,392
Clearway Energy, Inc.		11,900		341,887
Innergex Renewable Energy⁽¹⁾		11,719		121,377
NextEra Energy Partners, L.P.		7,200		431,424
				1,221,080
Total Common Stock (Cost $10,262,160)			$	10,646,213

See Accompanying Notes to the Financial Statements.

NXG Global Clean Equity Fund
Schedule of Investments (Unaudited)	May 31, 2023 — (Continued)

Short-Term Investments — Investment Companies — 0.7%	Shares		Fair Value
First American Government Obligations Fund - Class X, 4.97%⁽⁴⁾		35,958	$	35,958
First American Treasury Obligations Fund - Class X, 5.01%⁽⁴⁾		35,957		35,958
Total Short-Term Investments (Cost $71,916)			$	71,916
Total Investments — 100.1% (Cost $10,334,076)			$	10,718,129
Liabilities in Excess of Other Assets — (0.1)%				(11,830	)
Total Net Assets Applicable to Unitholders — 100.0%			$	10,706,299

Percentages are stated as a percent of net assets.

⁽¹⁾	Foreign issued security. Foreign concentration is as follows: United Kingdom 6.60%, Spain 6.24%, and Switzerland 5.64%.

⁽²⁾	No distribution or dividend was made during the period ended May 31, 2023. As such, it is classified as a non-income producing security as of May 31, 2023.

⁽³⁾

⁽⁴⁾	Rate reported is the current yield as of May 31, 2023.

See Accompanying Notes to the Financial Statements.

Cushing Mutual Funds Trust

Statements of Assets & Liabilities (Unaudited)

May 31, 2023

	NXG NextGen Infrastructure Fund			NXG Global Clean Equity Fund
Assets
Investments at fair value ⁽¹⁾	$	23,537,401		$	10,718,129
Receivable from Adviser, net		2,019			1,515
Receivable for investments sold		474,163			58,686
Foreign currency at fair value ⁽²⁾		46,199			—
Interest receivable		898			484
Dividends receivable		15,610			11,543
Prepaid expenses		59,443			29,538
Total assets		24,135,733			10,819,895
Liabilities
Due to custodian		109,842			—
Payable for investments purchased		172,611			43,959
Payable for Fund shares redeemed		29,764			3,862
Payable for 12b-1 distribution fee		503			1,621
Accrued expenses and other liabilities		66,594			64,154
Total liabilities		379,314			113,596
Net assets	$	23,756,419		$	10,706,299
Net Assets Consist of
Additional paid-in capital	$	28,526,642		$	16,491,234
Total distributable earning/(deficits)		(4,770,223	)		(5,784,935	)
Net assets	$	23,756,419		$	10,706,299

Unlimited shares authorized, no par value	Class A		Class A
Net assets	$	479,904	$	98,471
Shares issued and outstanding		30,019		8,584
Net asset value, redemption price and minimum offering price per share	$	15.99	$	11.47
Maximum offering price per share⁽³⁾	$	16.92	$	12.14

	Class I		Class I
Net assets	$	23,276,515	$	10,607,828
Shares issued and outstanding		1,427,242		916,703
Net asset value, redemption price and minimum offering price per share	$	16.31	$	11.57


⁽¹⁾ Investments, at cost	$	23,119,888	$	10,334,076
⁽²⁾ Foreign currency, at cost	$	45,821	$	—

⁽³⁾	The offering price is calculated by dividing the net asset value by 1 minus the maximum sales charge of 5.50% for NextGen and 5.50% for Clean.

See Accompanying Notes to the Financial Statements.

Cushing Mutual Funds Trust

Statements of Operations (Unaudited)

Period from December 1, 2022 through May 31, 2023

	NXG NextGen Infrastructure Fund			NXG Global Clean Equity Fund
Investment Income
Distributions and dividends	$	354,634		$	61,553
Less: return of capital on distributions		(184,773	)		(23,506	)
Less: foreign taxes withheld		(4,800	)		(4,178	)
Distribution and dividend income		165,061			33,869
Interest income		6,578			9,271
Total Investment Income		171,639			43,140
Expenses
Advisory fees		103,061			48,293
Accounting and Administrator fees		62,757			54,634
Transfer agent expense		32,474			26,824
Professional fees		28,904			22,004
Blue Sky Expense		22,000			20,100
Trustees’ fees		18,301			10,572
Custodian fees and expenses		10,979			7,815
Reports to shareholders		6,058			3,839
Insurance expense		6,016			2,849
Registration fees		1,161			1,015
12b-1 distribution fee - Class A		649			91
Total expenses		292,360			198,036
Less: expense waived by Adviser		(140,150	)		(132,609	)
Net expenses		152,210			65,427
Net Investment Income (Loss)		19,429			(22,287	)
Realized and Unrealized Loss on Investments
Net realized loss on investments		(109,754	)		(120,759	)
Change in unrealized appreciation/depreciation on investments		(2,087,878	)		(1,273,632	)
Net Realized and Unrealized Loss on Investments		(2,197,632	)		(1,394,391	)
Decrease in Net Assets Applicable to Shareholders Resulting from Operations	$	(2,178,203	)	$	(1,416,678	)

See Accompanying Notes to the Financial Statements.

Cushing Mutual Funds Trust

Statements of Changes in Net Assets

	NXG NextGen Infrastructure Fund						NXG Global Clean Equity Fund
	Period from December 1, 2022 through May 31, 2023 (Unaudited)			Fiscal Year Ended November 30, 2022			Period from December 1, 2022 through May 31, 2023 (Unaudited)			Fiscal Year Ended November 30, 2022
Operations
Net investment income (loss)	$	19,429		$	(169,301	)	$	(22,287	)	$	(140,830	)
Net realized loss on investments		(109,754	)		(4,150,945	)		(120,759	)		(5,678,416	)
Net change in unrealized appreciation/depreciation on investments		(2,087,878	)		2,540,989			(1,273,632	)		(613,886	)
Net decrease in net assets resulting from operations		(2,178,203	)		(1,779,257	)		(1,416,678	)		(6,433,132	)
Distributions to Class A Shareholders
Distributions from distributable earnings		(7,430	)		(35,446	)		(379	)		(18,284	)
Return of capital		—			(21,863	)		—			(1,363	)
Distributions to Class I Shareholders
Distributions from distributable earnings		(339,640	)		(1,396,182	)		(50,273	)		(2,041,975	)
Return of capital		—			(861,180	)		—			(152,232	)
Total dividends and distributions to Fund shareholders		(347,070	)		(2,314,671	)		(50,652	)		(2,213,854	)
Capital Share Transactions
Proceeds from shareholder subscriptions		2,157,529			865,739			68,521			1,384,577
Dividend reinvestments		222,269			1,300,543			25,599			1,071,465
Payments for redemptions		(1,846,473	)		(6,871,804	)		(1,089,623	)		(3,450,188	)
Net increase (decrease) in net assets from capital share transactions		533,325			(4,705,522	)		(995,503	)		(994,146	)
Total decrease in net assets		(1,991,948	)		(8,799,450	)		(2,462,833	)		(9,641,132	)
Net Assets
Beginning of period		25,748,367			34,547,817			13,169,132			22,810,264
End of period	$	23,756,419		$	25,748,367		$	10,706,299		$	13,169,132

See Accompanying Notes to the Financial Statements.

