Company: SRV
Filing Date: 2025-03-10
Form Type: PRE 14A
Source: 0001398344-25-005333
Chunk: 29

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-03-10
Form: PRE 14A
Chunk 29
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, among others,
none of which by itself was considered dispositive:

| ● | The Nature, Extent, and Quality of the Services                                                                                    
 Provided by the Adviser. In this regard, the Independent Trustees reviewed the services being provided by the Adviser to the Funds 
 including, without limitation, the nature and quality of the investment advisory services provided to the Funds.                   |

| ● | Continuity of Portfolio Management. The                                                                                                   
 existing portfolio management team is expected to continue to provide portfolio management to the Funds and to continue to be responsible 
 for the execution of portfolio transactions for the Funds following the Change of Control Event. The Adviser provided information with    
 respect to these services in connection with the Contract Review.                                                                         |

| ● | Consideration of Investment Performance. The                                                                                            
 Independent Trustees noted that it regularly reviews the performance of the Fund throughout the year. The Independent Trustees compared 
 the performance of each Fund against its peer group over several time horizons, and using different performance metrics, including, but 
 not limited to, the comparative performance of the Funds in terms of net asset value (NAV) and market price.                            |

| ● | Continuity in Investment Objective, Strategies                                                                                 
 and Principal Risks. The Adviser does not intend to propose changes to the Funds’ respective investment objectives, strategies 
 or restrictions in connection with the Change of Control Event.                                                                |

| ● | Investment Performance. In light of the                                                                                     
 proposed continued management of the Funds’ portfolios by the Adviser’s portfolio management team, the Independent Trustees 
 took into account its review of each Fund’s investment performance in connection with the Contract Review.                  |

| ● | Terms of the New Advisory Agreements.                                                                                                        
 The Independent Trustees considered the acceptability of the terms of the New Advisory Agreements. There are no material differences between 
 the terms of each of the New Advisory Agreements and the terms of the current investment advisory agreements.                                |

| ● | The Adviser’s Assurance Regarding the                                                                                                  
 Nature, Quality and Extent of Services. The Adviser stated that following the Change of Control Event there will not be any diminution 
 in the nature, quality and extent of services provided to the Funds.                                                                   |

| ● | Investment Advisory Fee. The investment                                                                                                  
 advisory fee payable to the Adviser under each of the New Agreements will be the same as the investment advisory fee paid to the Adviser 
 under the current advisory agreements, which the Independent Trustees determined to be reasonable as part of the Contract Review.