Company: SRV
Filing Date: 2025-03-18
Form Type: CORRESP
Source: 0001398344-25-005716
Chunk: 5

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-03-18
Form: CORRESP
Chunk 5
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 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.”

The Funds note that there is precedent for funds
seeking approval of multiple change of control events with uncertain timing arising from a series of gradual contemplated dispositions
by a control person of the funds’ investment adviser. See, for example the definitive proxy statement filed by EQ Advisors Trust
on January 22, 2019 (SEC Accession No. 0001193125-19-013885)

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| (iv) | Please provide a legal analysis for the date of the initial change of control being when NXG Cushing’s interest in the Adviser 
 reaches 60% as opposed to some time before and provide a date when that would occur.                                           |

The 1940 Act defines “Assignment”
to include “any direct or indirect transfer or hypothecation of a contract or chose in action by the assignor, or of a controlling
block of the assignor’s outstanding voting securities by a security holder of the assignor.” The 1940 Act defines “Control”
to mean “the power to exercise a controlling influence over the management or policies of a company, unless such power is solely
the result of an official position with such company.” In addition, the 1940 Act establishes a presumption that any person who owns
more than 25% of the voting securities of a company shall be presumed to control such company and that any person who does not so own
more than 25% of the voting securities of any company shall be presumed not to control such company. The 1940 Act defines “Voting
security” to mean “any security presently entitling the owner or holder thereof to vote for the election of directors of a
company.” In the case of the Adviser, the Adviser is operated by its general partner and limited partners do not have voting rights.
Accordingly, the Funds acknowledge that there may be an argument that NXG Cushing will acquire no voting securities until it acquires
a 60% economic interest and becomes the General Partner, and thus an acquisition of a controlling block of voting securities would occur
only upon the acquisition of a 60% economic interest by NXG Cushing.

Nonetheless, the Funds