DALLAS, April 3,
2023 /PRNewswire/ -- The Cushing MLP &
Infrastructure Total Return Fund (NYSE: SRV) (the "Fund") today
announced that certain changes to the name of the Fund and the
Fund's non-fundamental investment policies previously announced on
January 30, 2023 became effective.
Effective today, the name of the Fund is "NXG Cushing Midstream
Energy Fund." The Fund's New York Stock Exchange ticker symbol
remains 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 previously pursued 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 previously invested no more than 25% of its
total assets in securities of energy MLPs that qualify as publicly
traded partnerships under the Internal Revenue Code.
Effective today, 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 today, 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 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.
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.cushingasset.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 its
investment objectives. Investments in the Fund will 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
