Company: SRV
Filing Date: 2025-04-10
Form Type: N-2
Source: 0001398344-25-006954
Chunk: 52

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-04-10
Form: N-2
Chunk 52
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 the Fund which it is obligated
to repurchase. To the extent that positions in reverse repurchase agreements are not covered through the segregation of cash and/or liquid
securities at least equal to the amount of any purchase commitment, such transactions would be subject to the Fund’s limitations
on borrowings.

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 than exercised.

<div align='center'>S-1</div>

Warrants are sometimes sold in
unit form with other securities of an issuer. Units of warrants and common stock may be employed in financing young, unseasoned companies.
The purchase price of a warrant varies with the exercise price of the warrant, the current market value of the underlying security, the
life of the warrant and various other investment factors. Rights and warrants may be considered more speculative and less liquid than
certain other types of investments in that they do not entitle a holder to dividends or voting rights with respect to the underlying securities
nor do they represent any rights in the assets of the issuing company and may lack a secondary market.

Depositary Receipts

Non-U.S. securities include American
Depositary Receipts (“ADRs”), European Depositary Receipts (“EDRs”), Global Depositary Receipts (“GDRs”)
and other similar global instruments. ADRs typically are issued by an American bank or trust company and evidence ownership of underlying
securities issued by a non-U.S. corporation. EDRs, which are sometimes referred to as Continental Depositary Receipts, are receipts issued
in Europe, typically by non-U.S. banks and trust companies, that evidence ownership of either non-U.S. or domestic underlying securities.
GDRs are depositary receipts structured like global debt issues to facilitate trading on an international basis. Unsponsored ADR, EDR
and GDR programs are organized independently