DALLAS, Jan. 30,
2023 /PRNewswire/ -- The Cushing® MLP & Infrastructure
Total Return Fund (NYSE: SRV) (the "Fund") today announced that the
Fund's Board of Trustees (the "Board") approved certain changes to
the name of the Fund and the Fund's non-fundamental investment
policies, which will become effective as of April 3, 2023. The Fund's New York Stock Exchange
ticker symbol will remain SRV. The name change is as follows:
Prior Fund
Name
|
New Fund
Name
|
Ticker
|
Cushing MLP &
Infrastructure Total Return Fund
|
NXG Cushing Midstream
Energy Fund
|
SRV
|
Principal Investment Strategies of
the Fund
The Fund will continue to pursue its investment objective to
obtain a high after-tax total return from a combination of capital
appreciation and current income. There can be no assurance that the
Fund's investment objective will be achieved.
The Fund currently pursues its investment objective by
investing, under normal market conditions, at least 80% of its net
assets, plus any borrowings for investment purposes, in a portfolio
of infrastructure master limited partnerships ("MLPs") and
MLP-related investments (together, "MLP Investments"), which are
investments that offer economic exposure to public and private MLPs
in the form of common or subordinated units issued by MLPs,
securities of entities holding primarily general partner or
managing members interests in MLPs, debt securities of MLPs, and
securities that are derivatives of interests in MLPs, which are
I-Shares and other derivative securities that have economic
characteristics of MLP securities, and businesses that operate and
have the economic characteristics of MLP Investments but are
organized and taxed as "C" corporations or as limited liability
companies. The Fund currently invests no more than 25% of its total
assets in securities of energy MLPs that qualify as publicly traded
partnerships under the Internal Revenue Code.
As of April 3, 2023, it will no
longer be a policy of the Fund to invest at least 80% of its net
assets, plus any borrowings for investment purposes, in a portfolio
of MLP Investments.
Effective as of April 3, 2023, the
Fund will pursue its investment objective by investing, under
normal market conditions, at least 80% of its net assets, plus any
borrowings for investment purposes, in a portfolio of midstream
energy investments. The Fund considers midstream energy investments
to be investments that offer economic exposure to securities of
midstream energy companies, which are companies that engage provide
midstream services in the energy infrastructure sector, including
the gathering, transporting, processing, fractionation, storing,
refining and distribution of natural resources, such as natural
gas, natural gas liquids, crude oil refined petroleum products,
biofuels, carbon sequestration, solar, and wind. The Fund
considers a company to be a midstream energy company if at least
50% of its assets, income, sales or profits are committed to,
derived from or otherwise related to midstream energy services.
As of January 27, 2023, 92.42% of
the Fund's net assets, plus borrowings for investment purposes,
consist of midstream investments, and therefore the Fund does not
anticipate that any changes in the Fund's investment approach or
rebalancing of the Fund's portfolio will be required in connection
with the name and policy change.
The Fund intends to continue to qualify to be treated, as a
regulated investment company ("RIC") under the Code. Therefore, the
Fund will, as of the end of each fiscal quarter, invest no more
than 25% of the value of the Fund's total assets in the securities
of MLPs and other entities treated as "qualified publicly traded
partnerships" under the Code.
The Fund will continue to be non-diversified and may continue to
invest in companies of any market capitalization size.
No other changes to the Fund's investment policies are being
made in connection with these changes, nor are any such further
changes currently anticipated.
No action is required by shareholders of the Fund in connection
with these changes.
The Fund is a non-diversified, closed-end management investment
company with an investment objective to obtain a high after-tax
total return from a combination of capital appreciation and current
income. There can be no assurance that the Fund will achieve its
investment objective.
About Cushing® Asset Management
Cushing is an SEC-registered
investment adviser headquartered in Dallas, Texas.
Cushing serves as investment
adviser to affiliated funds and managed accounts.
Contact:
Blake
Nelson
Cushing® Asset
Management, LP
214-692-6334
www.nxgim.com
www.cushingcef.com
IMPORTANT INFORMATION
This press release does not constitute an offer to sell
securities of the Fund and it is not soliciting an offer to buy
securities of the Fund, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer or
solicitation or sale would be unlawful prior to registration or
qualification under the laws of such state or jurisdiction.
There can be no assurance that the Fund will achieve their
investment objectives. Investments in the Fund involve operating
expenses and fees. The net asset value of the Fund will fluctuate
with the value of the underlying securities. It is important to
note that closed-end funds trade on their market value, not net
asset value, and closed-end funds often trade at a discount to
their net asset value. Past performance is not indicative of future
performance. An investment in the Fund is subject to investment
risk, including the possible loss of the entire amount that you
invest. See www.cushingcef.com for a detailed discussion of
Fund-specific risks.
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SOURCE Cushing® Asset Management, LP