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)


8117 Preston Road Suite 440
Dallas, TX 75225
 (Address of principal executive offices) (Zip code)


Jerry V. Swank
8117 Preston Road Suite 440
Dallas, TX 75225
 (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, 2018
 
Item 1. Schedule of Investments.

Cushing MLP & Infrastructure Total Return Fund
SCHEDULE OF INVESTMENTS (Unaudited)
                   
           
August 31, 2018
                   
               
Fair
Common Stock - 81.0%
        
Shares
 
  
Value
Diversified General Partners - 16.7%
        
Canada - 9.5%
        
Enbridge, Inc.(1)
85,550
   $
            2,923,243
TransCanada Corporation(1)
136,100
    
5,797,860
United States - 7.2%
        
Marathon Petroleum Corporation(1)
19,200
    
1,579,968
Phillips 66
14,700
    
1,742,097
Semgroup Corporation(1)
136,155
    
3,294,951
                 
15,338,119
General Partners - 31.6%
        
United States - 31.6%
        
Enlink Midstream, LLC(1)
259,100
    
4,223,330
ONEOK, Inc.(1)
118,723
    
7,825,033
Targa Resources Corporation(1)
147,900
    
8,144,853
Williams Companies, Inc.(1)
297,304
    
8,797,225
                 
28,990,441
Industrials - 1.8%
        
Ireland - 1.8%
        
Eaton Corporation Plc
20,000
    
1,662,800
                 
Large Cap Diversified - 6.2%
        
United States - 6.2%
        
Kinder Morgan, Inc.(1)
319,150
    
5,648,955
                 
Natural Gas Gatherers & Processors - 7.4%
        
Canada - 4.4%
        
Pembina Pipeline Corporation(1)
117,400
    
4,005,688
United States - 3.0%
        
Kayne Anderson Acquisition Corporation(1)
284,000
    
2,800,240
               
6,805,928
                   
Shipping - 1.9%
        
United States - 1.9%
        
Cheniere Energy Partners L.P. Holdings LLC(1)
54,750
    
1,735,028
                   
Shipping General Partners - 1.5%
        
United States - 1.5%
        
Cheniere Energy Inc.(2)
20,000
    
1,338,600
                 
Utilities - 7.1%
        
United States - 7.1%
        
Avangrid, Inc.(1)
39,900
    
1,968,666
Dominion Energy, Inc.(1)
17,200
    
1,217,244
NextEra Energy, Inc.(1)
19,200
    
3,265,920
                 
6,451,830
Yield - 6.8%
        
United Kingdom - 3.4%
        
Atlantica Yield Plc
152,100
    
3,138,584
United States - 3.4%
        
NRG Yield, Inc.(1)
155,000
    
3,076,750
                 
6,215,334
Total Common Stocks (Cost $71,059,513)
     $
74,187,035
                 
 
MLP Investments and Related Companies - 56.9%
        
Crude Oil & Refined Products - 3.7%
        
United States - 3.7%
        
MPLX, L.P.(1)
94,084
   $
  3,337,159
                 
General Partners - 16.3%
        
United States - 16.3%
        
Energy Transfer Equity, L.P.(1)
175,950
    
3,079,125
Plains GP Holdings, L.P.(1)
338,900
    
8,736,842
Tallgrass Energy GP, L.P.
128,100
    
3,149,979
                 
14,965,946
Large Cap Diversified - 11.9%
        
United States - 11.9%
        
Energy Transfer Partners, L.P.(1)
257,150
    
5,798,744
Enterprise Products Partners, L.P.(1)
179,400
    
5,130,840
                 
10,929,584
Natural Gas Gatherers & Processors - 11.2%
        
United States - 11.2%
        
DCP Midstream Partners, L.P.(1)
81,600
    
3,362,736
Enable Midstream Partners, L.P.(1)
117,700
    
1,832,589
Enlink Midstream Partners, L.P.(1)
135,600
    
2,413,680
Western Gas Partners, L.P.(1)
54,400
    
2,657,440
                 
10,266,445
Shipping - 5.7%
        
Republic of the Marshall Islands - 4.0%
        
GasLog Partners, L.P.
150,900
    
3,666,870
United States - 1.7%
        
Cheniere Energy Partners, L.P.
40,000
    
1,516,000
                 
5,182,870
Utilities - 1.3%
        
Bermuda - 1.3%
        
Brookfield Renewable Partners LP
38,000
    
1,169,260
                 
Yield - 6.8%
        
United States - 6.8%
        
NextEra Energy Partners, L.P.(1)
129,050
    
6,258,925
Total MLP Investments and Related Companies (Cost $46,672,256)
     $
 52,110,189
                 
