Company: SRV
Filing Date: 2025-04-10
Form Type: N-2
Source: 0001398344-25-006954
Chunk: 54

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-04-10
Form: N-2
Chunk 54
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 asset value. A commitment sale is covered if the Fund
owns or has the right to acquire the underlying securities or currency subject to the commitment. A commitment sale is for cross-hedging
purposes if it is not covered, but is designed to provide a hedge against a decline in value of a security or currency which the Fund
owns or has the right to acquire. By entering into a commitment sale transaction, the Fund foregoes or reduces the potential for both
gain and loss in the security which is being hedged by the commitment sale.

Short Sales Against the Box

The Fund may from time to time
make short sales of securities it owns or has the right to acquire. A short sale is “against the box” to the extent that the
Fund contemporaneously owns or has the right to obtain at no added cost securities identical to those sold short. In a short sale, the
Fund does not immediately deliver the securities sold and does 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 information contained under
the heading “Additional Information (Unaudited)—Additional Investment Policies—Strategic Transactions” in the
Fund’s Annual Report is incorporated herein by reference.

<div align='center'>INVESTMENT
RESTRICTIONS</div>

The information contained under
the heading “Additional Information (Unaudited)—Additional Investment Policies—Investment Restrictions” in the
Fund’s Annual Report is incorporated herein by reference.

<div align='center'>S-3

MANAGEMENT
OF THE FUND</div>

The information contained under
the following headings in the Fund’s Proxy Statement is incorporated herein by reference: “Proposal #1: Election of Trustees—Trustees
and Trustee Nominees;” “—Trustee Qualifications;” “—Board’s Leadership Structure;” “