Company: SRV
Filing Date: 2025-10-22
Form Type: N-2/A
Source: 0001398344-25-019582
Chunk: 37

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-10-22
Form: N-2/A
Chunk 37
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 Control Share Statute effectively
allows non-interested shareholders to evaluate the intentions and plans of an acquiring person above each threshold level.

Alternatively, the Board of
Trustees is permitted, but not obligated, to exempt specific acquisitions or classes of acquisitions of control shares, either in advance
or retroactively. The Board of Trustees has considered the Control Share Statute. As of the date hereof, the Board of Trustees has not
received notice of the occurrence of a control share acquisition nor has been requested to exempt any acquisition. Therefore, the Board
of Trustees has not determined whether the application of the Control Share Statute to an acquisition of Fund shares is in the best interest
of the Fund and its shareholders and has not exempted, and has no present intention to exempt, any acquisition or class of acquisitions.

If the Board of Trustees receives
a notice of a control share acquisition and/or a request to exempt any acquisition, it will consider whether the application of the Control
Share Statute or the granting of such an exemption would be in the best interest of the Fund and its shareholders. The Fund should not
be viewed as a vehicle for trading purposes. It is designed primarily for risk-tolerant long-term investors.

The Control Share Statute does
not retroactively apply to acquisitions of shares that occurred prior to the Effective Date. However, such shares will be aggregated with
any shares acquired after the Effective Date for purposes of determining whether a voting power threshold is exceeded, resulting in the
newly acquired shares constituting control shares.

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The Control Share Statute requires
shareholders to disclose to the Fund any control share acquisition within 10 days of such acquisition and, upon request, to provide any
information that the Board of Trustees reasonably believes is necessary or desirable to determine whether a control share acquisition
has occurred.

Some uncertainty around
the general application under the 1940 Act of state control share statutes exists as a result of recent federal and state court decisions
that have found that certain control share by-laws adopted by certain closed-end funds and the opting in by certain closed-end funds
to state control share statutes violated the 1940 Act. Additionally, in some circumstances uncertainty may also exist in how to enforce
the control share restrictions contained in state control share statutes against beneficial owners who hold their shares through financial
intermediaries. The Board has considered the Control Share Statute and the uncertainty around the general application under the 1940
Act of state control share statutes and