The Cushing® Royalty & Income Fund Announces $207.5 Million Initial Public Offering

DALLAS, Feb. 24, 2012 /PRNewswire/ -- Cushing® MLP Asset Management, LP is pleased to announce the launch of The Cushing® Royalty & Income Fund (the "Fund"), a newly organized closed-end fund.  The Fund commenced a public offering of 8,300,000 common shares at a price of $25.00 per share and raised $207.5 million in gross proceeds.   The Fund has granted the underwriters an option to purchase up to 1,245,000 additional common shares at the public offering price, less the underwriting discount, within 45 days of the offering to cover over-allotments, if any. Should the underwriters exercise their overallotment option in full, the Fund will have raised approximately $238.6 million.  The Fund's shares are to commence trading today on the New York Stock Exchange under the symbol "SRF".  

(Logo: http://photos.prnewswire.com/prnh/20120117/MM37053LOGO)

The Fund's investment objective is to seek 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, E&P MLPs, Canadian royalty trusts and exploration and production companies and other energy assets.  The Fund will be managed by Cushing® MLP Asset Management, LP, a wholly-owned registered investment adviser subsidiary of Swank Capital, LLC.

The underwriting syndicate was led by Stifel Nicolaus Weisel, RBC Capital Markets and Oppenheimer & Co.  A registration statement relating to these securities has been filed with and declared effective by the Securities and Exchange Commission ("SEC"). This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any offer, solicitation or sale, of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction. An offer will be made only by means of the prospectus. A copy of the final prospectus relating to the offering may be obtained, when available, from the following addresses:

Stifel Nicolaus

RBC Capital Markets, LLC

Oppenheimer & Co. Inc.

Attn: Syndicate Department

Attn: Equity Syndicate

Attn: Syndicate Prospectus Dept.

One South Street, 15th Floor

Three World Financial Center

85 Broad St., 26th Floor           

Baltimore, MD 21202

200 Vesey Street, 8th Floor

New York, New York 10004       

Phone: 443-413-1988

New York, New York 10281

Phone: 212-667-8563                

syndicateops@stifel.com

Phone: 877-822-4089

EquityProspectus@opco.com  

Investors may also obtain these documents free of charge from the SEC's website at www.sec.gov. An investor should read the Fund's prospectus carefully before investing.

ABOUT CUSHING® MLP ASSET MANAGEMENT, LP.

Cushing® MLP 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 December 31, 2011, Cushing had approximately $1.5 billion of assets under management in closed-end funds, an open-end fund, privately offered funds and separately managed accounts. 

www.swankcapital.com

SOURCE Cushing MLP Asset Management, LP; Swank Capital, LLC



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