The Cushing MLP Funds

Current Income Opportunity

The Cushing® Royalty & Income Fund (SRF*) is a non-diversified, closed-end management investment company. The Fund’s investment objective is to obtain a high after-tax total return from with an emphasis on 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 U.S. Oil and Gas Royalty Trusts, Canadian Royalty Trusts, Canadian exploration and production companies, and exploration and production Master Limited Partnerships (MLPs). The Fund focuses on Royalty Trusts and E&P MLPs with strong fundamentals and dividend or distribution yields that are attractive relative to comparable companies.

Investors should consider the Fund’s investment objective, risks, charges and expenses carefully before investing. Please review thepreliminary prospectus, which contains more information about the Fund. The preliminary prospectus may be obtained in the Download Center or by contacting the Fund at 214-635-1709. The preliminary prospectus contains more complete information about this Fund and should be read carefully before investing. A copy of the final prospectus can be obtained from the Fund at 214-635-1709 or www.cushingcef.com, when available.

There is no assurance that the Fund will achieve its investment objective. The information in the Fund’s preliminary prospectus is not complete and may be amended or changed. A registration statement relating to these securities has been filed with the Securities and Exchange Commission, but has not yet become effective. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. The information contained herein is not an offer to sell these securities and is not a solicitation to buy these securities in any jurisdiction where the offer or sale is not permitted. See the preliminary prospectus for information concerning risks associated with an investment in the Fund.

Stifel, Nicolaus & Company, Incorporated is acting as lead underwriter in connection with the proposed offering. Stifel, Nicolaus & Company, Incorporated is not affiliated with Cushing MLP Asset Management or Swank Capital, LLC.

* It is anticipated that the Fund’s Common Shares will be listed on the New York Stock Exchange, subject to notice of issuance.

For additional information about Cushing's Closed-End Funds, please contact Cushing MLP Asset Management, LP at 214-692-6334.