Company: SRV
Filing Date: 2025-10-22
Form Type: N-2/A
Source: 0001398344-25-019582
Chunk: 51

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-10-22
Form: N-2/A
Chunk 51
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1  |
| INVESTMENT STRATEGIES AND RISKS        | S-1  |
| STRATEGIC TRANSACTIONS                 | S-3  |
| INVESTMENT RESTRICTIONS                | S-14 |
| MANAGEMENT OF THE FUND                 | S-15 |
| PORTFOLIO MANAGEMENT                   | S-15 |
| INVESTMENT MANAGEMENT AGREEMENT        | S-15 |
| PORTFOLIO TRANSACTIONS AND BROKERAGE   | S-16 |
| U.S. FEDERAL INCOME TAX CONSIDERATIONS | S-17 |
| SERVICE PROVIDERS                      | S-24 |
| GENERAL INFORMATION                    | S-24 |
| FINANCIAL STATEMENTS                   | S-27 |

<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. The Fund may not buy all of the types of securities or use all of the investment techniques that are described.

Repurchase Agreements

The Fund may engage in repurchase
agreements with broker-dealers, banks and other financial institutions to earn a return on temporarily available cash. A repurchase agreement
is a short-term investment in which the purchaser (i.e., the Fund) acquires ownership of a security and the seller agrees to repurchase
the obligation at a future time and set price, thereby determining the yield during the holding period. Repurchase agreements involve
certain risks in the event of default by the other party. The Fund may enter into repurchase agreements with broker-dealers, banks and
other financial institutions deemed to be creditworthy by the Investment Adviser under guidelines approved by the Board of Trustees. The
Fund does not bear the