Company: SRV
Filing Date: 2025-11-17
Form Type: 424B2
Source: 0001398344-25-021029
Chunk: 89

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-11-17
Form: 424B2
Chunk 89
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 in the sale of their Common Shares if they have a reasonable expectation of being
able to receive a price of net asset value for a portion of their Common Shares in conjunction with an announced repurchase program or
tender offer for the Fund’s Common Shares.

Although the Board of Trustees
believes that repurchases or tender offers generally would have a favorable effect on the market price of the Fund’s Common Shares,
the acquisition of Common Shares by the Fund will decrease its total assets and therefore will have the effect of increasing its expense
ratio and decreasing the asset coverage with respect to any preferred shares outstanding. Because of the nature of the Fund’s investment
objective, policies and portfolio, particularly its investment in illiquid or otherwise restricted securities, it is possible that repurchases
of Common Shares or tender offers could interfere with the Fund’s ability to manage its investments in order to seek its investment
objective. Further, it is possible that the Fund could experience difficulty in borrowing money or be required to dispose of portfolio
securities to consummate repurchases of or tender offers for Common Shares.

<div align='center'>U.S.
FEDERAL INCOME TAX CONSIDERATIONS</div>

The following is a discussion
of the U.S. federal income tax considerations generally applicable to the ownership and disposition of Common Shares of the Fund. A more
detailed discussion of the tax rules applicable to the Fund and its Common Shareholders can be found in the SAI that is incorporated by
reference into this Prospectus. This discussion is based upon current provisions of the Code, the Treasury regulations promulgated thereunder
and judicial and administrative authorities, all of which are subject to change or differing interpretations by the courts or the Internal
Revenue Service (“IRS”), possibly with retroactive effect. This discussion does not address any other U.S. federal tax considerations
(such as estate, gift or net investment taxes) or any state, local or non-U.S. tax considerations. No ruling has been or will be sought
from the IRS regarding any matter discussed herein. No assurance can be given that the IRS would not assert, or that a court would not
sustain, a position different from any of the tax aspects set forth below. This discussion assumes that you are taxable as a U.S. person
(as defined for U.S. federal income tax purposes) and that you hold Common Shares as capital assets for U.S. federal income tax purposes
(generally, assets held for investment). No attempt is made to present a detailed explanation of