The Cushing MLP Total Return Fund Announces Quarterly Dividend
DALLAS, May 13 /PRNewswire/ -- The Cushing MLP Total Return Fund (NYSE: SRV) (the "Fund") declared its quarterly dividend of $0.225 per common share for the quarter ending May 31, 2010. The dividend will be payable on June 10, 2010 to shareholders of record on May 20, 2010. The ex-date for the dividend is May 18, 2010. With the payment of this quarter's dividend, SRV shareholders have realized aggregate dividends of $2.94 per share since inception.
It is anticipated but not certain that substantially all of this dividend will be treated as a return of capital. The final determination of such amount will be made in early 2011, after the end of the calendar year when the Fund can determine its earnings and profits. The final tax status of the dividend may differ substantially from this preliminary information.
The Fund also announced today the appointments effective immediately of John H. Alban as Chief Financial Officer, Treasurer and Interim Chief Compliance Officer and Daniel L. Spears as Executive Vice President and Secretary of the Fund. The Fund also accepted the resignations effective as of May 12, 2010 of Mark W. Fordyce as Chief Financial Officer, Principal Accounting Officer, Treasurer and Secretary of the Fund and Michael S. Minces as Chief Compliance Officer.
The Cushing MLP Total Return Fund is a non-diversified, closed-end management investment company. The Fund's investment objective is to obtain a high after-tax total return from a combination of capital appreciation and current income. No assurance can be given that the Fund's investment objective will be achieved. The Fund will seek 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 MLP investments.
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