Company: SRV
Filing Date: 2025-01-14
Form Type: 424B2
Source: 0001398344-25-000635
Chunk: 41

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-01-14
Form: 424B2
Chunk 41
---
primarily propane, ethane, butane and natural gasoline), crude oil or refined     
 petroleum products (gasoline, diesel fuel and jet fuel). Pipeline investments may also operate 
 ancillary businesses such as storage and marketing of such products. Revenue is derived from   
 capacity and transportation fees. Historically, in the Investment Adviser’s view, pipeline     
 output has been less exposed to cyclical economic forces due in large part to its low cost     
 structure and government-regulated nature. In addition, pipeline investments do not have       
 much direct commodity price exposure (as opposed to indirect exposure) because they do not     
 own the product being shipped.                                                                 |

<div align='center'>33</div>

| ● | Processing                                                                                   
 Investments. Processing investments include gatherers and processors of natural gas as       
 well as providers of natural gas liquid transportation, fractionation and storage services.  
 Revenue is typically derived from providing services to natural gas producers, which require 
 treatment or processing before their natural gas commodity can be marketed to utilities and  
 other end user markets. Revenue for the processor is often fee based, although it is not     
 uncommon to have some participation in the prices of the natural gas and natural gas liquids 
 commodities for a portion of revenue.                                                        |

| ● | Exploration                                                                                  
 and Production Investments (“E&P Investments”). E&P Investments include                      
 midstream energy investments that are engaged in the exploration, development, production    
 and acquisition of crude oil and natural gas properties. E&P Investment cash flows generally 
 depend on the volume of crude oil and natural gas produced and the realized prices received  
 for crude oil and natural gas sales.                                                         |

| ● | Propane                                                                                         
 Investments. Propane investments include midstream energy investments that are distributors     
 of propane to end-users for space and water heating. Revenue is typically derived from the      
 resale of the commodity at a margin over wholesale cost. The ability to maintain margin is      
 often a key to profitability. Propane serves approximately 3% of the household energy needs     
 in the United States, largely for homes beyond the geographic reach of natural gas distribution 
 pipelines. Approximately 70% of annual cash flow can be earned during the winter heating        
 season (October through March).                                                                 |

| ● | Coal                                                                                             
 Investments. Coal investments include midstream energy investments that own, lease and           
 manage coal reserves. Revenue is typically derived from production and sale of coal or from      
 royalty payments related to leases to coal producers. Electricity generation is the primary      
 use of coal in the United States. Demand for electricity