Company: SRV
Filing Date: 2025-03-25
Form Type: CORRESP
Source: 0001398344-25-005949
Chunk: 1

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-03-25
Form: CORRESP
Chunk 1
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 Funds and their shareholders to seek approval of new advisory agreements
at the 2025 annual meeting of shareholders.

No change in the management
of the Adviser will occur when NXG Cushing obtains a 50% economic interest in the Adviser. At such time, Swank Capital will remain the
sole general partner of the Adviser. As a result, the next Change of Control Event would occur when NXG Cushing obtains a 60% economic
interest in the Adviser, at which point the general partner of the Adviser will change from Swank Capital to NXG Cushing. However, based
on current and projected assets under management and revenue of the Adviser, such 60% Change of Control Event is not likely to occur for
five or more years.

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Accordingly, we have revised
the Definitive Proxy Statement to apply only the initial Change of Control Event that will occur when NXG Cushing acquires a 25% economic
interest in the Adviser and not any future Change of Control Event resulting from the Adviser Ownership Plan. The Definitive Proxy Statement
will disclose that a subsequent Change of Control Event resulting from the Adviser Ownership Plan will be subject to shareholder approval
if and when such subsequent Change of Control Event will occur in the future.

With respect to the initial
Change of Control Event, based on current and projected assets under management and revenue of the Adviser, such initial Change of Control
Event is expected to be triggered by the payments to Jerry Swank that will occur during the second quarter of 2026, which would be approximately
one year from the date of the 2025 annual meeting of shareholders and may occur prior to the 2026 annual meeting of shareholders. Fund
management and the Boards of the Funds have determined that it would be in the best interest of the Funds and their shareholders to seek
approval of new advisory agreements at the 2025 annual meeting of shareholders to provide shareholders with certainty regarding the continuity
of advisory services for the Funds and avoid the potential investor confusion associated with an additional special meeting of shareholders
and related proxy solicitation occurring shortly before the 2026 annual meeting of shareholders.

However, the ultimate timing
of the initial Change of Control Event cannot be guaranteed, as the payments to Jerry Swank and corresponding shifts in ownership will
depend on the actual assets under management and revenues of the Adviser. The Staff has noted the proxy statement by Gladstone Capital
Corp., in