Company: SRV
Filing Date: 2025-10-22
Form Type: N-2/A
Source: 0001398344-25-019582
Chunk: 76

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-10-22
Form: N-2/A
Chunk 76
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er’s judgment, a material event requiring a shareholder vote would otherwise occur
before the loans were repaid. In the event of bankruptcy or other default of the borrower, the Fund could experience both delays in liquidating
the loan collateral or recovering the loaned securities and losses, including (a) possible decline in the value of the collateral
or in the value of the securities loaned during the period while the Fund seeks to enforce its rights to the collateral or loaned securities,
(b) possible subnormal levels of income and lack of access to income during this period, and (c) expenses of enforcing its
rights.

<div align='center'>S-13</div>

Temporary Defensive Investments

When adverse market, economic, political or other
conditions dictate a more defensive investment strategy, the Fund may, on a temporary basis, hold cash or invest a portion or all of
its assets in money-market instruments, including obligations of the U.S. government, its agencies or instrumentalities, other high-quality
debt securities, including prime commercial paper, repurchase agreements and bank obligations, such as bankers’ acceptances and
certificates of deposit. Under normal market conditions, the potential for capital appreciation on these securities will tend to be lower
than the potential for capital appreciation on other securities that may be owned by the Fund. In taking such a defensive position, the
Fund would temporarily not be pursuing its principal investment strategies and may not achieve its investment objective.

<div align='center'>INVESTMENT
RESTRICTIONS</div>

The information contained under
the heading “Additional Information (Unaudited)—Additional Investment Policies—Investment Restrictions” in the
Fund’s Annual Report is incorporated herein by reference.

<div align='center'>S-14

MANAGEMENT
OF THE FUND</div>

The information contained
under the following headings in the Fund’s Proxy Statement is incorporated herein by reference: “Proposal #1: Election of
Trustees—Trustees and Trustee Nominees;” “—Trustee Qualifications;” “—Board’s Leadership
Structure;” “—Board’s Role in Risk Oversight;” “—Board Committees;” “—Trustee
Compensation,” “—Beneficial Ownership of Securities,” “—Officers of the Funds” and “—Shareholder
Communications to the Trustees.”

<div align='center'>PORTFOLIO
MANAGEMENT</div>

The information contained under
“Item 13. Portfolio Managers of Closed-End Management Investment Companies” in the