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 & Infrastructure Total Return Fund
(Exact name of registrant as specified in charter)
300 Crescent Court, Suite 1700
Dallas, TX 75201
(Address of principal executive offices) (Zip code)
Jerry V. Swank
300 Crescent Court, Suite 1700
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: February 29, 2020
Item 1. Schedule of Investments.
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Cushing MLP & Infrastructure Total Return Fund
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SCHEDULE OF INVESTMENTS (Unaudited)
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February 29, 2020
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Fair
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Common Stock - 87.4%
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Shares
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Value
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Chemicals - 8.2%
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United States - 4.1%
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Dow Inc.(1)
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63,250
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$
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2,555,932
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Netherlands - 4.1%
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LyondellBasell Industries NV(1)
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35,850
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2,561,841
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5,117,773
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Exploration & Production - 2.2%
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United States - 2.2%
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Brigham Minerals Inc.(1)
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86,599
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1,381,254
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Large Cap Diversified C Corps - 44.4%
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Canada - 22.5%
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Enbridge, Inc.(1)
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138,800
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5,195,284
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Pembina Pipeline Corporation(1)
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125,360
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4,528,003
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TC Energy Corporation(1)
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82,200
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4,303,170
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United States - 21.9%
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Kinder Morgan, Inc.(1)
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225,070
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4,314,592
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ONEOK, Inc.(1)
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74,073
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4,942,151
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Williams Companies, Inc.(1)
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230,154
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4,384,434
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27,667,634
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Natural Gas Gatherers & Processors - 9.4%
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United States - 9.4%
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Targa Resources Corporation(1)
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181,100
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5,867,640
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Utilities - 4.8%
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United States - 4.8%
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Dominion Energy, Inc.(1)
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38,050
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2,974,749
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Yield Co - 18.4%
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United Kingdom - 9.0%
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Atlantica Yield Plc(1)
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194,780
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5,631,090
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United States - 9.4%
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Clearway Energy Inc.(1)
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200,100
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4,210,104
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TerraForm Power, Inc.
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86,300
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1,621,577
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11,462,771
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Total Common Stocks (Cost $55,401,356)
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$
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54,471,821
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MLP Investments and Related Companies - 49.9%
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Units
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Crude Oil & Refined Products - 11.7%
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United States - 11.7%
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Magellan Midstream Partners, L.P.(1)
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55,750
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$
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3,041,163
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Phillips 66 Partners, L.P.(1)
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49,800
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2,707,626
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Shell Midstream Partners, L.P.(1)
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90,750
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1,552,733
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7,301,522
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Large Cap Diversified C Corps - 6.6%
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United States - 6.6%
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Plains GP Holdings, L.P.(1)
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297,600
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4,097,952
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Large Cap MLP - 20.8%
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United States - 20.8%
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Energy Transfer, L.P.(1)
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544,516
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6,033,237
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Enterprise Products Partners, L.P.(1)
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254,900
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5,949,366
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MPLX, L.P.(1)
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49,084
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995,914
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12,978,517
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Upstream MLPs - 2.5%
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United States - 2.5%
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Viper Energy Partners L.P.(1)
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86,850
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1,548,536
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Yield Co - 8.3%
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United States - 8.3%
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NextEra Energy Partners, L.P.(1)
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89,050
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5,135,513
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Total MLP Investments and Related Companies (Cost $36,108,788)
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$
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31,062,040
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Preferred Stock - 4.2%
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Crude Oil & Refined Products - 0.8%
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United States - 0.8%
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NGL Energy Partners L.P.(1)
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20,000
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$
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506,800
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Utilities - 3.4%
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United States - 3.4%
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NextEra Energy Capital Holdings Inc.(1)
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80,000
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2,094,400
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Total Preferred Stock (Cost $2,527,608)
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$
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2,601,200
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Fixed Income - 5.1%
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Principal Amount
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Exploration & Production - 0.8%
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United States - 0.8%
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Parsley Energy, Inc., 5.625%, due 10/15/2027(1)(2)
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500,000
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$
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496,550
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Natural Gas Gatherers & Processors - 3.1%
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United States - 3.1%
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DCP Midstream, L.P., 7.375%, due 06/15/2023(1)
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2,075,000
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1,891,871
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Utilities - 1.2%
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United States - 1.2%
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Dominion Energy, Inc., 4.650%, due 06/15/2025(1)
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750,000
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775,406
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Total Fixed Income (Cost $3,323,797)
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$
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3,163,827
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Short-Term Investments - Investment Companies - 1.3%
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Shares
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United States - 1.3%
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First American Government Obligations Fund - Class X, 1.49%(1)(3)
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395,411
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$
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395,411
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First American Treasury Obligations Fund - Class X, 1.49%(1)(3)
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395,411
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395,411
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Total Short-Term Investments - Investment Companies (Cost $790,822)
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$
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790,822
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Total Investments - 147.9% (Cost $98,152,371)
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$
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92,089,710
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Liabilities in Excess of Other Assets - (47.9)%
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(29,802,873)
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Net Assets Applicable to Common Stockholders - 100.0%
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$
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62,286,837
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(1)
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All or a portion of these securities are held as collateral pursuant to the loan agreements.
