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

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-04-10
Form: N-2
Chunk 25
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 Managed Assets, the Investment
Adviser’s interest in recommending the issuance and sale of Common Shares at a price below net asset value may conflict with the
interests of the Fund and its Common Shareholders.

The Fund will not sell Common
Shares at a price below its net asset value per Common Share (including with shareholder approval or pursuant to rights to purchase Common
Shares) under this Prospectus or an accompanying prospectus supplement without first filing a new post-effective amendment to the registration
statement if the cumulative dilution to the Fund’s net asset value per share from offerings under the registration statement exceeds
15%.

14

Subscription Rights to Purchase Common Shares

The Fund may issue subscription
rights to holders of Common Shares to purchase Common Shares. Subscription rights may be issued independently or together with any other
offered security and may or may not be transferable by the person purchasing or receiving the subscription rights. In connection with
a subscription rights offering to holders of Common Shares, the Fund would distribute certificates evidencing the subscription rights
and a Prospectus Supplement to our common or preferred shareholders as of the record date that we set for determining the shareholders
eligible to receive subscription rights in such subscription rights offering. For complete terms of the subscription rights, please refer
to the actual terms of such subscription rights which will be set forth in the subscription rights agreement and/or subscription certificate
relating to such subscription rights. The Fund may only conduct a subscription rights offering to the extent that the Board of Trustees
makes a good faith determination that the offering would result in a net benefit to existing shareholders.

The applicable Prospectus
Supplement would describe the following terms of subscription rights in respect of which this Prospectus is being delivered:

| ● | the period of time the offering would remain open (which will be open a minimum number of days such that        
 all record holders would be eligible to participate in the offering and will not be open longer than 120 days); |

| ● | the exercise price for such subscription rights (or method of calculation thereof); |

| ● | the number of such subscription rights issued in respect of each Common Share; |

| ● | the extent to which such subscription rights are transferable and the market on which they may be traded 
 if they are transferable;                                                                                |

| ● | if applicable, a discussion of the material U.S. federal income tax considerations applicable to the issuance 
 or exercise of such subscription rights;                                                                      |

| ● | the date on which the right to exercise such subscription rights will commence, and the