Company: SRV
Filing Date: 2025-11-17
Form Type: 424B2
Source: 0001398344-25-021029
Chunk: 137

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-11-17
Form: 424B2
Chunk 137
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, any state
thereof, or the District of Columbia, (3) an estate whose income is subject to U.S. federal income tax regardless of its source, or (4)
a trust if (a) a U.S. court is able to exercise primary supervision over the trust’s administration and one or more U.S. persons
are authorized to control all substantial decisions of the trust or (b) the trust has in effect a valid election to be treated as a domestic
trust for U.S. federal income tax purposes. If a partnership or other entity or arrangement classified as a partnership for U.S. tax purposes
holds the Common Shares, the tax treatment of the partnership and each partner generally will depend on the activities of the partnership
and the status of the partner. Partnerships acquiring Common Shares, and partners in such partnerships, should consult their tax advisors.
Prospective investors that are not U.S. shareholders should refer to the section “Non-U.S. shareholders” below and are urged
to consult their tax advisors with respect to the U.S. federal income tax consequences of an investment in the Fund’s Common Shares,
including the potential application of U.S. withholding taxes.

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Distributions paid by the Fund
from its investment company taxable income (as defined above) (dividends from investment company taxable income referred to hereinafter
as “ordinary income dividends”), whether paid in cash or reinvested in Common Shares, will generally be taxable to you as
ordinary income to the extent of the Fund’s current or accumulated earnings and profits. Certain properly reported distributions
may, however, qualify (provided that holding period and other requirements are met by both the Fund and U.S. shareholders) (i) for the
dividends received deduction in the case of corporate U.S. shareholders to the extent that the Fund’s income consists of dividend
income from U.S. corporations or (ii) in the case of individual U.S. shareholders, as qualified dividend income eligible to be taxed at
a reduced maximum rate to the extent that the Fund receives qualified dividend income. Qualified dividend income is, in general, dividend
income from taxable domestic corporations and certain foreign corporations. There can be no assurance as to what portion of the Fund’s
distributions will qualify for the dividends received deduction or for treatment as qualified dividend income.

Distributions made from net
capital gain, which is the excess of net long-term capital gains over net short-term capital losses (“capital gain