Company: SRV
Filing Date: 2025-10-22
Form Type: N-2/A
Source: 0001398344-25-019582
Chunk: 58

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-10-22
Form: N-2/A
Chunk 58
---
 |

| ● | As a result of the structure of certain                                                       
 derivatives, adverse changes in the value of the underlying instrument can result in a losses 
 substantially greater than the amount invested in the derivative itself. Certain derivatives  
 have the potential for unlimited loss, regardless of the size of the initial investment.      |

| ● | Certain derivatives, including certain                       
 OTC options and swap agreements, may be considered illiquid. |

| ● | Certain derivative transactions may                                                         
 give rise to a form of leverage. Leverage associated with derivative transactions may cause 
 the Fund to sell portfolio securities when it may not be advantageous to do so to satisfy   
 its obligations or to maintain compliance with applicable SEC rules and regulations, or may 
 cause the Fund to be more volatile than if the Fund had not been leveraged.                 |

| ● | Derivatives transactions conducted outside                                                         
 the United States may not be conducted in the same manner as those entered into on U.S. exchanges, 
 and may be subject to different margin, exercise, settlement or expiration procedures. Many        
 of the risks of OTC derivatives transactions are also applicable to derivatives transactions       
 conducted outside the United States. Derivatives transactions conducted outside the United         
 States are subject to the risk of governmental action affecting the trading in, or the prices      
 of, foreign securities, currencies and other instruments The value of such positions could         
 be adversely affected by foreign political and economic factors; lesser availability of data       
 on which to make trading decisions; delays the Fund’s ability to act upon economic                 
 events occurring in foreign markets; and less liquidity than U.S. markets.                         |

<div align='center'>S-4</div>

| ● | Currency derivatives are subject to                                                          
 additional risks. Currency derivatives transactions may be negatively affected by government 
 exchange controls, blockages, and manipulations. Currency exchange rates may be influenced   
 by factors extrinsic to a country’s economy. There is no systematic reporting of last        
 sale information with respect to foreign currencies. As a result, the available information  
 on which trading in currency derivatives will be based may not be as complete as comparable  
 data for other transactions. Events could occur in the foreign currency market which will    
 not be reflected in currency derivatives until the following day, making it more difficult   
 for the Fund to respond to such events in a timely manner.                                   |

| ● | Legislation regarding regulation of                                                              
 the financial sector has changed, and may in the future change, the way in which certain         
 derivative instruments are regulated and/or traded