Company: SRV
Filing Date: 2025-11-17
Form Type: 424B2
Source: 0001398344-25-021029
Chunk: 3

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-11-17
Form: 424B2
Chunk 3
---
 not currently
determinable because it is not known how many Common Shares will be subscribed for, what the NAV or market price of the Common Shares
will be on the Expiration Date or what the Subscription Price will be. Any such dilution will disproportionately affect non-exercising
Common Shareholders. If the Subscription Price is substantially less than the then current NAV, this dilution could be substantial. However,
assuming all of the Common Shares are sold at the estimated Subscription Price (which includes a sales load) and after deducting all expenses
related to the issuance of the Common Shares, the Fund’s current NAV per Common Share would be reduced by approximately $1.14, or
2.64%. The distribution to Common Shareholders of transferable Rights, which themselves have intrinsic value, will afford non-participating
Record Date Shareholders the potential of receiving cash payment upon the sale of the Rights, receipt of which may be viewed as partial
compensation for any dilution of their interests that may occur as a result of the Offer. There can be no assurance that a market for
the Rights will develop or, if such a market develops, what the price of the Rights will be. See “Risks Relating to the Offer”
in this Prospectus Supplement. Except as described herein, Rights holders will have no right to rescind their subscriptions after receipt
of their payment for Common Shares by the Subscription Agent for the Offer.

Investment Objective. The Fund 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. There can be no assurance that the Fund will achieve its investment objective.

Investment Strategy. The Fund seeks to achieve
its investment objective by investing, under normal conditions, at least 80% of its Managed Assets (as defined in the accompanying Prospectus)
in a portfolio of midstream energy investments (the “80% policy”). For purposes of the Fund’s 80% policy, the Fund considers
midstream energy investments to be investments that offer economic exposure to securities of midstream energy companies, which are companies
that provide midstream energy services, including the gathering, transporting, processing, fractionation, storing, refining and distribution
of natural resources, such as natural gas, natural gas liquids, crude oil refined petroleum products, biofuels, carbon sequestration,
solar, and wind. The Fund considers a company to be a midstream energy company