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

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-10-22
Form: N-2/A
Chunk 2
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| [  ] | If an Emerging                                                                                  
 Growth Company, indicate by check mark if the registrant has elected not to use the extended    
 transition period for complying 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).                                                                    |

This Registration Statement shall hereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended.

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 October 22, 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 are committed to or derived from midstream energy services.

(continued on inside front cover)

The Fund has previously qualified, and intends
to continue to qualify,