Company: SRV
Filing Date: 2025-11-17
Form Type: 424B2
Source: 0001398344-25-021029
Chunk: 125

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-11-17
Form: 424B2
Chunk 125
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</div>

The information contained under
“Item 13. Portfolio Managers of Closed-End Management Investment Companies” in the Fund’s Annual Report is incorporated
herein by reference.

<div align='center'>INVESTMENT
MANAGEMENT AGREEMENT</div>

Cushing Asset
Management, LP d/b/a NXG Investment Management acts as the investment adviser to the Fund. The Investment Adviser’s principal business
address is One Energy Square, 4925 Greenville Avenue, Suite 1310, Dallas, Texas 75206.

The Investment Adviser provides
investment advisory services to the Fund pursuant to the terms of an Investment Advisory Agreement (the “Investment Management Agreement”),
dated August 6, 2007, between the Investment Adviser and the Fund. The Investment Management Agreement has an initial term expiring
two years after the date of its execution, and may be continued in effect from year to year thereafter subject to the approval thereof
by (1) the Board of Trustees or (2) vote of a majority (as defined by the 1940 Act) of the outstanding voting securities of the Fund,
provided that in either event the continuance must also be approved by a majority of the Independent Trustees, by vote cast in person
at a meeting called for the purpose of voting on such approval.

The Investment Management Agreement
may be terminated at any time, without the payment of any penalty, upon 60 days’ written notice by either party. The Fund may terminate
by action of the Board of Trustees or by a vote of a majority of the Fund’s outstanding voting securities (accompanied by appropriate
notice), and the Investment Management Agreement will terminate automatically upon its assignment (as defined in the 1940 act and the
rules thereunder). The Investment Management Agreement may also be terminated, at any time, without payment of any penalty, by the Board
of Trustees or by vote of a majority of outstanding voting securities, in the event that it is established by a court of competent jurisdiction
that the Investment Adviser or any principal, officer or employee of the Investment Adviser has taken any action that results in a breach
of the covenants of the Investment Adviser set out in the Investment Management Agreement. The Investment Management Agreement will provide
that the Investment Adviser will not be liable for any loss sustained by reason of the purchase, sale or retention of any security, whether
or not such purchase, sale or retention will have been based upon the investigation and research made by any other individual, firm