Swank Capital and Cushing® Asset Management Announce a Special Rebalance of The Cushing® Upstream Energy Income Index

DALLAS, May 16, 2016 /PRNewswire/ -- Swank Capital, LLC and Cushing^® Asset Management, LP announce today an immediate special rebalance to The Cushing^® Upstream Energy Income Index (the "Index"). Per the Index's methodology guide, a constituent will be removed immediately after a bankruptcy filing. Due to the May 15, 2016, bankruptcy filing by Breitburn Energy Partners LP BBEP, BBEP will be removed from the Index after the markets close on May 16, 2016. Ordinarily, a constituent removed from the Index due to a bankruptcy filing would be replaced by an eligible royalty trust or upstream MLP that is not already a constituent of the Index; however, there will be no eligible replacement royalty trust or upstream MLP at the time of BBEP's removal from the Index.

The absence of any eligible royalty trust or upstream MLP to replace BBEP will result in fewer than 25 constituents in the Index. According to the Index's methodology guide, if there are fewer than 25 royalty trusts and upstream MLPs meeting the Index's eligibility criteria, the number of constituents will be set at the number of royalty trusts and upstream MLPs that do meet the criteria, necessitating a rebalancing of the Index. As an outcome of this rebalancing, as of May 16, 2016, VOC Energy Trust VOC no longer meets the criteria for inclusion in the Index and also will be removed, bringing the number of constituents to 23.

After the markets close on May 16, 2016, the Index will be rebalanced, and the following changes will become effective on May 17, 2016.

ABOUT THE CUSHING^® UPSTREAM ENERGY INCOME INDEX

The Index is designed to track the performance of publicly traded U.S. royalty trusts and upstream exploration and production ("Upstream") energy master limited partnerships ("MLPs"). The Index is currently comprised of 25 U.S. royalty trusts and Upstream MLPs, weighted on a float-adjusted market capitalization basis with the weight of each constituent capped at 7.5% at rebalance. The Index price level is calculated by S&P Dow Jones Indices while the constituents are selected from the entire universe of publicly traded U.S. royalty trusts and Upstream MLPs. The Index is quoted under the Bloomberg ticker "CRTY" as well as on a total-return basis, using end of day pricing, under the ticker "CRTYTR". For more information about the Index, please visit: www.swankcapital.com/the-cushing-indices. 

ABOUT SWANK CAPITAL AND CUSHING^® ASSET MANAGEMENT

Cushing^® Asset Management, LP ("Cushing"), a subsidiary of Swank Capital, LLC, is an SEC-registered investment adviser headquartered in Dallas, Texas. Cushing serves as investment adviser to affiliated funds and managed accounts which invest primarily in securities of MLPs and other natural resource companies.

Cushing is also dedicated to serving the needs of MLP and energy income investors by sponsoring a variety of industry benchmarks, including The Cushing^® MLP Market Cap Index (Bloomberg Ticker: CMCI), The Cushing^® MLP High Income Index (Bloomberg Ticker: MLPY) and The Cushing^® 30 MLP Index (Bloomberg Ticker: MLPX). For more information, please visit www.swankcapital.com/the-cushing-indices. 

The Cushing^® Upstream Energy Index (the "Index") is the exclusive property of Cushing Asset Management, LP, which has contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) ("S&P Dow Jones Indices") to calculate and maintain the Index. S&P® is a registered trademark of Standard & Poor's Financial Services LLC ("SPFS"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and, these trademarks have been licensed to S&P Dow Jones Indices. "Calculated by S&P Dow Jones Indices" and its related stylized mark(s) have been licensed for use by Cushing Asset Management, LP. Neither S&P Dow Jones Indices, SPFS, Dow Jones nor any of their affiliates sponsor and promote the Index and none shall be liable for any errors or omissions in calculating the Index.

CUSH-CRTY

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SOURCE Cushing Asset Management, LP and Swank Capital, LLC