Company: SRV
Filing Date: 2025-11-17
Form Type: 424B2
Source: 0001398344-25-021029
Chunk: 79

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-11-17
Form: 424B2
Chunk 79
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of at least 75% of the outstanding shares of each affected class or series of the Fund, voting separately as a class or series, to approve,
adopt or authorize certain transactions with 5% or greater holders of a class or series of shares and their associates, unless the transaction
has been approved by at least 75% of the Trustees, in which case “a majority of the outstanding voting securities” (as defined
in the 1940 Act) of the Fund will be required. For purposes of these provisions, a 5% or greater holder of a class or series of shares
(a “Principal Shareholder”) refers to any person who, whether directly or indirectly and whether alone or together with its
affiliates and associates, beneficially owns 5% or more of the outstanding shares of all outstanding classes or series of shares of beneficial
interest of the Fund.

The 5% holder transactions subject
to these special approval requirements are: the merger or consolidation of the Fund or any subsidiary of the Fund with or into any Principal
Shareholder; the issuance of any securities of the Fund to any Principal Shareholder for cash, except pursuant to any automatic dividend
reinvestment plan; the sale, lease or exchange of any assets of the Fund to any Principal Shareholder, except assets having an aggregate
fair market value of less than $1,000,000, aggregating for the purpose of such computation all assets sold, leased or exchanged in any
series of similar transactions within a twelve-month period; or the sale, lease or exchange to the Fund or any subsidiary of the Fund,
in exchange for securities of the Fund, of any assets of any Principal Shareholder, except assets having an aggregate fair market value
of less than $1,000,000, aggregating for purposes of such computation all assets sold, leased or exchanged in any series of similar transactions
within a twelve-month period.

The Declaration of Trust
limits the ability of persons to beneficially own (within the meaning of Section 382 of the Code) more than 4.99% of the outstanding
Common Shares of the Fund and could have an anti-takeover effect on the Fund, which could decrease the Fund’s market price in certain
circumstances or limit the ability of certain shareholders to influence the management of the Fund. This restriction was adopted in order
to reduce the risk of the Fund undergoing an “ownership change” within the meaning of Section 382 of the Code, which
would limit the Fund’s