Company: SRV
Filing Date: 2025-11-17
Form Type: 424B2
Source: 0001398344-25-021029
Chunk: 47

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-11-17
Form: 424B2
Chunk 47
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-time fees payable on each date on which the Fund issues Common Shares
after the Expiration Date with respect to the Dealer Manager, and on or before the tenth business day following the day the Fund issues
Common Shares after the Expiration Date with respect to a Selling Group Member or Soliciting Dealer. No other fees will be payable by
the Fund or the Investment Adviser to the Dealer Manager in connection with the Offer.

| S-28 |

<div align='center'>RECENT DEVELOPMENTS</div>

As of October 31, 2025, the Fund estimates that a special
distribution of long-term capital gain in the range of $10 million to $15 million, or approximately 5% to 8% of the Fund’s net asset
value (NAV) as of that date, will be required in order to distribute substantially all of the Fund’s long-term capital gain in 2025.
Based on the Fund’s approximately 4.6 million Common Shares outstanding, this amount, if distributed, would be approximately $2.00
to $3.50 per share. The record date for any such distribution is expected to occur after the expiration date of the Offer and the issuance
of the Common Shares subscribed for in the Offer and before December 31, 2025, with any such distribution payable on or before December
31, 2025. Following the completion of the Offer, assuming the Offer is fully subscribed, total Common Shares outstanding are projected
to increase to approximately 6.2 million, resulting in an estimated amount, if distributed, of approximately $1.50 to $2.50 per share.
There can be no assurance as to whether the Offer will be fully subscribed and therefore the number of Common Shares outstanding as of
the record date for any such special distribution may vary. These figures are preliminary estimates of the amount of long-term capital
gains that the Fund will need to distribute in order to distribute substantially all of its long-term capital gain in 2025 and are subject
to change based on market conditions, portfolio activity, shareholder transactions, and tax adjustments prior to the declaration of any
such distribution thereof. Distributions will be made if and when declared by the Fund’s Board of Trustees and there can be no assurance
as to whether a special distribution will be necessary or as to the amount or timing of any distribution. Actual per share distributions
will be determined as of the record date for any such distribution and may differ from these estimates.

<div align='center'>LEGAL MAT