Company: SRV
Filing Date: 2025-11-17
Form Type: 424B2
Source: 0001398344-25-021029
Chunk: 98

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-11-17
Form: 424B2
Chunk 98
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 information about the Fund’s shareholders to those employees who need
to know that information to provide services to the Fund’s shareholders. The Fund also maintains certain other safeguards to protect
your nonpublic personal information.

In the event that you hold
shares of the Fund through a financial intermediary, including, but not limited to, a broker-dealer, bank or trust company, the privacy
policy of your financial intermediary would govern how your nonpublic personal information would be shared with nonaffiliated third parties.

<div align='center'>30

$500,000,000

NXG Cushing® Midstream Energy Fund

Common Shares

Subscription Rights for Common Shares

NXG Cushing ®Midstream Energy Fund

1,555,870

Common Shares

Issuable Upon Exercise of

Transferrable Rights to Subscribe for Common Shares

PROSPECTUS

SUPPLEMENT

$500,000,000

NXG Cushing Midstream
Energy Fund

Common Shares
Subscription Rights for Common Shares

Statement of Additional Information</div>

NXG Cushing
Midstream Energy Fund (the “Fund”) was formed as a Delaware statutory trust on May 23, 2007 and is a non-diversified,
closed-end management investment company. The Fund’s investment objective is to obtain a high after-tax total return from a combination
of capital appreciation and current income. No assurance can be given that the Fund’s investment objective will be achieved.

This Statement of
Additional Information (“SAI”) is not a prospectus, but should be read in conjunction with the prospectus for the Fund
dated November 12, 2025 (the “Prospectus”). Investors should obtain and read the Prospectus prior to purchasing common
shares. A copy of the Prospectus may be obtained, without charge, by calling the Fund at (214) 692-6334.

The Prospectus and this SAI
omit certain of the information contained in the registration statement filed with the Securities and Exchange Commission (“SEC”).
The registration statement may be obtained from the Securities and Exchange Commission upon payment of the fee prescribed, or inspected
at the Securities and Exchange Commission’s office or via its website (www.sec.gov) at no charge. Capitalized terms used
but not defined herein have the meanings ascribed to them in the Prospectus.

The Fund is managed by Cushing
Asset Management, LP d/b/a NXG Investment Management (the “Investment Adviser”).

<div align='center'>This Statement of Additional Information is