Company: SRV
Filing Date: 2025-11-17
Form Type: 424B2
Source: 0001398344-25-021029
Chunk: 20

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-11-17
Form: 424B2
Chunk 20
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 to be the holders of the Rights
that are held by Cede & Co. or such other depository or nominee on their behalf.

The Rights are transferable and, subject to notice
of issuance, will be admitted for trading on the NYSE under the symbol “SRV RT” during the course of the Offer. Trading in
the Rights on the NYSE may be conducted until the close of trading on the NYSE on the last business day prior to the Expiration Date.
See “—Sale and Transferability of Rights.” It is expected that the Common Shares, once issued, will be listed on the
NYSE under the symbol “SRV.” The Rights will be evidenced by subscription certificates which will be mailed to Record Date
Shareholders, except as discussed under “—Requirements for Foreign Shareholders.”

Rights may be exercised by filling in and signing the
subscription certificate and mailing it in the envelope provided, or otherwise delivering the completed and signed subscription certificate
to Equiniti Trust Company, LLC, the subscription agent for the Offer (the “Subscription Agent”), together with payment at
the estimated Subscription Price for the Common Shares subscribed for. For a discussion of the method by which Rights may be exercised
and Common Shares may be paid for, see “—Method for Exercising Rights” and “—Payment for Common Shares.”

The Fund has retained UBS Securities LLC (the “Dealer
Manager”) to provide the Fund with financial structuring and soliciting services relating to the Offer, including advice with respect
to the structure, timing and terms of the Offer. In determining the structure of the Offer, the Board considered, among other things,
using a fixed-pricing versus a variable-pricing mechanism, the benefits and drawbacks of conducting a non-transferable versus a transferable
rights offering, the anticipated effect on the Fund and its existing Common Shareholders if the Offer is not fully subscribed, the anticipated
dilutive effects on the Fund and its existing Common Shareholders of the Offer and the experience of the Dealer Manager in conducting
rights offerings. The Board also considered that the Investment Adviser would benefit from the Offer because the management fee paid to
the Investment Adviser is based on the Fund’s Managed Assets, which would increase as a result of the Offer. See “—Benefits
to the Investment Adviser.”

| S-12 |

Important Dates to Remember

| Record Date:                                                       
 Subscription Period:                                               | November 17, 2025                    
 November 17, 2025–December