NXG NextGen Infrastructure Fund

Financial Highlights

Class A Shares	Period from December 1, 2022 through May 31, 2023 (Unaudited)			Fiscal Year Ended November 30, 2022			Fiscal Year Ended November 30, 2021			Fiscal Year Ended November 30, 2020			Fiscal Year Ended November 30, 2019			Period From December 18, 2017⁽¹⁾through November 30, 2018
Per Common Share Data ⁽²⁾
Net Asset Value, beginning of period	$	17.70		$	20.08		$	19.99		$	15.33		$	18.08		$	20.00
Income from Investment Operations:
Net investment income (loss) ⁽³⁾		(0.01	)		(0.15	)		(0.08	)		0.03			(0.19	)		0.12
Net realized and unrealized gain (loss) on investments		(1.46	)		(0.77	)		1.22			5.14			(1.46	)		(1.07	)
Net increase (decrease) from investment operations		(1.47	)		(0.92	)		1.14			5.17			(1.65	)		(0.95	)
Less Distributions to Common Stockholders:
Net investment income		(0.24	)		(1.46	)		(1.05	)		(0.51	)		—			(0.09	)
Return of capital		—			—			—			—			(1.10	)		(0.88	)
Total distributions to common stockholders		(0.24	)		(1.46	)		(1.05	)		(0.51	)		(1.10	)		(0.97	)
Net Asset Value, end of period	$	15.99		$	17.70		$	20.08		$	19.99		$	15.33		$	18.08
Total Investment Return ⁽⁵⁾		(8.34	)		(4.46	)%		5.77	%		34.34	%		(9.49	)%		(5.06	)%⁽⁴⁾
Supplemental Data and Ratios
Net assets applicable to common stockholders, end of period (000’s)	$	480		$	559		$	864		$	436		$	444		$	252
Ratio of expenses to average net assets before waiver ⁽⁶⁾		2.66	%		2.55	%		2.65	%		4.02	%		2.82	%		2.20%
Ratio of expenses to average net assets after waiver ⁽⁶⁾		1.50	%		1.50	%		1.50	%		1.50	%		1.75	%		1.75%
Ratio of net investment income (loss) to average net assets after waiver ⁽⁶⁾		-0.08	%		-0.89	%		-0.39	%		0.21	%		(1.09	)%		0.85%
Portfolio turnover rate ⁽⁷⁾		114.91	%⁽⁴⁾		241.02	%		177.18	%		314.43	%		74.23	%		76.11	%⁽⁴⁾

⁽¹⁾	Commencement of operations.

⁽²⁾	Information presented relates to a Class A share outstanding for the entire period.

⁽³⁾	Calculated using average shares outstanding method.

⁽⁴⁾	Not annualized.

⁽⁵⁾	Total investment return does not include the impact of the front-end sales load.

⁽⁶⁾	Annualized for periods less than one full year.

⁽⁷⁾	Portfolio turnover is calculated on the basis of the fund as a whole.

See Accompanying Notes to the Financial Statements.

NXG NextGen Infrastructure Fund

Financial Highlights

Class I Shares	Period from December 1, 2022 through May 31, 2023 (Unaudited)			Fiscal Year Ended November 30, 2022			Fiscal Year Ended November 30, 2021			Fiscal Year Ended November 30, 2020			Fiscal Year Ended November 30, 2019			Fiscal Year Ended November 30, 2018⁽¹⁾
Per Common Share Data ⁽²⁾
Net Asset Value, beginning of period	$	18.03		$	20.37		$	20.22		$	15.46		$	18.14		$	19.51
Income from Investment Operations:
Net investment income (loss) ⁽³⁾		0.01			(0.11	)		(0.03	)		0.08			(0.15	)		0.14
Net realized and unrealized gain (loss) on investments		(1.49	)		(0.77	)		1.23			5.19			(1.43	)		(0.31	)
Net increase (decrease) from investment operations		(1.48	)		(0.88	)		1.20			5.27			(1.58	)		(0.17	)
Less Distributions to Common Stockholders:
Net investment income		(0.24	)		(1.46	)		(1.05	)		(0.51	)		—			(0.09	)
Return of capital		—			—			—			—			(1.10	)		(1.11	)
Total distributions to common stockholders		(0.24	)		(1.46	)		(1.05	)		(0.51	)		(1.10	)		(1.20	)
Net Asset Value, end of period	$	16.31		$	18.03		$	20.37		$	20.22		$	15.46		$	18.14
Total Investment Return		(8.25	)%⁽⁴⁾		(4.19	)%		5.95	%		34.77	%		(9.07	)%		(1.17	)%
Supplemental Data and Ratios
Net assets applicable to common stockholders, end of period (000’s)	$	23,277		$	25,189		$	33,683		$	14,915		$	13,228		$	61,119
Ratio of expenses to average net assets before waiver ⁽⁵⁾		2.41	%		2.30	%		2.39	%		3.77	%		2.57	%		1.91	%
Ratio of expenses to average net assets after waiver ⁽⁵⁾		1.25	%		1.25	%		1.25	%		1.25	%		1.50	%		1.50	%
Ratio of net investment income (loss) to average net assets after waiver ⁽⁵⁾		0.17	%		-0.64	%		-0.13	%		0.46	%		(0.84	)%		0.69	%
Portfolio turnover rate ⁽⁷⁾		114.91	%⁽⁴⁾		241.02	%		177.18	%		314.43			74.23			76.11	%⁽⁶⁾

⁽¹⁾

On December 18, 2017, The Cushing^® MLP Infrastructure Fund I (the “Predecessor Fund”) was reorganized into The Cushing^® MLP Infrastructure Fund. Information presented prior to December 18, 2017 is that of the Predecessor Fund. Per share amounts for the period prior to December 15, 2017 have been adjusted for a share conversion that occurred effective with the reorganization on December 15, 2017. The effect of the share conversion in connection with the reorganization was to multiply the number of outstanding shares of the Fund by the respective conversion factor of 35.809, with a corresponding decrease in the net asset value per share. This transaction did not change the net assets of the Fund or the value of a shareholder’s investment.

⁽²⁾	Information presented relates to a Class I share outstanding for the entire period.

⁽³⁾	Calculated using average shares outstanding method.

⁽⁴⁾	Not annualized.

⁽⁵⁾	Annualized for periods less than one full year.

⁽⁶⁾	Covers the period from December 18, 2017 through November 30, 2018, subsequent to the reorganization of the Predecessor Fund into the Fund.

⁽⁷⁾	Portfolio turnover is calculated on the basis of the fund as a whole without distinguishing between the classes of shares issued.

See Accompanying Notes to the Financial Statements.

NXG Global Clean Equity Fund

Financial Highlights

Class A Shares	Period from December 1, 2022 through May 31, 2023 (Unaudited)			Fiscal Year Ended November 30, 2022			Fiscal Year Ended November 30, 2021			Period From January 31, 2020⁽¹⁾ through November 30, 2020
Per Common Share Data ⁽²⁾
Net Asset Value, beginning of period	$	13.01		$	20.93		$	20.52		$	10.00
Income from Investment Operations:
Net investment loss ⁽³⁾		(0.04	)		(0.17	)		(0.17	)		(0.08	)
Net realized and unrealized gain (loss) on investments		(1.45	)		(5.67	)		1.13			10.69
Net increase (decrease) from investment operations		(1.49	)		(5.84	)		0.96			10.61
Less Distributions to Common Stockholders:
Net investment income		(0.05	)		(2.08	)		(0.55	)		(0.09	)
Return of capital		—			—			—			—
Total distributions to common stockholders		(0.05	)		(2.08	)		(0.55	)		(0.09	)
Net Asset Value, end of period	$	11.47		$	13.01		$	20.93		$	20.52
Total Investment Return ⁽⁵⁾		(11.50	)%		(29.81	)%		4.65	%		106.34	%⁽⁴⁾
Supplemental Data and Ratios
Net assets applicable to common stockholders, end of period (000’s)	$	98		$	75		$	205		$	231
Ratio of expenses to average net assets before waiver ⁽⁶⁾		3.73	%		3.33	%		3.18	%		6.40	%
Ratio of expenses to average net assets after waiver ⁽⁶⁾		1.40	%		1.40	%		1.35	%		1.40	%
Ratio of net investment loss to average net assets after waiver ⁽⁶⁾		-0.64	%		-1.24	%		-0.78	%		(0.66	)%
Portfolio turnover rate ⁽⁷⁾		93.49	%⁽⁴⁾		118.40	%		88.38	%		39.68	%⁽⁴⁾

⁽¹⁾	Commencement of operations.

