Company: SRV
Filing Date: 2025-11-17
Form Type: 424B2
Source: 0001398344-25-021029
Chunk: 0

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-11-17
Form: 424B2
Chunk 0
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PROSPECTUS SUPPLEMENT

(to Prospectus dated November 12 , 2025)

<div align='center'>1,555,870Common Shares

NXG Cushing ®Midstream Energy Fund

Issuable Upon Exercise of Transferrable Rights to Subscribe for Common Shares</div>

NXG Cushing Midstream Energy Fund (the
“Fund”) is a non-diversified, closed-end management investment company.

The Fund is issuing transferable rights (“Rights”)
to its common shareholders of record (“Record Date Shareholders”) as of 5:00 p.m., Eastern time, on November 17,
2025 (the “Record Date”), entitling the holders of Rights to subscribe for up to an aggregate of 1,555,870 of the Fund’s
common shares of beneficial interest, par value $0.001 per share (“Common Shares”) (the “Offer”). Record Date
Shareholders will receive one Right for each outstanding Common Share held on the Record Date. The Rights entitle their holders to purchase
one new Common Share for every three Rights held (1-for-3). Any Record Date Shareholder who owns fewer than three Common Shares as of
the Record Date may subscribe, at the Subscription Price, for one full Common Share in the Offer. In addition, Record Date Shareholders
who fully exercise their Rights (other than those Rights that cannot be exercised because they represent the right to acquire less than
one Common Share) will be entitled to subscribe for additional Common Shares that remain unsubscribed as a result of any unexercised Rights.
This over-subscription privilege is subject to a number of limitations and subject to allotment.

The subscription price per Common Share to be issued
in the Offer (the “Subscription Price”) will be determined based upon a formula equal to 95% of the average of the last reported
sale price of a Common Share on the New York Stock Exchange (the “NYSE”) on the date on which the Offer expires, as such date
may be extended from time to time, and each of the four (4) preceding trading days (the “Formula Price”). If, however, the
Formula Price is less than 92.5% of the net asset value (“NAV”) per Common Share at the close of trading on the NYSE on the
Expiration Date (as defined below), then the Subscription Price will be 92.5% of the Fund’s NAV per Common Share at the close of
trading on the NYSE on