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

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-11-17
Form: 424B2
Chunk 17
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,191,189 and the other expenses related
to the Offer, estimated at approximately $517,950, are paid.

The Fund intends to invest the net proceeds of the
offering in accordance with its investment objective and policies as stated in the accompanying Prospectus. It is currently anticipated
that the Fund will be able to invest substantially all of the net proceeds of the offering in accordance with its investment objective
and policies within three months after the completion of the offering. Pending such investment, it is anticipated that the proceeds will
be invested in cash, cash equivalents or other securities, including U.S. government securities or high quality, short-term debt securities.
The Fund may also use the proceeds for working capital purposes, including the payment of distributions, interest and operating expenses,
although the Fund currently has no intent to issue Securities primarily for these purposes.

<div align='center'>TERMS OF THE OFFER</div>

Purpose of the Offer

The Board, based on the recommendations of and presentations
by the Investment Adviser, and others, has determined that it is in the best interests of the Fund and its Common Shareholders to conduct
the Offer and thereby to increase the assets of the Fund available for investment. In making this determination, the Board considered
a number of factors, including potential benefits and costs. In particular, the Board considered the Investment Adviser’s belief
that the Offer would enable the Fund to seek to take advantage of existing and future investment opportunities that may be or may become
available, consistent with the Fund’s investment objective to obtain a high after-tax total return from a combination of capital
appreciation and current income.

The Offer seeks to provide an opportunity to existing
Common Shareholders to purchase Common Shares at a discount to market price (subject to the sales load described in this Prospectus Supplement).
The Board considered that the distribution to Common Shareholders of transferable Rights, which may themselves have intrinsic value, also
will afford non-participating Common Shareholders of record on the Record Date, the potential of receiving cash payment upon the sale
of the Rights, receipt of which may be viewed as partial compensation for any dilution of their interests that may occur as a result of
the Offer. There can be no assurance that a market for the Rights will develop or, if such a market does develop, what the price of the
Rights will be.

In making its determination that the Offer is in the
best interests of the Fund and its Common Shareholders, the Board also considered various additional factors,