⁽²⁾	Information presented relates to a Class A share outstanding for the entire period.

⁽³⁾	Calculated using average shares outstanding method.

⁽⁴⁾	Not annualized.

⁽⁵⁾	Total investment return does not include the impact of the front-end sales load.

⁽⁶⁾	Annualized for periods less than one full year.

⁽⁷⁾	Portfolio turnover is calculated on the basis of the fund as a whole.

See Accompanying Notes to the Financial Statements.

NXG Global Clean Equity Fund

Financial Highlights

Class I Shares	Period from December 1, 2022 through May 31, 2023 (Unaudited)			Fiscal Year Ended November 30, 2022			Fiscal Year Ended November 30, 2021			Period From January 31, 2020⁽¹⁾ through November 30, 2020
Per Common Share Data ⁽²⁾
Net Asset Value, beginning of period	$	13.11		$	21.02		$	20.56		$	10.00
Income from Investment Operations:
Net investment loss ⁽³⁾		(0.02	)		(0.14	)		(0.11	)		(0.05	)
Net realized and unrealized gain (loss) on investments		(1.47	)		(5.69	)		1.12			10.70
Net increase (decrease) from investment operations		(1.49	)		(5.83	)		1.01			10.65
Less Distributions to Common Stockholders:
Net investment income		(0.05	)		(2.08	)		(0.55	)		(0.09	)
Return of capital		—			—			—			—
Total distributions to common stockholders		(0.05	)		(2.08	)		(0.55	)		(0.09	)
Net Asset Value, end of period	$	11.57		$	13.11		$	21.02		$	20.56
Total Investment Return		(11.41	)%		(29.61	)%		4.89	%		106.74	%⁽⁴⁾
Supplemental Data and Ratios
Net assets applicable to common stockholders, end of period (000’s)	$	10,608		$	13,094		$	22,606		$	10,800
Ratio of expenses to average net assets before waiver ⁽⁵⁾		3.48	%		3.08	%		2.93	%		6.15	%
Ratio of expenses to average net assets after waiver ⁽⁵⁾		1.15	%		1.15	%		1.10	%		1.15	%
Ratio of net investment loss to average net assets after waiver ⁽⁵⁾		-0.39	%		-0.99	%		-0.53	%		(0.41	)%
Portfolio turnover rate ⁽⁶⁾		93.49	%⁽⁴⁾		118.40	%		88.38	%		39.68	%⁽⁴⁾

⁽¹⁾	Commencement of operations.

⁽²⁾	Information presented relates to a Class I share outstanding for the entire period.

⁽³⁾	Calculated using average shares outstanding method.

⁽⁴⁾	Not annualized.

⁽⁵⁾	Annualized for periods less than one full year.

⁽⁶⁾	Portfolio turnover is calculated on the basis of the fund as a whole.

See Accompanying Notes to the Financial Statements.

Cushing Mutual Funds Trust

Notes to Financial Statements (Unaudited)

May 31, 2023

1. Organization

Cushing^® Mutual Funds Trust (the “Trust”) was organized as a Delaware statutory trust on September 12, 2017 and is governed by a Declaration of Trust. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company, and is comprised of two series (collectively referred to as the “Funds” and each individually referred to as a “Fund”). These financial statements and notes relate to the NXG NextGen Infrastructure Fund (“NextGen”) and the NXG Global Clean Equity Fund (“Clean”), each series of the Trust. The Funds are managed by Cushing^® Asset Management, LP, d/b/a NXG Investment Management (the “Adviser”).

NextGen’s investment objective is to seek current income and capital appreciation. NextGen commenced operations on December 18, 2017 following the completion of the reorganization of The Cushing MLP Infrastructure Fund I (the “Predecessor Fund”) with and into NextGen. The Predecessor Fund commenced operations on March 1, 2010. NextGen offers two classes of shares, Class A and Class I. Class A shares are subject to a maximum 5.50% front-end sales charge. Class I shares have no sales charge. The Fund pays distribution (12b-2) and/or service fees with respect to Class A shares at an annual rate of 0.25% of average daily net assets. The accounting and performance history of the Predecessor Fund were re-designated as that of the Class I Shares of NextGen.

Clean’s investment objective is to seek capital appreciation. Clean commenced operations on January 31, 2020. Clean offers two classes of shares, Class A and Class I. Class A shares are subject to a maximum 5.50% front-end sales charge. Class I shares have no sales charge. The Fund pays distribution (12b-2) and/or service fees with respect to Class A shares at an annual rate of 0.25% of average daily net assets.

2. Significant Accounting Policies

A. Basis of Presentation

The following is a summary of significant accounting policies, consistently followed by the Funds in preparation of the financial statements. Each Fund is considered an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standard Codification Topic 946, Financial Services - Investment Companies, which is part of U.S. Generally Accepted Accounting Principles (“U.S. GAAP”).

B. Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, recognition of distribution income and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.

C. Investment Valuation

The Board of Trustees has designated the Adviser as the “valuation designee” for the Funds pursuant to Rule 2a-5 under the 1940 Act. The valuation designee is responsible for making fair value determinations pursuant to valuation policies and procedures adopted by the Adviser and the Trust (the “Valuation Policy”). A committee of voting members comprised of senior personnel of the Adviser considers various pricing issues and establishes fair valuations of portfolio securities and other instruments held by the Funds in accordance with the Valuation Policy (the “Valuation Committee”). The Adviser as valuation designee is subject to monitoring and oversight by the Board of Trustees. As a general principle, the fair value of a portfolio instrument is the amount that an owner might reasonably expect to receive upon the instrument’s current sale. A range of factors and analysis may

be considered when determining fair value, including relevant market data, interest rates, credit considerations and/or issuer specific news. The Valuation Committee may consult with and receive input from third parties and will utilize a variety of market data including yields or prices of investments of comparable quality, type of issue, coupon, maturity, rating, indications of value from security dealers, evaluations of anticipated cash flows or collateral, spread over U.S. Treasury obligations, and other information and analysis. In addition, the Valuation Committee may consider valuations provided by valuation firms retained to assist in the valuation of certain of the Funds’ investments. Fair valuation involves subjective judgments. While the Funds’ use of fair valuation is intended to result in calculation of net asset value that fairly reflects values of the Funds’ portfolio securities as of the time of pricing, the Funds cannot guarantee that any fair valuation will, in fact, approximate the amount the Funds would actually realize upon the sale of the securities in question. It is possible that the fair value determined for a portfolio instrument may be materially different from the value that could be realized upon the sale of that instrument.

The valuation designee use the following valuation methods to determine value for investments for which market quotations are available, or if not available, the fair value, as determined in good faith pursuant to the Valuation Policy. The valuation of the portfolio securities of each Fund currently includes the following processes:

(i) The market value of each security listed or traded on any recognized securities exchange or automated quotation system will be the last reported sale price at the relevant valuation date on the composite tape or on the principal exchange on which such security is traded except those listed on the NASDAQ Global Market^®, NASDAQ Global Select Market^® and the NASDAQ Capital Market^® exchanges (collectively, “NASDAQ”). Securities traded on NASDAQ will be valued at the NASDAQ Official Closing Price (“NOCP”). If no sale is reported on that date, the security will be valued at the last reported bid price. If the Valuation Committee (the “Committee”) determines that price is not representative of the actual market price, the Committee may determine the fair value of the security.

