Company: SRV
Filing Date: 2025-04-10
Form Type: N-2
Source: 0001398344-25-006954
Chunk: 53

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-04-10
Form: N-2
Chunk 53
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 and without the cooperation of the issuer of the underlying securities. As a result, available
information concerning the issuer may not be as current as for sponsored ADRs, EDRs and GDRs, and the prices of unsponsored ADRs, EDRs
and GDRs may be more volatile than if such instruments were sponsored by the issuer. Investments in ADRs, EDRs and GDRs present additional
investment considerations of non-U.S. securities.

When-Issued and Delayed Delivery
Transactions

The Fund may purchase and sell
portfolio securities on a when-issued and delayed delivery basis. No income accrues to the Fund on securities in connection with such
purchase transactions prior to the date the Fund actually takes delivery of such securities. These transactions are subject to market
fluctuation; the value of the securities at delivery may be more or less than their purchase price, and yields generally available on
comparable securities when delivery occurs may be higher or lower than yields on the securities obtained pursuant to such transactions.
Because the Fund relies on the buyer or seller, as the case may be, to consummate the transaction, failure by the other party to complete
the transaction may result in the Fund missing the opportunity of obtaining a price or yield considered to be advantageous. When the Fund
is the buyer in such a transaction, however, it will segregate cash and/or liquid securities having an aggregate value at least equal
to the amount of such purchase commitments until payment is made unless the Fund intends to physically settle the transaction and the
transaction will settle within 35 days of its trade date, in which case the transaction will be treated as a derivatives transaction in
accordance with Rule 18f-4 under the 1940 Act (the “Derivatives Rule”). The Fund will make commitments to purchase securities
on such basis only with the intention of actually acquiring these securities, but the Fund may sell such securities prior to the settlement
date if such sale is considered to be advisable. To the extent the Fund engages in when-issued and delayed delivery transactions, it will
do so for the purpose of acquiring securities for the Fund’s portfolio consistent with the Fund’s investment objectives and
policies and not for the purpose of investment leverage.

Since the market value of both
the securities or currency subject to the commitment and the securities or currency held as segregated assets may fluctuate, the use of
commitments may magnify the impact of interest rate changes on the Fund’s net