DALLAS, Jan. 30, 2020 /PRNewswire/ -- The Board of
Trustees (the "Board") of The Cushing® Energy Income
Fund (NYSE: SRF) and The Cushing® MLP & Infrastructure
Total Return Fund (NYSE: SRV), each a closed-end fund (together,
the "Funds"), announced today that each Fund's Board has approved
the merger of SRF with and into SRV.
The merger is intended to provide potential benefits to common
shareholders, including lower operating expenses, improved
efficiencies in portfolio management and operations, and greater
secondary market liquidity, among other things.
The Funds have similar (but not identical) investment policies.
Each Fund emphasizes investments in the energy, infrastructure and
natural resources sectors, but SRF has a focus on upstream
companies, including exploration and production companies, whereas
SRV has a focus on investing in midstream companies, including
infrastructure master limited partnerships ("MLPs").
It is currently expected that the merger will be completed in
the second of quarter of 2020, subject to required shareholder
approvals and the satisfaction of applicable regulatory
requirements and other customary closing conditions.
Additional Information
This press release is not intended to, and does not, constitute
an offer to purchase or sell shares of any Fund; nor is this press
release intended to solicit a proxy from any shareholder of any of
the Funds. The solicitation of proxies to effect each merger will
only be made by a final, effective Registration Statement on Form
N-14, which includes a definitive Joint Proxy Statement/Prospectus,
after the Registration Statement is declared effective by the
Securities and Exchange Commission (the "SEC"). This Registration
Statement has yet to be filed with the SEC. After the Registration
Statement is filed with the SEC, it may be amended or withdrawn and
the Joint Proxy Statement/Prospectus will not be distributed to
shareholders of the Funds unless and until the Registration
Statement is declared effective by the SEC.
The Funds and their respective trustees, officers and employees,
and Cushing® Asset
Management, LP and its partners, officers and employees and other
persons may be deemed to be participants in the solicitation of
proxies with respect to the merger. Investors and shareholders may
obtain more detailed information regarding the direct and indirect
interests of the Funds' trustees, officers and employees and other
persons by reading the Joint Proxy Statement/Prospectus relating to
the merger when it is filed with the SEC.
INVESTORS AND SECURITY HOLDERS OF THE FUNDS ARE URGED TO READ
THE JOINT PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS FILED WITH
THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE
BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT
THE MERGER. INVESTORS SHOULD CONSIDER THE INVESTMENT OBJECTIVES,
RISKS, CHARGES AND EXPENSES OF THE FUNDS CAREFULLY. THE JOINT PROXY
STATEMENT/PROSPECTUS WILL CONTAIN INFORMATION WITH RESPECT TO THE
INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES OF THE FUNDS AND
OTHER IMPORTANT INFORMATION ABOUT THE FUNDS.
Security holders may obtain free copies of the Registration
Statement and Joint Proxy Statement/Prospectus and other documents
(when they become available) filed with the SEC at the SEC's web
site at www.sec.gov. In addition, free copies of the Joint Proxy
Statement/Prospectus and other documents filed with the SEC may
also be obtained after the Registration Statement becomes effective
by calling the Funds toll-free at (888) 777-2346.
Each Fund also files annual and semi-annual reports and other
information with the SEC. You may read and copy any reports,
statements, or other information filed by a fund at the SEC's
public reference room at 100 F Street, N.E., Washington, D.C., 20549. Please call the SEC
at 1-800-SEC-0330 for further information on the public reference
room. Filings made with the SEC by a Fund are also available to the
public from commercial document-retrieval services and at the
website maintained by the SEC at http://www.sec.gov.
There can be no assurance that the Funds will achieve their
investment objectives. Investments in the Funds involve operating
expenses and fees. The net asset value of the Funds 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.
About Cushing®
Asset Management, LP
Cushing Asset Management, LP ("Cushing"), a subsidiary of Swank Capital, is
an SEC-registered investment adviser headquartered in Dallas, Texas. Cushing serves as investment adviser to
affiliated funds and managed accounts providing active management
in markets where inefficiencies exist. Since Cushing's founding in 2003, it has remained a
100% independent employee-owned firm. As of December 31, 2019, Cushing had approximately $1.8 billion of assets under management in
closed-end funds, mutual funds, privately offered funds and
separately managed accounts.
For information about the Funds, please contact your financial
advisor.
Contact:
Geoff
Crumrine
Cushing® Asset
Management, LP
214-692-6334
www.cushingasset.com
www.cushingcef.com/
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SOURCE Cushing Asset Management, LP and Swank Capital, LLC