(ii) Securities not traded on a U.S. exchange or NASDAQ and foreign securities that are traded on foreign exchanges whose operations are similar to the U.S. over-the-counter market will be valued at prices supplied by a pricing service. If the Committee determines that price is not representative of the actual market price, the Committee may determine the fair value of the security.

(iii) Debt securities will be valued based on evaluated mean prices by an outside pricing service that employs a pricing model that takes into account bids, yield spreads, and/or other market data and specific security characteristics (e.g., credit quality, maturity and coupon rate). If a price cannot be obtained from pricing services, quotes from market makers or brokers may be used. When possible, more than one market maker or broker should be utilized and the mean of bid and ask prices should be used.

(iv) Private Placements in Public Entities (“PIPES”) will be valued using the price of the publicly traded common stock as a baseline, deducting the discount realized on the original purchase and amortizing the difference over the restricted period.

(v) Listed options on debt or equity securities are valued at the last sale price or, if there are no trades for the day, the mean of the closing bid price and ask price. Unlisted options on debt or equity securities are valued based upon their composite bid prices if held long, or their composite ask prices if held short. Futures are valued at the settlement price. Premiums for the sale of options written by an investment company registered under the 1940 Act (a “Registered Fund”) will be included in the assets of such Registered Fund, and the market value of such options will be included as a liability.

(vi) For valuation purposes, quotations of foreign portfolio securities, other assets and liabilities and forward contracts stated in foreign currency are as of the close of regular trading on the Exchange each day the Exchange is open for trading (or earlier as may be specified by the Registered Fund) and translated into U.S. dollar equivalents at the current prevailing market rates as quoted by a pricing service.

(vii) Foreign securities are valued using “fair value factors”. Fair value factors consider daily trade activity and price changes for depositary receipts, exchange-traded funds, index futures, foreign currency exchange activity, or other relevant market data.

(viii) Over-the-counter options on foreign securities and currencies are fair valued by obtaining the “last available bid” from a single dealer that is either the writer or purchaser of the option.

(ix) Swaps will be valued using market-based prices provided by pricing services or broker-dealer bid counterparty quotations.

(x) Whenever trading in a listed security held in a portfolio is temporarily suspended, halted or delisted from an exchange, the security may be priced using the last closing price for a period of up to 5 business days. The Committee will continue to monitor the security during this period and, if there is a belief that the last closing price does not reflect the fair value of such security, then the value of such security will be determined by the Committee based on factors the Committee deems relevant. Whenever any such valuation determination is made, the Committee will monitor the market and other sources of information available to it in order to ascertain whether any change in circumstance would suggest a change in the value so determined.

D. Security Transactions, Investment Income and Expenses

Security transactions are accounted for on the date the securities are purchased or sold (trade date). Realized gains and losses are reported on a high cost basis. Interest income is recognized on an accrual basis, including amortization of premiums and accretion of discounts. Distributions and dividends (collectively, referred to as “Distributions”) are recorded on the ex-dividend date.

Distributions received from NextGen’s investments in master limited partnerships (“MLPs”) and real estate investment trusts (“REITs”) generally are comprised of ordinary income, capital gains and return of capital. For financial statement purposes, NextGen uses return of capital and income estimates to allocate the Distribution income received. Such estimates are based on historical information available from each MLP and REIT and other industry sources. These estimates may subsequently be revised based on information received from the MLPs and REITs after their tax reporting periods are concluded, as the actual character of these Distributions is not known until after NextGen’s fiscal year end.

The Funds estimate the allocation of investment income and return of capital for the Distributions received from their respective portfolio investments within the Statement of Operations. For the period ended May 31, 2023, NextGen has estimated approximately 52% of the Distributions from its portfolio investments to be return of capital. For the period ended May 31, 2023, Clean has estimated approximately 38% of the Distributions from its portfolio investments to be return of capital.

Expenses are recorded on an accrual basis. Each Fund offers multiple classes of shares which differ in their respective distribution fees. All shareholders bear the common expenses of each Fund. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in class-specific expenses. Income, non-class specific expenses, and realized and unrealized gains and losses are allocated daily to each class of shares based on the value of total shares outstanding of each class without distinction between share classes. Expenses attributable to a particular class of shares, such as distribution fees, are allocated directly to that class.

E. Distributions to Shareholders

Distributions to common shareholders are recorded on the ex-dividend date. The character of Distributions to common shareholders made during the period may differ from their ultimate characterization for federal income tax purposes.

For the fiscal year ended November 30, 2022, NextGen’s Distributions were 60%, or $1,395,345 ordinary income, 2%, or $36,280 long term capital gain, and 38%, or $883,043 return of capital.

For the fiscal year ended November 30, 2022, Clean’s Distributions were 84%, or $1,857,807 ordinary income, 9%, or $202,452 long term capital gain, and 7%, or $153,595 return of capital.

For Federal income tax purposes, Distributions of short-term capital gains are treated as ordinary income distributions. In addition, on an annual basis, each Fund may distribute additional capital gains in the last calendar quarter, if necessary, to meet minimum distribution requirements and thus avoid being subject to excise taxes. The final character of Distributions paid for the period ended May 31, 2023 will be determined in early 2024.

Each shareholder will automatically be a participant under the Fund’s Dividend Reinvestment Plan (the “DRIP”) and have all income distributions and capital gains distributions automatically reinvested in shares, unless a shareholder otherwise elects to receive distributions in cash. Generally, for U.S. federal income tax purposes, shareholders receiving shares under the DRIP will be treated as having received a distribution equal to the amount of cash they would have received had the shareholder not participated in the DRIP.

F. Federal Income Taxation

Each Fund intends to qualify each year for special tax treatment afforded to a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (“IRC”). In order to qualify as a RIC, each Fund must, among other things, satisfy income, asset diversification and distribution requirements. As long as it so qualifies, each Fund will not be subject to U.S. federal income tax to the extent that it distributes annually its investment company taxable income (which includes ordinary income and the excess of net short-term capital gain over net long-term capital loss) and its “net capital gain” (i.e., the excess of net long-term capital gain over net short-term capital loss). Each Fund intends to distribute at least annually, substantially all of such income and gain. If a Fund retains any investment company taxable income or net capital gain, it will be subject to U.S. federal income tax on the retained amount at regular corporate tax rates. In addition, if a Fund fails to qualify as a RIC for any taxable year, it will be subject to U.S. federal income tax on all of its income and gains at regular corporate tax rates.

Each Fund recognizes in the financial statements the impact of a tax position, if that position is more-likely-than-not to be sustained on examination by the taxing authorities, based on the technical merits of the position. Tax benefits resulting from such a position are measured as the amount that has a greater than fifty percent likelihood on a cumulative basis to be sustained on examination.

G. Cash and Cash Equivalents

The Funds consider all highly liquid investments purchased with initial maturity equal to or less than three months to be cash equivalents.

H. Indemnification

Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust and each Fund. In addition, in the normal course of business, the Trust may enter into contracts that provide general indemnification to other parties. The Trust’s maximum exposure under such indemnification arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred and may not occur. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

I. Master Limited Partnerships

At May 31, 2023, NextGen had 11.0% of its net assets invested in MLPs and non-MLP midstream companies. As of May 31, 2023, NextGen invested less than 25% of its total assets in securities of MLPs that qualify as publicly traded partnerships under the IRC. Entities commonly referred to as MLPs are generally organized under state law as limited partnerships or limited liability companies. NextGen invests in MLPs receiving partnership taxation treatment under the IRC, and whose interests or “units” are traded on securities exchanges like shares of corporate stock. To be treated as a partnership for U.S. federal income tax purposes, an MLP whose

units are traded on a securities exchange must receive at least 90% of its income from qualifying sources such as interest, dividends, real property rents, gains on dispositions of real property, income and gains from mineral or natural resources activities, income and gains from the transportation or storage of certain fuels, and, in certain circumstances, income and gains from commodities or futures, forwards and options on commodities. Mineral or natural resources activities include exploration, development, production, processing, mining, refining, marketing and transportation (including pipelines) of oil and gas, minerals, geothermal energy, fertilizer, timber or industrial source carbon dioxide. An MLP consists of a general partner and limited partners (or in the case of MLPs organized as limited liability companies, a managing member and members). The general partner or managing member typically controls the operations and management of the MLP and has an ownership stake in the partnership or limited liability company. The limited partners or members, through their ownership of limited partner or member interests, provide capital to the entity, are intended to have no role in the operation and management of the entity and receive cash distributions. NextGen’s investments in MLPs consist only of limited partner or member interest ownership. The MLPs themselves generally do not pay U.S. federal income taxes. Thus, unlike investors in corporate securities, direct MLP investors are generally not subject to double taxation (i.e., corporate level tax and tax on corporate dividends). Currently, most MLPs operate in the energy and/or natural resources sector.

