Company: SRV
Filing Date: 2025-10-22
Form Type: N-2/A
Source: 0001398344-25-019582
Chunk: 3

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-10-22
Form: N-2/A
Chunk 3
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 to be treated as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as
amended (the “Code”). The Fund pursues its investment objective by generally investing in master limited partnerships (“MLPs”)
up to the maximum extent permitted of a RIC under the Code. Accordingly, the Fund will, as of the end of each fiscal quarter, invest no
more than 25% of Managed Assets in securities of MLPs and other entities that are “qualified publicly traded partnerships”
under the Code.

Investment Adviser. The Fund is managed
by Cushing Asset Management, LP d/b/a NXG Investment Management (the “Investment Adviser”).

Offering.The Fund may offer, from time
to time, up to $500,000,000 aggregate initial offering price of common shares of beneficial interest, par value $0.001 per share (“Common
Shares”), and/or subscription rights to purchase Common Shares (“Rights” and together with the Common Shares, “Securities”)
in one or more offerings in amounts, at prices and on terms set forth in one or more supplements to this Prospectus (each a “Prospectus
Supplement”). You should read this Prospectus and any related Prospectus Supplement carefully before you decide to invest in the
Securities.

The Fund may offer Securities (1) directly to
one or more purchasers, (2) through agents that the Fund may designate from time to time or (3) to or through underwriters or dealers.
The Prospectus Supplement relating to a particular offering of Securities will identify any agents or underwriters involved in the sale
of Securities, and will set forth any applicable purchase price, fee, commission or discount arrangement between the Fund and agents or
underwriters or among underwriters or the basis upon which such amount may be calculated. The Fund may not sell Securities through agents,
underwriters or dealers without delivery of this Prospectus and a Prospectus Supplement. See “Plan of Distribution.”

Investing in the Fund’s Securities involves a high degree of risk. See “ Risks” on page 12 of this Prospectus.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined that this Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

<div align='center'>Prospectus dated ,
2025</div>

(continued from front cover)

Investment Strategy (continued)

The Fund invests in equity and debt securities