Company: SRV
Filing Date: 2025-04-10
Form Type: N-2
Source: 0001398344-25-006954
Chunk: 50

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-04-10
Form: N-2
Chunk 50
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 the registration statement filed with the Securities and Exchange Commission (“SEC”).
The registration statement may be obtained from the Securities and Exchange Commission upon payment of the fee prescribed, or inspected
at the Securities and Exchange Commission’s office or via its website (www.sec.gov) at no charge. Capitalized terms used
but not defined herein have the meanings ascribed to them in the Prospectus.

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

<div align='center'>This Statement of Additional Information is dated
, 2025.

TABLE OF CONTENTS</div>

| THE FUND                               | S-1  |
| INVESTMENT STRATEGIES AND RISKS        | S-1  |
| STRATEGIC TRANSACTIONS                 | S-3  |
| INVESTMENT RESTRICTIONS                | S-3  |
| MANAGEMENT OF THE FUND                 | S-4  |
| PORTFOLIO MANAGEMENT                   | S-5  |
| INVESTMENT MANAGEMENT AGREEMENT        | S-5  |
| PORTFOLIO TRANSACTIONS AND BROKERAGE   | S-6  |
| U.S. FEDERAL INCOME TAX CONSIDERATIONS | S-7  |
| SERVICE PROVIDERS                      | S-14 |
| GENERAL INFORMATION                    | S-15 |
| FINANCIAL STATEMENTS                   | S-17 |

<div align='center'>THE
FUND</div>

The Fund was formed as a Delaware
statutory trust on May 23, 2007 and is a non-diversified, closed-end management investment company registered under the Investment
Company Act of 1940, as amended (the “1940 Act”). The Fund commenced investment operations on August 27, 2007.

<div align='center'>INVESTMENT
STRATEGIES AND RISKS</div>

The sections below describe,
in greater detail than in the Prospectus, some of the different types of investments that may be made by the Fund and the investment practices
in which the Fund may engage. The Fund may make the following investments, among others, some of which are part of its principal investment
strategies and some of which are not. The principal risks of the Fund’s principal investment strategies are discussed in the Prospectus
and the Annual Report. The Fund may not buy all of the types of securities or use all of the investment techniques that are described.

Repurchase