The Firm Cushing® Asset Management, LP, doing business as NXG Investment Management (“NXG” or the “firm”) is organized as a Texas limited partnership. The general partner of NXG is Swank Capital, LLC. The principal and sole control person of Swank Capital, LLC is Jerry V. Swank. Other equity partners of NXG include members of the firm’s Executive Committee and key members of the firm’s investment team. NXG began offering its services to outside clients in 2003 and has been registered as an investment adviser with the SEC since 2004. Investment Services NXG provides investment management services on a discretionary basis to high net worth individuals and institutional investors. NXG offers its services through:
• separately managed accounts (“Managed Accounts”),
• privately offered pooled investment vehicles (“Private Funds”),
• publicly traded open-end registered investment companies (“Mutual Funds”), and
• publicly traded closed-end registered investment companies (“Closed-End Funds”) (collectively, the Managed Accounts, the Private Funds, the Mutual Funds and the Closed-End Funds are referred to as “Client”, “Clients”, “Client Account” or “Client Accounts”). Investment management services include: (1) establishing each Client’s investment objectives; (2) buying or selling portfolio securities on behalf of each Client, and, from time to time, re-balancing securities in Client portfolios; (3) voting proxies on behalf of Clients who have delegated such authority; and (4) periodically reporting to each Client current investment valuations, capital gains or losses, investment income and performance. As further discussed below, NXG primarily invests Client Accounts in the following types of investments:
• Midstream Energy Companies,
• NextGen Infrastructure Companies, and
• Global Clean Equity Companies. See “Item 8: Methods of Analysis, Investment Strategies and Risk of Loss” for further information. NXG provides discretionary investment management services as part of various wrap fee programs (“Wrap Fee Programs”) offered by investment advisers/broker-dealers (“Sponsors”). In Wrap Fee Programs, Sponsors typically provide

some or all of the following services: investment management, trade execution, custody, performance monitoring, analysis and reporting, for an all-inclusive fee. Contractual agreements for Wrap Programs are typically between the Wrap Fee Program client and the Sponsor. The Sponsor, in turn, contracts with NXG for its investment advisory services. NXG receives a portion of the fee received by the Sponsor for the services it provides. More information regarding Wrap Fee Programs and the fees paid by Wrap Fee Program clients to participate in the program can be found in the disclosure brochure for each Wrap Fee Program, which is provided to Wrap Fee Program clients by the sponsor of the Wrap Fee Program. Cushing® Asset Management, LP d/b/a NXG Investment Management Page 5 NXG provides investment management services to the following Wrap Fee Programs: Sponsor Program Name(s) Citigroup Global Markets, Inc. Fiduciary Services; Dynamic Allocation Portfolios-UMA Program Envestnet Asset Management, LLC Third Party Models Program Lockwood Advisors, Inc. Managed Account Advisor Program Charles Schwab & Co. Managed Account Access, Managed Account Select Vestmark Advisory Solutions, Inc. Manager Signals Program Wells Fargo Advisors Financial Network, LLC Private Advisor Network In addition to Wrap Fee Programs, NXG participates in Unified Management Account Programs (“UMA Programs") offered by Sponsors. In UMA Programs, NXG provides a model portfolio to the Sponsor, and the Sponsor executes transactions for its client accounts taking into consideration the individual needs of the particular client. Unlike discretionary management accounts, NXG does not render individualized investment management services to the Sponsor’s client in a UMA Program. Assets Under Management As of December 31, 2022, NXG managed $1,130,857,702 in regulatory assets under discretionary management and $773,158 in regulatory assets under non-discretionary management. In addition, NXG had assets under advisement of $8,422,089, consisting of assets in model-based or similar programs in which NXG does not have discretionary authority and are not treated as regulatory assets under management.