Cushing Asset Management LP

Item 5.            Fees and Compensation
Managed Accounts (Offered on a Limited Basis)
NXG generally charges a quarterly management fee (the “Management Fee”), in arrears, based upon the value of each
Managed Account’s assets, according to the following schedules:

                                                Midstream, NextGen Infrastructure
               Market Value of Portfolio                             Management Fee in %
               All asset levels                                      1.00%

Fees are calculated and invoices are generated on a quarterly basis. Since Managed Account Clients pay Management Fees
in arrears, no Managed Account prepays any Management Fees that would need to be refunded in the event of the
termination of a Managed Account during a quarter. Management Fees for Managed Accounts are negotiable, and may vary
among Clients depending upon a variety of factors including, but not limited to, the size of the account, the range of services
provided to the Client and the total amount of assets managed for the Client. In addition to Management Fees, Managed
Account Clients are charged other costs associated with managing the account, including brokerage commissions and custody
fees.
Private Funds
NXG generally charges each Private Fund a quarterly asset-based management fee (the “Management Fee”), in advance, at
an annual rate of 1.0% of the value of the Private Fund’s assets. NXG charges its Management Fee on a monthly basis and,
for certain Private Funds, also charges an annual performance-based profit allocation (the “Performance Allocation”) in an
amount of up to 10% of a Private Fund’s net annual return for its fiscal year (taking into account the payment of the Management
Fee). The Performance Allocation is subject to a “high water mark” limitation, as described in the offering documents for
each Private Fund. Certain investors in Private Funds have entered into side letters relating to fees that have effectively
reduced the Management Fee and/or Performance Allocation charged to these investors. The Management Fee and the
Performance Allocation (if applicable) are deducted automatically from Private Fund investor accounts. Since investors in
Private Funds are generally only entitled to make withdrawals from a Private Fund on a quarterly basis, no Private Fund pays
any management fees that would need to be refunded.

In addition to the Management Fee and Performance Allocation, investors in Private Funds incur other costs associated with
the operation of the fund. The Private Funds bear the costs and expenses related to (i) the organization and offering of
interest, including, but not limited to, legal and accounting fees, printing, travel, filing fees, and out of pocket expenses; (ii) its
investment program, including, but not limited to, brokerage commissions, custody fees, proxies, underwriting and private

Cushing® Asset Management, LP d/b/a NXG Investment Management                                                         Page 4
Form ADV Part 2A – Disclosure Brochure                                                                        August 6, 2026

placements, borrowing expenses, and taxes; and (iii) the administration of the fund, including, but not limited to, accounting,
audit and legal fees, costs of any litigation or investigation involving the fund’s activities, and costs associated with reporting
and providing information to existing and prospective investors, including reimbursing NXG to the extent such costs and
expenses are paid by NXG on behalf of a Private Fund.

Open-End Funds
NXG acts as the subadvisor to an Open-End Fund and charges an annual management fee (the “Management Fee”) ranging
from 0.525% to 0.55% of the average daily net asset value of the respective Series (as this term is defined and further
explained in the Fund’s Subadvisory Agreement), payable monthly in arrears. The Management Fee for the Fund is calculated
as of the last business day of each calendar month. The Management Fee is paid to NXG from the Open-End Fund’s manager.
Since the Open-End Fund’s manager pays the Management Fees in arrears, no Open-End Fund Client prepays any
Management Fees that would need to be refunded. More information regarding the Management Fee that NXG charges as
a subadvisor to the Open-End Fund is included in the Subadvisory Agreement for this Fund.

Closed-End Funds
For investment advisory services provided to the Closed-End Funds, NXG charges an annual management fee (the
“Management Fee”) ranging from 1.00% to 1.25% of the average daily value of the Fund’s Managed Assets (as this term is
defined and further explained in each Fund’s registration statement), payable monthly in arrears. The Management Fee for
these Funds is calculated as of the last business day of each calendar month. The Management Fee is deducted automatically
from Closed-End Fund investor accounts. Since Closed-End Fund Clients pay Management Fees in arrears, no Closed-End
Fund Client prepays any Management Fees that would need to be refunded. More information regarding the Management
Fee and administration fees that NXG charges as a service provider to the Closed-End Funds is included in the registration
statements and financial filings of these Funds.

Other Fees and Expenses
Clients typically pay other expenses in addition to the fees paid to NXG, as further detailed within the respective Governing
Documents. Clients will bear all costs and expenses arising in connection with their operations. Such expenses payable by Clients
include all costs and expenses directly related to portfolio investments or prospective investments of the Clients, brokerage
commissions and other transaction costs, expenses related to proxies, underwriting and private placements, interest and
commitment fees on debit balances or borrowings, borrowing charges on securities sold short, custody fees and fees of
...

Item 7.           Types of Clients
NXG provides investment management services through Private Funds, Open-End Funds, Closed-End Funds, and, on a limited
basis, through Managed Accounts, which are NXG’s clients. Investors in pooled investment vehicles and Managed Accounts
(to the extent offered) include:

    •    Financial institutions and other institutional investors
    •    Family offices
    •    High net worth individuals
    •    Foundations, endowments, and other charitable organizations
    •    Corporate pension and profit-sharing plans
    •    Governmental pension and profit-sharing plans

Each of NXG’s pooled investment vehicles has a stated minimum investment requirement as outlined in the applicable fund’s
offering documents. The typical minimum account size for Managed Accounts is $250,000; however, Managed Accounts are
offered on a limited basis and NXG retains discretion to accept accounts with a lower initial minimum account size.