Company: SRV
Filing Date: 2025-04-10
Form Type: N-2
Source: 0001398344-25-006954
Chunk: 38

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-04-10
Form: N-2
Chunk 38
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 the shares, general market and economic conditions and other factors beyond
the control of the closed-end fund. The foregoing factors may result in the market price of the Fund’s Common Shares being greater
than, less than or equal to net asset value. The Board of Trustees has reviewed the Fund’s structure in light of its investment
objective and policies and has determined that the closed-end structure is in the best interests of the Fund’s shareholders. However,
the Board of Trustees may periodically review the trading range and activity of the Fund’s shares with respect to their net asset
value and may take certain actions to seek to reduce or eliminate any such discount. Such actions may include open market repurchases
or tender offers for the Fund’s Common Shares at net asset value or the Fund’s possible conversion to an open-end mutual fund.
There can be no assurance that the Board of Trustees will decide to undertake any of these actions or that, 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.

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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