J. Real Estate Investment Trusts

The Funds may own shares of real estate investment trusts (“REITs”) which report information on the source of their distributions annually. The Funds re-characterize distributions received from REIT investments based on information provided by the REITs into the following categories: ordinary income, long-term capital gains, and return of capital. If information is not available on a timely basis from the REITs, the re-characterization will be estimated based on available information, which may include the previous year allocation. If new or additional information becomes available from the REITs at a later date, a re-characterization will be made the following year.

K. Foreign Currency

The Funds may invest in U.S. dollar-denominated and non-U.S. dollar denominated equity and debt securities of foreign issuers. Generally, foreign securities are issued by companies organized outside the U.S. and are traded primarily in markets outside the U.S., but foreign debt securities may be traded on bond markets or over-the-counter markets in the U.S. Foreign securities may be more difficult to sell than U.S. securities. Investments in foreign securities may involve difficulties in receiving or interpreting financial and economic information, possible imposition of taxes, higher brokerage and custodian fees, possible currency exchange controls or other government restrictions, including possible seizure or nationalization of foreign deposits or assets. Foreign securities may also be less liquid and more volatile than U.S. securities. There may also be difficulty in invoking legal protections across borders. In addition, investments in emerging market countries present risks to a greater degree than those presented by investments in countries with developed securities markets and more advanced regulatory systems. NextGen’s and Clean’s investment in foreign securities represented 40.91% and 42.61% of their net assets, respectively, for the period ended May 31, 2023.

3. Concentrations of Risk

Because NextGen and Clean will be concentrated in the group of industries constituting the energy and energy infrastructure sectors, each Fund will be more susceptible to the risks associated with those sectors than if it were more broadly diversified over numerous industries and sectors of the economy. Companies in the energy and energy infrastructure sectors may be affected by fluctuations in the prices of energy commodities. The highly cyclical nature of the industries in which companies in the energy and energy infrastructure sectors operate may adversely affect the earnings or operating cash flows of such companies or the ability of such companies to borrow money or raise capital needed to fund their continued operations. A significant decrease in the production of energy commodities could reduce the revenue, operating income and operating cash flows of certain companies in the energy and energy infrastructure sectors and, therefore, their ability to make distributions or pay dividends. A sustained decline in demand for energy commodities could adversely affect the

revenues and cash flows of certain companies in the energy and energy infrastructure sectors. General changes in market sentiment towards the energy and energy infrastructure sectors may adversely affect NextGen and Clean, and the performance of investments in the energy and energy infrastructure sectors may lag behind the broader market as a whole. The energy markets have experienced significant volatility in recent periods, including a historic drop in the price of crude oil and national gas prices, and may continue to experience relatively high volatility for a prolonged period. Such conditions may negatively impact NextGen and Clean and their respective shareholders. The Adviser may take measures to navigate the conditions of the energy markets, but there is no guarantee that such efforts will be effective or that NextGen’s and Clean’s performance will correlate with any increase in oil and gas prices.

The Funds may invest in non-U.S. companies. Foreign securities may be more difficult to sell than U.S. securities. Investments in foreign securities may involve difficulties in receiving or interpreting financial and economic information, possible imposition of taxes, higher brokerage and custodian fees, possible currency exchange controls or other government restrictions, including possible seizure or nationalization of foreign deposits or assets. Foreign securities may also be less liquid and more volatile than U.S. securities. There may also be difficulty in invoking legal protections across borders. In addition, investments in emerging market countries present risks to a greater degree than those presented by investments in countries with developed securities markets and more advanced regulatory systems. Some of the foreign securities in which the Funds invests will be denominated in a foreign currency. Changes in foreign currency exchange rates will affect the value of securities denominated or quoted in foreign currencies. Exchange rate movements can be large and can endure for extended periods of time, affecting either favorably or unfavorably the value of the Funds’ assets. However, the Funds may engage in foreign currency transactions to attempt to protect themselves against fluctuations in currency exchange rates in relation to the U.S. dollar. Depositary receipts involve many of the same risks as those associated with direct investment in foreign securities. However, the Funds may receive less timely information or have less control than if they invested directly in the foreign issuer.

4. Agreements and Related Party Transactions

Each Fund has entered into an Investment Management Agreement with the Adviser (the “Agreement”).

Under the terms of the Agreement, NextGen and Clean have each agreed to pay the Adviser a fee payable at the end of each calendar month, at an annual rate equal to 0.85% of the average daily net assets of the Fund. The Adviser earned $103,061 and $48,293 in advisory fees for the period ended May 31, 2023 from NextGen and Clean, respectively.

The Adviser has agreed to temporarily waive or reimburse NextGen and Clean for certain Fund operating expenses such that the total annual Fund operating expenses, (including management fees, but exclusive of any front-end load, deferred sales charge, 12b-1 fees, taxes, brokerage commissions, expenses incurred in connection with any merger or reorganization, acquired fund fees and expenses or extraordinary expenses such as litigation) will not exceed 1.25% for each class of NextGen Class A Shares and Class I Shares, and 1.15% for each class of Clean Class A Shares and Class I Shares, subject to possible recoupment from the applicable Fund in future years on a rolling three year basis (within the three years after the date that such expenses have been waived or reimbursed); provided, however, that such recoupment will not cause the applicable Fund’s expense ratio to exceed the lesser of the expense cap in effect at the time of the waiver or the expense cap in effect at the time of recoupment. Such waiver or reimbursement may not be terminated without the consent of the Board of

Trustees before March 31, 2024 and may be modified or terminated by the Adviser at any time thereafter. The Funds have not recorded a liability in the amount of expense reimbursements available for recoupment due to an assessment that such recoupment is not probable as of May 31, 2023.

NextGen

Period Incurred	Amount Waived/ Reimbursed		Amount Recouped		Amount Subject to Potential Recoupment		Expiration Date
November 30, 2020	$	291,746	$	—	$	291,746		November 30, 2023
November 30, 2021		232,857		—		232,857		November 30, 2024
November 30, 2022		276,074		—		276,074		November 30, 2025
May 31, 2023		140,150				140,150		November 30, 2026
	$	940,827	$	—	$	940,827

Clean

Period Incurred	Amount Waived/ Reimbursed		Amount Recouped		Amount Subject to Potential Recoupment		Expiration Date
November 30, 2020	$	180,528	$	—	$	180,528		November 30, 2023
November 30, 2021		224,207		—		224,207		November 30, 2024
November 30, 2022		274,296		—		274,296		November 30, 2025
May 31, 2023		132,609				132,609		November 30, 2026
	$	811,640	$	—	$	811,640

The Funds have engaged U.S. Bancorp Fund Services, LLC d/b/a U.S. Bank Global Fund Services (“Fund Services”) to serve as the Funds’ administrator and accountant. Fund Services also serves as the Funds’ transfer agent, dividend paying agent, and agent for the automatic dividend reinvestment plan. U.S. Bank, N.A. serves as the Funds’ custodian. Fees paid to trustees for their services to the Funds are reflected as Trustees’ fees on the Statements of Operations.

