Company: SRV
Filing Date: 2025-03-18
Form Type: CORRESP
Source: 0001398344-25-005716
Chunk: 3

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-03-18
Form: CORRESP
Chunk 3
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 and resulting revenues, which can vary.

The Funds intend to treat the acquisition
by NXG Cushing of a 25% economic interest in the Adviser to be the initial Change of Control Event (as described in further detail
in the response to Comment 6(e)(iv) below). The Adviser Operating Agreement requires the funds managed by the Adviser, including the
Funds, to obtain approvals of new advisory agreements before the ownership interest of NXG Cushing may exceed 24.99%.

Based on current and projected assets under management and revenues, management of the Adviser presently
expects that NXG Cushing would acquire such 25% economic interest in the Adviser in or around the second quarter of 2026.

The Funds will include disclosure in the Definitive
Proxy Statement regarding such expected timing, qualified by disclosure that such timing is not certain.

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| (ii) | Please supplementally explain why the Funds are seeking approval for the New Advisory Agreements at this time rather than seeking   
 approval upon the occurrence of a Change of Control Event (and entering into an interim advisory agreement at such time if needed). |

The Board of Trustees of the Funds, in consultation
with management of the Funds, determined that it would be in the best interest of shareholders of the Funds to seek to obtain approval
of the New Advisory Agreements at the 2025 annual meeting to avoid the need to hold a special shareholder meeting if the initial Change
of Control Event occurs before the 2026 annual meeting and avoid the confusion that may result from multiple proxy solicitations and the
entry into interim advisory agreements. Obtaining shareholder approval of the new advisory agreements at the 2025 annual meeting will
provide the Adviser, the Funds and the markets certainty regarding the ownership plan for the Adviser and the continuity of management
services for the Funds.

| (iii) | Please provide legal analysis for seeking stockholder approval now for an event or events that may occur several years after such     
 approval is received and for numerous changes of control that could occur. Such analysis should include compliance with Section 15(a) 
 of the 1940 Act and whether shareholders will have sufficiently current information at the time of the vote on the proposal.          |

The Funds note that Section 15(a) does not specify
a minimum or maximum time period prior to the entry into an advisory agreement upon which shareholder approval must occur. In addition,
the Funds note that advisers undergoing changes of control routinely seek