Company: SRV
Filing Date: 2025-11-17
Form Type: 424B2
Source: 0001398344-25-021029
Chunk: 34

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-11-17
Form: 424B2
Chunk 34
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 the IRS would not assert, or that a court would not sustain, a position contrary
to any of the tax aspects set forth below. Record Date Shareholders and other Rights holders should consult their tax advisors as to the
U.S. federal income tax consequences of the Offer that are relevant to their particular situations, as well as the effects of state, local
and non-U.S. tax laws.

For purposes of this discussion, a “U.S. Person”
means a holder that is, for U.S. federal income tax purposes, any one of the following:

● an individual who is a citizen or resident of
the United States;

● a corporation or other entity treated as a corporation
that is created or organized in or under the laws of the U.S. or any state thereof or the District of Columbia;

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● a trust if a court within the U.S. is able to
exercise primary supervision over the administration of the trust and one or more U.S. persons have the authority to control all substantial
decisions of the trust or the trust has a valid election in effect under applicable Treasury regulations to be treated as a U.S. person;
or

● an estate, the income of which is includible
in gross income for U.S. federal income tax purposes regardless of its source.

If a partnership (or any other entity or arrangement
treated as a partnership or other pass-through entity for U.S. federal income tax purposes) holds a Right, the U.S. federal income tax
treatment of a partner generally will depend upon the status of the partner and the activities of the partnership. Partners and partnerships
holding Rights should consult their tax advisors concerning the U.S. federal income and other tax consequences relevant to their particular
situation.

Issuance of Rights, Basis and Holding Period.
Record Date Shareholders should not recognize taxable income in connection with the receipt of a Right pursuant to the Offer, provided
that the distribution does not have the result of causing some Record Date Shareholders to receive an increase in their proportionate
interest in the assets or earnings and profits of the Fund and other Record Date Shareholders to receive cash or property. The distribution
of the Rights in the Offer should not have the effect of causing some Record Date Shareholders to receive an increase in their proportionate
interest in the assets or earnings and profits of the Fund and other Record Date Shareholders to receive cash or property. Therefore,
no income should be recognized by any Record Date Shareholders in connection