Company: SRV
Filing Date: 2025-11-17
Form Type: 424B2
Source: 0001398344-25-021029
Chunk: 103

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-11-17
Form: 424B2
Chunk 103
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 not receive the proceeds from the sale. The Fund is required to recognize
gain from the short sale for U.S. federal income tax purposes at the time it enters into the short sale, even though it does not receive
the sales proceeds until it delivers the securities. The Fund is said to have a short position in the securities sold until it delivers
such securities at which time it receives the proceeds of the sale. The Fund may close out a short position by purchasing and delivering
an equal amount of the securities sold short, rather than by delivering securities already held by the Fund, because the Fund may want
to continue to receive interest and dividend payments on securities in its portfolio.

<div align='center'>S-2

STRATEGIC
TRANSACTIONS</div>

The Fund may, but is not required to, use
various investment strategies as described below (“Strategic Transactions”). Strategic Transactions may be used for a variety
of purposes including hedging, risk management, portfolio management or to earn income. Any or all of the investment techniques described
herein may be used at any time and there is no particular strategy that dictates the use of one technique rather than another, as the
use of any Strategic Transaction by the Fund is a function of numerous variables including market conditions. The Fund complies with
applicable regulatory requirements when implementing Strategic Transactions, including the Derivatives Rule. Although the Investment
Adviser seeks to use Strategic Transactions to further the Fund’s investment objective, no assurance can be given that the use
of Strategic Transactions will achieve this result.

General Risks of Derivatives

Strategic Transactions may involve the purchase
and sale of derivative instruments. A derivative is a financial instrument the value of which depends upon (or derives from) the value
of another asset, security, interest rate, or index. Derivatives may relate to a wide variety of underlying instruments, including equity
and debt securities, indexes, interest rates, currencies and other assets. Certain derivative instruments which the Fund may use and
the risks of those instruments are described in further detail below. The Fund may in the future also utilize derivatives techniques,
instruments and strategies that may be newly developed or permitted as a result of regulatory changes, consistent with the Fund’s
investment objective and policies. Such newly developed techniques, instruments and strategies may involve risks different than or in
addition to those described herein. No assurance can be given that any derivatives strategy employed by the Fund will be successful.

The risks associated with the use of