Company: SRV
Filing Date: 2025-03-18
Form Type: CORRESP
Source: 0001398344-25-005716
Chunk: 4

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-03-18
Form: CORRESP
Chunk 4
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 shareholder approval promptly upon entering into an agreement
(such as a purchase agreement or merger agreement) that would result in a change of control occurring upon closing, even when the date
of such closing is uncertain, is expected to occur many months after signing of the relevant agreement and/or is subject to other closing
conditions (such as client approvals, approval by shareholders of the target or acquirer or regulatory approvals). As noted above, management
of the Adviser currently expects the initial Change of Control Event to occur approximately one year after the receipt of shareholder
approval at the 2025 shareholder meeting. Such a period of time is within the range of timelines between an adviser entering into an agreement
related to a transaction that would result in a change of control and the closing of such seen in adviser acquisition transactions.

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While the exact timing of the initial Change
of Control Event is uncertain, the terms of the Adviser Ownership Plan are established by the Adviser Operating Agreement and are fully
known at this time, including the identity of the selling control person, the identity of the group acquiring control and the terms upon
which such acquisition will occur. The only information not known at this time is the exact timing, which as noted above is not uncommon
in adviser acquisition transactions. Thus Fund shareholders will have all necessary information to vote on the proposal at the 2025 annual
meeting, similar to other adviser acquisition transactions that close some period of time after the receipt of approval by fund shareholders.

Following shareholder approval at the 2025 annual
meeting, the Funds will regularly disclose the terms of the Adviser Ownership Plan and that shareholders have approved the New Advisory
Agreements in connection with Adviser Ownership Plan. Such disclosure will be included in all subsequent annual reports and semi-annual
reports to shareholders and prospectuses until the completion of the Adviser Ownership Plan. As a result, all future investors in the
Fund will do so on a fully informed basis, and can evaluate the Adviser Ownership Plan and shareholders’ approval of the New Advisory
Agreements in making a decision to invest in the Funds.

With respect to subsequent Change of Control
Events, the shareholder approval obtained at the 2025 annual meeting pursuant to the Definitive Proxy Statement would apply only to Change
of Control Events that occur as a result of the operation of the Adviser Ownership Plan upon the terms described in the Definitive Proxy
Statement. The Funds have conditioned such approval such that “if there is a change from the