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(2)
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Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other
"qualified institutional buyers." These securities have been deemed to be liquid by the Fund's adviser under the supervision of the Board of Directors. As of February 29, 2020, the value of these investments was $496,550 or 0.80% of total
net assets.
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(3)
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Rate reported is the current yield as of February 29, 2020.
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Fair Value Measurements
Various inputs that are used in determining the fair value of the Fund’s investments are summarized in the three broad levels listed below:
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Level 1 — quoted prices in active markets for identical securities
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Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
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Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
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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.
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Fair Value Measurements at Reporting Date Using
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Quoted Prices in
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Significant
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Active Markets for
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Significant Other
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Unobservable
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Fair Value at
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Identical Assets
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Observable Inputs
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Inputs
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Description
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February 29, 2020
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(Level 1)
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(Level 2)
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(Level 3)
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Assets
Equity Securities
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Common Stock (a)
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$
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54,471,821
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$
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54,471,821
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$
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-
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$
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-
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Master Limited
Partnerships and
Related
Companies (a)
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31,062,040
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31,062,040
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-
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-
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Preferred Stock (a)
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2,601,200
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2,601,200
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-
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Total Equity Securities
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88,135,061
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88,135,061
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-
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-
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Notes
Senior Notes(a)
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3,163,827
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-
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3,163,827
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-
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Total Notes
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3,163,827
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-
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3,163,827
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-
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Other
Short Term
Investments (a)
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790,822
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790,822
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-
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Total Other
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790,822
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790,822
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-
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-
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Total Assets
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$
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92,089,710
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$
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88,419,083
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$
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3,163,827
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$
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-
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(a)
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All other industry classifications are identified in the Schedule of Investments. The Fund did not hold Level 3 investments at any time during the period ended
February 29, 2020.
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Transfers into and out of each level are measured at fair value at the end of the period. There were no transfers between any levels during the period ended February 29, 2020.
Item 2. Controls and Procedures.
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(a)
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The Fund’s President and Treasurer have concluded that the Fund's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) (17 CFR 270.30a-3(c)) are
effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17
CFR 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d‑15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(d)).
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(b)
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There were no changes in the Fund's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) (17 CFR 270.30a-3(d)) that occurred during the Fund's last fiscal quarter that have materially
affected, or are reasonably likely to materially affect, the Fund's internal control over financial reporting.
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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 Fund has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) The Cushing MLP & Infrastructure Total Return Fund
By (Signature and Title) /s/ Jerry V. Swank
Jerry V. Swank, President & Chief Executive Officer
Date 4/29/2020
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 Fund and in the capacities and on
the dates indicated.
By (Signature and Title) /s/ Jerry V. Swank
Jerry V. Swank, President & Chief Executive Officer
Date 4/29/2020
By (Signature and Title) /s/ John H. Alban
John H. Alban, Treasurer & Chief Financial Officer
Date 4/29/2020