5. Income Taxes

It is each Fund’s intention to continue to qualify as a RIC under Subchapter M of the IRC and distribute all of its taxable income. Also, in order to avoid the payment of any federal excise taxes, each Fund will distribute substantially all of its net investment income and net realized gains on a calendar year basis. The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with federal income tax regulations, which may differ from U.S. generally accepted accounting principles. These differences are primarily due to differences in the timing of recognition of gains or losses on investments. Permanent book and tax basis differences resulted in the reclassifications of $116,242 from additional paid-in capital and $116,242 to accumulated net losses for NextGen and $16,626 from additional paid-in capital and $16,626 to accumulated net losses for Clean.

The following information is provided on a tax basis as of November 30, 2022:

NextGen

Cost of investments	$	24,219,888
Gross unrealized appreciation		4,733,262
Gross unrealized depreciation		(3,360,861	)
Net unrealized appreciation		1,372,401
Undistributed ordinary income		—
Undistributed long-term gains		—
Other accumulated losses		(3,617,351	)
Accumulated net losses	$	(2,244,950	)

Clean

Cost of investments	$	12,734,800
Gross unrealized appreciation		3,016,632
Gross unrealized depreciation		(2,773,350	)
Net unrealized appreciation		243,282
Undistributed ordinary income		—
Undistributed long-term gains		—
Other accumulated losses		(4,560,887	)
Accumulated net losses	$	(4,317,605	)

As of November 30, 2022, NextGen’s capital loss carryforward was comprised of short-term capital loss of $3,253,419 and long-term capital loss of $316,859, and is unlimited. As of November 30, 2022, Clean’s capital loss carryforward was comprised of short-term capital loss of $4,275,332 and long-term capital loss of $207,592, and is unlimited.

Each Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed each Fund’s tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on U.S. tax returns and state tax returns filed since inception of the Fund. No income tax returns are currently under examination. All tax years beginning with November 30, 2019 remain subject to examination by the tax authorities in the United States. Due to the nature of each Fund’s investments, the Funds may be required to file income tax returns in several states. No Fund is aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

6. Fair Value Measurements

Various inputs that are used in determining the fair value of the Funds’ 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 each 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.

NextGen

			Fair Value Measurements at Reporting Date Using
Description	Fair Value as of May 31, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Equity Securities
Common Stock ^(a)	$	20,258,675	$	14,799,313	$	5,459,362	$	—
Master Limited Partnerships & Related Companies ^(a)		2,622,297		2,622,297		—		—
Real Estate Investment Trusts ^(a)		656,429		433,028		223,401		—
Total Equity Securities		23,537,401		17,854,638		5,682,763		—
Other
Short-Term Investments^(a)		—		—		—		—
Total Assets	$	23,537,401	$	17,854,638	$	5,682,763	$	—

Clean

			Fair Value Measurements at Reporting Date Using
Description	Fair Value as of May 31, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Equity Securities
Common Stock ^(a)	$	10,646,213	$	8,048,457	$	2,597,756	$	—
Other
Short-Term Investments ^(a)		71,916		71,916		—		—
Total Assets	$	10,718,129	$	8,120,373	$	2,597,756	$	—

^(a)	All other industry classifications are identified in the Schedule of Investments. NextGen and Clean did not hold Level 3 investments at any time during the period ended May 31, 2023.

7. Investment Transactions

For the period ended May 31, 2023, NextGen purchased (at cost) and sold securities (proceeds) in the amount of $28,898,871 and $27,643,752 (excluding short-term securities), respectively.

For the period ended May 31, 2023, Clean purchased (at cost) and sold securities (proceeds) in the amount of $10,375,867 and $10,729,795 (excluding short-term securities), respectively.

8. Share Transactions

Transactions of shares of NextGen were as follows:

	Period Ended May 31, 2023						Fiscal Year Ended November 30, 2022
Class A Shares	Amount			Shares			Amount			Shares
Sold	$	13,391			751		$	80,628			4,837
Dividends Reinvested		3,531			216			33,252			1,872
Redeemed		(40,977	)		(2,527	)		(303,622	)		(18,186	)
Net Increase (Decrease)	$	(24,055	)		(1,560	)	$	(189,742	)		(11,477	)

	Period Ended May 31, 2023						Fiscal Year Ended November 30, 2022
Class I Shares	Amount			Shares			Amount			Shares
Sold	$	2,144,139			121,793		$	785,111			41,610
Dividends Reinvested		218,737			13,132			1,267,291			70,158
Redeemed		(1,805,495	)		(104,703	)		(6,568,182	)		(368,330	)
Net Increase (Decrease)	$	557,381			30,222		$	(4,515,780	)		(256,562	)

Transactions of shares of Clean were as follows:

	Period Ended May 31, 2023						Fiscal Year Ended November 30, 2022
Class A Shares	Amount			Shares			Amount			Shares
Sold	$	63,200			5,171		$	614,050			42,947
Dividends Reinvested		379			33			19,647			1,202
Redeemed		(29,463	)		(2,360	)		(692,486	)		(48,177	)
Net Increase (Decrease)	$	34,116			2,844		$	(58,789	)		(4,028	)

	Period Ended May 31, 2023						Fiscal Year Ended November 30, 2022
Class I Shares	Amount			Shares			Amount			Shares
Sold	$	5,320			441		$	770,527			51,218
Dividends Reinvested		25,220			2,145			1,051,818			64,184
Redeemed		(1,060,160	)		(84,880	)		(2,757,702	)		(192,051	)
Net Increase (Decrease)	$	(1,029,620	)		(82,294	)	$	(935,537	)		(76,649	)

9. Subsequent Events

The Funds have evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no adjustments were required to the financial statements of the Funds.

Cushing Mutual Funds Trust

Additional Information (Unaudited)

May 31, 2023

Trustee and Executive Officer Compensation

The Trust does not currently compensate any of its trustees who are interested persons or any of its officers. For the period ended May 31, 2023, the aggregate compensation paid by NextGen and Clean to the independent trustees was $15,157 and $7,529, respectively. The Trust did not pay any special compensation to any of its trustees or officers. The Trust continuously monitors standard industry practices, and this policy is subject to change.

Cautionary Note Regarding Forward-Looking Statements

This report contains “forward-looking statements” as defined under the U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to materially differ from each Fund’s historical experience and its present expectations or projections indicated in any forward-looking statements. These risks include, but are not limited to, changes in economic and political conditions; regulatory and legal changes; energy industry risk; leverage risk; valuation risk; interest rate risk; tax risk; and other risks discussed in the Trust’s filings with the SEC. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Trust undertakes no obligation to update or revise any forward-looking statements made herein. There is no assurance that each Fund’s investment objective will be attained.

Proxy Voting Policies

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to portfolio securities owned by each Fund and information regarding how each Fund voted proxies relating to the portfolio of securities during the 12-month period ended June 30 are available to shareholders without charge, upon request by calling the Trust toll-free at (800)236-4424 and on the Trust’s website at www.cushingfunds.com. Information regarding how each Fund voted proxies are also available to shareholders without charge on the SEC’s website at www.sec.gov.

Form N-PORT

The Trust files a complete schedule of portfolio holdings of each Fund for each month of each fiscal year with the SEC on Form N-PORT. The Trust’s Form N-PORT for the third month of each Fund’s fiscal quarter and statement of additional information are available without charge by visiting the SEC’s website at www.sec.gov. In addition, you may review and copy the Trust’s Form N-PORT at the SEC’s Public Reference Room in Washington D.C. You may obtain information on the operation of the Public Reference Room by calling (800) SEC-0330.

