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: 811-22499


The Cushing Renaissance 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.

The Cushing Renaissance Fund
SCHEDULE OF INVESTMENTS (Unaudited)
                   
           
August 31, 2018
                   
               
Fair
Common Stock - 58.3%
Shares
 
  
Value
Chemicals - 4.9%
        
Netherlands - 2.8%
        
LyondellBasell Industries NV(1)
40,000
   $
            4,511,200
United States - 2.1%
        
DowDuPont, Inc.
47,500
    
3,331,175
               
7,842,375
Diversified General Partnerships - 3.3%
        
United States - 3.3%
        
HollyFrontier Corporation(1)
70,000
    
5,216,400
                 
Exploration & Production - 11.9%
        
Canada - 3.7%
        
Vermilion Energy, Inc.(1)
186,000
    
5,896,200
Netherlands - 3.7%
        
Royal Dutch Shell Plc(1)
88,250
    
5,756,547
United Kingdom - 4.5%
        
BP Plc(1)
167,500
    
7,182,400
               
18,835,147
Industrials - 5.1%
        
Ireland - 2.7%
        
Eaton Corp Plc
52,000
    
4,323,280
United States - 2.4%
        
Caterpillar, Inc.
12,000
    
1,666,200
Emerson Electric Company
26,500
    
2,033,345
                 
8,022,825
Materials - 2.4%
        
United Kingdom - 1.3%
        
Venator Materials Plc(2)
175,000
    
2,114,000
United States - 1.1%
        
Vulcan Materials Co.
15,000
    
1,662,000
               
3,776,000
Midstream - 6.1%
        
Canada - 1.8%
        
Pembina Pipeline Corporation
85,000
    
2,900,200
United States - 4.3%
        
Targa Resources Corporation(1)
124,625
    
6,863,099
               
9,763,299
Refiners - 9.1%
        
United States - 9.1%
        
CVR Energy, Inc.(1)
185,000
    
7,039,250
Phillips 66(1)
44,000
    
5,214,440
Valero Energy Corporation
18,500
    
2,180,780
                 
14,434,470
Transportation - 1.0%
        
United States - 1.0%
        
XPO Logistics, Inc.(2)
15,000
    
1,597,500
                 
Utilities - 12.6%
        
United States - 12.6%
        
Dominion Energy, Inc.(1)
94,500
    
6,687,765
NRG Yield, Inc.(1)
390,000
    
7,741,500
 
PPL Corporation(1)
185,000
    
5,501,900
                 
19,931,165
Yield - 1.9%
        
United Kingdom - 1.9%
        
Atlantica Yield Plc
150,000
    
3,095,250
Total Common Stocks (Cost $84,726,585)
     $
 92,514,431
                 
Master Limited Partnerships and Related Companies - 35.8%
        
Exploration & Production - 6.6%
        
United States - 6.6%
        
Mid-Con Energy Partners, L.P.(3)
465,116
   $
   706,976
Viper Energy Partners, L.P.(1)
250,000
    
9,727,500
                 
10,434,476
Midstream - 18.4%
        
United States - 18.4%
        
DCP Midstream, L.P.(1)
207,000
    
8,530,470
Energy Transfer Partners, L.P.(1)
300,000
    
6,765,000
Enterprise Products Partners, L.P.(1)
81,000
    
2,316,600
Sunoco, L.P.(1)
230,000
    
6,230,700
Western Gas Partners, L.P.(1)
110,000
    
5,373,500
                 
29,216,270
Natural Gas Transportation & Storage - 2.9%
        
United States - 2.9%
        
Tallgrass Energy, L.P.
190,000
    
4,672,100
                   
Shipping - 3.9%
        
Republic of the Marshall Islands - 3.9%
        
GasLog Partners, L.P.
126,500
    
3,073,950
Golar LNG Partners, L.P.
232,000
    
3,136,640
                 
6,210,590
Utilities - 4.0%
        
United States - 4.0%
        
NextEra Energy Partners, L.P.(1)
130,000
    
6,305,000
Total Master Limited Partnerships and Related Companies (Cost $44,336,402)
     $
 56,838,436
                 
