Company: SRV
Filing Date: 2025-04-10
Form Type: N-2
Source: 0001398344-25-006954
Chunk: 4

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-04-10
Form: N-2
Chunk 4
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<div align='center'>Prospectus dated ,
2025</div>

(continued from front cover)

Investment Strategy (continued)

The Fund invests in equity and debt securities
of U.S. and non-U.S. midstream energy companies of any market capitalization size.

Asan alternative to holding investments
directly, the Fund may obtain investment exposure through derivatives transactions intended to replicate, modify or replace the economic
attributes associated with investment in securities in which the Fund is permitted to invest directly. To the extent that the Fund invests
in synthetic investments with economic characteristics similar to investments in midstream energy companies, the market value (or, if
market value is unavailable, the fair value) of such investments will be counted for purposes of the Fund’s policy of investing
at least 80% of its Managed Assets in a portfolio of midstream energy investments. For a discussion of derivative instruments in which the Fund may invest, see “Strategic Transactions” in the Statement of Additional Information.

The Fund invests, without limitation, in debt
securities rated, at the time of investment, at least (i) B3 by Moody’s Investors Service, Inc. (“Moody’s”), (ii)
B- by Standard & Poor’s Ratings Services (“S&P”) or Fitch Ratings (“Fitch”), or (iii) a comparable
rating by another rating agency, and invests no more than 5% of its Managed Assets in debt securities rated below B3 by Moody’s,
B- by S&P or Fitch or a comparable rating by another rating agency. Therefore, the Fund may invest in below investment grade debt
securities. A debt security is considered below investment grade if it is rated below Baa3- by Moody’s or below BBB- by S&P
or Fitch or a comparable rating by another rating agency. Below investment grade debt securities are often referred to as “high
yield” securities or “junk bonds.” Below investment grade debt securities are regarded as having predominantly speculative
characteristics with respect to capacity to pay interest and to repay principal. Debt securities in which the Fund invests may be of any
maturity.

NYSE Listing. The Fund’s currently
outstanding Common Shares are, and the Common Shares offered by this Prospectus, will be, subject to notice of issuance, listed on the
New York Stock Exchange (the “NYSE”) under the symbol “SRV.” As of March 17, 2025, the net asset value of the
Fund