Company: SRV
Filing Date: 2025-02-10
Form Type: N-CSR
Source: 0001398344-25-002262
Chunk: 125

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-02-10
Form: N-CSR
Chunk 125
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er may become aware of actions planned by MLPs and other natural resource companies, such as acquisitions,
that may not be announced to the public. It is possible that the registrant could be precluded from investing in an MLP or other natural
resource company as a result of such an occurrence.

The Investment Adviser manages several Affiliated
Funds. Some of these Affiliated Funds have investment objectives that are similar to or overlap with the registrant’s investment
objectives. Further, the Investment Adviser may at some time in the future manage other investment funds with the same or similar investment
objective as the registrant.

Investment decisions for the registrant are made independently
from those of other Clients; however, from time to time, the same investment decision may be made for more than one fund or account.

When two or more Clients advised by the Investment
Adviser or its affiliates seek to purchase or sell the same publicly traded securities, the securities actually purchased or sold will
be allocated among the Clients on a good faith equitable basis by the Investment Adviser in its discretion in accordance with the Clients’
various investment objectives and procedures adopted by the Investment Adviser and approved by the registrant’s Board of Trustees.
In some cases, this system may adversely affect the price or size of the position obtained by the registrant.

The registrant’s investment opportunities may
be limited by the availability of investment opportunities in the MLPs and other natural resource companies that the Investment Adviser
evaluates for the Affiliated Funds. To the extent a potential investment is appropriate for the registrant and one or more of the Affiliated
Funds, the Investment Adviser will fairly allocate that investment to the registrant or an Affiliated Fund, or both, depending on its
allocation procedures and applicable law related to combined or joint transactions. Under such circumstances, there may be an attractive
limited investment opportunity otherwise suitable for the registrant in which the registrant cannot invest because of the particular allocation
method being used for that investment.

Under the Investment Company Act of 1940 (the “1940
Act”), the registrant and its Affiliated Funds may be precluded from co-investing in private placements of securities. Except as
permitted by law or positions of the staff of the Securities and Exchange Commission, the Investment Adviser will not co-invest its other
Clients’ assets in private transactions in which the registrant invests. To the extent the registrant is precluded from co-investing
in