Company: SRV
Filing Date: 2025-04-10
Form Type: N-2
Source: 0001398344-25-006954
Chunk: 39

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-04-10
Form: N-2
Chunk 39
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, if any, as might be in effect at the time of redemption. In order to avoid
maintaining large cash positions or liquidating favorable investments to meet redemptions, open-end investment companies typically engage
in a continuous offering of their shares. Open-end investment companies are thus subject to periodic asset in-flows and out-flows that
can complicate portfolio management. The Fund’s Board of Trustees may at any time propose the Fund’s conversion to open-end
status, depending upon its judgment regarding the advisability of such action in light of circumstances then prevailing. However, based
on the determination of the Board of Trustees in connection with this initial offering of the Fund’s Common Shares that the closed-end
structure is desirable in light of the Fund’s investment objective and policies, it is highly unlikely that the Board of Trustees
would vote to convert the Fund to an open-end investment company.

<div align='center'>REPURCHASE
OF COMMON SHARES</div>

In recognition of the possibility
that the Fund’s Common Shares might trade at a discount to net asset value and that any such discount may not be in the interest
of the Fund’s Common Shareholders, the Board of Trustees, in consultation with the Investment Adviser, from time to time may, but
is not required to, review possible actions to reduce any such discount. The Board of Trustees also may, but is not required to, consider
from time to time open market repurchases of and/or tender offers for the Fund’s Common Shares, as well as other potential actions,
to seek to reduce any market discount from net asset value that may develop. After any consideration of potential actions to seek to reduce
any significant market discount, the Board of Trustees may, subject to its applicable duties and compliance with applicable U.S. state
and federal laws, authorize the commencement of a share-repurchase program or tender offer. The size and timing of any such share repurchase
program or tender offer will be determined by the Board of Trustees in light of the market discount of the Fund’s Common Shares,
trading volume of the Fund’s Common Shares, information presented to the Board of Trustees regarding the potential impact of any
such share repurchase program or tender offer, general market and economic conditions and applicable law. There can be no assurance that
the Fund will in fact effect repurchases of or tender offers for any of its Common Shares. The Fund may, subject to its investment limitation
with respect to borrowings, incur debt to finance such repurchases or a tender