Company: SRV
Filing Date: 2025-03-10
Form Type: PRE 14A
Source: 0001398344-25-005333
Chunk: 30

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-03-10
Form: PRE 14A
Chunk 30
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| ● | The Costs of the Services Provided and Profits                                                                                          
 Realized by the Adviser and its Affiliates from the Relationship with each Fund. In this regard, the Independent Trustees took into     
 account its consideration, in connection with the Contract Review, of the total expense ratio of the Funds and the management fees paid 
 to the Adviser, including its consideration of these fees as compared to fees paid by funds in each Fund’s peer group, possible         
 economies of scale achieved by peer group funds and the Adviser’s commitment to maintaining competitive fee rates, including through    
 the use of fee waivers, the quality and experience of the Adviser’s personnel, the Adviser’s business philosophies and methods          
 of operation; the Adviser’s compliance policies and procedures; the financial condition of the Adviser; the level of commitment         
 to the Funds by the Adviser and its management; the asset levels of the Funds and the overall expenses of the Funds.                    |

| 16 |

| ● | Economies of Scale. The Independent Trustees                                                                                                 
 considered, in connection with the Contract Review, whether economies of scale could be achieved as the Funds grow and whether the Adviser’s 
 fees reflect these economies of scale in a manner that is fair and reasonable and beneficial for each Fund’s investors.                      |

| ● | Costs and Expenses of the Transaction.                                                                                                   
 Shareholders of the Funds will not bear any costs in connection with the Change of Control Events, inasmuch as the Adviser will bear the 
 costs, fees and expenses incurred by the Funds in connection with this Proposal 2 and any other costs of the Funds associated with the   
 Change of Control Events.                                                                                                                |

Overall Conclusions. The
Independent Trustees concluded that the scope and quality of services to be provided under the New Advisory Agreements will be at least
equivalent to the scope and quality of services provided under the current investment advisory agreements. In addition, the Independent
Trustees concluded that the Funds’ investment advisory fees were fair and reasonable in light of the extent and quality of the services
to be provided and other benefits to be received. The Independent Trustees determined that approval of the applicable New Advisory Agreement
was in the best interest of each Fund. In reaching this conclusion, no single factor was determinative or conclusive and each Trustee,
in the exercise of his or her business judgment, may afford different weights to different factors. At a meeting held on March 4,
2025, the Independent Trustees, including the Independent Trustees, approved