Company: SRV
Filing Date: 2025-04-10
Form Type: N-2
Source: 0001398344-25-006954
Chunk: 64

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-04-10
Form: N-2
Chunk 64
---
 (b) not more than 25% of the value of the Fund’s total assets is invested in the securities
of (I) any one issuer (other than U.S. government securities and the securities of other RICs), (II) any two or more issuers (other than
RICs) that the Fund controls and that are determined to be engaged in the same business or similar or related trades or businesses or
(III) any one or more Qualified Publicly Traded Partnerships. The Fund may generate certain income that might not qualify as good income
for purposes of the 90% annual gross income requirement described above. The Fund will monitor the Fund’s transactions to endeavor
to prevent the Fund’s disqualification as a RIC.

Income from the Fund’s
investments in equity interests of partnerships that are not Qualified Publicly Traded Partnerships (if any) will be Qualifying Income
only to the extent it is attributable to items of income of such MLP that would be Qualifying Income if earned directly by the Fund.

The Fund’s investments
in partnerships, including in Qualified Publicly Traded Partnerships, may result in the Fund being subject to state, local or foreign
income, franchise or withholding tax liabilities.

<div align='center'>S-8</div>

If the Fund fails to satisfy
the 90% annual gross income requirement or the asset diversification requirements discussed above in any taxable year, it may be eligible
for relief provisions if the failures are due to reasonable cause and not willful neglect and if a penalty tax is paid with respect to
each failure to satisfy the applicable requirements. Additionally, relief is provided for certain de minimis failures of the asset diversification
requirements where the Fund corrects the failure within a specified period. If the applicable relief provisions are not available or cannot
be met, all of the Fund’s income would be subject to corporate-level U.S. federal income tax as described below. The fund cannot
provide assurance that the Fund would qualify for any such relief should the Fund fail the 90% annual gross income requirement or the
asset diversification requirements discussed above.

For each taxable year the Fund
is treated as a RIC for U.S. federal income tax purposes, subject to the discussion of built-in gains below the Fund generally will not
be subject to U.S. federal income tax on income and gains that it distributes each taxable year to its Common Shareholders, provided that
in such taxable year it distributes at least 90%