Company: SRV
Filing Date: 2025-03-10
Form Type: PRE 14A
Source: 0001398344-25-005333
Chunk: 26

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-03-10
Form: PRE 14A
Chunk 26
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and each Fund enter into a new investment advisory agreement, to become effective upon the date of the Change of Control Event as described
above.

Based upon the considerations
described below under “— Board Considerations,” the Board, including the Independent Trustees, approved each Fund’s
New Advisory Agreement.

There are no material differences
between the terms of each Fund’s New Advisory Agreement and the terms of each Fund’s prior investment advisory agreement.
Forms of the New Advisory Agreements are attached in and hereto.

Advisory Services. Under
each Fund’s New Advisory Agreement, the Adviser is retained to provide investment advisory services with respect to the applicable
Fund’s investment portfolio. The services to be provided by the Adviser include certain of the day-to-day operations of each Fund
subject to the direction and control of the Board. Such services include (i) managing the investment and reinvestment of each Fund’s
assets in accordance with such Fund’s investment policies, (ii) arranging for the purchase and sale of securities and other assets,
(iii) providing investment research and analysis concerning the Fund’s assets, (iv) placing orders for purchases and sales of the
Fund’s assets, (v) maintaining books and records required to support the Fund’s investment operations, (vi) monitoring on
a daily basis the investment activities and portfolio holdings of the Fund and (vii) voting proxies relating to the Fund’s portfolio
securities in accordance with the Adviser’s proxy voting policies and procedures. The services provided by the Adviser pursuant
to each Fund’s New Advisory Agreement are identical to the services provided pursuant to each Fund’s prior investment advisory
agreement.

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Compensation. Each Fund’s
New Advisory Agreement does not result in any change in the Fund’s advisory fee rate. Pursuant to each New Advisory Agreement, the
Adviser will receive, as full compensation for all services rendered by the Adviser to each Fund as such, an investment-advisory fee,
payable quarterly in arrears, at an annual rate of 1.25% of such Fund’s Average Weekly Managed Assets. “Average Weekly Managed
Assets” with respect to a particular month means the average of the values of each weekly calculation of the Managed Assets of the
applicable Fund that takes place as of any date during that month. “Managed Assets” means the total assets of the applicable
Fund, minus all accrued expenses incurred in the normal course of operations other than liabilities or obligations attributable to investment