The Fund's Board of Trustees has approved a continuation of the waiver of the Fund's management fees in the amount of 0.50% of the Fund's Managed Assets for the next twelve months, beginning as of February 1, 2017.
Effective January 9, 2017, Judd Cryer no longer serves as portfolio manager of the Fund. Matthew Lemme and Nick English have been named portfolio managers of the Fund joining Jerry Swank:
Matthew Lemme: Mr. Lemme joined Cushing® Asset Management ("Cushing") in 2012 and is currently a Portfolio Manager. Previously, Mr. Lemme worked at Highland Capital Management for almost six years, most recently as a Managing Director. At Highland, he managed both credit and equity portfolios focused in the energy and materials sectors. Mr. Lemme has prior experience as an investment banking research analyst covering natural resources companies and as a consultant providing advice to utility companies. He received an MBA from the McCombs School of Business, University of Texas at Austin and a Bachelor of Science in Management from Villanova University. Mr. Lemme is also a CFA® charterholder.
Nick English: Mr. English joined Cushing Asset Management in January 2014 and has worked in the energy industry since 2009. Prior to joining Cushing, he was a senior consultant at Portfolio Decisions where he focused on developing strategic plans for some of the largest companies in the oil and gas industry. Previously, he worked for Texas Energy Advisors, a capital advisory firm serving global energy clients. He began his career as a commercial credit analyst for Wells Fargo. Mr. English received his B.S. in Finance from Cornell University and his MBA from the University of Texas at Austin's McCombs School of Business.
The Fund is a non-diversified, closed-end management investment company with an investment objective of seeking a high total return with an emphasis on current income. The Fund seeks to provide shareholders with a tax-efficient vehicle to invest in a portfolio of public and private securities of energy companies involved in exploring, developing, producing, transporting, gathering and processing, storing, refining, distributing, mining or marketing natural gas, natural gas liquids (including propane), crude oil, refined products or coal. The Fund will invest no more than 25% of its total assets in securities of energy master limited partnerships ("MLPs") that qualify as publicly traded partnerships under the Internal Revenue Code. The Fund is traded on the New York Stock Exchange under the symbol "SRF."
The Fund is managed by Cushing® Asset Management, LP ("Cushing"). No assurance can be given that the Fund's investment objective will be achieved.
ABOUT 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 which invest primarily in securities of MLPs and other natural resource companies. As of December 31, 2016, Cushing had approximately $3.7 billion of assets under management in closed-end funds, mutual funds, privately offered funds and separately managed accounts.
This press release shall not constitute an offer to sell or a solicitation to buy, 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.
This press release contains certain statements that may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the Funds and Cushing believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the company's reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the Funds and Cushing do not assume a duty to update this forward-looking statement.
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SOURCE Cushing Asset Management