                 
Fixed Income - 2.2%
        
Natural Gas Gatherers & Processors - 2.2%
        
United States - 2.2%
        
DCP Midstream, L.P., 7.375%, due 06/15/2023
2,000,000
   $
   2,003,750
Total Fixed Income (Cost $2,000,000)
     $
  2,003,750
                 
Short-Term Investments - Investment Companies - 1.6%
        
United States - 1.6%
        
Fidelity Government Portfolio Fund - Institutional Class, 1.82%(3)
376,885
   $
     376,885
First American Prime Obligations Fund - Class Z, 1.80%(3)
376,884
    
376,884
Invesco Short-Term Government & Agency Portfolio - Institutional Class, 1.85%(3)
376,885
    
376,885
Morgan Stanley Institutional Liquidity Funds - Government Portfolio - Institutional Class, 1.84%(3)
376,885
    
376,885
Total Short-Term Investments - Investment Companies (Cost $1,507,539)
     $
     1,507,539
                 
Total Investments - 141.7% (Cost $121,239,308)
       $
 129,808,513
Liabilities in Excess of Other Assets - (41.7%)
        
(38,181,127)
Net Assets Applicable to Common Stockholders - 100.0%
       $
91,627,386
 
 
(1) 
All or a portion of these securities are held as collateral pursuant to the loan agreements.
        
(2) 
No distribution or dividend was made during the period ended August 31, 2018.  As such, it is classified as a non-income producing security as of August 31, 2018.
  
(3) 
Rate reported is the current yield as of August 31, 2018.
        
(4) 
Description
Exercise
Price
Expiration
Date
Currency
Number of
Contracts
Premiums
Received
Fair
Value
Unrealized
Appreciation
(Depreciation)
 
Cheniere Energy, Inc., Call Option
$63.50
9/15/2018
USD
200
$23,193
$81,500
  
($58,307)
 
Marathon Petroleum Corporation, Call Option
$86.00
9/15/2018
USD
100
$2,797
$4,500
  
($1,703)
 
Phillips 66, Call Option
$124.00
9/15/2018
USD
100
$2,896
$3,000
  
($104)
 
Plains GP Holdings, L.P., Call Option
$28.00
9/15/2018
USD
200
$3,793
$1,000
  
$2,793
           
$32,679
$90,000
  
($57,321)
                   



Fair Value Measurements

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

·
Level 1 — quoted prices in active markets for identical securities
·
Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
·
Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
These inputs are summarized in the three broad levels listed below.

         
Fair Value Measurements at Reporting Date Using
        
         
Quoted Prices in
          
Significant
  
         
Active Markets for
    
Significant Other
    
Unobservable
  
   
Fair Value at
    
Identical Assets
    
Observable Inputs
    
Inputs
  
Description
  
August 31, 2018
    
(Level 1)
    
(Level 2)
    
(Level 3)
  
Assets
Equity Securities
                        
Common Stock (a)
  
$
74,187,035
    
$
74,187,035
    
$
-
    
$
-
  
Master Limited
     Partnerships and
     Related
     Companies (a)
    
52,110,189
      
52,110,189
      
-
      
-
  
Total Equity Securities
    
126,297,224
      
126,297,224
      
-
      
-
  
Notes
        Senior Notes(a)
    
2,003,750
      
-
      
2,003,750
      
-
  
Total Notes
    
2,003,750
      
-
      
2,003,750
      
-
  
Other
      Short Term
      Investments (a)
    
1,507,539
      
1,507,539
      
-
      
-
  
Total Other
    
1,507,539
      
1,507,539
      
-
      
-
  
Total Assets
  
$
129,808,513
    
$
127,804,763
    
$
2,003,750
    
$
-
  
Liabilities
      Written Options
  
$
90,000
    
$
90,000
    
$
-
    
$
-
  
Total Liabilities
  
$
90,000
    
$
90,000
    
$
-
    
$
-
  

(a)
All other industry classifications are identified in the Schedule of Investments.  The Fund did not hold Level 3 investments at any time during the period ended August 31, 2018.

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 August 31, 2018.

Item 2. Controls and Procedures.
(a)
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)).

(b)
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.

Item 3. Exhibits.
Separate certifications for each principal executive officer and principal financial officer of the Fund 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        10/25/2018             



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        10/25/2018              

 
By (Signature and Title)         /s/ John H. Alban                                                      
 John H. Alban, Treasurer & Chief Financial Officer
 
Date        10/25/2018