DALLAS, Dec. 9, 2015 /PRNewswire/ -- The Cushing® MLP Total Return Fund (NYSE: SRV), The Cushing® Energy Income Fund (formerly known as the Cushing® Royalty & Income Fund) (NYSE: SRF) and The Cushing® Renaissance Fund (NYSE: SZC) (each, a "Fund, and collectively, the "Funds") announced that effective December 7, 2015, Daniel L. Spears resigned from Cushing® Asset Management, LP, the Funds' investment adviser ("Cushing"), and as President of the Fund. Mr. Spears will no longer be involved in the day-to-day management of the Funds. The remainder of SRV's portfolio management team, Jerry V. Swank and N. Paul Euseppi, will continue to manage SRV. The remainder of SRF's portfolio management team, Jerry V. Swank and Judd B. Cryer, will continue to manage SRF. Mr. Swank has been appointed President of the Funds in addition to his current position as Chief Executive Officer.
SRV is a non-diversified, closed-end management investment company with an investment objective of seeking a high after-tax total return from a combination of capital appreciation and current income. The Fund seeks to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets, plus any borrowings for investment purposes, in master limited partnership (MLP) investments. The Fund is traded on the New York Stock Exchange under the symbol "SRV."
SRF 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 energy-related U.S. royalty trusts, exploration and production master limited partnerships (E&P MLPs) and Canadian royalty trusts and exploration and production companies and other energy assets. The Fund is traded on the New York Stock Exchange under the symbol "SRF."
SZC 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 vehicle to invest in an actively managed portfolio of companies that may benefit from the developing U.S. energy, industrial and manufacturing renaissance. The Fund is traded on the New York Stock Exchange under the symbol "SZC."
The Funds are managed by Cushing. No assurance can be given that a 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 September 30, 2015, Cushing had approximately $3.4 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.
CONTACT: Judson Redmond, Cushing® Asset Management, LP, 214-692-6334, www.swankcapital.com
SOURCE Cushing Asset Management, LP