Portfolio Turnover

For the period ended May 31, 2023, the portfolio turnover rate for NextGen and Clean was 114.91% and 93.49%, respectively. Portfolio turnover may vary greatly from period to period. The Funds do not consider portfolio turnover rate a limiting factor in the Adviser’s execution of investment decisions, and each Fund may utilize investment and trading strategies that may involve high portfolio turnover. A higher portfolio turnover rate results in correspondingly greater brokerage commissions and other transactional expenses that are borne by each Fund.

NextGen was organized and commenced operations as a “non-diversified fund,” which meant that the Fund may invest a greater portion of its assets in a more limited number of issuers than a diversified fund. However, the Fund’s portfolio has been diversified for over three years. As a result, in accordance with the position of the Staff of the SEC, the Fund has changed its status to that of a diversified fund, and will continue to operate as such.

Shareholder Meeting Results

A special meeting of shareholders of the Trust was held on May 23, 2023. The matters considered at the meeting, along with the vote tabulations relating to such matters were as follows:

To elect Mr. Brian R. Bruce, Ms. Andrea N. Mullins, Mr. Ronald P. Trout and Mr. John H. Alban as Trustees of the Trust, each to hold office until his or her successor is elected and duly qualified.

	For	Withheld
Brian R. Bruce	2,113,479	—
Andrea N. Mullins	2,113,479	—
Ronald P. Trout	2,113,478	1
John. H. Alban	2,113,479	—

Without the affirmative vote of the holders of a majority of the outstanding voting securities of the Fund voting together as a single class, which is defined by the 1940 Act as the lesser of (i) 67% or more of the Fund’s voting securities present at a meeting, if the holders of more than 50% of the Fund’s outstanding voting securities are present or represented by proxy; or (ii) more than 50% of the Fund’s outstanding voting securities, the Fund will not, with respect to 75% of the value of the Fund’s total assets, purchase any securities (other than obligations issued or guaranteed by the U.S. Government or by its agencies or instrumentalities), if as a result more than 5% of the Fund’s total assets would then be invested in securities of a single issuer or if as a result the Fund would hold more than 10% of the outstanding voting securities of any single issuer.

Privacy Policy

In order to conduct its business, the Trust collects and maintains certain nonpublic personal information about its shareholders of record with respect to their transactions in shares of each Fund’s securities. This information includes the shareholder’s address, tax identification or Social Security number, share balances, and dividend elections.

We do not collect or maintain personal information about shareholders whose share balances of our securities are held in “street name” by a financial institution such as a bank or broker. We do not disclose any nonpublic personal information about you, the Funds’ other shareholders or the Funds’ former shareholders to third parties unless necessary to process a transaction, service an account, or as otherwise permitted by law.

To protect your personal information internally, we restrict access to nonpublic personal information about the Funds’ shareholders to those employees who need to know that information to provide services to our shareholders. We also maintain certain other safeguards to protect your nonpublic personal information.

Statement Regarding the Trust’s Liquidity Risk Management Program

The Trust has adopted and implemented a written liquidity risk management program (the “LRM Program”) and related procedures to manage each Fund’s liquidity in accordance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”). The Liquidity Rule requires that each Fund establish a liquidity risk management program in order to effectively manage the Fund’s liquidity and shareholder redemptions. The Liquidity Rule is designed to mitigate the risk that a Fund could not meet redemption requests without significantly diluting the interests of its remaining investors.

The Board has appointed the Adviser as administrator of the LRM Program and related policies and procedures (the “Program Administrator”). As permitted under the LRM Program, the Program Administrator enlisted the services of U.S. Bancorp Global Fund Services, LLC (“USBFS”), fund administrator to the Trust, to assist with its responsibilities under the Program. Pursuant to this delegation, USBFS handles the day to day operation of the Trust’s LRM Program.

The Liquidity Rule requires the Funds to assess, manage and review their liquidity risk at least annually, considering applicable factors such as investment strategy and liquidity during normal and foreseeable stressed conditions, including whether the strategy is appropriate for an open-end fund and whether the fund has a

relatively concentrated portfolio or large positions in particular issuers. Each Fund must also assess its use of borrowings and derivatives, short-term and long-term cash flow projections in normal and stressed conditions, holdings of cash and cash equivalents, and borrowing arrangements and other funding sources.

In accordance with the LRM Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

●

Highly liquid investments – cash or convertible to cash within three business days or less;

●

Moderately liquid investments – convertible to cash in three to seven calendar days;

●

Less liquid investments – can be sold or disposed of, but not settled, within seven calendar days; or

●

Illiquid investments – cannot be sold or disposed of within seven calendar days

Liquidity classification determinations take into account a variety of factors, including various market, trading and investment specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a Fund’s illiquid investments. Specifically, the Liquidity Rule prohibits acquisition of illiquid investments if doing so would result in the Fund holding more than 15% of its net assets in illiquid investments and requires certain reporting anytime a Fund’s holdings of illiquid investments exceed 15% of net assets. The LRM Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments. During the review period, no Fund exceeded the 15% limit on illiquid investments.

The Liquidity Rule also requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or “HLIM”). The LRM Program includes provisions for determining, periodically reviewing and complying with the HLIM requirement as applicable. During the review period, each Fund primarily held highly liquid investments and therefore was exempt from the requirement to adopt an HLIM and to comply with the related requirements under the Liquidity Rule.

Per the Trust’s LRM Program, the Program Administrator is required to, among other things, provide an annual report to the Board which includes: (1) an assessment of the liquidity risk of each Fund, (2) an assessment of the operation of the LRM Program (and any related policies and procedures, including the Program Administrator Procedures) and the adequacy and effectiveness of their implementation; (3) a review of the operation of each Fund’s highly liquid investment minimum (as applicable) and the adequacy and effectiveness its implementation; (4) a discussion of any occurrences throughout the year when a Fund has exceeded the 15% Limit; (5) any changes to the LRM Program (and any related policies and procedures, including the Program Administrator Procedures) deemed by the Program Administrator to be material; and (6) such other information requested by the Board from time to time.

At the November 14, 2022 meeting of the Trust’s Board of Trustees, the Board received a written report prepared by the Program Administrator that addressed the operation of the LRM Program, assessed its adequacy and effectiveness and described any material changes made to the Program. The report included that, during the reporting period, the were no changes made to the LRM Program, there were no material liquidity events that impacted any Fund, and each Fund held sufficient highly liquid assets to meet Fund redemptions. The report concluded that since each Fund seeks to invest in highly liquid investments, its liquidity risk is relatively low and, accordingly, no additional measures should be implemented regarding management of each Fund’s liquidity risk. In addition, the report concluded that the LRM Program was implemented and operated effectively to achieve the goal of assessing and managing each Fund’s liquidity risk.

Cushing Mutual Funds Trust

Board Approval of Investment Management Agreement (Unaudited)

May 31, 2023

On May 23, 2023, the Board of Trustees (the “Board,” members of which are referred to collectively as the “Trustees”) of the Cushing Mutual Funds Trust (the “Trust”) met in person to discuss, among other things, the approval of the Investment Management Agreement (the “Agreement”) between Cushing^® Asset Management, LP d/b/a NXG Investment Management (the “Adviser”) and the Trust, which is comprised of NXG NextGen Infrastructure Fund (“NextGen”) and NXG Global Clean Equity Fund (“Global Clean Equity”) (each, a “Fund” and collectively, the “Funds”).

Activities and Composition of the Board

The Board is comprised of four Trustees, three of whom are not “interested persons,” as such term is defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”). The Trustees are responsible for oversight of the operations of the Trust and perform the various duties imposed by the 1940 Act on the trustees of investment companies. The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. Prior to its consideration of the Agreement, the Trustees received and reviewed information provided by the Adviser. The Trustees also received and reviewed information responsive to requests from independent counsel to assist it in its consideration of the Agreement. Before the Trustees voted on the approval of the Agreement, the Independent Trustees met with independent legal counsel during executive session and discussed the Agreement and related information.

