Company: SRV
Filing Date: 2025-10-22
Form Type: N-2/A
Source: 0001398344-25-019582
Chunk: 6

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-10-22
Form: N-2/A
Chunk 6
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’s tax basis in their Common Shares, which would reduce such tax basis. The Fund’s distributions have historically included, and may in the future include, a significant portion of return of capital. For the fiscal year ended November 30, 2024, the Fund’s distributions were comprised of approximately 69% ordinary income, 31% long-term capital gains, and 0% return of capital. Accordingly, shareholders should not assume that the source of a distribution from the Fund is net income or profit, and the Fund’s distributions should not be used as a measure of performance or confused with yield or income.Although
a return of capital may not be taxable, it will generally increase the Common Shareholder’s potential gain, or reduce the Common
Shareholder’s potential loss, on any subsequent sale or other disposition of Common Shares. Common Shareholders should not assume
that the source of a distribution from the Fund is net income or profit, and Common Shareholders who receive distributions that include
return of capital should not assume that such return of capital is derived from the Fund’s investments.

Concentration. The Fund’s investments
will be concentrated in issuers in the industry or group of industries that make up the natural resources sector, and specifically in
midstream energy companies within the natural resources sector.

You should read this Prospectus and the documents
incorporated herein by reference, which contain important information about the Fund that you should know before deciding whether to
invest, and retain it for future reference. A Statement of Additional Information, dated , 2025 (“SAI”), containing additional
information about the Fund, has been filed with the Securities and Exchange Commission (the “SEC”) and is incorporated by
reference in its entirety into this Prospectus. You may request a free copy of the Statement of Additional Information and the Fund’s
annual and semi-annual reports by calling toll-free (888) 777-2346 or you may obtain a copy of such reports, the SAI and other information
regarding the Fund from the SEC’s website (http://www.sec.gov). Free copies of the Fund’s annual and semi-annual reports
are also available from the Fund’s website at www.nxgim.com. Information on, or accessible through, the Fund’s website is
not a part of, and is not incorporated into, this Prospectus.

The Fund’s securities do not represent a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution and are not