NXG Cushing Midstream Energy Fund will rename itself and widen its 80% policy on Dec. 18

The NXG Cushing Midstream Energy Fund will be renamed The NXG Cushing Energy Infrastructure Fund and will stop applying its 80% minimum-investment policy to midstream energy investments, under a change its board approved and disclosed on October 16, 2026. The fund says 90% of its net assets, plus borrowings for investment purposes, already consist of energy infrastructure investments, so it does not expect to rebalance the portfolio, and it says the New York Stock Exchange ticker and the CUSIP of 231631300 do not change.

A new name and a wider mandate take effect December 18

Shareholders of the NXG Cushing Midstream Energy Fund will own the same shares under a new name and a rewritten investment policy. The board of trustees approved both changes, the fund disclosed them in a current report filed October 16, 2026, and they take effect December 18, 2026, when the fund becomes The NXG Cushing Energy Infrastructure Fund. The report was filed under Item 8.01 and Item 9.01, and the fund's press release is attached as Exhibit 99.1. Holders are not being asked to vote or to do anything: “No action is required by shareholders of the Fund in connection with these changes.” The listing does not move either — “There will be no change to the Fund’s New York Stock Exchange ticker symbol in connection with the name change” — and the CUSIP for the common shares stays 231631300.

The 80% policy moves from midstream to energy infrastructure

At present the fund invests, under normal market conditions, at least 80% of its net assets, plus any borrowings for investment purposes, in a portfolio of midstream energy investments. From December 18, 2026, the release says, it will “no longer be a policy of the Fund to invest at least 80% of its net assets, plus any borrowings for investment purposes, in midstream energy investments”; the same 80% minimum will instead apply to a portfolio of energy infrastructure investments. The definition of what qualifies is what widens: a company counts if “on a consolidated basis, at least 50% of its assets, income, sales or profits are committed to or derived from one or more of the energy infrastructure activities described above”, a test the release states before listing the activities it covers. Those activities run from midstream and fuel infrastructure to power and utility infrastructure and to “distributed, behind-the-meter, mobile and modular power generation and storage, including power-as-a-service arrangements for data centers and other commercial and industrial customers”.

The portfolio already satisfies the wider definition

The release gives a dated measurement rather than a forecast. As of October 15, 2026, “90% of the Fund’s net assets, plus borrowings for investment purposes, consist of energy infrastructure investments”, and the fund “does not anticipate that any changes in the Fund’s investment approach or rebalancing of the Fund’s portfolio will be required in connection with the name and policy change.” On those numbers the 90% share sits 10 percentage points above the 80% floor the new policy sets, which is the reason the fund gives for expecting no portfolio work. One limit carries over unchanged: the fund “will continue to invest no more than 25% of its total assets in securities of energy master limited partnerships that qualify as publicly traded partnerships under the Internal Revenue Code.” The fund also stays non-diversified and remains concentrated in the natural resources sector, and specifically in midstream energy companies within that sector.

The adviser, the managers and what the filing leaves out

The release says that, in connection with the changes, “there will be no change to the Fund’s investment adviser or the portfolio management personnel primarily responsible for the day to day management of the Fund’s portfolio.” The adviser is Cushing Asset Management, LP, which does business as NXG Investment Management and describes itself in the release as an SEC-registered investment adviser headquartered in Dallas. The filing carries no investment results: no net asset value, no distribution rate, no expense or fee figures and no holdings list. It does not discuss tax consequences for holders, and it reports no share-price reaction. This is a governance and policy disclosure, not a quarterly earnings report, and the index for the filing lists a fiscal year end of November 30.

What arrives on December 18

The one dated catalyst is the effective date. On December 18, 2026 the name, the policy and the fund's incorporation of this information into its effective registration statement all take effect, and the updated prospectus language on the energy infrastructure definition is where the change becomes operative for new investments. The fund's next periodic report is where any real shift in holdings would appear. Until then the release offers shareholders a single measurable claim about the portfolio — that 90% of net assets plus borrowings already met the new test — and says nothing about cost, tax or distribution policy.