cushing_nqa.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:  February 29, 2008
 
 
 
Item 1. Schedule of Investments.
 
 
The Cushing MLP Total Return Fund
      
 
SCHEDULE OF INVESTMENTS (Unaudited)
      
     
February 29, 2008
 
Common Stock - 1.8% (1)
Shares
Value
  
 
Crude/Refined Products Pipelines - 1.8% (1)
      
 
Canada - 1.8% (1)
      
 
Enbridge Income Fund (Cost $2,815,067)
262,000
                 $       2,797,684
  
           
 
Master Limited Partnerships and Related Companies - United States - 108.6% (1)
      
 
Coal - 7.5% (1)
      
 
Alliance Holdings GP, L.P.
83,140
1,921,365
  
 
Alliance Resource Partners, L.P. (2)
168,000
6,370,560
  
 
Natural Resource Partners, L.P.
100,000
3,208,000
  
       
11,499,925
  
 
Crude/Refined Products Pipelines - 24.3% (1)
      
 
Calument Specialty Products Partners, L.P.
201,180
6,069,601
  
 
Constellation Energy Partners, L.P.
235,294
4,941,174
  
 
Genesis Energy, L.P.
129,200
2,777,800
  
 
Holly Energy Partners, L.P.
66,700
2,740,036
  
 
Kinder Morgan Energy Partners, L.P.
30,000
1,723,800
  
 
Kinder Morgan Management, LLC
111,038
6,052,681
  
 
Magellan Midstream Holdings, L.P.
207,000
5,324,040
  
 
TransMontaigne Partners, L.P.
260,000
7,688,200
  
     
37,317,332
  
 
Crude/Refined Products Transportation and Storage - 17.7% (1)
      
 
Buckeye Partners, L.P.
76,300
3,744,804
  
 
Enbridge Energy Partners, L.P.
254,286
12,709,214
  
 
SemGroup Energy Partners, L.P.
425,648
10,611,405
  
       
27,065,423
  
 
Natural Gas/Natural Gas Liquid Pipelines and Storage - 17.3% (1)
      
 
Cheniere Energy Partners, L.P.
328,900
5,525,520
  
 
Duncan Energy Partners, L.P.
2,700
56,997
  
 
El Paso Pipeline Partners, L.P.
42,210
989,402
  
 
Energy Transfer Equity, L.P.
325,400
10,822,804
  
 
Energy Transfer Partners, L.P.
75,400
3,613,168
  
 
Enterprise GP Holdings, L.P.
175,000
5,498,500
  
     
26,506,391
  
 
Natural Gas Gathering/Processing - 32.0% (1)
      
 
Atlas Pipeline Holdings, L.P.
144,400
4,622,244
  
 
Atlas Pipeline Partners, L.P.
309,500
13,710,850
  
 
Crosstex Energy, L.P.
23,000
727,030
  
 
Hiland Holdings GP, L.P.
178,431
4,419,736
  
 
Hiland Partners, L.P.
131,674
6,674,555
  
 
MarkWest Energy Partners, L.P.
525,000
18,112,500
  
 
Quicksilver Gas Services, L.P.
36,035
867,363
  
     
49,134,278
  
 
Shipping - 5.5% (1)
      
 
Martin Midstream Partners, L.P.
105,000
3,556,350
  
 
 
 
 
OSG America, L.P.
349,209
4,888,926
  
       
8,445,276
  
 
Propane - 4.3% (1)
      
 
Inergy, L.P.
209,700
6,125,337
  
 
Inergy Holdings, L.P.
11,020
487,084
  
       
6,612,421
  
 
Total Master Limited Partnerships and Related Companies (Cost $177,792,141)
  
166,581,046
  
           
 
Short-Term Investments - United States Investment Companies - 3.9% (1)
      
 
AIM Short-Term Treasury Portfolio Fund - Institutional Class (2)
1,179,885
1,179,885
  
 
Dreyfus Cash Management Fund - Institutional Class (2)
1,179,885
1,179,885
  
 
Fidelity Government Portfolio Fund - Institutional Class (2)
1,179,884
1,179,884
  
 
First American Treasury Obligations Fund - Class Y (2)
1,179,885
1,179,885
  
 
First American Treasury Obligations Fund - Class Z (2)
1,179,885
1,179,885
  
 
Total Short-Term Investments (Cost $5,899,424)
  
5,899,424
  
           
 
Total Investments - 114.3% (1) (Cost $186,506,632)
  
175,278,154
  
 
Liabilities in Excess of Other Assets - (14.3%) (1)
  
(21,921,132)
  
 
Total Net Assets Applicable to Common Stockholders - 100.0% (1)
  
        $ 153,357,022
  
           
 
Securities Sold Short - (4.6%) (1)
      
 
SPDR Trust Series 1
53,000.00
7,092,460
  
 
Total Securities Sold Short - (4.6%) (1) (Proceeds $6,990,051)
  
$     7,092,460
  
           
 
(1)
Calculated as a percentage of net assets applicable to common stockholders.
      
 
(2)
All or a portion of the shares have been committed as collateral for open short positions.
      

At February 29, 2008, the cost basis of investments and the proceeds from securities sold short for federal income tax purposes were $185,994,520 and $6,990,051, respectively, and gross unrealized appreciation and depreciation of investments for federal income tax purposes were as follows:
 
Gross unrealized appreciation  
 $         4,425,624
Gross unrealized depreciation    
(15,756,511)
Net unrealized depreciation       
$    (11,330,887)
                                                  
The following tables provide the fair value measurements of applicable portfolio assets by level within the fair value hierarchy for the Fund as of February 29, 2008.  These assets are measured on a recurring basis.
 
     
Fair Value Measurements at
Reporting Date Using
  
     
Quoted Prices in
    
     
Active Markets for
Significant Other
  
 
Fair Value at
  
Identical Assets
Observable Inputs
  
Description
February 29, 2008
  
(Level 1)
(Level 2)
  
 
Assets:
                
Investments
$
175,278,154
  
$
170,336,980
$
4,941,174
  
                 
Liabilities:
 
    
 
        
Securities Sold Short
$
    7,092,460
  
$
    7,092,460
$
           —
  

 
 
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     June 18, 2008                                                                                                                                                                                                    



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     June 18, 2008                                                                                 

 
By (Signature and Title)    /s/ Mark Fordyce                                             
                                                    Mark Fordyce, Treasurer

Date     June 18, 2008