Company: SRV
Filing Date: 2025-11-17
Form Type: 424B2
Source: 0001398344-25-021029
Chunk: 80

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-11-17
Form: 424B2
Chunk 80
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 ability to use a capital loss carryforward and certain unrealized losses (if such tax attributes exist).

To convert the Fund to an open-end
investment company, the Declaration of Trust requires the favorable vote of a majority of the board of the Trustees followed by the favorable
vote of the holders of at least 75% of the outstanding shares of each affected class or series of shares of the Fund, voting separately
as a class or series, unless such amendment has been approved by 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. The foregoing vote would satisfy a separate requirement
in the 1940 Act that any conversion of the Fund to an open-end investment company be approved by the shareholders.

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For the purposes of calculating
“a majority of the outstanding voting securities” under the Declaration of Trust, each class and series of the Fund will vote
together as a single class, except to the extent required by the 1940 Act or the Declaration of Trust, with respect to any class or series
of shares. If a separate class vote is required, the applicable proportion of shares of the class or series, voting as a separate class
or series, also will be required.

The Declaration of Trust
also provides that the Fund may be dissolved and terminated upon the approval of 75% of the Trustees by written notice to the shareholders.

These provisions could have
the effect of depriving shareholders of an opportunity to sell their shares at a premium over prevailing market prices by discouraging
a third party from seeking to obtain control over the Fund. Attempts to obtain control over the Fund could have the effect of increasing
the expenses of the Fund and disrupting the normal operation of the Fund. In addition, these provisions may reduce market demand for
the Fund’s Common Shares, which could have the effect of increasing the likelihood that the Fund’s Common Shares trade at
a discount to net asset value and increasing the amount of any such discount.

In the view of the Board
of Trustees, however, these provisions offer several possible advantages, including: (1) requiring persons seeking control of the Fund
to negotiate with its management regarding the price to be paid for the amount of Common Shares required to obtain control; (2) promoting
continuity and stability; and (3) enhancing the Fund’s ability to pursue long-term strategies that are consistent with its investment
objective