Company: SRV
Filing Date: 2025-04-10
Form Type: N-2
Source: 0001398344-25-006954
Chunk: 36

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-04-10
Form: N-2
Chunk 36
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 aggregating the holdings of the acquirer as well as
those of its “associates,” as defined by the Control Share Statute.

Once a threshold is reached,
an acquirer has no voting rights under the DSTA or the governing documents of the Fund with respect to shares acquired in excess of that
threshold (i.e., the “control shares”) unless approved by shareholders. Approval by shareholders requires the affirmative
vote of two-thirds of all votes entitled to be cast on the matter, excluding shares held by the acquirer and its associates as well as
shares held by certain insiders of a Fund. The Control Share Statute provides procedures for an acquirer to request a shareholder meeting
for the purpose of considering whether voting rights shall be accorded to control shares. Further approval by a Fund’s shareholders
would be required with respect to additional acquisitions of control shares above the next applicable threshold level.

The Control Share Statute
effectively allows non-interested shareholders to evaluate the intentions and plans of an acquiring person above each threshold level.

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Alternatively, the Board
of Trustees is permitted, but not obligated, to exempt specific acquisitions or classes of acquisitions of control shares, either in advance
or retroactively. The Board of Trustees has considered the Control Share Statute. As of the date hereof, the Board of Trustees has not
received notice of the occurrence of a control share acquisition nor has been requested to exempt any acquisition. Therefore, the Board
of Trustees has not determined whether the application of the Control Share Statute to an acquisition of Fund shares is in the best interest
of the Fund and its shareholders and has not exempted, and has no present intention to exempt, any acquisition or class of acquisitions.

If the Board of Trustees
receives a notice of a control share acquisition and/or a request to exempt any acquisition, it will consider whether the application
of the Control Share Statute or the granting of such an exemption would be in the best interest of the Fund and its shareholders. The
Fund should not be viewed as a vehicle for trading purposes. It is designed primarily for risk-tolerant long-term investors.

The Control Share Statute
does not retroactively apply to acquisitions of shares that occurred prior to the Effective Date. However, such shares will be aggregated
with any shares acquired after the Effective Date for purposes of determining whether a voting power threshold is exceeded, resulting
in the newly acquired shares constituting control shares.

The Control Share Statute
requires shareholders to disclose