Company: SRV
Filing Date: 2025-04-10
Form Type: N-2
Source: 0001398344-25-006954
Chunk: 2

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-04-10
Form: N-2
Chunk 2
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 with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of 
 Securities Act.                                                                                                                   |

| [ 
 ] | New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months 
 preceding this filing).                                                                                   |

The Registrant hereby amends this Registration Statement
on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically
states that the Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of
1933 or until the Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant
to said Section 8(a), may determine.

The information in this Prospectus is not complete and may be changed. We may not sell these securities until the Registration Statement filed with the Securities and Exchange Commission is effective. This Prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

<div align='center'>Subject To Completion Prospectus dated April 10, 2025</div>

BASE PROSPECTUS

<div align='center'>$500,000,000

NXG Cushing Midstream Energy
Fund

Common Shares
Subscription Rights for Common Shares</div>

Investment Objective. NXG Cushing®
Midstream Energy Fund (the “Fund”) is a non-diversified, closed-end management investment company. The Fund’s investment
objective is to obtain a high after-tax total return from a combination of capital appreciation and current income.

Investment Strategy. The Fund seeks to
achieve its investment objective by investing, under normal market conditions, at least 80% of Managed Assets (as defined in this Prospectus)
in a portfolio of midstream energy investments (the “80% policy”). For purposes of the Fund’s 80% policy, the Fund considers
midstream energy investments to be investments that offer economic exposure to securities of midstream energy companies, which are companies
that provide midstream energy services, including the gathering, transporting, processing, fractionation, storing, refining and distribution
of natural resources, such as natural gas, natural gas liquids, crude oil refined petroleum products, biofuels, carbon sequestration,
solar, and wind. The Fund considers a company to be a midstream energy company if at least 50% of its assets, income, sales or profits