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Filing Details

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1526629	Cushing Royalty & Income Fund	SRF	()	000000000

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1354719	V Jerry Swank	C/O The Cushing Royalty &Amp; Income Fund 8117 Preston Road, Suite 440 Dallas TX 75225		No	No	No	Yes

Reported Non-Derivative Transactions

Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Shares Of Beneficial Interest	Acquisiton	2012-12-28	5,000	$18.71	9,188	No	4	P	Indirect	See footnotes.

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	P	Indirect	See footnotes.

Footnotes

The filing of this Form 4 shall not be construed as an admission that Jerry V. Swank ("Mr. Swank") is or was for the purposes of Section 16(a) of the Securities Exchange Act of 1934, as amended, the beneficial owner of any of the common shares of The Cushing Royalty & Income Fund ("Common Shares") held by private investment funds ultimately managed by Mr. Swank (each, a "Fund" and collectively, the "Funds"). Pursuant to Rule 16a-1, Mr. Swank disclaims such beneficial ownership beyond his pecuniary interest in the Funds.
Common Shares were acquired by one or more Funds that may be deemed to be controlled, directly or indirectly, by Mr. Swank by virtue of the fact that Mr. Swank serves as the manager of the general partner of such Fund's general partner.
Mr. Swank may also be deemed to indirectly beneficially own 4,188 Common Shares held by Cushing MLP Asset Management, LP (the "Investment Adviser") by virtue of his control of the Investment Adviser.