Company: SRV
Filing Date: 2025-01-14
Form Type: 424B2
Source: 0001398344-25-000635
Chunk: 35

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-01-14
Form: 424B2
Chunk 35
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     | $         |  3,136 |
| November 30, 2014        |     | Borrowings |     | $           | 95,547,000 |     | $         |  3,092 |
| November 30, 2013        |     | Borrowings |     | $           | 72,950,000 |     | $         |  4,202 |

| * | On November 30, 2022 the Fund reduced its borrowings by paying down $22 million outstanding                                            
 under its borrowing facility. As a result of the timing of this transaction, the Fund’s balance sheet as of November 30, 2022 includes 
 an amount due to the Fund’s custodian of $22 million, which amount was eliminated when the pay down process was completed on December  
 1, 2022.                                                                                                                               |

<div align='center'>30

THE FUND</div>

NXG Cushing ®Midstream Energy Fund (the “Fund”) was formed as a Delaware statutory trust on May 23, 2007 and is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940 Act (the “1940 Act”). The Fund commenced investment operations on August 27, 2007. The Fund’s principal office is located at 600 N. Pearl Street, Suite 1205, Dallas, Texas 75201.

<div align='center'>USE OF PROCEEDS</div>

Unless otherwise specified in a Prospectus Supplement, the Fund intends to invest the net proceeds of an offering of Securities in accordance with its investment objective and policies as stated in this Prospectus. It is currently anticipated that the Fund will be able to invest substantially all of the net proceeds of an offering of Securities in accordance with its investment objective and policies within three months after the completion of such offering. Prior to the time the proceeds of each offering are fully invested, such proceeds may temporarily be invested in cash, cash equivalents, or in debt securities that are rated AA or higher. Income received by the Fund from such temporary investments would likely be less than returns sought pursuant to the Fund’s investment objective and policies. A delay in the anticipated use of proceeds could lower returns and reduce the Fund’s distribution to Common Shareholders.

<div align='center'>MARKET AND NET ASSET VALUE INFORMATION</div>

The Fund’s currently outstanding Common Shares are, and the Common Shares offered by this Prospectus, will be, subject to notice of