Company: SRV
Filing Date: 2025-03-10
Form Type: PRE 14A
Source: 0001398344-25-005333
Chunk: 31

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-03-10
Form: PRE 14A
Chunk 31
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 each of the New Advisory Agreements and determined to recommend
approval of the New Advisory Agreements by Shareholders.

Section 15(f) of the 1940 Act

The Board has been advised that
the Adviser expects to comply with the requirements of Section 15(f) of the 1940 Act in connection with any Change of Control Event
pursuant to the Adviser Ownership Plan. Section 15(f) provides in substance that an investment adviser or any of its affiliated persons
may receive any amount or benefit in connection with the sale of securities of, or other interest in, such investment adviser that results
in an assignment of an investment advisory contract so long as two conditions are satisfied. The first condition of Section 15(f)
is that, during the three-year period following the consummation of a transaction, at least 75% of the relevant investment company’s
board of trustees must not be “interested persons” (as defined in the 1940 Act) of the investment adviser or predecessor adviser.
The composition of the Board currently meets this test. Second, an “unfair burden” (as defined in the 1940 Act, including
any interpretations or no-action letters of the SEC or the staff of the SEC) must not be imposed on the investment company as a result
of the transaction relating to the sale of such interest, or any express or implied terms, conditions or understandings applicable thereto.
The term “unfair burden” (as defined in the 1940 Act) includes any arrangement, during the two-year period after the transaction,
whereby the investment adviser (or predecessor or successor investment adviser), or any “interested person” (as defined in
the 1940 Act) of such investment adviser, receives or is entitled to receive any compensation, directly or indirectly, from the investment
company or its security holders (other than fees for bona fide investment advisory or other services) or from any person in connection
with the purchase or sale of securities or other property to, from or on behalf of the investment company (other than bona fide ordinary
compensation as principal underwriter for the investment company).

Additional Information about the Adviser

Other Investment Companies Advised by the Adviser.Except as set forth below, the Adviser does not serve as investment adviser to any other registered
investment companies or business development companies with similar investment objectives as the Funds:

| Fund                           | Type of Fund         | Assets Under 
 Management   | Advisory Fee Rate |
| NY