DALLAS, Oct. 13 /PRNewswire-FirstCall/ -- The Cushing MLP Total Return Fund (NYSE: SRV) (the "Fund") is providing this update in light of the recent price declines experienced across the master limited partnership ("MLP") sector and investor inquiries regarding the Fund's compliance status with its leverage limitations. Recently, it has come to the attention of the Fund's investment adviser that other closed-end funds which invest in the MLP sector may have been forced to liquidate positions as a result of falling out of compliance with the leverage terms of their outstanding classes of preferred stock or corporate debt. The Fund is not exposed to such a risk because, other than its common shares, it does not currently have any additional classes of outstanding securities and thus is not subject to additional leverage constraints under the 1940 Act. The Fund is currently in compliance with the leverage requirements to which it is subject as a registered investment company regulated under the Investment Company Act of 1940 (the "1940 Act"). Further, the Fund is currently in compliance with the terms of its borrowing arrangement with Credit Suisse. The Fund's borrowing arrangement with Credit Suisse is described more fully in our semi-annual report for the period ended May 31, 2008.
The 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. 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 MLP investments. No assurance can be given that the Fund's investment objective will be achieved.
The Fund is traded on the New York Stock Exchange under the symbol "SRV." The Fund is managed by Swank Energy Income Advisors, LP, an investment adviser registered with the Securities and Exchange Commission (the "SEC") and headquartered in Dallas, Texas.
Copies of the Fund's annual and semi-annual reports may be obtained upon request, without charge, by calling toll-free (800) 662-7232 and also are available on the Fund's website at http://www.swankcapital.com. You may also call this toll-free telephone number to request other information about the Fund or to make shareholder inquiries. The SEC maintains an internet website at http://www.sec.gov that contains other information regarding the Fund.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release may contain forward-looking statements describing the Fund's future plans and objectives. We may use words such as "anticipates," "believes," "expects," "intends," "will," "should," "may," "plans," "could," "estimates," "potential," "continue," "target," or the negative of these terms or other similar expressions to identify forward-looking statements. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ from the Fund's historical experience and its present expectations or projections indicated in any forward-looking statements. These risks include, but are not limited to, changes in economic and political conditions; regulatory and legal changes; MLP industry risk; leverage risk; valuation risk; interest rate risk; tax risk; and other risks discussed in the Fund's filings with the SEC. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Fund undertakes no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events or otherwise, unless required by applicable law. There is no assurance that the Fund's investment objective will be attained.
SOURCE The Cushing MLP Total Return Fund
For further information: The Cushing MLP Total Return Fund, 1-800-662-7232
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