Company: SRV
Filing Date: 2025-04-10
Form Type: N-2
Source: 0001398344-25-006954
Chunk: 37

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-04-10
Form: N-2
Chunk 37
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 to the Fund any control share acquisition within 10 days of such acquisition and, upon request, to provide
any information that the Board of Trustees reasonably believes is necessary or desirable to determine whether a control share acquisition
has occurred.

Some uncertainty around the
general application under the 1940 Act of state control share statutes exists as a result of recent federal and state court decisions
that have found that certain control share by-laws adopted by certain closed-end funds and the opting in by certain closed-end funds to
state control share statutes violated the 1940 Act. Additionally, in some circumstances uncertainty may also exist in how to enforce the
control share restrictions contained in state control share statutes against beneficial owners who hold their shares through financial
intermediaries. The Board of Trustees has considered the Control Share Statute and the uncertainty around the general application under
the 1940 Act of the state control share statutes and enforcement of state control share statues. The Board of Trustees intends to continue
to monitor developments relating to the Control Share Statute and the state control share statutes generally.

The foregoing is only a summary
of certain aspects of the Control Share Statute. Shareholders should consult their own legal counsel to determine the application of the
Control Share Statute with respect to their shares of the Fund and any subsequent acquisitions of shares.

<div align='center'>CLOSED-END
FUND STRUCTURE</div>

Closed-end funds differ from
open-end management investment companies (commonly referred to as “mutual funds”). Closed-end funds generally list their shares
for trading on a securities exchange and do not redeem their shares at the option of the shareholder. In contrast, mutual funds issue
securities redeemable at net asset value at the option of the shareholder and typically engage in a continuous offering of their shares.
Although mutual funds are subject to continuous asset in-flows and out-flows that can complicate portfolio management, closed-end funds
generally can stay more fully invested in securities consistent with the closed-end fund’s investment objective and policies. Accordingly,
closed-end funds have greater flexibility than open-end funds to make certain types of investments, including investments in illiquid
securities.

Shares of closed-end funds
listed for trading on a securities exchange frequently trade at discounts to their net asset value, but in some cases trade at a premium.
The market price may be affected by net asset value, distribution levels (which are dependent, in part, on expenses), supply of and demand
for the shares, stability of distributions, trading volume of