Company: SRV
Filing Date: 2025-08-08
Form Type: N-CSRS
Source: 0001398344-25-014835
Chunk: 22

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-08-08
Form: N-CSRS
Chunk 22
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 of preparing its consolidated financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof.

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with federal income tax regulations, which may differ from U.S. generally accepted accounting principles. These differences are primarily due to differences in the timing of recognition of gains or losses on investments. Permanent book and tax basis differences resulted in the reclassifications of $1,176,753 to accumulated net gains and $1,176,753 from additional paid-in capital.

The following information is provided on a tax basis as of November 30, 2024:

| Cost of investments           |     | $ | 187,552,122 |   |
| Gross unrealized appreciation |     |   |  51,401,961 |   |
| Gross unrealized depreciation |     |   |  (2,766,727 | ) |
| Net unrealized appreciation   |     |   |  48,635,234 |   |
| Undistributed ordinary income |     |   |   1,239,487 |   |
| Undistributed long-term gains |     |   |   1,266,156 |   |
| Other accumulated losses      |     |   | (10,726,097 | ) |
| Accumulated net gains         |     | $ |  40,414,780 |   |

As of November 30, 2024, for federal income tax purposes, capital loss carryforwards of $10,651,192 were available as shown in the table below, to the extent provided by the Internal Revenue Code, to offset future realized capital gains through the years indicated.

| Fiscal year ended capital losses 
 November 30, 2020                |     | Amount | 10,651,192 |     | Expiration | Annual Limit* |
|:---------------------------------|:----|:-------|-----------:|:----|:-----------|:--------------|
| Total                            |     | $