Company: SRV
Filing Date: 2025-08-08
Form Type: N-CSRS
Source: 0001398344-25-014835
Chunk: 1

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-08-08
Form: N-CSRS
Chunk 1
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       |  5 |
| Key Financial Data (Supplemental Unaudited Information)       |  6 |
| Allocation of Portfolio Assets (Unaudited)                    |  7 |
| Schedule of Investments (Unaudited)                           |  8 |
| Statement of Assets & Liabilities (Unaudited)                 | 11 |
| Statement of Operations (Unaudited)                           | 12 |
| Statements of Changes in Net Assets                           | 13 |
| Statement of Cash Flows (Unaudited)                           | 14 |
| Financial Highlights                                          | 15 |
| Notes to Financial Statements (Unaudited)                     | 16 |
| Additional Information (Unaudited)                            | 25 |
| Board Approval of Investment Management Agreement (Unaudited) | 29 |

| The NXG Cushing® Midstream Energy Fund 
 Shareholder Letter (Unaudited)         |

Dear Fellow Shareholder,

For the six month fiscal period ended May 31, 2025 (the “period”), the NXG Cushing Midstream Energy Fund (the “Fund”) delivered a Net Asset Value Total Return (equal to the change in net asset value (“NAV”) per share plus reinvested cash distributions) of -11.48%, versus a total return of -1.35% for the S&P 500 Index (Total Return) (“S&P 500”). The Fund’s Share Price Total Return (equal to the change in market price per share plus reinvested cash distributions) was -8.51% for the period and differs from the Net Asset Value Total Return due to fluctuations in the discount of share price to NAV. The Fund’s shares traded at a 0.99% discount to NAV as of the end of the period, compared to a 4.18% discount at the end of the Fund’s last fiscal year and a 0.02% premium as of May 31, 2024. As measured by the Alerian Midstream Energy Select Index (Total Return) (“AMEI”), the performance of the midstream energy sector decreased by -2.80% for the period.

Industry Overview and Themes

A rise in volatility marked the start of the period and persisted throughout. Markets began the year digesting the Federal Reserve’s unexpectedly hawkish stance and fewer anticipated rate cuts for 2025. Year-end profit-taking in December 2024 pressured risk assets broadly, including midstream equities. Yet the pullback proved shallow, as