Company: SRV
Filing Date: 2025-11-17
Form Type: 424B2
Source: 0001398344-25-021029
Chunk: 69

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-11-17
Form: 424B2
Chunk 69
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 or persons to acquire control of the Fund or to change the composition
of its Board of Trustees. For example, the Declaration of Trust limits the ability of persons to beneficially own (within the meaning
of Section 382 of the Code) more than 4.99% of the outstanding Common Shares of the Fund. This restriction was adopted in order
to reduce the risk of the Fund undergoing an “ownership change” within the meaning of Section 382 of the Code, which
would limit the Fund’s ability to use a capital loss carryforward and certain unrealized losses (if such tax attributes exist).
See “Anti-Takeover Provisions in the Declaration of Trust” and “Certain Provisions of Delaware Law, the Declaration
of Trust and By-Laws.”

In addition, as a Delaware
statutory trust, the Fund is subject to the control share acquisition statute (the “Control Share Statute”) contained in
Subchapter III of the Delaware Statutory Trust Act (the “DSTA”), which became automatically applicable to listed closed-end
funds, such as the Fund, upon its effective date of August 1, 2022 (the “Effective Date”). The Control Share Statute
provides that an acquirer of shares above a series of voting power thresholds has no voting rights under the DSTA or the governing documents
of the Fund with respect to shares acquired in excess of that threshold (i.e., the “control shares”) unless approved
by shareholders. See “Certain Provisions of Delaware Law, the Declaration of Trust and By-Laws—Delaware Control Share Statute.”

The ownership restrictions
set forth in the Declaration of Trust and the limitations of the Control Share Statute could have the effect of depriving shareholders
of an opportunity to sell their shares at a premium over prevailing market prices by discouraging a third party from seeking to obtain
control over the Fund and may reduce market demand for the Fund’s Common Shares, which could have the effect of increasing the
likelihood that the Fund’s Common Shares trade at a discount to net asset value and increasing the amount of any such discount.

<div align='center'>14

MANAGEMENT
OF THE FUND</div>

The information contained under the heading
“Additional Information (Unaudited)—Management of the Fund” in the Fund’s Annual Report is incorporated herein
by reference, as supplemented by the following information:

The Investment Adviser has
experience managing registered investment companies, unregistered investment funds and separately managed accounts since 2007 that invest