Consideration of Nature, Extent and Quality of the Services

The Board received and considered information regarding the nature, extent and quality of services provided to each Fund under the Agreement, including the Adviser’s Form ADV and other background materials supplied by the Adviser.

The Board reviewed and considered the Adviser’s investment advisory personnel, its history, and the amount of assets currently under management by the Adviser. The Board also reviewed the research and decision-making processes used by the Adviser, including the methods adopted to seek to achieve compliance with the investment objectives, strategies, policies, and restrictions of each Fund.

The Board considered the background and experience of the Adviser’s management in connection with each Fund, including reviewing the qualifications, backgrounds and responsibilities of the management team members primarily responsible for the day-to-day portfolio management of each Fund and the extent of the resources devoted to research and analysis of each Fund’s actual and potential investments.

The Board also reviewed certain of the Adviser’s policies and procedures, including the Adviser’s Code of Ethics.

The Board determined that the nature, extent and quality of services to be rendered by the Adviser under the Agreement were adequate.

Consideration of Advisory Fees and the Cost of the Services

The Board considered the information they received comparing each Fund’s contractual annual advisory fee and overall expenses, to the extent available, with a peer group of competitor open-end funds determined by FUSE Research Network LLC (“FUSE”). The Board discussed the funds contained in the peer groups and universes and the general methodology used by FUSE in preparing its report.

With respect to NextGen, the Trustees determined that the Fund’s contractual advisory fee of 0.85% was in the second most expensive quartile with respect to its peer group and universe and the Fund’s total net expense ratio of 1.25% (Class I shares) was in the most expensive quartile with respect to its peer group and universe.

With respect to Global Clean Equity, the Trustees determined that the Fund’s contractual advisory fee of 0.85% was in the most expensive quartile with respect to its peer group and the second least expensive quartile with respect to its universe. The Trustees also determined that the Fund’s total net expense ratio of 1.15% (Class I shares) was in the most expensive quartile with respect to its peer group and second most expensive quartile with respect to its universe.

Consideration of Investment Performance

The Board noted that it regularly reviews the performance of the Funds throughout the year. The Board reviewed performance information provided by FUSE for periods ending February 28, 2023, comparing the performance of each Fund against its peer group over several time horizons, and using different performance metrics.

The Trustees determined that NextGen’s performance was in the highest performing quartile for its peer group and universe over the one-year and three--year periods, and in the lowest performing quartile for its peer group and universe over the five-year and ten-year periods. The Trustees noted that for the ten-year period, the Fund’s peer group was small, consisting of only four funds (including the Fund).

The Trustees determined that Global Clean Equity’s performance was in the highest performing quartile for its peer group and universe for the since inception period; was in the highest performing quartile with respect to its universe for the three-year period; was equal to the peer group median for the three-year period; and was in the lowest performing quartile for its peer group and universe for the one-year period. The Trustees noted that for the three-year and since inception periods, the Fund’s peer group was small, consisting of only five funds (including the Fund).

Consideration of Comparable Accounts

The Board reviewed the other accounts and investment vehicles managed by the Adviser and discussed the similarities and differences between these accounts and the Funds.

The Board determined that, bearing in mind the limitations of comparing different types of managed accounts and the different levels of service typically associated with such accounts, the fee structures applicable to the Adviser’s other clients employing a comparable strategy to any Fund was not indicative of any unreasonableness with respect to the advisory fees proposed to be payable by that Fund.

Consideration of Profitability

The Board received and considered a profitability analysis prepared by the Adviser, using a template developed in consultation with counsel to the Independent Trustees, that set forth the fees payable by each Fund under the Agreement and the expenses incurred by the Adviser in connection with the operation of each Fund. The Board used this analysis to evaluate the fairness of the profits realized and anticipated to be realized by the Adviser with respect to each Fund.

The Board separately considered the profitability of the Adviser with respect to each Fund. The Board noted that NextGen and Global Clean Equity were each unprofitable for the Adviser, both before and after distribution expenses, largely because of each Fund’s relatively small size.

Consideration of Economies of Scale

The Board considered whether economies of scale in the provision of services to a Fund had been or would be passed along to the shareholders under the Agreement. The Board determined there were no material economies of scale accruing to the Adviser in connection with its relationship with each Fund.

Consideration of Other Benefits

The Board reviewed and considered any other incidental benefits derived or to be derived by the Adviser from its relationship with each Fund, including but not limited to soft dollar arrangements. The Board determined there were no material incidental benefits accruing to the Adviser in connection with its relationship with any Fund.

Conclusion

In approving the Agreement and the fees charged under the Agreement, the Board concluded that no single factor reviewed by the Board was identified by the Board to be determinative as the principal factor in whether to approve the Agreement. The summary set out above describes the most important factors, but not all matters, considered by the Board in coming to its decision regarding the Agreement. On the basis of such information as the Board considered necessary to the exercise of its reasonable business judgment and its evaluation of all of the factors described above, and after much discussion, the Board concluded that each factor they considered, in the context of all of the other factors they considered, favored approval of the Agreement. It was noted that it was the judgment of the Board that approval of the Agreement was consistent with the best interests of each Fund and its shareholders.

Cushing Mutual Funds Trust

TRUSTEES

Brian R. Bruce
Andrea N. Mullins
Ronald P. Trout
John H. Alban

EXECUTIVE OFFICERS

Mark Rhodes
Chief Executive Officer and President

Blake R. Nelson
Chief Financial Officer, Treasurer and Secretary

Mathew J. Calabro
Chief Compliance Officer

INVESTMENT ADVISER

Cushing^® Asset Management, LP
d/b/a NXG Investment Management
600 N. Pearl Street, Suite 1205
Dallas, TX 75201

ADMINISTRATOR

U.S. Bancorp Fund Services, LLC, d/b/a
U.S. Bancorp Global Fund Services
615 East Michigan Street, 3rd Floor
Milwaukee, WI 53202

CUSTODIAN

U.S. Bank, N.A.
1555 N. River Center Drive, Suite 302
Milwaukee, WI 53212

TRANSFER AGENT

U.S. Bancorp Fund Services, LLC, d/b/a
U.S. Bancorp Global Fund Services
615 East Michigan Street, 3rd Floor
Milwaukee, WI 53202

LEGAL COUNSEL

Skadden, Arps, Slate, Meagher & Flom LLP
155 North Wacker Drive
Chicago, IL 60606

INDEPENDENT
REGISTERED PUBLIC
ACCOUNTING FIRM

Ernst & Young LLP
2323 Victory Avenue, Suite 2000
Dallas, TX 75219

NOT FDIC INSURED | NOT BANK GUARANTEED | MAY LOSE VALUE

Cushing Mutual Funds Trust
is distributed by Quasar Distributors, LLC

(b)

Not applicable.

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable for semi-annual reports.

Item 6. Investments.

(a)

Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

(b)

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

(a)

The Registrant’s President/Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

(b)

There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

Item 13. Exhibits.

(a)

(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not applicable.

(2) A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.

(4)

Change in the registrant’s independent public accountant. There was no change in the registrant’s independent public accountant for the period covered by this report.

(b)

Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	The Cushing Mutual Funds Trust

By (Signature and Title)*	/s/ Mark Rhodes
	Mark Rhodes, President & Chief Executive Officer

Date	8/4/23

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ Mark Rhodes
	Mark Rhodes, President & Chief Executive Officer

Date	8/4/23

By (Signature and Title)*	/s/ Blake R. Nelson
	Blake R. Nelson, Chief Financial Officer, Treasurer and Secretary

Date	8/4/23

Cushing Mutual Funds Trust N-CSRSCertified semi-annual shareholder report (management investment company)