Company: SRV
Filing Date: 2025-11-17
Form Type: 424B2
Source: 0001398344-25-021029
Chunk: 4

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-11-17
Form: 424B2
Chunk 4
---
 if at least 50% of its assets, income, sales or profits
are committed to or derived from midstream energy services.

| iii |

The Fund invests in equity and debt securities of midstream
energy companies, and invests in U.S. and non-U.S. securities and in issuers of any market capitalization size.

As an alternative to holding investments directly,
the Fund may obtain investment exposure through derivatives transactions intended to replicate, modify or replace the economic attributes
associated with investment in securities in which the Fund is permitted to invest directly. To the extent that the Fund invests in synthetic
investments with economic characteristics similar to investments in midstream energy companies, the market value (or, if market value
is unavailable, the fair value) of such investments will be counted for purposes of the Fund’s policy of investing at least 80%
of its Managed Assets in a portfolio of midstream energy investments. For a discussion of derivative instruments in which the Fund may
invest, see “Strategic Transactions” in the Fund’s Statement of Additional Information.

The Fund invests, without limitation, in debt securities
rated, at the time of investment, at least (i) B3 by Moody’s Investors Service, Inc. (“Moody’s”), (ii) B- by Standard
& Poor’s Ratings Services (“S&P”) or Fitch Ratings (“Fitch”), or (iii) a comparable rating by another
rating agency, and invests no more than 5% of its Managed Assets in debt securities rated below B3 by Moody’s, B- by S&P or
Fitch or a comparable rating by another rating agency. Therefore, the Fund may invest in below investment grade debt securities. A debt
security is considered below investment grade if it is rated below Baa3- by Moody’s or below BBB- by S&P or Fitch or a comparable
rating by another rating agency. Below investment grade debt securities are often referred to as “high yield” securities or
“junk bonds.” Below investment grade debt securities are regarded as having predominantly speculative characteristics with
respect to capacity to pay interest and to repay principal. Debt securities in which the Fund invests may be of any maturity.

The Fund has previously qualified, and intends to continue
to qualify, to be treated as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the
“Code”). The Fund pursues its investment objective by generally investing in master limited partnerships (“MLPs