Cushing® MLP & Infrastructure Total Return Fund and Cushing® NextGen Infrastructure Income Fund Announce Trustee Resignation and Trustee Appointment

Rhea-AI Summary

The Cushing MLP & Infrastructure Total Return Fund (NYSE: SRV) and Cushing NextGen Infrastructure Income Fund (NYSE: SZC) announced the resignation of trustee Brenda A. Cline, effective immediately. Andrea N. Mullins has been appointed to fill the vacancy for the remainder of Cline's term. Mullins will serve as a Class II trustee and will also be part of the Nominating and Corporate Governance Committee and Chair of the Audit Committee. Her experience includes senior financial roles and oversight of strategic growth plans.

Positive

• Andrea N. Mullins brings extensive experience in financial oversight and strategic growth planning.
• Her roles in the Nominating and Corporate Governance Committee and Audit Committee may enhance governance.

Negative

• The resignation of a trustee raises questions about continuity and potential expertise gaps on the board.

DALLAS, Nov. 19, 2021 /PRNewswire/ -- The Cushing^® MLP & Infrastructure Total Return Fund (NYSE: SRV) and The Cushing^® NextGen Infrastructure Income Fund (NYSE: SZC), each a non-divserified, closed-end management investment company (the "Funds," and each a "Fund"), announced today that Brenda A. Cline, a member of the Board of Trustees of each Fund (the "Boards," and each a "Board"), has resigned her role as a trustee of each Fund, effective immediately. Each Board has appointed Andrea N. Mullins to serve as an independent trustee of each Fund to fill the seat vacated upon the resignation of Ms. Cline for the remainder of Ms. Cline's term. Ms. Mullins will serve as a Class II trustee of each Fund. The term of the Class II trustees of The Cushing^® NextGen Infrastructure Income Fund continues until the annual meeting of shareholders to be held in 2022.  The term of the Class II trustees of The Cushing^® MLP & Infrastructure Total Return Fund continues until the annual meeting of shareholders to be held in 2024.

Also, effective immediately, Ms. Mullins has been appointed as a member of the Nominating and Corporate Governance Committee and as a member and Chair of the Audit Committee of each Board.

Through her former positions in senior financial roles at asset management companies and as a certified public accountant, Ms. Mullins has experience as a leader overseeing, conceiving, implementing and analayzing strategic and financial growth plans and financial statements. Ms. Mullins also has experience in the auditing of financial statements and related materials. In addition, she has experience as a director of various organizations, including registered investment companies.

Additional Information

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.

There can be no assurance that the Funds will achieve their investment objectives. Investments in the Funds involve operating expenses and fees. The net asset value of the Funds will fluctuate with the value of the underlying securities. It is important to note that closed-end funds trade on their market value, not net asset value, and closed-end funds often trade at a discount to their net asset value.

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 providing active management in markets where inefficiencies exist.

Contact:
Blake Nelson
Cushing^® Asset Management, LP
214-692-6334
www.cushingasset.com

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SOURCE Cushing® Asset Management, LP

FAQ

Who has replaced Brenda A. Cline as trustee for SRV and SZC?

Andrea N. Mullins has been appointed as the new independent trustee for both the Cushing MLP & Infrastructure Total Return Fund (SRV) and the Cushing NextGen Infrastructure Income Fund (SZC).

What is the term length for the new trustee of SRV and SZC?

Andrea N. Mullins will serve as a Class II trustee until the annual shareholder meeting in 2022 for SZC and until 2024 for SRV.

What committees has Andrea N. Mullins been appointed to?

Ms. Mullins has been appointed to the Nominating and Corporate Governance Committee and serves as Chair of the Audit Committee for both funds.

What experience does Andrea N. Mullins have?

Mullins has a background in senior financial roles, overseeing strategic growth plans and financial statement audits.

What does the trustee resignation mean for the funds SRV and SZC?

The resignation of a trustee could indicate potential changes in board dynamics and raise concerns about continuity and expertise.