Company: SRV
Filing Date: 2025-11-17
Form Type: 424B2
Source: 0001398344-25-021029
Chunk: 100

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-11-17
Form: 424B2
Chunk 100
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 to be creditworthy by the Investment Adviser under guidelines approved by the Board of Trustees. The
Fund does not bear the risk of a decline in the value of the underlying security unless the seller defaults under its repurchase obligation.
In the event of the bankruptcy or other default of a seller of a repurchase agreement, the Fund could experience both delays in liquidating
the underlying securities and losses including: (a) possible decline in the value of the underlying security during the period while the
Fund seeks to enforce its rights thereto; (b) possible lack of access to income on the underlying security during this period; and (c)
expenses of enforcing its rights.

Repurchase agreements are fully
collateralized by the underlying securities and are considered to be loans under the 1940 Act. The Fund pays for such securities only
upon physical delivery or evidence of book entry transfer to the account of a custodian or bank acting as agent. The seller under a repurchase
agreement will be required to maintain the value of the underlying securities marked-to-market daily at not less than the repurchase price.
The underlying securities (normally securities of the U.S. government, its agencies or instrumentalities) may have maturity dates exceeding
one year.

Reverse Repurchase Agreements

A reverse repurchase agreement
involves the sale of a portfolio-eligible security by the Fund, coupled with its agreement to repurchase the instrument at a specified
time and price. Under a reverse repurchase agreement, the Fund continues to receive any principal and interest payments on the underlying
security during the term of the agreement. Reverse repurchase agreements involve the risk that the market value of securities retained
by the Fund may decline below the repurchase price of the securities sold by the Fund which it is obligated to repurchase.

Rights and Warrants

Warrants are in effect longer-term
call options. They give the holder the right to purchase a given number of shares of a particular company at specified prices within certain
periods of time. Rights are similar to warrants except that they have a substantially shorter term. The purchaser of a warrant expects
that the market price of the security will exceed the purchase price of the warrant plus the exercise price of the warrant, thus producing
a profit. Of course, since the market price may never exceed the exercise price before the expiration date of the warrant, the purchaser
of the warrant risks the loss of the entire purchase price of the warrant. Warrants generally trade in the open market and may be sold
rather