Fixed Income - 31.3%
        
Engineering & Construction - 3.9%
        
United States - 3.9%
        
Zachry Holdings, Inc., 7.500%, due 02/01/2020(1)(4)
6,250,000
   $
  6,281,250
                 
Exploration & Production - 20.1%
        
Canada - 3.0%
        
MEG Energy Corporation, 6.375%, due 01/30/2023(4)
2,725,000
    
2,486,563
MEG Energy Corporation, 7.000%, due 03/31/2024(4)
2,500,000
    
2,281,250
United States - 17.1%
        
Barrett Bill Corporation, 7.000%, due 10/15/2022(1)
5,250,000
    
5,276,250
Denbury Resources, Inc., 4.625%, due 07/15/2023
4,000,000
    
3,460,000
HighPoint Operating Corporation, 8.750%, due 06/15/2025
1,288,000
    
1,381,380
Murphy Oil Corporation, 5.875%, due 12/01/2042
5,000,000
    
4,516,472
QEP Resources, Inc., 5.625%, due 03/01/2026
4,000,000
    
3,840,000
Sanchez Energy Corporation, 6.125%, due 01/15/2023(1)
5,000,000
    
2,848,250
Southwestern Energy Company, 7.750%, due 10/01/2027
5,500,000
    
5,843,750
                 
31,933,915
Industrials - 2.3%
        
United States - 2.3%
        
Cleaver-Brooks, Inc., 7.875%, due 03/01/2023(4)
3,500,000
    
3,622,500
                 
 
Midstream - 1.9%
        
United States - 1.9%
        
DCP Midstream, L.P., 7.375%, due 06/15/2023
3,000,000
    
3,005,625
                 
Refiners - 3.1%
        
United States - 3.1%
        
PBF Holding Company, LLC / PBF Finance Corporation, 7.000%, due 11/15/2023
4,655,000
    
4,887,750
Total Fixed Income (Cost $52,316,719)
     $
 49,731,040
                 
Short-Term Investments - Investment Companies - 1.6%
        
United States - 1.6%
        
Fidelity Government Portfolio Fund, 1.82%(5)
643,289
   $
   643,289
First American Government Obligations Fund - Class Z, 1.80%(5)
623,669
    
623,669
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, 1.84%(5)
623,669
    
623,669
STIT-Government & Agency Portfolio, 1.85%(5)
623,669
    
623,669
Total Short-Term Investments - Investment Companies (Cost $2,514,296)
     $
 2,514,296
                 
Total Investments - 127.0% (Cost $183,894,002)
     $
201,598,203
Liabilities in Excess of Other Assets - (27.0%)
      
(42,854,769)
Net Assets Applicable to Common Stockholders - 100.0%
     $
 158,743,434
 
                   
(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) 
Restricted security.  Fair valued by the Adviser using the Fund’s valuation prodecures and subsequently ratified by the Board of Trustees.  The position was acquired on October 7, 2016 at $1,000,000 and the fair value accounted for 0.45% of the Fund’s net assets as of August 31, 2018.
(4) 
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 August 31, 2018, the value of these investments was $14,671,563 or 9.24% of total net assets.
(5) 
Rate reported is the current yield as of August 31, 2018.
        
(6) 
Description
Exercise
Price
Expiration
Date
Currency
Number of
Contracts
Premiums
Received
Fair
Value
  
Unrealized
Appreciation
(Depreciation)
 
DowDuPont, Inc., Call Option
$71.00
9/21/2018
USD
475
$25,819
$41,800
  
($15,981)
 
Eaton Corporation Plc, Call Option
$84.50
9/21/2018
USD
260
$19,621
$14,300
  
$5,321
 
Emerson Electric Company, Call Option
$76.00
9/21/2018
USD
265
$27,816
$36,835
  
($9,019)
           
$73,256
$92,935
  
($19,679)
                   


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)
  
$
92,514,431
    
$
92,514,431
    
$
-
    
$
-
  
Master Limited
Partnerships and
Related
Companies (a)
    
56,838,436
      
56,131,460
      
706,976
      
-
  
Total Equity Securities
    
149,352,867
      
148,645,891
      
706,976
      
-
  
Notes
        Senior Notes(a)
    
49,731,040
      
-
      
49,731,040
      
-
  
Total Notes
    
49,731,040
      
-
      
49,731,040
      
-
  
Other
                                
      Short Term
      Investments (a)
    
2,514,296
      
2,514,296
      
-
      
-
  
Total Other
    
2,514,296
      
2,514,296
      
-
      
-
  
Total Assets
  
$
201,598,203
    
$
151,160,187
    
$
50,438,016
    
$
-
  
Liabilities
      Written Options
  
$
92,935
    
$
92,935
    
$
-
    
$
-
  
Total Liabilities
  
$
92,935
    
$
92,935
    
$
-
    
$
-
  

(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 Renaissance 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