Company: SRV
Filing Date: 2025-02-10
Form Type: N-CSR
Source: 0001398344-25-002262
Chunk: 0

Company: NXG Cushing Midstream Energy Fund
Filing Date: 2025-02-10
Form: N-CSR
Chunk 0
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<div align='center'>UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22072

NXG Cushing Midstream Energy Fund
(Exact name of registrant as specified in charter)

4925 Greenville Avenue, Suite 1310

Dallas, TX 75206
(Address of principal executive offices) (Zip code)

John Musgrave

4925 Greenville Avenue, Suite 1310

Dallas, TX 75206
(Name and address of agent for service)

214-692-6334

Registrant’s telephone number, including area code</div>

Date of fiscal year end: November 30

Date of reporting period: November 30, 2024

Item 1. Reports to Stockholders.

| (a) |

| Annual Report                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
 November 30, 2024                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                           |
|:----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:--------------------------|
| NXG Cushing® Midstream Energy Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                            
 As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports are no longer sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports are made available on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. 
 You may elect to receive all future reports in paper free of charge by contacting your financial intermediary or, if you invest directly with the Fund, calling 800-236-4424 to let the Fund know of your request. Your election to receive shareholder reports in paper will apply to all funds held in your account.                                                                                                                                                                        |                           |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | Investment Adviser        
 NXG Investment Management 
 One Energy Square         
 4925 Greenville Avenue    
 Suite 1310                
 Dallas, TX 75206          
 (214) 692-6334            
 (888) 777-2346            
 www.nxgim.com             |

<div align='center'>Table of Contents</div>

| Shareholder Letter (Unaudited)                                     |  1 |
| Hypothetical Growth of a $10,000 Investment (Unaudited