Company: SRV
Filing Date: 2025-03-10
Form Type: PRE 14A
Source: 0001398344-25-005333
Chunk: 7

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-03-10
Form: PRE 14A
Chunk 7
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 certain circumstances,
any future investment advisory agreements if, as a result of future Change of Control Events that may occur in connection with the Adviser
Ownership Plan, the investment advisory agreements terminate. Shareholder approval will be deemed to apply to these future advisory agreements
only if: (1) no single person or group acting together, other than the members of the Management Group, gains “control” (as
defined in the 1940 Act) of NXG Cushing or the Adviser; (2) the Board approves the future advisory agreements; and (3) the future advisory
agreements would not be materially different from the New Advisory Agreements that are described in this Proxy Statement. These future
agreements would be deemed effective upon the closing of any subsequent event that constitutes a Change of Control Event.

If there is a change from the facts described
in this Proxy Statement that is material to shareholders of the Funds in the context of a vote on an investment advisory agreement, any
shareholder approval received at the Meeting would no longer be valid to approve future investment advisory agreements that would otherwise
be approved in the event of subsequent Change of Control Events. This judgment will be made by the Adviser and reviewed by the Board.

| ● | How will the Adviser be impacted by the Adviser Ownership Plan and any Change of Control Event? |

Currently, the Adviser does not anticipate
that the Adviser Ownership Plan or any Change of Control Event will have a material impact on the Adviser with respect to the following:
operations, personnel, organizational structure, capitalization, or financial and other resources. The Adviser’s current leadership
and portfolio management teams are expected to stay in place, and no change in senior management’s strategy for the Adviser is anticipated
as a result of the implementation of the Adviser Ownership Plan.

| ● | Will there be changes to the current Adviser, investment strategy or fee structure of my Fund? |

No. Each Fund’s current investment
adviser, its investment strategy and fee structure will remain unchanged as a result of entering into the New Advisory Agreement. Under
each Fund’s New Advisory Agreement, the Adviser will continue to provide investment advisory services to the Fund under terms that
are substantially similar in all respects to those of the existing investment advisory agreement and for the same fees that are currently
in effect.

| 2 |

| ● | What will happen if shareholders do not approve the New Advisory Agreements? |

As described more fully in this Joint Proxy
Statement, the