Key Highlights

  • NXG Cushing Midstream Energy Fund (NYSE: SRV) shareholders elected two Class I trustees at its annual meeting held June 18, 2026.
  • A new investment advisory agreement with Cushing Asset Management was approved, maintaining a 1.25% annual management fee.
  • NXG Cushing acquired a 62% interest in the adviser, triggering a change in control and advisory agreement termination.
  • The adviser will waive 0.25% of the management fee through February 1, 2027.

Fund Shareholder Meeting Concludes

NXG Cushing Midstream Energy Fund (NYSE: SRV) completed its annual shareholder meeting on June 18, 2026, with proceedings adjourning until July 10, 2026. Investors voted to elect two Class I trustees, who will serve until the fund’s 2029 annual meeting.

Advisory Agreement Approval

Shareholders approved a new investment advisory agreement between NXG Cushing Midstream Energy Fund and Cushing Asset Management. The deal retains the same terms as the previous contract, including a 1.25% annual management fee paid quarterly in arrears.

Ownership Shift Triggers Change

On July 10, 2026, NXG Cushing acquired a 62% stake in Cushing Asset Management from the adviser’s founder. The transaction led to a change in control, automatically terminating the prior advisory agreement under its terms.

New Advisory Terms Unchanged

The new agreement mirrors the prior one, with no adjustments to fee structures or service provisions. Cushing Asset Management will continue managing the fund’s portfolio, including daily operations, research, and proxy voting.

Fee Waiver Extended

Under the new deal, the adviser will waive 0.25% of the management fee through February 1, 2027. The waiver remains in effect under the same conditions as the previous agreement.

Agreement Duration and Termination

The new advisory agreement has an initial one-year term, automatically renewing annually if approved by the board or shareholders. Either party may terminate the contract with 60 days’ notice, without penalty.

Regulatory Compliance

The agreement complies with the Investment Company Act of 1940, including provisions for immediate termination upon assignment. The full text of the agreement.

This article is for informational purposes only and does not constitute financial advice. Please consult a licensed financial adviser before making investment decisions.