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Jan. 25, 2013 /PRNewswire/ -- The
Cushing® MLP Total Return Fund (NYSE: SRV) declared a quarterly distribution for the fiscal quarter ending
February 28, 2013 of
$0.225 per common share. The Fund's distribution will be payable on
March 20, 2013 to shareholders of record on
February 28, 2013. The ex-date for the Fund's distribution is
February 26, 2013.
It is anticipated but not certain that a majority of the Fund's distribution will be treated as a return of capital. The final determination of such amounts will be made and reported to shareholders in early 2013, after the end of the calendar year when the Fund determines its earnings and profits for the year. The final tax status of the distribution may differ substantially from this preliminary information.
In addition, effective immediately, the Fund has eliminated its non-fundamental policy to generally seek to invest in 20 to 30 issuers. Although the Fund no longer has a limit on the number of issuers in which it may invest, the Fund will continue to generally seek to invest no more than 10% of its Managed Assets (as defined in the prospectus) in any one issue and no more than 20% of its Managed Assets in any one issuer, in each case, determined at the time of investment.
The Fund also announced that
N. Paul Euseppi has joined the portfolio management team responsible for the day-to-day management of the Fund's portfolio.
N. Paul Euseppi joined the Fund's investment adviser, Cushing MLP Asset Management, LP ("
Cushing"), in 2008. As a Vice President, Senior Research Analyst and Portfolio Manager, his responsibilities include portfolio management and research for the Fund. Prior to joining the firm, Mr. Euseppi spent two years as a financial analyst in the global energy investment banking unit at Citi Global Markets, where he focused on corporate finance and mergers and acquisitions. Mr. Euseppi was previously a senior associate in the transaction services division of PricewaterhouseCoopers. He received his B.B.A. from the
University of Texas at Austin and his M.B.A. from
Texas Tech University. Mr. Euseppi is a certified public accountant.
The Fund 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."