Dallas, October 16, 2026 / PRNewswire / -- The NXG Cushing ® Midstream Energy Fund (New York Stock Exchange ticker: SRV, hereinafter referred to as "the Fund") announced today that the Fund's Board of Directors (hereinafter referred to as "the Board") has approved adjustments to the Fund's name and several of its non-core investment policies.

Starting from December 18, 2026, the name of this fund will be changed to The NXG Cushing ® Energy Infrastructure Fund.

The company stated that this name change will not result in any change to the fund's stock code on the New York Stock Exchange. After the name change, the CUSIP code for the fund's common shares will remain 231631300.

The main investment strategy of the fund

The fund will continue to pursue the investment goal of maximizing total after-tax returns by combining capital appreciation with current period earnings. The company states that it cannot guarantee that the fund will definitely achieve its investment objectives.

Currently, under normal market conditions, the fund achieves its investment objectives by investing at least 80% of its net assets (plus any borrowings used for investment purposes) in a midstream energy portfolio. The fund defines "midstream energy investments" as those that provide an economic exposure to securities of midstream energy companies. Midstream energy companies refer to those that provide services related to midstream energy, including the collection, transportation, processing, distillation, storage, refining, and distribution of natural resources such as natural gas, natural gas liquids, crude oil, refined products, biofuels, carbon sequestration, solar energy, and wind energy.

Starting from December 18, 2026, the fund will no longer consider "investing at least 80% of its net assets (plus any loans used for investment purposes) in midstream energy investments" as a fund policy.

Starting from December 18, 2026, under normal market conditions, the fund will achieve its investment objectives by investing at least 80% of its net assets (plus any borrowings used for investment purposes) in an energy infrastructure portfolio. The fund defines "energy infrastructure investment" as investments that provide an economic exposure to securities of energy infrastructure companies, including direct investments in equity and debt securities of such companies, as well as derivatives (such as options and swaps) and other instruments that reference such securities. Energy infrastructure companies refer to those that directly or through their subsidiaries own, develop, construct, operate, manage, or lease energy infrastructure assets, or provide equipment, technology, or services that are indispensable to such assets.

Energy infrastructure activities include:

1. Midstream and fuel infrastructure, including the collection, compression, transportation (including land and sea transport), processing, distillation, liquefaction, regasification, storage, refining, distribution, and marketing of natural gas, natural gas liquids, crude oil, refined products, renewable fuels, and hydrogen; the procurement, transmission, treatment, transportation, and disposal of water and other fluids related to oil and gas production; as well as carbon capture, transportation, storage, and sequestration;
2. Electricity and utility infrastructure, including the generation, transmission, distribution, energy storage, and sale of electricity or thermal energy from any source of energy, such as natural gas, nuclear energy, solar energy, wind energy, hydropower, geothermal energy, and biomass, whether carried out by regulated electric and gas utility companies, independent power generators, or owners of renewable energy and energy storage assets;
3. Distributed, post-table, mobile, and modular power generation and energy storage, including "power as a service" arrangements for data centers and other commercial and industrial customers; as well as
4. Engineering, construction, installation, operation, maintenance, and leasing of the aforementioned infrastructure; manufacturing and services of equipment specifically designed for or mainly used in such infrastructure, such as turbines, generators, fuel cells, batteries, as well as compression and distribution equipment; and specialized energy logistics infrastructure and services for processing, storing, and transporting fuel, support agents, and other materials required for energy production and transmission.

The fund believes that if a company, under the consolidated scope, invests at least 50% of its assets, revenue, sales, or profits in one or more of the aforementioned energy infrastructure activities, or if such income originates from these activities, then the company can be identified as an energy infrastructure company.

As of October 15, 2026, 90% of the fund's net assets (including loans used for investment purposes) are composed of investments in energy infrastructure. Therefore, the fund expects that this name and policy change will not require any adjustments to the fund's investment methodology, nor will it necessitate a rebalancing of the fund's investment portfolio.

The fund will continue to limit the proportion of its investments in securities of energy master limited partnerships that qualify as publicly traded partnerships under the Domestic Tax Code to no more than 25% of its total assets.

The fund will continue to operate as a non-diversified fund and may continue to invest in companies of any market capitalization size.

The investments of this fund will still be concentrated on issuers within the industries or industry groups that make up the natural resources sector, particularly the midstream energy companies in the natural resources sector.

The company stated that, apart from the aforementioned changes, there will be no other adjustments to the fund's investment policy, and currently, no further changes are anticipated.

Matters related to this name change and adjustment of investment policies will not result in any changes to the fund's investment advisor, nor will they alter the portfolio management staff who are primarily responsible for the daily management of the fund's investment portfolio.

The company stated that fund shareholders do not need to take any action regarding these changes.

About NXG Investment Management

Cushing ® Asset Management, LP (“Cushing”) is an investment advisory firm registered with the U.S. Securities and Exchange Commission, headquartered in Dallas, Texas. Cushing serves as the investment advisor for affiliated funds and managed accounts. Cushing conducts business under the name of NXG Investment Management. The firm states that it provides “next-generation” investment strategies for investors seeking long-term growth, focusing on traditional and transformative infrastructure companies.

Contact Information

Blake Nelson

Important Information

This press release does not constitute an offer to sell or a solicitation to buy; in any state or jurisdiction, it is illegal to sell such securities if such an offer, solicitation, or sale is made before the relevant securities are registered or qualified in accordance with the laws of that state or jurisdiction.

The company states that it cannot guarantee that the fund will achieve its investment objectives. Investing in this fund involves operating expenses and various fees. The net asset value of the fund will fluctuate with the value of the underlying securities. It is important to note that closed-end funds are traded at their market prices, not at their net asset values, and the trading prices of closed-end funds are usually lower than their net asset values. Past performance does not represent future performance. There are investment risks associated with investing in this fund, including the potential loss of the entire investment amount. For a detailed discussion of the specific risks of the fund, please refer to www.nxgim.com.