Company: SRV
Filing Date: 2025-10-22
Form Type: N-2/A
Source: 0001398344-25-019582
Chunk: 39

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-10-22
Form: N-2/A
Chunk 39
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, if undertaken, such actions
would result in the Fund’s Common Shares trading at a price equal to or close to net asset value per share of its Common Shares.

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. Following any such
conversion, it is possible that certain of the Fund’s investment policies and strategies would have to be modified to assure sufficient
portfolio liquidity. In the event of conversion, the Fund would be required to redeem any preferred shares then outstanding (requiring
in turn that it liquidate a portion of its investment portfolio) and the Common Shares would cease to be listed on the New York Stock
Exchange or other national securities exchanges or market systems. Shareholders of an open-end investment company may require the investment
company to redeem their shares at any time (except in certain circumstances as authorized by or permitted under the 1940 Act) at their
net asset value, less such redemption charge, if any, as might be in effect at the time of redemption. In order to avoid maintaining large
cash positions or liquidating favorable investments to meet redemptions, open-end investment companies typically engage in a continuous
offering of their shares. Open-end investment companies are thus subject to periodic asset in-flows and out-flows that can complicate
portfolio management. The Fund’s Board of Trustees may at any time propose the Fund’s conversion to open-end status, depending
upon its judgment regarding the advisability of such action in light of circumstances then prevailing. However, based on the determination
of the Board of Trustees in connection with this initial offering of the Fund’s Common Shares that the closed-end structure is desirable
in light of the Fund’s investment objective and policies, it is highly unlikely that the Board of Trustees would vote to convert
the Fund to an open-end investment company.

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REPURCHASE