Company: SRV
Filing Date: 2025-10-22
Form Type: N-2/A
Source: 0001398344-25-019582
Chunk: 40

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-10-22
Form: N-2/A
Chunk 40
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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 offer or for other valid purposes. Interest on any such
borrowings would increase the Fund’s expenses and reduce its net income.

There can be no assurance that
repurchases of the Fund’s Common Shares or tender offers, if any, will cause its Common Shares to trade at a price equal to or in
excess of their net asset value. Nevertheless, the possibility that a portion of the Fund’s outstanding Common Shares may be the
subject of repurchases or tender offers may reduce the spread between market price and net asset value that might otherwise exist. Sellers
may be less inclined to accept a significant discount in the sale of their Common Shares if they have a reasonable expectation of being
able to receive a price of net asset value for a portion of their Common Shares in conjunction with an announced repurchase program or
tender offer for the Fund’s Common Shares.

Although the Board of Trustees
believes that repurchases or tender offers