cushing_nq.htm
 

 

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


 
FORM N-Q
 
 
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY
 

 

Investment Company Act file number  811-22072



The Cushing MLP Total Return Fund
(Exact name of registrant as specified in charter)



3300 Oak Lawn Avenue Suite 650
Dallas, TX 75219
(Address of principal executive offices) (Zip code)



Jerry V. Swank
3300 Oak Lawn Avenue Suite 650
Dallas, TX 75219
(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:  August 31, 2008

 
 
Item 1. Schedule of Investments.
 

The Cushing MLP Total Return Fund
      
SCHEDULE OF INVESTMENTS (Unaudited)
      
   
August 31, 2008
Common Stock - 0.3% (1)
Shares
  
     Value
Crude/Refined Products Pipelines - 0.3% (1)
      
Canada - 0.3% (1)
      
       
Enbridge Income Fund (Cost $426,171)
                        45,000
  
$                     481,340
         
Master Limited Partnerships and Related Companies - United States - 116.8% (1)
      
       
Coal - 6.5% (1)
      
       
Alliance Holdings GP, L.P.
                      100,000
  
                      2,810,000
       
Penn Virginia GP Holdings, L.P.
                        34,500
  
                         989,805
       
Penn Virginia Resource Partners, L.P.
                      232,800
  
                      5,801,376
       
       
                      9,601,181
Crude/Refined Products Pipelines and Storage - 23.1% (1)
      
       
Enbridge Energy Partners, L.P.
                      149,496
  
                      7,256,536
       
Genesis Energy, L.P.
                      449,323
  
                      8,177,679
       
Magellan Midstream Holdings, L.P.
                      207,000
  
                      4,589,190
       
SemGroup Energy Partners, L.P.
                      475,848
  
                      4,948,819
       
TransMontaigne Partners, L.P.
                      361,900
  
                      9,152,451
       
     
                    34,124,675
Natural Gas/Crude Oil Production - 2.4% (1)
      
       
Breitburn Energy Partners, L.P. (2)
                        63,200
  
                      1,035,216
       
Pioneer Southwest Energy Partners, L.P.
                      130,470
  
                      2,438,484
       
       
                      3,473,700
Natural Gas/Natural Gas Liquid Pipelines and Storage - 20.1% (1)
      
       
Crosstex Energy, L.P.
                        23,000
  
                         585,810
       
Crosstex Energy, L.P. (2)
                      250,000
  
                      6,272,500
       
DCP Midstream Partners, L.P.
                      251,928
  
                      6,172,236
       
Energy Transfer Equity, L.P.
                      347,688
  
                    10,030,799
       
Energy Transfer Partners, L.P.
                      150,000
  
                      6,675,000
       
     
                    29,736,345
 
 
 
Natural Gas Gathering/Processing - 50.1% (1)
      
       
Atlas Pipeline Holdings, L.P.
                      290,800
  
                      8,709,460
       
Atlas Pipeline Partners, L.P.
                      348,665
  
                    11,899,936
       
Hiland Holdings GP, L.P.
                      226,431
  
                      5,049,411
       
Hiland Partners, L.P.
                      203,612
  
                      9,366,152
       
MarkWest Energy Partners, L.P.
                      395,000
  
                    13,603,800
       
Quicksilver Gas Services, L.P.
                      162,316
  
                      3,465,447
       
Regency Energy Partners, L.P.
                      187,711
  
                      4,677,758
       
Regency Energy Partners, L.P. (2)
                      245,000
  
                      5,799,150
       
Targa Resources Partners, L.P.
                      377,000
  
                      9,010,300
       
Western Gas Partners, L.P.
                      154,300
  
                      2,356,161
       
     
                    73,937,575
       
Propane - 7.1% (1)
      
       
Inergy, L.P.
                      284,700
  
                      7,504,692
       
Inergy Holdings, L.P.
                        90,820
  
                      2,960,732
       
       
                    10,465,424
       
Shipping - 7.5% (1)
      
       
Martin Midstream Partners, L.P.
                      145,834
  
                      4,561,688
       
Navios Maritime Partners, L.P.
                        79,000
  
                         987,500
       
OSG America, L.P.
                      462,109
  
                      5,545,308
       
       
                    11,094,496
         
Total Master Limited Partnerships and Related Companies (Cost $192,284,172)
    
                  172,433,396
         
Short-Term Investments - United States Investment Companies - 3.5% (1)
      
       
AIM Short-Term Treasury Portfolio Fund - Institutional Class
                   1,032,754
  
                      1,032,754
       
Dreyfus Cash Management Fund - Institutional Class
                   1,032,753
  
                      1,032,753
       
Fidelity Government Portfolio Fund - Institutional Class
                   1,032,753
  
                      1,032,753
       
First American Treasury Obligations Fund - Class Y
                   1,032,753
  
                      1,032,753
       
First American Treasury Obligations Fund - Class Z
                   1,032,753
  
                      1,032,753
       
Total Short-Term Investments (Cost $5,163,766)
    
                      5,163,766
       
         
         
Total Investments - 120.6% (1) (Cost $197,874,109)
    
           178,078,502
       
Liabilities in Excess of Other Assets - (20.6%) (1)
    
                   (30,460,808)
       
Total Net Assets Applicable to Common Stockholders - 100.0% (1)
    
 $           147,617,694
 
 
 
(1)
Calculated as a percentage of net assets applicable to common stockholders.
      
(2)
Fair valued securities represent a total market value of $13,106,866 which represents 8.9% of net assets. These
    
 
securities are deemed to be restricted.
      
         
 
At August 31, 2008, the cost basis of investments for federal income tax purposes was $195,694,152 and respectively, and gross unrealized appreciation and depreciation of investments for federal income tax purposes were as follows:
 
Gross unrealized appreciation     $ 5,317,770  
Gross unrealized depreciation       (22,933,420 )
Net unrealized depreciation     $ (17,615,650 )
 
The following tables provide the fair value measurements of applicable portfolio assets by level within the fair value hierarchy for the Fund as of August 31, 2008.  These assets are measured on a recurring basis.
Graphic

 
Item 2. Controls and Procedures.
 
(a)  
The Registrant’s President/Chief Executive Officer and Treasurer/Chief Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b)  
There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the Registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.


 
Item 3. Exhibits.
 
Separate certifications for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)).  Filed 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 MLP Total Return Fund                              
 
By (Signature and Title)    /s/  Jerry V. Swank                                                                  
                                                     Jerry V. Swank, President
 
Date    10/16/08                                                                                                                                                                                              
 
 
 
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  Jerry V. Swank                                                      
                                                    Jerry V. Swank, President
 
Date    10/16/08                                                                                              
 
By (Signature and Title)    /s/  Mark Fordyce                                           
                                                                     Mark Fordyce, Treasurer
 
Date    10/16/08