Company: SRV
Filing Date: 2025-08-08
Form Type: N-CSRS
Source: 0001398344-25-014835
Chunk: 34

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-08-08
Form: N-CSRS
Chunk 34
---
 incurred by the Adviser in connection with the operation of the Fund. The Board used this analysis to evaluate the fairness of the profits realized and anticipated to be realized by the Adviser with respect to the Fund.

The Board noted that the Fund was profitable to the Adviser, both before and after distribution expenses. The Board determined that, with respect to the Fund, the profit to the Adviser was not unreasonable.

Consideration of Economies of Scale

The Board considered whether economies of scale in the provision of services to the Fund had been or would be passed along to the shareholders under the Agreement. The Board determined there were no material economies of scale accruing to the Adviser in connection with its relationship with the Fund.

Consideration of Other Benefits

The Board reviewed and considered any other incidental benefits derived or to be derived by the Adviser from its relationship with the Fund, including but not limited to soft dollar arrangements. The Board determined there were no material incidental benefits accruing to the Adviser in connection with its relationship with the Fund.

Conclusion

In approving the Agreement and the fees charged under the Agreement, the Board concluded that no single factor reviewed by the Board was identified by the Board to be determinative as the principal factor in whether to approve the Agreement. The summary set out above describes the most important factors, but not all matters, considered by the Board in coming to its decision regarding the Agreement. On the basis of such information as the Board considered necessary to the exercise of its reasonable business judgment and its evaluation of all of the factors described above, and after much discussion, the Board concluded that each factor they considered, in the context of all of the other factors they considered, favored approval of the Agreement. It was noted that it was the judgment of the Board that approval of the Agreement was consistent with the best interests of the Fund and its shareholders.

<div align='center'>30</div>

| NXG Cushing® Midstream Energy Fund |

| TRUSTEES                                
 Brian R. Bruce                          
 Andrea N. Mullins                       
 John M. Musgrave                        
 John H. Alban                           |
| EXECUTIVE OFFICERS                      
 John Musgrave                           
 Chief Executive Officer and President   
 Blake R. Nelson                         
 Chief Financial Officer and Treasurer   
 Brad Mead                               
 Chief Compliance Officer and Secretary  |
| INVESTMENT ADVISER                      
 Cushing® Asset Management               
 d/b/a NXG Investment Management         
 One Energy Square                       
 4925 Greenville Avenue                  
 Suite 1310                              
 Dallas, TX 75206                        |
| ADMINISTRATOR