The Cushing Royalty & Income Fund (the Fund) is organized as a non-diversified, closed-end management investment company. The Fund�s investment objective is to seek a high total return 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 securities of energy-related the United States royalty trusts, Canadian royalty trusts and Canadian exploration and production companies (collectively, Energy Trusts), exploration and production master limited partnerships (MLPs) and securities of other companies based in North America, which are engaged in the same lines of business as those in which Energy Trusts and MLPs engage (Other Energy Companies, and together with Energy Trusts and MLPs, Energy Companies). The Fund is managed by Cushing MLP Asset Management, LP (the Investment Adviser).