Company: SRV
Filing Date: 2025-10-22
Form Type: N-2/A
Source: 0001398344-25-019582
Chunk: 17

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-10-22
Form: N-2/A
Chunk 17
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     | $            | 44.84 |     | $   | 35.86 |     | $                 | 43.92 |     | $   | 35.23 |     |                    | 2.09 | % |     |     |  1.79 | %  |
| August 31, 2025      |     | $            | 44.44 |     | $   | 40.40 |     | $                 | 43.39 |     | $   | 41.07 |     |                    | 2.42 | % |     |     | (1.63 | %) |

INVESTMENT
OBJECTIVE AND POLICIES

The information contained
under the heading “Additional Information (Unaudited)—Investment Objective and Policies” in the Fund’s Annual Report is incorporated herein by reference and is supplemented by the following information:

Illiquid Securities.
As part of the Fund’s principal investment policies, the Fund may invest in illiquid securities.

USE
OF LEVERAGE

The information contained
under the heading “Additional Information (Unaudited)—Use of Leverage” in the Fund’s Annual Report is incorporated
herein by reference and is supplemented by the following information:

Effects of Leverage

As of
May 31, 2025, the Fund had outstanding indebtedness of approximately $60.3 million, which represented approximately 24.92% of the
Fund’s Managed Assets (or approximately 33.41% of its net assets attributable to the Fund’s common shares). The interest
rate charged on such indebtedness as of May 31, 2025 was 5.07%. Assuming that the Fund’s leverage costs remain as
described above, then the incremental income generated by the Fund’s portfolio (net of estimated expenses including expenses
related to the leverage) must exceed approximately 1.26% to cover such interest specifically related to the borrowing. These numbers
are merely estimates used for illustration. Actual interest rates may vary frequently and in the future may be significantly higher
or lower than the rate estimated above.

12

The following table is designed to assist the investor in understanding the effects of leverage by illustrating the effect on the return to a holder of the Fund’s common shares of leverage in the amount of approximately 24.92% of the Fund’s Managed Assets, assuming hypothetical annual returns of the Fund’s portfolio of minus 10% to plus 10%. As the table shows, leverage