Company: SRV
Filing Date: 2025-10-22
Form Type: N-2/A
Source: 0001398344-25-019582
Chunk: 30

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-10-22
Form: N-2/A
Chunk 30
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” of at least 300% (i.e.,
for every dollar of Indebtedness outstanding, the Fund is required to have at least three dollars of assets). The issuance of debt securities
also may result in the Fund being subject to covenants that may be more stringent than the restrictions imposed by the 1940 Act.

Voting Rights

Debt securities are not expected
to have any voting rights, except to the extent required by law or as otherwise provided in any documents governing the debt securities.
The 1940 Act does, in certain circumstances, grant to the lenders certain voting rights in the event of default in the payment of interest
on or repayment of principal.

19

Capitalization

The following information regarding the Fund’s
authorized shares is as of October 10, 2025:

| Title of Class                       |     | Amount     
 Authorized |     | Amount Held by Fund 
 for its own Account |     | Amount Outstanding 
 Exclusive          
 of Amounts         
 held by Fund       |           |
| Common Shares of Beneficial Interest |     | Unlimited  |     | None                |     |                    | 4,628,072 |

<div align='center'>ANTI-TAKEOVER
PROVISIONS IN THE DECLARATION OF TRUST</div>

The Declaration of Trust
includes provisions that could have the effect of limiting the ability of other entities or persons to acquire control of the Fund or
to change the composition of its Board of Trustees.

The Board of Trustees is divided
into two classes, with the terms of one class expiring at each annual meeting of shareholders. At each annual meeting, one class of Trustees
is elected to a two-year term. This provision could delay for up to two years the replacement of a majority of the Board of Trustees.
A Trustee may be removed from office (with or without cause) by the action of a majority of the remaining Trustees followed by a vote
of the holders of at least 75% of the shares then entitled to vote for the election of the respective Trustee.

In addition, the Declaration
of Trust requires the favorable vote of a majority of the Fund’s Board of Trustees followed by the favorable vote of the holders
of at least 75% of the outstanding shares of each affected class or series of the Fund, voting separately as a class or series, to approve,
adopt or authorize certain transactions with 5% or greater holders of a class or series of shares and their associates, unless the transaction
has been approved by at least